MIRA INFORM REPORT
|
Report No. : |
301320 |
|
Report Date : |
05.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
PUDUMJEE PULP AND PAPER MILLS LIMITED |
|
|
|
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Registered
Office : |
Thergaon, Chichwad, Pune – 411033, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.11.1964 |
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Com. Reg. No.: |
11-013058 |
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Capital
Investment / Paid-up Capital : |
Rs.82.000 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
L21012MH1964PLC013058 |
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IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEP00107C / PNEP07501E |
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PAN No.: [Permanent Account No.] |
AABCP0310Q |
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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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Line of Business
: |
Manufacturing and Marketing of Paper and also in Real Estate
Business and Power Generation Activity. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a flagship company of M.P. Jatia Group of Companies. It is
a well-established company having fine track record. Financial position of the company appears to be sound. Directors are
reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for 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 |
CRISIL |
|
Rating |
Long term rating = A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
January 16, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A2+ |
|
Rating Explanation |
Strong degree of safety and higher credit risk. |
|
Date |
January 16, 2014 |
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. S. K. Nair |
|
Designation : |
Head of Account Department |
|
Contact No.: |
91-20-2776371 |
|
Date : |
31.12.2014 |
LOCATIONS
|
Registered Office/ Factory : |
Thergaon, Chichwad, Pune – 411033, Maharashtra, India |
|
Tel. No.: |
91-20-30613333/ 27275381 |
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Fax No.: |
91-20-27273294/ 30613388 |
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E-Mail : |
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|
Website : |
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Corporate &
Sales Office : |
Jatia Chambers, 60, Dr. V.B. Gandhi Marg, Fort, Mumbai – 400023, Maharashtra, India |
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Tel. No.: |
91-22-30213333 |
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Fax No.: |
91-22-22658316 |
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E-Mail : |
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Unit : |
17-24, Vittal Rao
Nagar, Madhapur, Hyderabad - 500081, Andhra Pradesh, India |
DIRECTORS
As on 31.03.2014
|
Name : |
A.K. Jatia |
|
Designation : |
Executive Chairman |
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|
|
|
Name : |
V.O. Somani |
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Designation : |
Non-Executive Independent Director |
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Name : |
Gautam Khaitan |
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Designation : |
Director |
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Name : |
V.P. Leekha |
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Designation : |
Managing Director |
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Date of Birth/Age : |
74 Years |
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Qualification : |
B.E. (Mech.) |
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Experience : |
51 Years |
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|
|
|
Name : |
S.K. Bansal |
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Designation : |
Director - Finance |
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Date of Birth/Age : |
54 Years |
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Qualification : |
B.Com, ACA, ACS |
|
Experience : |
31 Years |
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|
|
|
Name : |
B.C. Dalal |
|
Designation : |
Non-Executive Independent Director |
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|
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|
Name : |
V.K. Beswal |
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Designation : |
Non-Executive Independent Director |
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Name : |
Nandan S. Damani |
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Designation : |
Non-Executive Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. S. K. Nair |
|
Designation : |
Head of Account Department |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6781957 |
16.54 |
|
|
17437404 |
42.53 |
|
|
24219361 |
59.07 |
|
|
|
|
|
|
1000000 |
2.44 |
|
|
1000000 |
2.44 |
|
Total shareholding of Promoter and Promoter Group (A) |
25219361 |
61.51 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
250 |
0.00 |
|
|
6430 |
0.02 |
|
|
53672 |
0.13 |
|
|
60352 |
0.15 |
|
|
|
|
|
|
4277440 |
10.43 |
|
|
|
|
|
|
8698903 |
21.22 |
|
|
2431588 |
5.93 |
|
|
312356 |
0.76 |
|
|
312356 |
0.76 |
|
|
15720287 |
38.34 |
|
Total Public shareholding (B) |
15780639 |
38.49 |
|
Total (A)+(B) |
41000000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
41000000 |
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 |
|
|
No. of Shares held |
As a % |
||
|
1 |
Pudumjee Industries Limited |
3412850 |
8.32 |
|
2 |
Suma Commercial Private Limited |
2873036 |
7.01 |
|
3 |
Thacker and Company Limited |
6368253 |
15.53 |
|
4 |
Chem-Mach Private Limited |
2533265 |
6.18 |
|
5 |
Poonam Jatia |
2039270 |
4.97 |
|
6 |
Arun Kumar Jatia |
2048000 |
5.00 |
|
7 |
Ubiquitous Trading Private
Limited |
2150000 |
5.24 |
|
8 |
Winterpark Investments and
Finance Private Limited |
100000 |
0.24 |
|
9 |
Arun Kumar Mahabir Prasad Jatia |
358333 |
0.87 |
|
10 |
Vrinda Jatia |
500000 |
1.22 |
|
11 |
Vasudha Jatia |
500000 |
1.22 |
|
12 |
Yashvardhan Jatia |
2336354 |
5.70 |
|
|
Total |
25219361 |
61.51 |
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 |
|
|
1 |
Halan Properties Private Limited |
1650000 |
4.02 |
|
|
|
Total |
1650000 |
4.02 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Paper and also in Real
Estate Business and Power Generation Activity. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
State Bank of India IDBI Bank Limited Bank Of India ING VYSYA Bank Limited |
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Facilities : |
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Solicitors : |
Kanga And Company |
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Auditors : |
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|
Name : |
Khare and Company Chartered Accountants |
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|
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Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
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Subsidiary Company |
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Associate
Firms and Companies : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
47500000 |
Equity Shares |
Rs.2/-each |
Rs.95.000 Million |
|
|
|
|
|
|
50000 |
14% (free of company’s tax but subject to deduction of tax at source at the prescribed rates) Redeemable Cumulative Preference Shares |
Rs.100/-each |
Rs.5.000 Million |
|
|
Total |
|
Rs.100.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41000000 |
Equity Shares |
Rs.2/-each |
Rs.82.000 Million |
The reconciliation
of the number of Equity shares outstanding
|
Particulars |
31.03.2014 |
31.03.2013 |
|
|
No. of Shares |
No. of Shares |
|
Equity Shares at the beginning and end of the year |
41,000,000 |
41,000,000 |
The
details of Shareholders holding more than 5% shares
|
Name of the
Shareholders |
31.03.2014 |
|
|
|
No. of Shares |
% held |
|
Thacker and Company Limited |
6150000 |
15.00 |
|
Pudumjee Industries Limited |
3412850 |
8.32 |
|
Suma Commercial Private Limited |
2873036 |
7.01 |
|
Chem-Mach Private Limited |
2533265 |
6.18 |
|
Yashvardhan Jatia |
2336354 |
5.70 |
|
Ubiquitous Trading Private Limited |
2150000 |
5.24 |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
||
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
82.000 |
82.000 |
82.000 |
|
(b) Reserves &
Surplus |
1547.003 |
1272.833 |
1136.675 |
|
(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) |
1629.003 |
1354.833 |
1218.675 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
640.833 |
756.997 |
630.290 |
|
(b) Deferred tax
liabilities (Net) |
153.700 |
161.600 |
163.200 |
|
(c) Other long term
liabilities |
162.933 |
145.474 |
213.458 |
|
(d) long-term provisions |
60.212 |
61.403 |
71.290 |
|
Total Non-current
Liabilities (3) |
1017.678 |
1125.474 |
1078.238 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
52.767 |
35.744 |
141.522 |
|
(b) Trade payables |
480.336 |
211.099 |
335.918 |
|
(c) Other current
liabilities |
222.916 |
226.841 |
269.493 |
|
(d) Short-term provisions |
24.913 |
20.506 |
20.997 |
|
Total Current Liabilities
(4) |
780.932 |
494.190 |
767.930 |
|
|
|
|
|
|
TOTAL |
3427.613 |
2974.497 |
3064.843 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1049.125 |
1099.617 |
1043.131 |
|
(ii) Intangible Assets |
1.461 |
2.169 |
2.622 |
|
(iii) Capital
work-in-progress |
578.362 |
572.619 |
593.411 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
34.531 |
34.531 |
34.531 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
686.149 |
616.668 |
472.777 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2349.628 |
2325.604 |
2146.472 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
52.584 |
50.161 |
0.000 |
|
(b) Inventories |
632.094 |
272.821 |
597.330 |
|
(c) Trade receivables |
211.931 |
230.565 |
202.457 |
|
(d) Cash and cash equivalents |
16.241 |
9.369 |
12.195 |
|
(e) Short-term loans and
advances |
165.135 |
85.977 |
106.389 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
1077.985 |
648.893 |
918.371 |
|
|
|
|
|
|
TOTAL |
3427.613 |
2974.497 |
3064.843 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
2361.676 |
2090.580 |
2250.848 |
|
|
Other Income |
71.721 |
51.723 |
38.224 |
|
|
TOTAL |
2433.397 |
2142.303 |
2289.072 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1237.428 |
862.971 |
1199.922 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
21.370 |
47.234 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(65.491) |
120.926 |
(156.546) |
|
|
Foreign Exchange Loss |
10.181 |
12.843 |
36.186 |
|
|
Employees benefits
expense |
240.843 |
211.362 |
209.776 |
|
|
Other expenses |
690.749 |
591.468 |
699.817 |
|
|
TOTAL |
2113.710 |
1820.940 |
2036.389 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
319.687 |
321.363 |
252.683 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
86.817 |
69.701 |
44.161 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
232.870 |
251.662 |
208.522 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
80.997 |
84.842 |
78.264 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
151.873 |
166.820 |
130.258 |
|
|
|
|
|
|
|
Less |
TAX |
8.100 |
(1.300) |
17.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
143.773 |
168.120 |
112.658 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
373.497 |
234.767 |
146.404 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Provision for Current
Taxation |
16.000 |
0.300 |
11.800 |
|
|
Provision/(Saving) for
Deferred Taxation |
(7.900) |
(1.600) |
5.800 |
|
|
Dividend on Equity Shares |
12.300 |
12.300 |
12.300 |
|
|
Tax on Dividend |
2.090 |
2.090 |
1.995 |
|
|
Transfer to General
Reserve |
15.000 |
15.000 |
10.000 |
|
|
Total |
37.490 |
28.090 |
41.895 |
|
|
|
|
|
|
|
|
Balance Carried to the B/S |
479.780 |
374.797 |
217.167 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
20.449 |
26.013 |
25.552 |
|
|
Deemed Exports |
1.694 |
34.311 |
17.747 |
|
|
TOTAL EARNINGS |
22.143 |
60.324 |
43.299 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
953.685 |
441.465 |
833.924 |
|
|
Components and Stores
parts |
46.946 |
12.548 |
25.497 |
|
|
Goods of Resale |
0.000 |
0.000 |
37.028 |
|
|
Capital Goods |
1.342 |
8.962 |
94.599 |
|
|
TOTAL IMPORTS |
1001.973 |
462.975 |
991.048 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
3.51 |
4.10 |
2.75 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
6.08
|
8.04 |
5.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
13.53
|
15.37 |
11.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.40 |
7.05 |
5.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.12 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.43 |
0.59 |
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.31 |
1.20 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
82.000 |
82.000 |
82.000 |
|
Reserves & Surplus |
1136.675 |
1272.833 |
1547.003 |
|
Net worth |
1218.675 |
1354.833 |
1629.003 |
|
|
|
|
|
|
long-term borrowings |
630.290 |
756.997 |
640.833 |
|
Short term borrowings |
141.522 |
35.744 |
52.767 |
|
Total borrowings |
771.812 |
792.741 |
693.600 |
|
Debt/Equity ratio |
0.633 |
0.585 |
0.426 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
2250.848 |
2090.580 |
2361.676 |
|
|
|
(7.120) |
12.968 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
2250.848 |
2090.580 |
2361.676 |
|
Profit |
112.658 |
168.120 |
143.773 |
|
|
5.01% |
8.04% |
6.09% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs. In
Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current Maturities
of Long Term Debts: |
|
|
|
|
Fixed Deposits |
58.525 |
41.643 |
177.174 |
|
Secured Debts |
129.539 |
160.821 |
41.257 |
|
Unsecured Debts |
10.357 |
4.225 |
0.662 |
|
Total |
198.421 |
206.689 |
219.093 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS:
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No: ITXAL/1825/2014
Filing Date: 17.10.2014
|
|
Petitioner: THE COMMISSIONER OF INCOME TAX V
Respondent: PUDUMJEE PULP AND PAPER MILLS
LIMITED Petn. Adv : TEJVEER SINGH (0) Resp.Adv.: Kanga and Company (246) District: PUNE |
|
Bench: DIVISION Status: Pre-Admission
Category: TAX APPEALS Last Date: 27.10.2014 Last Coram: REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER Act: Income Tax Act, 1961
Under Section: 260A |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10472794 |
25/12/2013 |
3,713,150.00 |
KOTAK MAHINDRA PRIME LIMITED |
36-38A NARIMAN BHAVAN,, 227, NARIMAN POINT,, MUMBAI, Maharashtra - 400021, INDIA |
B94448313 |
|
2 |
10391364 |
22/11/2012 |
5,098,000.00 |
VOLKSWAGEN FINANCE PRIVATE LIMITED |
3, NORTH AVENUE, LEVEL 5, MAKER MAXITY,, BANDRA KURLA COMPLEX, KALA NAGAR, BANDRA (E),, MUMBAI, Maharashtra - 400051, INDIA |
B63901516 |
|
3 |
10380630 |
17/09/2012 |
250,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Building Gr. Floor,, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 411001, INDIA |
B59720680 |
|
4 |
10363407 |
15/06/2012 |
86,000,000.00 |
BANK OF INDIA |
MUMBAI MID CORPORATE,
70/80, M.G. ROAD,, BANK OF |
B42780973 |
|
5 |
10343557 |
23/02/2012 |
750,000,000.00 |
AXIS BANK LIMITED |
Corporate Banking Branch, Axis House, Ground Floor, C-2, Wadia International Centre, P.B. Marg, Worli,, MUMBAI, Maharashtra - 400025, INDIA |
B35582477 |
|
6 |
10280359 |
21/03/2011 |
90,000,000.00 |
THE SARASWAT CO OPERATIVE BANK LIMITED |
MADHUKOSH, S V SOVANI
PATH LANE, GIRGAUM MUMBAI, |
B10248292 |
|
7 |
90087326 |
15/07/2005 * |
100,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
10TH FLOOR; NARIMAN
BHAWAN, 227; VINAY K. SHAH MARG ; NARIMAN POINT, MUMBAI, Maharashtra - 400021, |
- |
|
8 |
90085460 |
22/08/2013 * |
916,000,000.00 |
STATE BANK OF INDIA - LEAD BANK |
COMMERCIAL BRANCH (ADVANCES), N.G.N. VAIDYA MARG (BANK STREET), MUMBAI, Maharashtra - 400001, INDIA |
B83832923 |
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2014
(Rs.
In Million) |
31.03.2013 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Fixed Deposits from Public/Shareholders * |
268.063 |
247.380 |
|
Deposit from Associates |
11.000 |
11.000 |
|
Deferred Sales Tax Liability |
142.212 |
152.569 |
|
SHORT TERM BORROWINGS |
|
|
|
Fixed Deposits |
2.390 |
5.840 |
|
Others Deposits |
8.586 |
8.115 |
|
|
|
|
|
Total |
432.251 |
424.904 |
|
LONG-TERM BORROWINGS a)
Excluding (i) Rs.2.390 Million (Last year
Rs.5.840 Millions) being deposits for 1 year shown under "Short Term
Borrowings" Rs.58.525 Million (Last year Rs. Rs.41.643 Millions) shown
under "Current maturities of Long Term Fixed Deposits". b)
Excluding Rs.10.357 Million (Last year Rs.
Rs.4.225 Million) shown under "Current maturities of "Long Term
Unsecured Debts". c)
There has been no default in repayment of Loan
and Payment of Interest in respect of any of aforesaid borrowings. *
Repayable after 2 years and 3 years from the date of acceptance of each
Deposits. |
||
OPERATIONS
The paper manufacturing activity of the Company showed improvement both in terms of revenue and profits when compared with the last year. Though steep depreciation of Rupee seen during the year did put considerable pressure on input cost, the impact, to a considerable extent was mitigated by judicious mix of inputs without adversely affecting the quality of Specialty Paper and marginal upward revision in prices of paper. Judicious pricing also softened the blow from unrestricted imports which helped in improvement of capacity utilization resulting in improved profitability of the operations.
The expansion project at Mahad has been put on hold temporarily in view of the prevailing recessionary conditions to minimize the impact of fixed costs pending study of new investment plans. Consequently an expenditure of Rs. 31.100 Million from 1st April, 2013 has been treated as revenue expenses in the current year’s accounts instead of being capitalized.
The Directors believe that with the new Governmental policies leading to change in recessionary market sentiments, would help improve overall economy and Company’s continuous efforts on cost reduction and the new product development accompanied by review of existing products and marketing strategy would enable further improvement in capacity utilization and profitability.
The Real Estate Business of the firm in which the Company is a Partner, has been satisfactorily progressing despite the business in the industry facing some recessionary pressure elsewhere. The accounts include Company’s share of profit of Rs.114.300 Million in respect of a building completed during the year and stock of few flats sold by the firm as against a profit of Rs166.000 Million in the last year in respect of two buildings then completed.
The Company has commenced development of land for constructing residential / commercial complex having saleable area of about 150000 sq.Ft. for which purpose the land has been treated as stock-in-trade at a fair market value of Rs.144.100 Million, by crediting the difference over cost, to Capital Reserve of the Company.
PRESS RELEASE
PUDUMJEE PULP DEFERS
EXPANSION PROJECT AT MAHAD
Pudumjee Pulp and Paper Mills has informed that the expansion project at Mahad has been temporarily deferred in view of the current market scenario and the loan obtained for the same has since been fully repaid.
STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER & HALF
YEAR ENDED 30TH SEPTEMBER, 2014
(RS. IN MILLIONS)
|
Particular |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
a) Gross Sales/Income from Operations |
747.100 |
721.500 |
1468.600 |
|
Less : Excise Duty |
42.200 |
41.100 |
83.300 |
|
Net Sales/Income from
Operations |
704.900 |
680.400 |
1385.300 |
|
Other Operating Income |
5.700 |
4.000 |
9.700 |
|
Total Income from
operations (net) |
710.600 |
684.400 |
1395.000 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Consumption of raw material |
391.900 |
358.000 |
749.900 |
|
(b) Purchase of stock in trade |
1.000 |
0.900 |
1.900 |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
15.300 |
49.200 |
64.500 |
|
(d) Employee benefit expenses |
68.800 |
69.700 |
138.500 |
|
(e) Depreciation and amortization expenses |
13.200 |
13.000 |
26.200 |
|
(f) Consumption of Fuel, Power & Water |
134.900 |
129.900 |
264.800 |
|
(g) Net Foreign Exchange Loss / (Gain) |
5.700 |
1.600 |
7.300 |
|
(h) Other expenses |
62.300 |
46.500 |
108.800 |
|
Total Expenses |
693.100 |
668.800 |
1361.900 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
17.500 |
15.600 |
33.100 |
|
Other Income |
27.500 |
23.500 |
51.000 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
45.000 |
39.100 |
84.100 |
|
Finance costs |
17.700 |
21.200 |
38.900 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
27.300 |
17.900 |
45.200 |
|
Exceptional
item |
--- |
--- |
--- |
|
Profit/ Loss from Ordinary Activities
before tax |
27.300 |
17.900 |
45.200 |
|
Tax Expenses |
9.300 |
5.900 |
15.200 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
18.000 |
12.000 |
30.000 |
|
Extraordinary
Items |
--- |
--- |
--- |
|
Net Profit for the period |
18.000 |
12.000 |
30.000 |
|
Paid- up
Equity Share Capital (Face value Rs. 2/- per share) |
82.000 |
82.000 |
82.000 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
|
|
|
|
Basic/Diluted EPS for the period before & after extra ordinary
items (Rs) |
044/0.44 |
0.29/0.29 |
0.73/0.73 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
15780639 |
15879892 |
15780639 |
|
Percentage of Shareholding |
38.49% |
38.73% |
38.49% |
|
|
|
|
|
|
2. Promoters and promoter group
shareholding |
25219361 |
25120108 |
25219361 |
|
a)
Pledged/Encumbered |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non - encumbered |
|
|
|
|
- Number of
Shares |
25219361 |
25120108 |
25219361 |
|
- Percentage of
Shares (as a % of
the total shareholding of promoter and promoter
group) |
100.00% |
100.00% |
100.00% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
61.51% |
61.27% |
61.51% |
|
|
Particulars |
Six Months ended 30th September 2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
12 |
|
|
Disposed of during the quarter |
12 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENTWISE REVENUE, RESULTS & CAPITAL EMPLOYED
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
1. Segment Revenue |
|
|
|
|
a) Paper Division |
710.600 |
684.400 |
1395.000 |
|
b) Power
Generation |
10.000 |
6.500 |
16.500 |
|
c) Real Estate
Activity |
--- |
--- |
--- |
|
Total |
720.600 |
690.900 |
1411.500 |
|
Less: Inter – segment revenue |
10.000 |
6.500 |
16.500 |
|
Total income from operations (net) |
710.600 |
684.400 |
1395.000 |
|
|
|
|
|
|
2. Segment Results |
|
|
|
|
Profit/ (loss) before tax and interest |
|
|
|
|
a) Paper Division |
24.100 |
23.200 |
47.300 |
|
b) Power
Generation |
1.000 |
(0.600) |
0.400 |
|
c) Real Estate
Activity |
--- |
--- |
--- |
|
Total |
25.100 |
22.600 |
47.700 |
|
Less: i) Interest |
20.100 |
21.000 |
41.100 |
|
ii) All other unallocable expenditure (Net of unallocable income) |
(22.300) |
(16.300) |
(38.600) |
|
Total Profit Before Tax |
27.300 |
17.900 |
45.200 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
a) Paper Division |
1743.900 |
1724.700 |
1743.900 |
|
b) Power
Generation |
275.800 |
273.300 |
275.800 |
|
c) Real Estate
Activity |
(123.600) |
(115.300) |
(123.600) |
|
Total |
1896.100 |
1882.700 |
1896.100 |
STANDALONE STATEMENT OF ASSETS
AND LIABILITIES
|
Particulars |
Half Year Ended |
|
|
A. EQUITY AND LIABILITIES |
30.09.2014 |
|
|
1.
Shareholders’ Funds |
|
|
|
a] Share Capital |
82.000 |
|
|
b] Reserves and Surplus |
1574.300 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
581.700 |
|
|
b] Deferred Tax Liabilities |
147.700 |
|
|
c] Other current liabilities |
178.500 |
|
|
d] Long term provisions |
66.400 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
97.100 |
|
|
b] Trade Payables |
646.700 |
|
|
c] Other Current Liabilities |
345.400 |
|
|
d] Short Term Provision |
21.400 |
|
|
|
|
|
|
TOTAL - EQUITY
AND LIABILITIES |
3741.200 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
|
|
|
(i) Tangible assets |
1046.500 |
|
|
(ii) intangible assets |
1.200 |
|
|
(iii) Capital work-in-progress |
590.500 |
|
|
b] Non-current investment |
34.500 |
|
|
c] Deferred tax assets (net) |
--- |
|
|
d] long Term loans and Advances |
732.700 |
|
|
e] Other non-current assets |
--- |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Current Investments |
---
|
|
|
Inventories |
699.300
|
|
|
Trade Receivables |
300.800
|
|
|
Cash & Bank Balances |
57.100
|
|
|
Short Term loans and advances |
278.600
|
|
|
|
|
|
TOTAL - ASSETS |
3741.200 |
|
Note:
- The auditors have carried out limited review of the results for the
quarter and half year ended 30th September 2014.
- The Accounts of the subsidiary Company will be consolidated at the
year end.
- The
figures for previous period have been recast and regrouped wherever
necessary to conform to current period's presentations.
FIXED ASSETS
- Land
- Building
- Machinery
- Laboratory
Equipments
- Furniture and
Fixtures
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.63.28 |
|
|
1 |
Rs.98.38 |
|
Euro |
1 |
Rs.76.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.