MIRA INFORM REPORT

 

 

Report No. :

354475

Report Date :

14.12.2015

 

IDENTIFICATION DETAILS

 

Name :

RAINBOW PAPERS LIMITED

 

 

Registered Office :

801, Avdhesh House, Opposite Mr. Guru Govind Gurudwara, Sarkhej-Gandhinagar Highway , Thaltej, Ahmedabad - 380 054, Gujarat

Tel. No.:

91-79-26855714/ 16/ 32952073

91-79-71797179/ 80

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

04.07.1986

 

 

Com. Reg. No.:

04-008772

 

 

Capital Investment / Paid-up Capital :

Rs. 212.435 Million

 

 

CIN No.:

[Company Identification No.]

L21010GJ1986PLC008772

 

 

IEC No.:

0891007628

 

 

TAN No.:

[Tax Deduction and Collection Account No.]

AHMR00278F

AHMR03475D

 

 

PAN No.:

[Permanent Account No.]

AAACR5415K

 

 

Legal Form :

A Public Limited Liability Company. The company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Subject is engaged in the business of manufacturing variety of papers like Newsprint, Writing and Printing, Coated Paper, Crepe Paper, Fluorescent Paper, Duplex Boards, etc.

(Registered Activity)

 

 

No. of Employees :

1500 (Approximately)

 

 

RATING and COMMENTS

 

MIRA’s Rating :

Ba (48)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Exist

 

 

Comments :

Subject was incorporated by Late Mr. Radheshyam Goenka as a private limited company in the year 1986. Subsequently it was reconstituted as a public limited company in 1991.

 

The ratings draw strength from the the experienced promoters, its long standing presence in the paper industry, diversified product mix, established raw material sourcing arrangement and dealer’s network along-with its presence in domestic and export markets.

 

The ratings further takes into account on company’s satisfactory financial and operational performance characterised by strong capital structure and low leverage along with conservative nature of the promoter toward the debt funding.

 

The ratings, however, constrained on account its working capital intensive nature of its operations and its exposure to fluctuation in foreign exchange rates and raw material prices.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

In view of long established track record, the company can be considered for the business dealings at usual trade terms and conditions.

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Bank Facilities = BB+

Rating Explanation

Inadequate-credit-quality and high credit risk

Date

October, 2015

 

Rating Agency Name

CARE

Rating

Short Term Bank Facilities = A4+

Rating Explanation

Minimal degree of safety and very high credit risk

Date

October, 2015

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

 

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Miss. Runel Rathi

Designation :

Company Secretary

Contact No.:

91-79-26855714

Date :

10.12.2015

 

 

LOCATIONS

 

Registered Office/ Corporate Office :

801, Avdhesh House, Opposite Mr. Guru Govind Gurudwara, Sarkhej-Gandhinagar Highway , Thaltej, Ahmedabad - 380 054, Gujarat, India

Tel. No.:

91-79-26855714/ 16/ 32952073

91-79-71797179/ 80

Mobile No.:

Not Divulged

Fax No.:

91-79-26855712/ 26855744

91-79-71797183/84

E-Mail :

secretarial@rainbowpapers.com

info@rainbowpapers.com

Website :

www.rainbowpapers.com

Area :

3300 Sq. Yard

Location :

Owned

Locality :

Commercial

 

 

Branch Offices 1 :

101, Gemini Flats, Nehru Road, Vile Parle (East), Mumbai, Maharashtra, India

Tel. No.:

91-22-26162426

Fax No.:

91-22-26102694

 

 

Branch Offices 2 :

202, Krishna House Co-Operative Society, 4805/24, Bharat Ram Road, Dariya Ganj, New Delhi, India

Tel. No.:

91-11- 23245756

Fax No.:

91-11- 23287553

 

 

Factory 1 :

Paper and Crepe Units

1453, Village Rajpur , Taluka Kadi, Kalol – Mehsana Highway - 382715, North Gujarat, India

Tel. No.:

91-2764-278492 – 93 – 94

 

 

Factory 2 :

Coating Division

1423, Village Rajpur , Taluka Kadi, Kalol – Mehsana Highway - 382715, North Gujarat, India

Tel. No.:

91-2764-278414

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Ajaykumar Radheshyam Goenka

Designation :

Chairman And Managing Director

Address :

71, Sunrise Park, Opposite Drive-In Cinema, Thaltej, Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

57 Years

Qualification :

B.Com

Experience :

He started his career at a very young age of 19 years as a paper trader. It is under his leadership that M/s. Rainbow Papers Limited has flourished from a small trading unit to a giant production house manufacturing 200 different varieties of paper, having total production capacity of 4,66,700 MT per annum as on date. He has a rich experience of 36 years in the paper industry. He is also associated with various Non Profit organizations, Paper associations and schools. He is the Founder Chairman of Indian Agro and Recycled Paper Mills Association, Gujarat Division.

Date of Appointment :

21.08.2013

DIN No.:

00139512

 

Name :

Mr. Rahul Jamnaprasad Maheshwari

Designation :

Executive Director

Address :

111, A-Block, Valmiki CHS. Limited, Near-N.R.I Tower, Bodekdev, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

38 Years

Qualification :

Bachelor Of Commerce and ICWA

Experience :

He was working with the company since 2003 and lastly as vice president. Thereafter, he was appointed as whole-time director. He is having experience of 12 years in field of marketing, purchase and exports.

Date of Appointment :

30.08.2014

DIN No.:

00289730

 

Name :

Mr. Mahendrabhai Mohanlal Patel

Designation :

Director (upto 02.07.2015)

Date of Birth/Age :

58 years

Qualification :

Commerce Graduate

Experience :

He is having more than 25 years of experience in paper and chemicals.

 

Name :

Mr. Kantibhai Hirabhai Patel

Designation :

Director

Address :

26, Mahasukhnagar C H S L -2 , 26 Prerna Tirth, Vibhag-1, Opposite Prerna Tirth Jain Derasar, Satelite, Ahmedabad – 380015, Gujarat, India 

Date of Birth/Age :

03.09.1946, 69 years

Qualification :

Bachelor of Science and Law from Gujarat University

Experience :

He is also Master of Labour Welfare (MLW). He has been associated with Textile industries for 15 years and served as Labour Welfare Officer for 7 years in New Cotton Mills Limited. He started his own practice as an advocate in 1980. His area of practice includes Labour Lawand Criminal Law (Management) side. He is the Chairman of the Remuneration and Compensation committee and Shareholders/Investors Grievance Committee of the Board of Directors of the Company.

Date of Appointment :

27.09.2011

DIN No.:

02325787

 

Name :

Mr. Shashikant Natverlal Thakar

Designation :

Director

Address :

Shivam A-11-12, Shyam Nagar ROC, Near Vishrannagar, Memnagar, Ahmedabad – 380052, Gujarat, India 

Date of Birth/Age :

02.09.1955, 60 years

Qualification :

Bachelor of Commerce, Bachelor of Law and a Fellow member of the Institute of Company Secretaries of India

Experience :

He is an Independent Director on the Board of the Company. He is having professional experience of more than 27 years in Legal, Finance and Company law matters. He is the Chairman of the Audit Committee of the Board of Directors of the Company.

Date of Appointment :

30.01.2010

DIN No.:

02887471

 

Name :

Mrs. Aanal Nandik Trivedi

Designation :

Director

Address :

20/A, Vishwakunj Society, Narayan Nagar Road, Paldi, Ahmedabad - 380007, Gujarat, India

Date of Birth/Age :

32 Year

Qualification :

M.B.A. (Finance)

Experience :

He Is Having Experience Of More Than 5 Years.

Date of Appointment :

25.09.2014

DIN No.:

06931339

 

Name :

Mr. Indrasinh Becharsinh Zala

Designation :

 

Address :

S-43, Setellite Complex, Surbhi Co-Operative  Housing Society, Premchandnagar Road, Ahmedabad - 380015, Gujarat, India

Qualification :

Commerce Graduate

Experience :

He Is Having More Than 43 Years Of Experience In Print Media and Electronic Media.

Date of Appointment :

02137365

DIN No.:

Director

 

 

KEY EXECUTIVES

 

Name :

Runel Umang Rathi

Designation :

Secretary

Address :

A-12, Sterling Appartments, Shahibaug, Ahmedabad – 380004, Gujarat, India 

Date of Birth/Age :

04.07.1979

Date of Appointment :

05.03.2007

PAN No.:

ACFPB9687D

 

 

AUDIT and RISK MANAGEMENT COMMITTEE:

 

 

Name :

Mr. Shashikant N. Thakar

Designation :

Chairman

 

 

Name :

Mr. Kantibhai Patel

Designation :

Member

 

 

Name :

Mahendra Patel*

Designation :

Member

 

 

NOMINATION and REMUNERATION COMMITTEE:

 

 

Name :

Mr. Kantibhai Patel

Designation :

Chairman

 

 

Name :

Mr. Shashikant Thakar

Designation :

Member

 

 

Name :

Mr. Mahendra Patel*

Designation :

Member

 

 

STAKEHOLDERS RELATIONSHIP COMMITTEE:

 

 

Name :

Mr. Kantibhai Patel

Designation :

Chairman

 

 

Name :

Mr. Ajay R. Goenka

Designation :

Member

 

 

Name :

Mr. Rahul Maheshwari

Designation :

Member

 

 

Name :

Mrs. Aanal Trivedi

Designation :

Member

 

 

SHAREHOLDING PATTERN

 

AS ON 30.09.2015

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

As a % of (A+B+C)

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

2015072

1.90

http://www.bseindia.com/include/images/clear.gifBodies Corporate

44349520

41.75

http://www.bseindia.com/include/images/clear.gifSub Total

46364592

43.65

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

46364592

43.65

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

500

0.00

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

7810000

7.35

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

31775861

29.92

http://www.bseindia.com/include/images/clear.gifSub Total

39586361

37.27

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

15903008

14.97

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 1 lakh

1960693

1.85

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 1 lakh

758522

0.71

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

1644124

1.55

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

15658

0.01

http://www.bseindia.com/include/images/clear.gifOthers

623

0.00

http://www.bseindia.com/include/images/clear.gifOthers

1435000

1.35

http://www.bseindia.com/include/images/clear.gifForeign Individuals

192843

0.18

http://www.bseindia.com/include/images/clear.gifSub Total

20266347

19.08

Total Public shareholding (B)

59852708

56.35

Total (A)+(B)

106217300

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1)

0

0.00

http://www.bseindia.com/include/images/clear.gif(2)

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

106217300

100.00

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

 

Sl.No.

Name of the Shareholder

Details of Shares held

Encumbered shares (*)

Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

No. of Shares held

As a % of grand total (A)+(B)+(C)

No

As a percentage

As a % of
grand total
(A)+(B)+(C) of sub-clause (I)(a)

1

Orient Newsprint Limited

2,33,77,520

22.01

21577520

92.30

20.31

22.01

2

Rainbow Industrial Park Private Limited

68,19,000

6.42

6819000

100.00

6.42

6.42

3

Drupa Suppliers Private Limited

1,41,53,000

13.32

5153000

36.41

4.85

13.32

4

Ajaykumar Radheshyam Goenka

10,28,892

0.97

1028892

100.00

0.97

0.97

5

Drupadi Devi Goenka

4,64,000

0.44

464000

100.00

0.44

0.44

6

Sangeeta Ajay Goenka

3,37,500

0.32

237000

70.22

0.22

0.32

7

Talati Nikita Aniket

1,81,680

0.17

0

0.00

0.00

0.17

8

Ajay Goenka JT With Sangeeta Goe

2,500

0.00

0

0.00

0.00

0.00

9

Niyati Sunny Agrawal

500

0.00

0

0.00

0.00

0.00

 

Total

4,63,64,592

43.65

35279412

76.09

33.21

43.65

 

(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

 

SL. NO.

NAME OF THE SHAREHOLDER

NO. OF SHARES HELD

SHARES AS % OF TOTAL NO. OF SHARES

TOTAL SHARES (INCLUDING UNDERLYING SHARES ASSUMING FULL CONVERSION OF WARRANTS AND CONVERTIBLE SECURITIES) AS A % OF DILUTED SHARE CAPITAL

1

Highbluesky Emerging Market Fund

10573162

9.95

9.95

2

Aspire Emerging Fund

10496943

9.88

9.88

3

Sparrow Asia Diversified

7825256

7.37

7.37

4

Devkant Synthetics India Private Limited

7441193

7.01

7.01

5

Life Insurance Corporation Of India

4500000

4.24

4.24

6

General Insurance Coporation of India

3310000

3.12

3.12

7

Mangal Keshav Capital Fund

3004632

2.83

2.83

8

India Focus Cardinal Fund

2880500

2.71

2.71

9

Headway Capital Advisors Limited

2091643

1.97

1.97

10

Silver Stallion Limited

1435000

1.35

1.35

 

Total

53558329

50.42

50.42

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

 

SL. NO.

NAME(S) OF THE SHAREHOLDER(S) AND THE PERSONS ACTING IN CONCERT (PAC) WITH THEM

NO. OF SHARES

SHARES AS % OF TOTAL NO. OF SHARES

TOTAL SHARES (INCLUDING UNDERLYING SHARES ASSUMING FULL CONVERSION OF WARRANTS AND CONVERTIBLE SECURITIES) AS A % OF DILUTED SHARE CAPITAL

1

Highbluesky Emerging Market Fund

10573162

9.95

0.00

2

Aspire Emerging Fund

10496943

9.88

0.00

3

Sparrow Asia Diversified Opportunities Fund

7825256

7.37

7.37

4

Devkant Synthetics India Private Limited

7441193

7.01

0.00

 

Total

36336554

34.21

0.00

 

 

Details of Locked-in Shares

 

SL. NO.

NAME OF THE SHAREHOLDER

NO. OF SHARES

LOCKED-IN SHARES AS % OF
TOTAL NO. OF SHARES

1

Drupa Suppliers Private Limited

90,00,000

8.47

 

Total

90,00,000

8.47

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of manufacturing variety of papers like Newsprint, Writing and Printing, Coated Paper, Crepe Paper, Fluorescent Paper, Duplex Boards, etc.

(Registered Activity)

 

 

Products :

--

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Products :
  • Paper

Countries :
  • Dubai
  • Singapore
  • United State Bank of America

 

 

Imports :

Products :
  • Waste Paper

Countries :
  • United Arab Emirates
  • United State Bank of America
  • Iran
  • Sri Lanka

 

 

Terms :

 

Selling :

Cash, L/C  and Credit

 

 

Purchasing :

Cash, L/C  and Credit

 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

Customers :

 Wholesalers and Retailers

 

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

No. of Employees :

1500 (Approximately)

 

 

Bankers :

Banker Name :

Indian Overseas bank

Branch :

Large Corporate Branch, Ahmedabad, Gujarat, India

Person Name (With Designation) :

Not Available

Contact Number :

Not Available

Name of Account Holder :

Not Available

Account Number :

Not Available

Account Since (Date/Year of Account Opening) :

Not Available

Average Balance Maintained :

Not Available

Credit Facilities Enjoyed (CC/OD/Term Loan) :

Not Available

Account Operation :

Not Available

Remark :

Not Available

 

 

Facilities :

Secured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

From banks:

 

 

- Rupee term loans

3341.627

4594.565

- Vehicle loans

0.000

0.638

From others (Financial Institutions)

 

 

Rupee Term Loan

940.000

800.000

 

 

 

Short-term borrowings

 

 

Loans repayable on demand:

 

 

From Banks:

 

 

Cash Credit Facility

- Rupee Loan

1653.481

1189.735

Total

5935.108

6584.938

 

NOTE:

Nature of security and terms of repayment for secured borrowings:

Term loan :

Term Loan in Rupee Currency are secured by way of First hypothecation charge on pari passu basis over the fixed assets of the company, situated at Survey No 1423,1453 and other adjoining Survey nos. in the name of the Company and situated at Village: Rajpur, Taluka: Kadi, Dist:Mehsana. Second charge on pari passu basis on entire current assets of the company situated on the above stated properties. The loan is further secured by personal guarantee of Mr. Ajay Goenka, Chaiman and Managing Director of company, Smt Sangeeta Goenka and three promoter group companies. Term Loan is carrying Rate of Interest (at present) from 13% to 13.75% p.a. repayable over a period of 7 years.

 

Corporate Loan from Allahabad Bank is secured by way of exclusive charge on Land at Survey no 1439/p/1, 1440/ p/1 and 1441/p admeasuring 11288 sq. mts situated at Village: Rajpur, Taluka: Kadi, Dist:Mehsana together with building and fixed structures thereon . The loan is further secured by personal guarantee of Mr. Ajay Goenka, Chairman and Managing Director of the company. The said Corporate Loan has been converted into EPBG during the year under consideration and same set of security is exclusively charged with Allahabad bank for the entire exposure of the said bank.

 

Corporate Loan from Bank of India is secured by way of exclusive charge on Land at Survey no 1524,1457-58,1483- 84,1447/4/2 collectively admeasuring 62524 sq. mts. situated at Village: Rajpur, Taluka: Kadi, Dist: Mehsana together with building and fixed structures thereon. The loan is further secured by personal guarantee of Mr. Ajay Goenka, Chairman and Managing Director of company, Mrs. Sangeeta Goenka and three promoter group companies. The said Corporate Loan has been converted into EPBG during the year under consideration and same set of security is exclusively charged with the said bank.

 

Corporate Loan from IFCI Limited is secured by exclusive charge on power division assets of the Company bearing Survey No. 1474/1, 1474/2, 1475, 1476, 1477, 1478, 1517 P1, 1517P2 (now forming part of new Survey No. 1442/1) and 1451, 1473, 1520, 1521 total admeasuring 81403 Sq. Mtrs. situated at Village Rajpur, Ta. Kadi, Dist. Mehsana and further secured by exclusive charge on Survey no. 1444 and part of 1445 admeasuring 16633 Sq. Mtrs. situated at Village Rajpur, Ta. Kadi, Dist. Mehsana, by way of pledge of 1,32,52,412 equity shares of Rainbow Papers Limited having Face Value of Rs.2 per share , being held by promoters and promoter group companies .The loan is further secured by personal guarantee of Mr. Ajay Goenka, Chairman and Managing Director of company. Term Loan is carrying Rate of Interest (at present) 14.75% p.a. and is repayable in 5 years with ballooning installments quarterly.

 

Vehicle Loan:

Vehicle loan from banks were secured by hypothecation of vehicles and are repayable over a period of 3 years carrying rate of interest 10.32 to 11.25% p.a. Further loan is guaranteed by Mr. Ajay Goenka Chairman and Managing Director of company.

 

Vehicle loan from financial institutions were secured by hypothecation of vehicles and are repayable over a period of 3 years carrying rate of interest 11.25 p.a.%. Further loan is guaranteed by Managing Director of the company.

 

The period and amount of installments due are as under:

Financial Year

Amount

2016-17

627.375

2017-18

817.375

2018-19

927.375

2019-20

477.375

2020-21

477.375

2021-22

477.375

2022-23

477.377

 

Terms of repayment for unsecured borrowings:

Loan from financial institution:

The company shall repay the loan in two installments with the first installment of Rs. 100.000 Million payable on 31.03.2015 and second installment of Rs. 200.000 Million payable on 31.03.2016 which carries Rate of Interest (at present) 14.25% p.a. The Company has pledged 11940000 Equity Shares of Rainbow Papers Limited Face Value of Rs. 2/- each, being held by one of its Promoter Group for availing Corporate Term Loan of Rs. 300.000 Millions.

 

Loans and advances from related parties:

The company had taken interest free advance from related parties which is repayable after a period of one year.

 

SHORT TERM BORROWINGS:

Nature of security provided for cash credit facility:

Cash Credit Limit is secured by way of First hypothecation charge on Pari passu basis over the current assets of the company, situated at 1423 and 1453 of Village: Rajpur, Taluka: Kadi, Dist:Mehsana. Second charge on pari pasu basis on all fixed assets, situated at survey no 1423 and 1453 of Village: Rajpur, Taluka: Kadi, Dist:Mehsana .The loan is further secured by personal guarantee of Mr. Ajay Goenka Chairman and Managing Director of the company

 

Statutory Auditors :

 

Name :

PARY and Company

Chartered Accountants

Address :

Ahmedabad, Gujarat, India

 

Cost Auditors

 

Name :

V. H. Shah

Cost Accountant

Address :

Ahmedabad, Gujarat, India

 

Internal Auditors

 

Name :

Dhanesh B. Khatri and Company

Chartered Accountants

Address :

Ahmedabad, Gujarat, India

 

 

Collaborators :

Not Available

 

 

Membership :

Not Available

 

 

Concern where significant interest exists :
  • Orient Newsprint Limited
  • Drupa Suppliers Private Limited
  • Rainbow Industrial Park Private Limited
  • Rainbow Infrabuild Private Limited
  • Nigo Best Packs Private Limited
  • Windsor Paper Private Limited

 

Subsidiary Company
  • Rainbow Paper JLT

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

20,00,00,000

Equity Shares

Rs. 2/- each

Rs. 400.000 Million

 

 

 

 

 

Issued, Subscribed and Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10,62,17,300

Equity Shares

Rs. 2/- each

Rs. 212.435 Million

 

 

 

 

 

Reconciliation of the number of shares

 

Equity Shares

Number of Shares

Shares outstanding at the beginning of the year

98,969,300

Shares issued during the year

7,248,000

Shares outstanding at the end of the year

106,217,300

 

Terms/rights, preferences and restrictions attached to securities:

 

Equity Shares:

 

The company has one class of equity shares having a par value of Rs. 2 each. Each share holder is eligible for one vote per share held. The dividend proposed by the board of director is subject to the approval of share holders in the ensuing Annual General meeting, except in case of interim dividend. In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the company after distribution of all preferential dues, in proportion to their shareholding. During the year ended 31 March 2015, the amount of per share dividend recognized for distribution to equity shareholders was Rs. 0.20.

 

Details of equity shares held by shareholders holding more than 5% shares:

 

Name of Shareholder

Number of Shares

% holding

Orient Newsprint Limited

23,377,520

22.01

Drupa Suppliers Private Limited

14,153,000

13.32

Devkant Synthetics (India) Private Limited

7,610,449

7.16

Rainbow Industrial Park Private Limited

6,819,000

6.42

Total

51,959,969

48.91

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2015

31.03.2014

31.03.2013

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

212.435

197.939

197.435

(b) Reserves and Surplus

6747.931

5986.535

3670.665

(c) Money received against share warrants

0.000

146.772

151.875

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

6960.366

6331.246

4019.975

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

4281.627

6324.703

5874.889

(b) Deferred tax liabilities (Net)

249.366

437.155

340.152

(c) Other long term liabilities

4595.164

928.365

293.247

(d) long-term provisions

27.022

15.537

15.693

Total Non-current Liabilities (3)

9153.179

7705.760

6523.981

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1950.312

1472.814

1213.693

(b) Trade payables

1284.408

1438.417

959.088

(c) Other current liabilities

1145.050

1212.621

1218.935

(d) Short-term provisions

36.757

59.195

57.136

Total Current Liabilities (4)

4416.527

4183.047

3448.852

 

 

 

 

TOTAL

20530.072

18220.053

13992.808

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

9955.161

10087.756

6280.035

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

5473.618

3742.099

3558.963

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

4.090

4.090

5.690

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

47.904

666.754

636.465

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

15480.773

14500.699

10481.153

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1707.653

1185.387

773.307

(c) Trade receivables

1253.737

935.074

1169.380

(d) Cash and cash equivalents

571.561

178.310

180.066

(e) Short-term loans and advances

1516.348

1420.583

1388.902

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

5049.299

3719.354

3511.655

 

 

 

 

TOTAL

20530.072

18220.053

13992.808

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

5590.153

6561.377

5267.369

 

Other Income

120.049

106.452

52.226

 

TOTAL SALES

5710.202

6667.829

5319.595

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

2016.893

2676.045

2346.981

 

Purchases of Stock-in-Trade

1209.633

1088.388

412.790

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

17.351

(178.193)

(7.132)

 

Employees benefits expense

213.088

214.336

179.197

 

Other expenses

1102.911

1443.563

1320.181

 

Exceptional Items

(3.334)

0.000

0.406

 

Prior period Items

0.000

0.000

(1.635)

 

TOTAL (B)

4556.542

5244.139

4250.788

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

1153.660

1423.690

1068.807

 

 

 

 

 

Less

FINANCIAL EXPENSES

705.922

607.649

327.629

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

447.738

816.041

741.178

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

389.903

478.662

266.231

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

57.835

337.379

474.947

 

 

 

 

 

Less

TAX

(186.582)

97.003

121.331

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

244.417

240.376

353.616

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

0.000

18.100

27.000

 

Dividend

21.243

39.588

39.487

 

Tax on Dividend

4.325

6.728

6.711

 

Total

25.568

64.416

73.198

 

 

 

 

 

 

BALANCE CARRIED TO THE BALANCE SHEET

218.849

175.960

280.418

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

499.458

674.731

738.167

 

TOTAL EARNINGS

499.458

674.731

738.167

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

1178.732

1085.674

804.699

 

Components and Stores parts

0.451

0.117

2.526

 

Chemical

40.600

29.337

10.051

 

Capital Goods

25.317

11.079

217.207

 

TOTAL IMPORTS

1245.100

1126.207

1034.483

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

2.37

2.43

3.74

 

 

Expected Sales ( 2015-16) : Rs. 15000.000 Million.

 

The above information has been parted by Miss. Runel Rathi (Company Secretary).

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

772.115

1062.390

1097.063

Cash generated from operations

397.104

1727.632

840.821

Net cash flow from operating activities

391.806

1630.288

787.169

 

 

QUARTERLY RESULTS

 

Particulars

30.06.2015

30.09.2015

UNAUDITED

Total Expenditure

1844.400

1067.800

PBIDT (Excl OI)

408.300

(294.900)

Other Income

15.000

21.200

Operating Profit

(393.300)

(273.700)

Interest

169.900

181.300

Exceptional Items

NA

NA

PBDT

(563.200)

(455.000)

Depreciation

90.700

91.900

Profit Before Tax

(653.900)

(546.900)

Tax

NA

NA

Provisions and contingencies

NA

NA

Profit After Tax

(653.900)

(546.900)

Extraordinary Items

NA

NA

Prior Period Expenses

NA

NA

Other Adjustments

NA

NA

Net Profit

(653.900)

(546.900)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

4.37

3.66

6.71

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

20.64

21.70

20.29

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.38

2.33

4.55

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.01

0.05

0.12

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.01

1.40

2.04

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.14

0.89

1.02

 

 

STOCK PRICES

 

Face Value

Rs. 2.00/-

Market Value

Rs. 38.95/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

Rs. In Million

Rs. In Million

Rs. In Million

Share Capital

197.435

197.939

212.435

Reserves and Surplus

3670.665

5986.535

6747.931

Money received against share warrants

151.875

146.772

0.000

Net worth

4019.975

6331.246

6960.366

 

 

 

 

long-term borrowings

5874.889

6324.703

4281.627

Short term borrowings

1213.693

1472.814

1950.312

Current Maturities of Long term debt

1097.063

1062.390

772.115

Total borrowings

8185.645

8859.907

7004.054

Debt/Equity ratio

2.036

1.399

1.006

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

Rs. In Million

Rs. In Million

Rs. In Million

Sales

5267.369

6561.377

5590.153

 

 

24.566

(14.802)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

Rs. In Million

Rs. In Million

Rs. In Million

Sales

5267.369

6561.377

5590.153

Profit

353.616

240.376

244.417

 

6.71%

3.66%

4.37%

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

Yes

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

LITIGATION DETAILS:

 

 

HIGH COURT OF GUJARAT

 

CRIMINAL MISC.APPLICATION (FOR QUASHING and SET ASIDE FIR/ORDER) No. 17991 of 2013

 

Status : PENDING

CCIN No : 001044201317991

 

 

Last Listing Date:

19/02/2014

Coram

·         HONOURABLE MR.JUSTICE G.R.UDHWANI

 

S.NO.

Name of the Petitioner

Advocate On Record

1
2
3

KALPATRU PACAKAGING PRODUCTS PRIVATELIMITED - THRO' DIPESH M LADDHA
RACHNA D LADDHA
KAUSHALYA LADDHA

MS RV ACHARYA for: Applicant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1 - 3

 

S.NO.

Name of the Respondant

Advocate On Record

1
2

STATE OF GUJARAT
RAINBOW PAPERS LIMITED - THRO'SANKET SHAKTIBHAI MUKUL

PUBLIC PROSECUTOR for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1
MR ANIL H SONI for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 2

 

 

Presented On

: 08/11/2013

Registered On

: 08/11/2013

Bench Category

: -

District

: AHMEDABAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 3 times

StageName

: NOTICE RETURNABLE and ADJOURNED MATTERS

 

Office Objection

Process Stage
Process Stage
Process Stage
Process Stage
Process Stage
Process Stage
Process Stage
Process Stage

·         1. WHETHER INDEX-CUM-CHRONOLOGY OF DOCUMNETS AND EVENTS FILED ?

·         4. WHETHER PROPER and FULL COURT FEE IS PAID ?

·         12. WHETHER CERTIFIED COPIES FILED ? APPELLATE JUDGEMENT

·         13. WHETHER NAMES OF THE PARTIES TALLY WITH NAMES IN THE CERTIFIED COPIES?

·         16. WHETHER PAGING IS DONE ?

·         18. WHETHER COPY SERVED TO THE OTHERSIDE/CAVEATOR/P.P?

·         19. WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF HAND WRITTEN ANNEXURES FILED ?

·         20. WHETHER COPIES ARE TRUE COPIES SO SIGNED BY ADVOCATE ?

 

Classification

·         SJ - CRIMINAL MISC. APPLICATION - INDIAN PENAL CODE, 1860 - QUASHING OF COMPLAINT

Act

·         CRIMINAL PROCEDURE CODE, 1973

 

Other Forums

 

S.No.

CASEDETAILS

TRIBUNAL REFERRENCE

ORDER PASSED BY

JUDGEMENT DATE

PLACE

1

CRIMINAL CASE NO.24/2013

-

CHIEF JUDICIAL MAGISTRATE, AHMEDABAD

-

AHMEDABAD

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

08/11/2013

APPEARANCE NOTE

PUBLIC PROSECUTOR 
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

PUBLIC PROSECUTOR(2) for R:1

2

08/11/2013

VAKALATNAMA

MS RV ACHARYA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

MS RV ACHARYA(1124) for P:1 - 3

3

08/11/2013

MEMO OF PETITION/APPEAL/SUIT

MS RV ACHARYA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

20

MS RV ACHARYA(1124), for P:1 - 3

4

26/11/2013

CERTIFIED COPY

MS RV ACHARYA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

20

MS RV ACHARYA(1124) for P:1 - 3

5

01/01/2014

AFFIDAVIT OF DS

MS RV ACHARYA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MS RV ACHARYA(1124) for P:1 - 3

6

08/01/2014

VAKALATNAMA

MR ANIL H SONI ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 2

5

MR ANIL H SONI(2793) for R:2

 

 

 

 

 

CORPORATE INFORMATION:

 

The company is engaged in manufacturing and marketing of paper. It uses various qualities of waste papers as its raw material for manufacturing finished paper. The company offers wide range of paper including Writing and printing paper, Newsprint paper, Duplex Board, Coated Paper, Colour Paper and Board, Crepe paper, Poster paper, Cast coated paper and fluorescent paper.

 

 

UNSECURED LOAN:

 

Unsecured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

Term loan

 

 

From Others

(Financial institutions)

0.000

200.000

Loans and advances from related parties

0.000

729.500

 

 

 

Short-term borrowings

 

 

Other Loans and advances :

 

 

From Banks (Buyer’s Credit)

296.831

283.079

Total

296.831

1212.579

 

 

CONTINGENT LIABILITIES:

 

    (Rs. in millions)

PARTICULARS

31.03.2015

Claim against company not acknowledged as debt:

 

- Income Tax Matters

52.944

Guarantees:

 

- Bank Guarantee

105.914

- Export Performance Bank Guarantee (MTM)

3403.062

Total

3561.920

 

Commitment:

Estimated amount of contracts, remaining to be executed on capital accounts and not provided for Rs. Nil net of advance (PY Rs. 56.393 Million). EPBG is secured by way of First hypothecation charge on Pari passu basis over the fixed assets of the company, situated at Survey No 1423, 1453, Village: Rajpur, Taluka: Kadi, Dist:Mehsana. Second charge on paripasu basis on entire current assets of the company. It is further secured by personal guarantee of Mr. Ajay Goenka Chaiman and Managing Director of company, Smt Sangeeta Goenka and three promoter group companies. EPBG will be reduced over a period of 10 years in ballooning installments.
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER 2015

 (Rs. In Million)

Particulars

3 Months Ended

3 Months Ended

Half Year Ended

 

30.09.2015

30.06.2015

30.09.2015

 

UNAUDITED

1. Income from operations

 

 

 

a) Net sales/ Income from operation (net of excise duty)

760.300

1426.700

2187.000

b) Other operating income

12.700

9.400

22.100

Total income from Operations(net)

772.900

1436.100

2208.900

2.Expenditure

 

 

 

a) Cost of material consumed

565.500

647.400

1212.900

b) Purchases of stock in trade

107.700

352.300

460.000

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

8.900

234.300

243.200

d) Employees benefit expenses

56.800

57.000

113.800

e) Depreciation and amortization expenses

91.900

90.700

182.600

g) Other expenditure

328.800

553.400

882.200

Total expenses

1159.500

1935.100

3094.700

3. Profit from operations before other income and financial costs

(386.600)

(499.000)

(885.800)

4. Other income

21.200

15.000

36.200

5. Profit from ordinary activities before finance costs

(365.400)

(484.000)

(849.600)

6. Finance costs

181.300

1.699

3.512

7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items

(546.900)

(153.900)

(1200.800)

8. Exchange Currency Fluctuation Loss/ (Gain)

--

--

--

9. Profit from ordinary activities before tax Expense:

(546.900)

(653.900)

(1200.800)

10.Tax expenses

 

 

 

-- Current Tax

109.300

(130.900)

(240.200)

-- MAT (Credit) / Reversal

109.300

130.900

240.200

-- Deferred Tax

0.000

0.000

0.000

11.Net Profit / (Loss) from ordinary activities after tax (9-10)

(546.900)

(653.900)

(1200.800)

12.Extraordinary Items (net of tax expense)

0.000

0.000

0.000

13.Net Profit / (Loss) for the period (11 -12)

(546.900)

(653.900)

(1200.800)

14.Paid-up equity share capital (Nominal value Rs.2/- per share)

212.400

212.400

212.400

15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

--

--

--

16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):

 

 

 

(a) Basic and diluted

(5.16)

(6.17)

(11.67)

 

 

 

 

A. Particulars of shareholding

 

 

 

1. Public Shareholding

 

 

 

- Number of shares

598527.708

59852708

598527.708

- Percentage of shareholding

56.35

56.35

56.35

2. Promoters and Promoters group Shareholding-

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

35279412

31985412

35279412

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

76.09

68.68

76.09

Percentage of shares (as a % of total share capital of the company)

33.21

30.11

33.21

 

 

 

 

b) Non  Encumbered

 

 

 

Number of shares

11085180

14379180

11085180

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

23.91

31.32

23.91

Percentage of shares (as a % of total share capital of the company)

10.44

13.54

10.44

 

B. Investor Complaints

 

 

Pending at the beginning of the quarter

0

 

Receiving during the quarter

0

 

Disposed of during the quarter

0

 

Remaining unreserved at the end of the quarter

0

 

 

Note:

 

  • The above unaudited financial results were reviewed by the Audit committee and approved but the   Board if directors at their meeting held on November 9, 2015. The Statutory Auditors have carried out limited review of financial results for the period ended on 30th September, 2015 as per clause 41 of the Listing Agreements.
  • The company has opted to publish unaudited consolidated financial results pursuant to the option made available under clause 41 of the listing Agreements.
  • The deferred tax liability/ Assets will be considered at the end of accounting year.
  • The company is engaged in only one business segment i.e. manufacturing and trading of paper and recycled waste paper. however, as per Accounting Standard (AS)-17 “Segmental Reporting” geographical segment reporting are as under:

 

Particulars

Quarter ended

Year ended

Segmental operating revenue

30.06.2015

31.03.2015

30.06.2014

31.03.2015

 

Unaudited

Audited

Unaudited

Audited

-in India

1265.400

1263.900

1313.000

4710.700

-Outside India

170.700

129.000

168.800

879.400

 

 

 

 

 

 

STANDALONE STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2015

 

Rs. In Million

SOURCES OF FUNDS

 

 

 

30.09.2015

(Unaudited)

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

 

212.400

(b) Reserves and Surplus

 

 

5596.800

(c) Pending Call Money

 

 

 

Sub-total Shareholders’

 

 

5809.100

 

 

 

 

(2) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

 

4346.600

(b) Deferred tax liabilities (Net)

 

 

249.400

(c) Other long term liabilities

 

 

4623.600

(d) long-term provisions

 

 

38.000

Sub-total of Non-Current liabilities

 

 

6257.500

 

 

 

 

(3) Current liabilities

 

 

 

(a) Short term borrowings

 

 

2456.900

(b) Trade payables

 

 

1184.000

(c) Other current liabilities

 

 

1395.600

(d) Short-term provisions

 

 

9.000

Sub-total of Current liabilities

 

 

5045.600

 

 

 

 

TOTAL

 

 

20112.100

 

 

 

 

II.             ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

15625.800

     Tangible Assets

 

 

9774.100

     Intangible Assets

 

 

5851.700

(b) Non-Current investments

 

 

4.100

(c) Deferred tax assets (net)

 

 

0.000

(d) Long term loans and advances

 

 

48.800

(e) Other non-current assets

 

 

0.000

Sub-total of Non-Current Assets

 

 

15678.700

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

 

0.000

(b) Inventories

 

 

918.900

(c) Trade receivables

 

 

1371.400

(d) Cash and cash equivalents

 

 

555.000

(e) Short-term loans and advances

 

 

1588.200

(f) Other current assets

 

 

0.000

Sub-total of Current Assets

 

 

4433.400

 

 

 

 

TOTAL

 

 

20112.100

 

 

INDEX OF CHARGES:

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10605921

27/11/2015

565,000.00

INDUSIND BANK LIMITED.

2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA

C72029101

2

10571427

16/05/2015

300,000,000.00

AXIS BANK LIMITED

1, KAMAL PALACE, 2ND FLOOR, 3RD EYE ONE BUILDING, 
NEAR. PANCHVATI CIRCLE, C G ROAD, AHMEDABAD, GUJARAT - 380006, INDIA

C54659909

3

10490088

03/11/2015 *

9,841,920,000.00

PNB INVESTMENT SERVICES LIMITED - SECURITY TRUSTEE 
OF IOB CONSORTIUM

6TH FLOOR, GUJARAT BHAVAN,, OPP M J LIBRARY, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA

C69438414

4

10477509

13/02/2014

350,000,000.00

BANK OF INDIA

AHMEDABAD LARGE CORPORATE BRANCH, 2ND FLOOR, BANK 
OF INDIA BUILDING, BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA

B96327572

5

10467890

13/02/2015 *

1,000,000,000.00

IFCI LIMITED

IFCI TOWER,, 61, NEHRU PLACE,, NEW DELHI, DELHI - 
110019, INDIA

C44068492

6

90099682

30/07/2003

164,000,000.00

CORPORTION BANK

INDUSTRIAL FINANCE BRANCH; RANGOLI COMPLEX, OPP; 
V S HOSPTAL, AHEMADABAD, GUJARAT, INDIA

-

 

*Date of modification Charges

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Computer

·         Vehicles

·         Furniture and Fixture

 

CMT REPORT (Corruption, Money Laundering and Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                                       None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

Indian Rupees

US Dollar

1

Rs. 66.79

UK Pound

1

Rs. 101.10

Euro

1

Rs. 73.10

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

KSP

 

 

Report Prepared by :

SYL

 

SCORE and RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

 

 

 

TOTAL

 

48

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial and operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NB

NEW BUSINESS

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.