MIRA INFORM REPORT
|
Report No. : |
320960 |
|
Report Date : |
11.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
VOITH PAPER FABRICS INDIA LIMITED
|
|
|
|
|
Registered
Office : |
113/114A, Sector 24, Faridabad -121005, Haryana |
|
|
91-129-4292200 |
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.09.2013 |
|
|
|
|
Date of
Incorporation : |
20.06.1968 |
|
|
|
|
Com. Reg. No.: |
05-004895 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.43.926 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899HR1968PLC004895 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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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. |
|
|
|
|
Line of Business
: |
Manufacturing and selling of paper machine clothing for pulp, paper and board industry. |
|
|
|
|
No. of Employees
: |
105 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
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 |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of “VP AUSLANDSBETEILIGUNGEN GMBH”. It is an
established company having satisfactory track record. The management has failed to file its financial record with government
department for the year 2014. The rating takes into consideration strong financial and managerial
support that company receives from its parent company. Rating also takes into consideration decent financial risk profile
marked by adequate liquidity position and favorable profitability margins of
the company. Trade relations are fair. Business is active. Payments are reported to
be usually correct. In view of strong parent company support, the company can be
considered for business dealings at usual trade terms and condition. |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
ICRA |
|
Rating |
Long Term Non-Fund Based Limits- A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
July-2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term Non Fund Based Limits – A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
July-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
|
Name : |
Mr. Maheshwari |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-129-4292200 |
|
Date : |
13.02.2014 |
LOCATIONS
|
Registered Office : |
113/114A, Sector 24, Faridabad -121005, Haryana, India |
|
Tel. No.: |
91-129-4292200 |
|
Fax No.: |
91-129-2232072 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on As on: 30.09.2013
|
Name : |
Martin Gustav Scherrer |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Biren De |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ravinder Nath |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Chandra Sekhar Panigrahi |
|
Designation : |
Director |
|
Date of Birth/Age : |
67 Years |
|
Qualification : |
Graduate Engineer (Mechanical) |
|
Date of Appointment : |
26.03.2009 |
|
|
|
|
Name : |
Mr. Surinder Kumar Nagpal |
|
Address : |
Director |
|
Date of Birth/Age : |
77 Years |
|
Qualification : |
B. Com (H); FCA |
|
Date of Appointment : |
27.01.2010 |
|
|
|
|
Name : |
Mr. Markus Johann Mader |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Maheshwari |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. R. Krishna Kumar |
|
Designation : |
President |
|
Date of Birth/Age : |
38 Years |
|
Qualification : |
B.E |
|
|
|
|
Name : |
Mr. Kalyan Dasgupta |
|
Designation : |
Finance Controller |
|
|
|
|
Name : |
C.S. Gugliani |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2015
|
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 |
||
|
|
|
|
|
|
|
|
|
|
3252418 |
74.04 |
|
|
3252418 |
74.04 |
|
Total shareholding
of Promoter and Promoter Group (A) |
3252418 |
74.04 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
706 |
0.02 |
|
|
51406 |
1.17 |
|
|
52112 |
1.19 |
|
|
|
|
|
|
117220 |
2.67 |
|
|
|
|
|
|
801806 |
18.25 |
|
|
147921 |
3.37 |
|
|
21082 |
0.48 |
|
|
21082 |
0.48 |
|
|
1088029 |
24.77 |
|
Total Public
shareholding (B) |
1140141 |
25.96 |
|
Total (A)+(B) |
4392559 |
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) |
4392559 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and selling of paper machine clothing for
pulp, paper and board industry. |
|
|
|
|
Products : |
|
|
|
|
|
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 : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
105 (Approximately) |
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||||||||||||||
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Bankers : |
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company LLP Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
VP Auslandsbeteiligungen GmbH (formerly VPT Auslandsbeteiligungen GmbH) |
|
|
|
|
Ultimate Holding
Company : |
Voith Paper Holding GmbH and Comapny KG (Holds 100% Equity of VP Auslandsbeteiligungen GmbH) |
|
|
|
|
Fellow Subsidiaries
: |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4392559 |
Equity Shares |
Rs.10/- each |
Rs.43.926 Million |
|
|
|
|
|
a. Reconciliation of
equity shares outstanding at the beginning and at the end of the reporting
period
|
At the beginning of
the year: |
30.09.2013 |
|
4,392,559 (Previous year 4,392,559) equity shares of Rs. 10/- each fully paid |
43.926 |
|
Issued during the year - for cash |
-- |
|
Outstanding at the end of the year |
43.926 |
b. Terms / rights
attached to equity shares
The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.
During the year ended September 30, 2013, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 3 (Previous year Rs. 3)
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
c. Shares held by
holding company
|
|
30.09.2013 |
|
VP
Auslandsbeteiligungen GmbH |
|
|
3,252,418 (Previous year 3,252,418) shares of Rs. 10/- each fully paid |
32.524 |
d. Name of shareholders
holding more than 5% shares in the Company
|
|
30.09.2013 |
|
|
|
No. of Equity shares |
% holding in the class |
|
VP Auslandsbeteiligungen GmbH |
3252418 |
74.04 |
As per the of the Company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of equity shares.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
30.09.2013 |
30.09.2012 |
30.09.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
43.926 |
43.926 |
43.926 |
|
(b) Reserves & Surplus |
1240.869 |
1127.684 |
1012.812 |
|
(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) |
1284.795 |
1171.610 |
1056.738 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
3.730 |
6.570 |
8.556 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
9.171 |
11.037 |
4.715 |
|
Total
Non-current Liabilities (3) |
12.901 |
17.607 |
13.271 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
81.060 |
62.416 |
59.955 |
|
(c) Other current liabilities |
36.845 |
24.115 |
11.621 |
|
(d) Short-term provisions |
47.313 |
42.484 |
51.539 |
|
Total
Current Liabilities (4) |
165.218 |
129.015 |
123.115 |
|
|
|
|
|
|
TOTAL |
1462.914 |
1318.232 |
1193.124 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
187.720 |
209.685 |
234.746 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
168.001 |
104.353 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
26.617 |
7.802 |
2.189 |
|
(e) Other Non-current assets |
2.629 |
2.479 |
294.543 |
|
Total
Non-Current Assets |
384.967 |
324.319 |
531.478 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
84.631 |
90.114 |
102.183 |
|
(c) Trade receivables |
163.713 |
123.968 |
110.345 |
|
(d) Cash and cash equivalents |
798.614 |
714.508 |
400.969 |
|
(e) Short-term loans and
advances |
29.645 |
24.795 |
23.508 |
|
(f) Other current assets |
1.344 |
40.528 |
24.641 |
|
Total
Current Assets |
1077.947 |
993.913 |
661.646 |
|
|
|
|
|
|
TOTAL |
1462.914 |
1318.232 |
1193.124 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2013 |
30.09.2012 |
30.09.2011 |
|
|
|
SALES |
|
|
|
|
|
|
Income |
591.895 |
577.434 |
544.286 |
|
|
|
Other Income |
84.544 |
85.716 |
73.622 |
|
|
|
TOTAL
(A) |
676.439 |
663.150 |
617.908 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
Cost of Raw Materials Consumed |
155.421 |
156.949 |
143.882 |
|
|
|
Purchases of traded goods |
5.963 |
0.000 |
0.000 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
14.345 |
7.967 |
1.424 |
|
|
|
Employees benefits expense |
110.427 |
118.043 |
108.807 |
|
|
|
Other expenses |
170.267 |
167.178 |
169.100 |
|
|
|
TOTAL
(B) |
456.423 |
450.137 |
423.213 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION
(C) |
220.016 |
213.013 |
194.695 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES
(D) |
0.027 |
0.225 |
2.325 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
219.989 |
212.788 |
192.370 |
|
|
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
26.672 |
26.823 |
26.491 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
193.317 |
185.965 |
165.879 |
|
|
|
|
|
|
|
|
|
Less |
TAX
(I) |
64.715 |
55.778 |
50.549 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I) (J) |
128.602 |
130.187 |
115.330 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
595.046 |
493.193 |
404.711 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
12.860 |
13.019 |
11.533 |
|
|
|
Dividend |
13.178 |
13.178 |
13.177 |
|
|
|
Tax on Dividend |
2.240 |
2.137 |
2.138 |
|
|
BALANCE CARRIED
TO THE B/S |
695.370 |
595.046 |
493.193 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
35.584 |
32.371 |
31.516 |
|
|
|
Commission Earnings |
8.025 |
9.201 |
8.611 |
|
|
|
Freight received |
0.042 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
43.651 |
41.572 |
40.127 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
113.567 |
139.215 |
103.459 |
|
|
|
Stores & Spares |
2.963 |
2.173 |
2.173 |
|
|
|
Capital Goods |
31.577 |
90.236 |
90.236 |
|
|
TOTAL IMPORTS |
148.107 |
231.624 |
195.868 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
29.28 |
29.64 |
26.26 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
19.01 |
19.63 |
18.66 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
32.66 |
32.21 |
30.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.85 |
15.32 |
15.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.16 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.52 |
7.70 |
5.37 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
30.09.2013 |
30.09.2012 |
30.09.2011 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
43.926 |
43.926 |
43.926 |
|
Reserves & Surplus |
1,012.81 |
1,127.68 |
1,240.87 |
|
Net worth |
1056.738 |
1171.610 |
1284.795 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
30.09.2013 |
30.09.2012 |
30.09.2011 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
544.286 |
577.434 |
591.895 |
|
|
|
6.090 |
2.504 |
NET PROFIT MARGIN
|
Net Profit Margin |
30.09.2013 |
30.09.2012 |
30.09.2011 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
544.286 |
577.434 |
591.895 |
|
Profit |
115.33 |
130.187 |
128.602 |
|
|
21.19% |
22.55% |
21.73% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
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 |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
Yes |
|
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 |
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The paper industry is one of the oldest and the most important industry in terms of socio-economic development of the country. It is one of the rapidly growing industries in India though it accounts for only about 2.5% of the global production of paper. Most of the paper mills are in existence for a long time and hence present technologies fall in a wide spectrum ranging from oldest to the most modern.
The paper industry in India has capacity to produce about 12 million tonnes per annum and some more capacity is coming up. The overall market size is about Rs.60, 000 million and is growing at a steady pace aligned to the GDP growth rate. The size of country's population, demand in the office market and education will continue to drive this sector’s growth.
The paper industry has grown well over the last five years. Currently, the country's paper industry is passing through a phase of consolidation due to rising input costs, difficulty in raw material availability and increasing competition from global players. Most of the manufacturing units have converted themselves into integrated paper makers. Now they are in the phase of consolidation of their business and optimizing returns on their investments. The industry has braced quite well to the price increases and is faced with pressure on costs.
THEIR STRENGTHS
Being the single largest Indian manufacturer, supplying entire range of paper machine clothing (industrial felts) for pulp, paper and paperboard and fibre cement industries; the company is a clear leader in the Indian market and also having presence in overseas markets of the subcontinent.
Being part of Voith Group, which is famous for its "Engineered reliability" in all business segments where they operate, provides the Company an edge over its competitors. They perceive ourselves to be the preferred supplier for majority of their customers as their products enjoy a high level of acceptance in the market due to their inherent good quality and effective after sales support. The innovative paper machine clothing manufactured at the Company, continue to assist papermakers in applying the best solutions to improve paper properties and productivity.
The assiduous efforts of employees at all levels have helped the Company to grow, despite increased competition and prevailing economic uncertainty.
THEIR WEAKNESSES
As the major consumers of the company's products are paper industry and the fibre-cement industry, the prospects of the company are largely dependent on the growth of these industries.
Also, over 75% of the raw materials used to manufacture paper machine clothing are imported and hence input costs increases significantly in the eventuality of adverse fluctuation in rates of rupee vis-à-vis dollar and euro. Further, the industry specific policies framed by government, from time to time, may have an impact on the business environment for the industry as well as the company.
OUTLOOK
Paper, since time immemorial, has been a medium for propagation of thoughts and ideas and conveying feelings. In spite of the growth in electronic media, it is still the most popular mode of communication in the lettered world. Paper sector has been growing at a steady clip in the last few years across the world and in India too. The industry is cyclical but at this stage the cycle is in favour of paper manufacturers with demand outstripping supply. With increasing literacy and growing demand for packaged products, the industry seems set to see robust demand in the coming years. They will also benefit from using eco-friendly modes of producing paper and from growing emphasis on recycling paper. With increasing propensity for consumption of paper, the companies look set to prosper in the coming years.
Some of the Key Growth Drivers for Paper Industry in India are given below:
• The growing Indian economy will create more demand for paper.
• More offices and more jobs will create higher demand for office/printer paper.
• Focus of government on education will create demand in education sector
• Increasing literacy levels will lead to higher demand
• Increasing circulation/readership of newspapers/periodicals
• Higher prevalence of using packaged products
• Focus on marketing campaigns for products
• Increased demand for paper from hygiene/hospitality sector
However, the focus of paper industry is now shifting towards more eco-friendly products and technology, as the Government of India has established rules and regulations to control the pollution and degradation of forests. These measures taken by the Government are likely to bring about significant changes in the paper industry of India in future.
UNAUDITED FINANCIAL RESULTS FOR THE FIFTH QUARTER AND FIFTEEN
MONTHS ENDED 31.12.2014
(Rs. In Million)
|
Particulars
|
Three months ended 31.12.2014 in the current
year |
Preceeding three months ended 30.09.2014 |
Half Year Ended (Unaudited) |
Corresponding
three months ended on 31.12.2013 on
the previous year |
Year to date
figures for the 3 months period ended 31.12.2013 in the previous year |
|
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
1.
Income from operations |
|
|
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
181.164 |
177.686 |
154.584 |
845.672 |
154.584 |
|
b) Other operating income |
14.969 |
3.201 |
5.014 |
31.630 |
5.014 |
|
Total
income from Operations(net) |
196.133 |
180.887 |
159.598 |
877.302 |
159.598 |
|
2.Expenses |
|
|
|
|
|
|
a) Cost of material consumed |
45.364 |
50.070 |
49.862 |
246.549 |
49.862 |
|
b) Purchases of stock in trade |
2.570 |
4.026 |
0.171 |
17.365 |
0.171 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
6.282 |
1.681 |
(5.652) |
(1.636) |
(5.652) |
|
d) Employees benefit expenses |
30.683 |
31.590 |
28.814 |
15.403 |
28.814 |
|
e) Depreciation and amortization expenses |
10.782 |
11.046 |
7.495 |
49.716 |
7.495 |
|
f) Other expenditure |
48.015 |
47.749 |
43.995 |
228.465 |
43.995 |
|
Total expenses |
143.696 |
146.162 |
124.685 |
690.862 |
124.685 |
|
3. Profit
from operations before other income and financial costs |
52.437 |
34.725 |
34.913 |
186.440 |
34.913 |
|
4. Other income |
18.635 |
18.403 |
18.65 |
88.144 |
18.657 |
|
5.
Profit from ordinary activities before finance costs |
71.072 |
53.128 |
53.570 |
274.584 |
53.570 |
|
6. Finance costs |
0.003 |
0.006 |
0.000 |
0.019 |
0.000 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
71.069 |
53.122 |
53.570 |
274.565 |
53.570 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary
activities before tax Expense: |
71.069 |
53.122 |
53.570 |
274.565 |
53.570 |
|
10.Tax expenses |
27.283 |
18.053 |
18.209 |
96.451 |
18.209 |
|
11.Net Profit / (Loss) from ordinary activities after
tax (9-10) |
43.786 |
35.069 |
35.361 |
178.114 |
35.361 |
|
12.Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for
the period (11 -12) |
43.786 |
35.069 |
35.361 |
178.114 |
35.361 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
43.926 |
43.926 |
43.926 |
43.926 |
43.926 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
16.i) Earnings per share
(before extraordinary items) of Rs.10/- each) (not annualised): |
|
|
|
|
|
|
(a) Basic |
9.97 |
7.98 |
8.05 |
40.55 |
8.05 |
|
(b) Diluted |
9.97 |
7.98 |
8.05 |
40.55 |
8.05 |
SELECT
INFORMATION FOR THE QUARTER AND FIFTEEN MONTHS ENDED 31.12.2014
(Rs. In Million)
|
Particulars |
Three months ended
31.12.2014 in the current year |
Preceeding three
months ended 30.09.2014 |
Corresponding three
months ended on 31.12.2013 on the previous
year |
Year to date
figures for the 15 month period ended 31.12.2014 in the previous year |
Year to date
figures for the 3 months period ended 31.12.2013 in the previous year |
|
|
|
|
|
|
|
|
A. Particulars of
shareholding |
|
|
|
|
|
|
1. Public
Shareholding |
|
|
|
|
|
|
- Number of shares |
1140141 |
1140141 |
1140141 |
1140141 |
1140141 |
|
- Percentage of shareholding |
25.96% |
25.96% |
25.96% |
25.96% |
25.96% |
|
2. Promoters and
Promoters group Shareholding- |
|
|
|
|
|
|
a) Pledged
/Encumbered |
|
|
|
|
|
|
Number of shares |
- |
- |
- |
- |
- |
|
Percentage of shares (as a % of total shareholding of the promoter and promoter group) |
- |
- |
- |
- |
- |
|
Percentage of shares (as a % of total share capital of the company) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
|
Number of shares |
3252418 |
3252418 |
3252418 |
3252418 |
3252418 |
|
Percentage of
shares (as a % of total shareholding of the promoter and promoter group) |
100% |
100% |
100% |
100% |
100% |
|
|
|
|
|
|
|
|
Percentage of
shares (as a % of total share capital of the company) |
70.04% |
70.04% |
70.04% |
70.04% |
70.04% |
|
INVESTOR COMPLAINTS
[Nos.] |
Three months ended
31.12.2013 |
|
Pending at the beginning of the quarter |
- |
|
Received during the quarter |
- |
|
Disposed of during the quarter |
- |
|
Remaining unresolved at the end of the quarter |
- |
Notes:
- The above financial results were approved and taken on record by the Board of Directors at their meeting held on 7th February, 2015.
- The Company is mainly in the business of manufacturing and selling of felts. Hence, there is no separate reportable segment as per Accounting Standard 17, issued by the Institute of Chartered Accountants of India.
- Other operating Income for the quarter includes:
i) Commission Income of Rs. 5.866 Million related to earlier period.
ii) Duty drawback of Rs. 5.069 Million in pursuant to order of Delhi High Court in favour of the company
- Tax includes Current Tax, Previous period income taxes and Deferred Tax.
- Previous year / period figures have been regrouped / rearranged, wherever considered necessary, to conform to the current period classification.
- Statutory auditors have carried out limited review on above results for the quarter ended 31st December, 2014.
The financial year of the company has been extended to March
31, 215 in order to comply with provisions of the Companies Act, 2013. Hence,
the values for ‘Year to date figures for current period ended
- 31.12.2014 (15 months)’ and ‘Year to date figures for the previous period ended 31.12.2013 (3 months) are not comparable.
INDEX OF CHARGES
Note: No Charges Exist for Company
FIXED ASSETS
- Freehold Land
- Buildings
- Plant and Machinery
- Furniture and Fixtures
- Office Equipment’s
- 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 records 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.64.05 |
|
|
1 |
Rs.99.04 |
|
Euro |
1 |
Rs.71.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
GTA |
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 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
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 |
|
50 |
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.