MIRA INFORM REPORT
|
Report No. : |
355739 |
|
Report Date : |
22.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
JK PAPER LIMITED |
|
|
|
|
Registered
Office : |
P.O. Central Pulp Mills, Fort Songadh, Surat- 394660, Gujarat. |
|
Tel. No.: |
Not Available |
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|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
04.07.1960 |
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|
|
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Com. Reg. No.: |
018099 |
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Capital
Investment / Paid-up Capital : |
Rs.1485.306 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
L21010GJ1960PLC018099 |
|
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|
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IEC No.: |
Not Available |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTJ00098A |
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|
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
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|
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Line of Business
: |
Manufacturer and Exporter of Paper and Paper Related Products and
Pulp. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 22000000 |
|
|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject was established in the year 1960 and it is engaged in
manufacturing of paper. Its products include office documentation, uncoated paper,
board, coated paper, coated board and packaging board. The company possesses moderate operational performance and it has
incurred huge losses from its operational activities. However, rating takes into consideration its established position in
India’s paper industry in India, particularly in the copier segment backed by
a pan India distribution network. Rating also takes into consideration well established track record of
business operation marked by its average financial base along with modest net
worth base and moderate debt coverage indicators. However, rating strength is partially offset by weaker than expected
profitability due to higher input cost along with higher working capital
requirements resulting in liquidity pressures and intents competition in the
industry. Trade relations are reported as fair. Payment terms are reported to be
slow but correct. In view of aforesaid, the company can be considered for business
dealing 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Facilities |
Long Term Issuer Rating |
|
Rating |
BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
July 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.
LOCATIONS
|
Registered Office/ Factory 1 : |
P.O. Central Pulp Mills, Fort Songadh, Surat- 394660, Gujarat, India |
|
Tel. No.: |
91-2624-2202228/ 220278/ 80 |
|
Fax No.: |
91-2624-220138 |
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E-Mail : |
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|
Website : |
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Head/ Administrative Office: |
Neharu House, 3rd Floor, 4 Bahadur Shah Zafar Marg, New
Delhi- 110002, India |
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|
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Factory 2: |
JK Paper Mills, Jaykapur, Rayagada- 765017, Orissa, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Bharat Hari Singhania |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Harsh Pati Singhania |
|
Designation : |
Vice Chairman And Managing Director |
|
|
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|
Name : |
Mr. Om Prakash Goyal |
|
Designation : |
Whole-Time Director |
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|
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|
Name : |
Mr. Arun Bharat Ram |
|
Designation : |
Director |
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|
Name : |
Mr. Dhirendra Kumar |
|
Designation : |
Director |
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|
Name : |
Mr. M.H. Dalmia |
|
Designation : |
Director |
|
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|
Name : |
Mr. R.V. Kanoria |
|
Designation : |
Director |
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|
Name : |
Mr. Shailendra Swarup |
|
Designation : |
Director |
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|
Name : |
Mr. Shailesh Haribhakti |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Udayan Bose |
|
Designation : |
Director |
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|
Name : |
Mr. Vinita Singhania |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Wim Wienk |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Suresh Chander Gupta |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
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Equity Share Break up (Percentage of Total Equity)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Paper and Paper Related Products and
Pulp. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
S.S Kothari and Company Chartered Accountant |
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|
|
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries (Wholly
Owned) |
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|
Subsidiary |
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Joint Venture |
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|
Associate |
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|
Enterprise over which
KMPs have significant influence |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 Million |
|
30000000 |
Preference share |
Rs.100/- each |
Rs.3000.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs.5000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
136620625 |
Equity Shares |
Rs.10/- each |
Rs.1366.200 Million |
|
|
|
|
|
Notes :
(a) (i)
Reconciliation of Equity Share Capital
|
Particular |
As at 31. 03. 2015 Number of Shares |
|
Reconciliation of Equity Share Capital (In numbers) Shares outstanding
at the beginning of the year |
136620625 |
|
Add : Shares issued during the year |
- |
|
Less : Shares bought back during the year |
- |
|
Shares outstanding at the
end of the year |
136620625 |
b) Equity Shares:
The equity shareholders have:–
- The right to receive dividend out of balance of net profits remaining after payment of dividend to the preference shareholders. The dividend proposed by Board of Directors is subject to approval of shareholders in the ensuing general meeting.
- The Company has only one class of Equity Shares having face value of Rs. 10/– each and each shareholder is entitled to one vote per share.
- In the event of winding up, the equity shareholders will be entitled to receive the remaining balance of assets if any, after preferential payments and to have a share in surplus assets of the Company, proportionate to their individual shareholding in the paid up equity capital of the Company.
List of
shareholders holding more than 5% of the Equity Share Capital of the Company
(In numbers)
|
Particular |
As at 31. 03. 2015 Number of Shares |
|
Bengal and Assam Company Limited |
32843299 |
|
JK Fenner (India) Limited |
25457500 |
|
JK Paper Employees Welfare Trust |
11833332 |
|
Florence Investech Limited (formerly JK Agri Genetics Limited) |
11681112 |
|
International Finance Corporation |
7690000 |
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 |
1366.200 |
1366.200 |
1366.200 |
|
(b) Reserves &
Surplus |
6413.800 |
6614.900 |
7388.700 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
7780.000 |
7981.100 |
8754.900 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
15982.800 |
16888.400 |
14782.800 |
|
(b) Deferred tax
liabilities (Net) |
331.900 |
738.100 |
1199.700 |
|
(c) Other long term
liabilities |
395.200 |
349.100 |
279.100 |
|
(d) long-term provisions |
17.900 |
31.400 |
32.700 |
|
Total Non-current
Liabilities (3) |
16727.800 |
18007.000 |
16294.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2441.900 |
2190.500 |
1231.400 |
|
(b) Trade payables |
2376.200 |
2120.900 |
1370.600 |
|
(c) Other current
liabilities |
3814.900 |
4389.700 |
2867.200 |
|
(d) Short-term provisions |
11.900 |
26.700 |
126.400 |
|
Total Current Liabilities
(4) |
8644.900 |
8727.800 |
5595.600 |
|
|
|
|
|
|
TOTAL |
33152.700 |
34715.900 |
30644.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
22931.200 |
24635.500 |
7708.800 |
|
(ii) Intangible Assets |
36.800 |
48.500 |
1.500 |
|
(iii) Capital
work-in-progress |
274.600 |
171.500 |
15392.700 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
15.700 |
|
(b) Non-current
Investments |
280.200 |
317.900 |
150.500 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
941.900 |
729.000 |
1307.700 |
|
(e) Other Non-current
assets |
267.500 |
242.500 |
453.600 |
|
Total Non-Current Assets |
24732.200 |
26144.900 |
25030.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
637.900 |
0.000 |
|
(b) Inventories |
3735.800 |
2915.100 |
2160.000 |
|
(c) Trade receivables |
1459.200 |
1708.000 |
1193.800 |
|
(d) Cash and cash
equivalents |
173.500 |
83.400 |
338.000 |
|
(e) Short-term loans and
advances |
1430.700 |
1825.000 |
1808.700 |
|
(f) Other current assets |
1621.300 |
1401.600 |
113.800 |
|
Total Current Assets |
8420.500 |
8571.000 |
5614.300 |
|
|
|
|
|
|
TOTAL |
33152.700 |
34715.900 |
30644.800 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
Income |
21588.300 |
17378.700 |
14591.100 |
|
|
Other Income |
121.500 |
147.600 |
118.700 |
|
|
TOTAL (A) |
21709.800 |
17526.300 |
14709.800 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
12952.000 |
10794.500 |
8331.200 |
|
|
Purchases of
Stock-in-Trade |
663.900 |
929.800 |
840.700 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(253.300) |
(583.600) |
(121.200) |
|
|
Employees benefits
expense |
1660.000 |
1587.100 |
1417.400 |
|
|
Other expenses |
4022.300 |
3413.400 |
2797.600 |
|
|
TOTAL (B) |
19044.900 |
16316.100 |
13265.700 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
2664.900 |
1210.200 |
1444.100 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
2039.300 |
1218.600 |
499.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
625.600 |
(8.400) |
945.100 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1135.900 |
1221.000 |
729.100 |
|
|
|
|
|
|
|
Add |
EXCEPTIONAL
ITEM |
0.000 |
(-174.900) |
157.400 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
(E-F) (G) |
(510.300) |
(1229.400) |
373.400 |
|
|
|
|
|
|
|
Less |
TAX (H) |
(382.900) |
(457.500) |
3.400 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H)
(I) |
(127.400) |
(771.900) |
370.000 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1875.400 |
852.700 |
750.500 |
|
|
TOTAL EARNINGS |
1875.400 |
852.700 |
750.500 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
3545.400 |
3392.900 |
2466.800 |
|
|
Components and Stores
parts |
220.300 |
402.300 |
226.200 |
|
|
Capital Goods |
90.800 |
63.300 |
5836.800 |
|
|
Other Paper |
590.500 |
807.200 |
687.800 |
|
|
TOTAL IMPORTS |
4447.000 |
4665.700 |
9217.600 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
0.93 |
5.65 |
2.67 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
2463.800 |
2813.900 |
1446.200 |
|
Cash generated from operations |
2522.400 |
1284.100 |
1055.200 |
|
Net cash flows from (used in) operations |
2539.700 |
1302.300 |
911.500 |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 (Unaudited |
30.09.2015 (Unaudited) |
|
|
1st Quarter |
2nd Quarter |
|
Net Sales |
5853.50 |
5974.00 |
|
Total Expenditure |
4852.50 |
4961.40 |
|
PBIDT (Excel OI) |
1001.00 |
1012.60 |
|
Other Income |
20.60 |
51.70 |
|
Operating Profit |
1021.60 |
1064.30 |
|
Interest |
514.90 |
514.30 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
506.70 |
550.00 |
|
Depreciation |
265.30 |
265.70 |
|
Profit Before Tax |
241.40 |
284.30 |
|
Tax |
73.60 |
86.20 |
|
Provisions and
contingencies |
NA |
NA |
|
Profit After Tax |
167.80 |
198.10 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
167.80 |
198.10 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin
(PAT / Sales) |
(%) |
(0.59) |
(3.44) |
2.54 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
12.34 |
7.97 |
9.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.54) |
(3.54) |
1.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07) |
(0.13) |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.68 |
2.74 |
1.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97 |
0.98 |
1.00 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.44.80/- |
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 |
1366.200 |
1366.200 |
1366.200 |
|
Reserves & Surplus |
7388.700 |
6614.900 |
6413.800 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
8754.900 |
7981.100 |
7780.000 |
|
|
|
|
|
|
long-term borrowings |
14782.800 |
16888.400 |
15982.800 |
|
Short term borrowings |
1231.400 |
2190.500 |
2441.900 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
1446.200 |
2813.900 |
2463.800 |
|
Total borrowings |
17460.400 |
21892.800 |
20888.500 |
|
Debt/Equity ratio |
1.994 |
2.743 |
2.685 |
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 |
14591.100 |
17378.700 |
21588.300 |
|
|
|
19.105 |
24.223 |
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 |
14591.100 |
17378.700 |
21588.300 |
|
Profit |
370.000 |
(771.900) |
(127.400) |
|
|
2.54% |
(4.44)% |
(0.59)% |
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 |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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) |
No |
|
16 |
No. of employees |
No |
|
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 |
No |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
PERFORMANCE
REVIEW:
The Company recorded the
highest ever sales at Rs 25 149.700 Million (up 24%) during the year as
compared to Rs 20254.700 Million in the previous year. The Operating Profit
(PBIDT) increased to Rs 2664.900 Million (up 92%) from Rs 1385.100 Million in
the previous year. Higher interest and depreciation on account of the Company's new project at
Jaykaypur, Odisha which was commissioned in the previous year impacted net
profit (PAT). The Company has stabilized operations of the project during the
year and supplemented it by appropriate marketing efforts. AE a result loss for the year was
significantly reduced to Rs127.400 Million as compared to Rs 771.900 Million in
the previous year. The Company recorded the highest ever production of 4.I4
Million tonnes (up 26%) and sales of 0.398 tonnes (up 24%) as compared to 0.328 Million tonnes
and 0.321 Million tonnes respectively in the previous year. Overall capacity
utilization (including new plant) was over 90%. Wood prices which had increased
substantially (by 33%) in the previous year continued its upward trend though
at a slower pace of 13%. There is an evidence of increased wood availability
due to social farm forestry done by the paper industry. As the availability
increases further, they expect a favourable impact on raw material prices in
future. Hardwood pulp prices which were ruling lower during much of the year
exhibited upward trend towards last quarter of the financial year. This trend
is continuing till this time but does not seem sustainable due to surplus
global capacities and prices are likely to remain stable going forward.
Increase in rail freight resulted in higher landed cost of linkage Coal, though
international Coal prices continued to be low. The Company had increased sales
realization by 8%
during 2013- 14; however the economic slowdown and domestic surplus
resulted in improvement of only I% in the current year. The Company is
continuously focusing on improving operating efficiencies and minimising cost
for better financial performance. The Company has also engaged external
consultants to provide outside-in perspective in its endeavour to optimize cost
and unlock value.
The Company has been
aggressively pursuing farm forestry efforts to develop sufficient raw material
resources within 200 Km of its mills. The Company continued its focus on this
programme and has covered 16,934 hectares during the year thus achieving a
cumulative acreage of 132934 hectares from the inception of its farm forestry
programme. The Company had to import lesser quantities of wood logs and wood
chips as a result of improved availability during the year.
The developed markets are
experiencing decline in Paper consumption due to widespread use of electronic
media, however growth in packaging paper & board continues due to demand from its end use segments.
Contrary to this, the Indian Paper and Board Industry has been growing at 7%, which is one of the highest in the
world. At 14.5 Mn tonnes, the India ranks amongst the top 15 Paper and Board
markets globally. The lower per capita consumption of 12 Kg as compared to
world avenge of 57 Kg indicates
that the growth is likely to continue. Some of the value added segments in Pape
and Board are likely to grow at
higher rate thus offering new product opportunities for the Company. With this
growth the market is projected to reach 20 Mn tonnes by 2020.
The Company has been
following a policy of focusing on value added products like Copier Paper,
Coated Paper,
Virgin Fibre Packaging Boards and High end Maplitho Paper which has paid rich
dividends. The Company's wide distribution network along with emphasis on
meeting customer expectations has helped it to establish a leadership position
in the market, despite strong competitive challenges. The recent expansion has
increased its ability to provide high quality paper in-line with changing end
user requirements at competitive costs.
OFFICE PAPER PROJECT
The Company has set up a 21
5,000 TPA Pulp Mill, a 165000 TPA Paper Machine and a 55 MW captive power plant
at Unit JKPM in Odisha.
After the teething issues,
the new facilities have stabilized in short time. The plant performance in its
first full year of operations has been upto expectations with the company
realising cost advantages on account of reduced wood, water and energy consumption.
The technology and scale
provided by the new project will help the Company to produce high quality
printing paper at reasonable costs and further strengthen its position in
Office Papers. The Average capacity utilization for the new paper machine for
the year 20 14-
15 was 94% and full capacity
utilization in February 2015.
AWARDS AND RECOGNITION
The Company has been
committed towards ensuring high standards of Safety and Environment Quality &
Operational Excellence and HR practices. It is a matter of great satisfaction
that these initiatives taken by the Company have been appreciated at various
industry forums.
OVERVIEW
The world economy continued
to face headwinds Global growth
prospects remain subdued with forecasts
revised downwards to 3.S% in 201S and 3.7% in 2016.While US economy has shown sufficient
growth rebound, growth amongst other developed countries, most notably EU and
Japan remains weak The scenario is not much different in the emerging markets,
with China witnessing significantly lower growth – around 7% vis-A-vis more
than 10% a few years back, with leading indicators pointing to further
slowdown. The lower oil prices and increased geopolitical tensions have had a
significant adverse impact on Russian economy, whose growth is forecast to be
in the negative in the next 2 years. As
such, IMF has estimated that growth in emerging world will be around
4.3% in 201S, a sharp scale-down from 7.5% in 2010.
In India, it was hoped that new Government
formation with a clear majority, will usher in a series of changes to improve
upon the ease of doing business in the country and steer fresh round of
investments. The Government has shown its willingness towards reforms but
results are taking longer to show up. Overall demand still remains weak as
consumer spending, particularly on discretionary items is being postponed
deterring private investments.
While the Rupee has
remained range-bound, largely due to RBI's intervention, it is hurting exports
that are already curtailed by tepid overseas demand. With US Federal Reserve
most likely to raise interest rates later in the year, the robust foreign
inflows could reverse or taper off.
UNSECURED LOAN
(Rs.
In Millions)
|
PARTICULAR |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
Long Term
Borrowings |
|
|
|
Foreign
Currency Convertible Bonds (FCCB's) |
2362.800 |
2890.200 |
|
Loan From
Related Party |
400.000 |
0.000 |
|
Public
Deposits |
113.300 |
130.100 |
|
Finance
Lease obligation |
7.600 |
11.500 |
|
Less: Current Maturities of Long Term
Borrowings |
|
|
|
Public
Deposits |
(56.000) |
(36.200) |
|
Finance
Lease obligation |
(4.200) |
(3.900) |
|
Short Term
Borrowings |
|
|
|
Vendor Bill discounting |
807.900 |
726.900 |
|
Buyer's Credit
facilities from Bank |
410.000 |
273.300 |
|
Public
Deposits |
1.900 |
8.600 |
|
Total |
4043.300 |
4000.500 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Excise Duty Liability In Respect of Matters In Appeals |
143.100 |
126.900 |
|
Sales Tax Liability In Respect of Matters In Appeals |
7.200 |
28.200 |
|
Other Matters |
113.600 |
99.900 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification
|
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10552465 |
26/03/2015 * |
400,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, GUJARAT - 390015, INDIA |
C49761430 |
|
2 |
10546039 |
26/03/2015 * |
1,050,000,000.00 |
L&T FinCorp Limited |
L & T HOUSE, BALLARD ESTATE,, MUMBAI,
MAHARASHTRA - 400001, INDIA |
C50109131 |
|
3 |
10540124 |
26/03/2015 * |
1,400,000,000.00 |
IDBI Bank Limited |
INDIAN RED CROSS SOCIETY BUILDING, 1, RED
CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA |
C50577998 |
|
4 |
10526065 |
26/03/2015 * |
1,000,000,000.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE,
LAW GARDEN ELLIS BRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
C50663673 |
|
5 |
10526288 |
23/03/2015 * |
1,750,000,000.00 |
State Bank of India |
CORPORATE ACCOUNTS GROUP BRANCH, 2ND FLOOR,
RELIANCE HOUSE,34,JAWAHARLAL NEHRU ROAD, KOLKATA, WEST BENGAL - 700071, INDIA
|
C49760705 |
|
6 |
10491176 |
15/05/2014 |
250,000,000.00 |
Housing Development Finance Corporation
Limited |
RAMON HOUSE 169BACKBAY RECLAMATION, H T
PAREKH MA |
C04022877 |
|
7 |
10486092 |
10/07/2014 * |
350,000,000.00 |
IDBI Bank Limited |
INDIAN RED CROSS SOCIETY BUILDING, 1, RED
CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA |
C15255110 |
|
8 |
10484805 |
19/03/2014 |
250,000,000.00 |
Axis Bank Limited |
2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA
ROAD, NEW DELHI, DELHI - 110001, INDIA |
C00484147 |
|
9 |
10462129 |
16/04/2014 * |
900,000,000.00 |
State Bank of India |
STATE BANK OF INDIA, RELIANCE HOUSE,2ND
FLOOR,34, JAWAHARLAL NEHRU ROAD, KOLKATA, WEST BENGAL - 700071, INDIA |
C02387496 |
|
10 |
10443433 |
14/10/2013 * |
500,000,000.00 |
State Bank Of Hyderabad |
STATE BANK OF HYDERABAD, COMMERCIAL BRANCH,
74, JANPATH, NEW DELHI, DELHI - 110001, INDIA |
B88348776 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2015
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Six Months Ended ( Unaudited) |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
7012.700 |
6827.300 |
13840.000 |
|
b) Other operating income |
5887.700 |
5785.500 |
11673.200 |
|
Total
income from Operations(net) |
5974.000 |
68.000 |
154.300 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
3389.900 |
3196.900 |
6586.800 |
|
b) Purchases of stock in trade |
381.400 |
324.000 |
705.400 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(186.600) |
(35.700) |
(222.300) |
|
d) Employees benefit expenses |
447.900 |
418.700 |
866.600 |
|
e) Depreciation and amortization expenses |
265.700 |
265.300 |
531.000 |
|
f) Other expenditure |
|
|
|
|
540.800 |
548.400 |
1089.200 |
|
388.000 |
400.200 |
788.200 |
|
Total expenses |
5227.100 |
5117.800 |
10344.900 |
|
3. Profit from operations before other income and
financial costs |
1012.600 |
1001.000 |
2013.600 |
|
4. Other income |
746.900 |
735.700 |
1482.600 |
|
5. Profit from ordinary activities before finance costs |
51.700 |
20.600 |
72.300 |
|
6. Finance costs |
798.600 |
756.300 |
1554.900 |
|
7. Net profit/(loss) from ordinary
activities after finance costs but before exceptional items |
514.300 |
514.900 |
1029.200 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary
activities before tax Expense: |
284.300 |
241.400 |
529.800 |
|
10.Tax expenses |
86.200 |
73.600 |
159.800 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
198.100 |
167.800 |
365.900 |
|
12.Extraordinary Items (net
of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for
the period (11+12) |
0.000 |
0.000 |
0.000 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
1485.300 |
1366.200 |
1485.300 |
|
15. Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year |
0.000 |
0.000 |
0.000 |
|
16.i) Earnings per share
(before extraordinary items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
1.43 |
1.23 |
2.66 |
|
(b) Diluted |
1.28 |
1.16 |
2.42 |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Six Months Ended ( Unaudited) |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
62772057 |
63073705 |
62772057 |
|
- Percentage of shareholding |
42.26% |
46.17% |
42.26% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total share capital of the
company) |
NIL |
NIL |
NIL |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
85758568 |
73546920 |
85758568 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
57.74% |
53.83% |
57.74% |
|
|
|
|
|
|
B.
Investor Complaints |
3
Months Ended |
|
|
|
|
30.09.2015 |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Receiving during the quarter |
3 |
|
|
|
Disposed of during the quarter |
|
|
|
|
Remaining unreserved at the end of the quarter |
Nil |
|
|
|
SOURCES OF FUNDS |
31.09.2015 |
|
|
( Unaudited) |
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
1485.300 |
|
(b) Reserves &
Surplus |
7160.800 |
|
Total Shareholders’ Funds
|
8646.100 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
14838.200 |
|
(b) Deferred tax
liabilities (Net) |
491.600 |
|
(c) Other long term
liabilities |
407.700 |
|
(d) long-term provisions |
17.900 |
|
Total Non-current
Liabilities (3) |
15755.400 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
2427.300 |
|
(b) Trade payables |
2440.800 |
|
(c) Other current
liabilities |
4451.700 |
|
(d) Short-term provisions |
21.100 |
|
Total Current Liabilities
(4) |
9340.900 |
|
|
|
|
TOTAL |
33742.400 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
23419.200 |
|
(b) Non-current
Investments |
280.200 |
|
(c) Long-term Loan and Advances |
1028.800 |
|
(d) Other Non-current
assets |
273.600 |
|
Total Non-Current Assets |
25001.800 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
3,881.300 |
|
(c) Trade receivables |
1563.900 |
|
(d) Cash and cash
equivalents |
116.000 |
|
(e) Short-term loans and
advances |
1550.200 |
|
(f) Other current assets |
1629.200 |
|
Total Current Assets |
8740.600 |
|
|
|
|
TOTAL |
33742.400 |
FIXED ASSETS
- Freehold
- Leasehold
- Buildings
- Plant and Machinery
- Furniture, Fixtures and Equipment’s
- Vehicles and Locomotives
- Railway Sidings
CMT REPORT (Corruption, Money Laundering & 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.66.42 |
|
UK Pound |
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PRV |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
NO |
|
--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 |
|
42 |
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 & 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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.