MIRA INFORM REPORT
|
Report No. : |
322387 |
|
Report Date : |
16.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
GREENPLY INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Makum Road, Tinsukia Assam – 786125 |
|
Tel No.: |
Not Available |
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Country : |
India |
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|
|
Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.11.1990 |
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|
|
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Com. Reg. No.: |
02 - 003484 |
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Capital Investment
/ Paid-up Capital : |
Rs. 120.682 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
L20211AS1990PLC003484 |
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|
|
|
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. |
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Line of Business
: |
Subject is engaged in the business of manufacturing plywood and allied products, laminates, particle boards, medium density fibre boards, etc. |
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No. of Employees
: |
5233 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 20000000 |
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Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an established public limited company having good track. The company has recorded total revenue increased by 7.92% in FY14. Financials of the company seems to be good. The Company has long
positive track record. Trade relations are reported as fair. Business is active. Payment
terms regular. The company can be considered 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.
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 |
CARE |
|
Rating |
Long Term = A |
|
Rating Explanation |
Adequate degree of safety and carry lowest credit risk |
|
Date |
29.04.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term = A1 |
|
Rating Explanation |
Very Strong degree of safety and carry lowest credit risk. |
|
Date |
29.04.2015 |
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
31-03-2014.
INFORMATION DENIED
|
Name : |
Mr. Kaushal Aggarwal |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-33-30515000 |
|
Date : |
13.05.2015 |
LOCATIONS
|
Registered Office : |
Makum Road, Tinsukia Assam – 786125 |
|
Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
|
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|
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Head Office : |
Madgul Lounge 5th & 6th Floor, 23 Chetla
Central Road 700027 Kolkata, India |
|
|
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|
Corporate Office : |
16A, Shakespeare Sarani, 2nd Floor Kolkata -‐ 700 071, India |
|
Tel. No.: |
91-(33)-‐3051-‐5000, 2282-‐2175 |
|
Fax No.: |
91-(33)-‐3051-‐5010 |
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E-Mail : |
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Website : |
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Factory 1 : |
Laminates and
allied Products
|
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Factory 2 : |
Plywood and allied
products
|
|
|
|
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Factory 3 : |
Plywood and
reconstructed veneers
|
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Factory 4 : |
Medium density fibreboard
|
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Shiv Prakash Mittal, |
|
Designation : |
Executive Chairman |
|
Date of Birth/Age : |
07.04.1949 |
|
Qualification : |
B.Sc. |
|
Experience : |
Thirty years of experience in the fields of production and marketing of plywood, |
|
Date of Appointment : |
29.07.1991 |
|
|
|
|
Name : |
Mr. Rajesh Mittal, |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. Saurabh Mittal, |
|
Designation : |
Joint Managing Director & CEO |
|
Date of Birth/Age : |
06.10.1975 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
13.08.1996 |
|
|
|
|
Name : |
Mr. Shobhan Mittal, |
|
Designation : |
Executive Director |
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|
|
|
Name : |
Mr. Moina Yometh Konyak |
|
Designation : |
Director |
|
Date of Birth/Age : |
02.08.1957 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
16.04.1996 |
|
|
|
|
Name : |
Mr. Susil Kumar Pal |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
03.01.1943 |
|
Qualification : |
B.Sc. (Hons). M.Tech (Chem. Engg) |
|
Date of Appointment : |
06.12.2005 |
|
|
|
|
|
|
|
Name : |
Mr. Vinod Kumar Kothari |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.09.1961 |
|
Qualification : |
B.Com, Chartered Accountant and Company Secretary |
|
Date of Appointment : |
31.05.2006 |
|
|
|
|
|
|
|
Name : |
Mr. Anupam Kumar Mukerji |
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Designation : |
Director |
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Date of Birth/Age : |
27.08.1936 |
|
Qualification : |
M. Sc (Botany) from the Birla Institute of Technology and Science, Pilani, Rajasthan and AIFC diploma from Indian Forest College, Dehradun. |
|
Date of Appointment : |
08.08.2007 |
|
|
|
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Name : |
Ms. Sonali Bhagwati Dalal |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.10.1961 |
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Qualification : |
B. Arch from the Centre for Environmental Planning and Technology (CEPT), Ahmedabad. |
|
Date of Appointment : |
22.07.2007 |
|
|
|
|
Name : |
Mr. Upendra Nath Challu |
|
Designation : |
Director |
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Date of Birth/Age : |
20.10.1950 |
|
Qualification : |
B.A. from Meerut University, Meerut |
|
Date of Appointment : |
31.08.2012 |
KEY EXECUTIVES
|
Name : |
Mr. Vishwanathan Venkatramani |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Mr. Kaushal Kumar Agarwal |
|
Designation : |
Company Secretary & Vice President-‐Legal |
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 |
||
|
|
|
|
|
|
4318636 |
17.89 |
|
|
8956364 |
37.11 |
|
|
13275000 |
55.00 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
13275000 |
55.00 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
1913642 |
7.93 |
|
|
4122 |
0.02 |
|
|
2946190 |
12.21 |
|
|
4863954 |
20.15 |
|
|
|
|
|
|
669300 |
2.77 |
|
|
|
|
|
|
835188 |
3.46 |
|
|
3690145 |
15.29 |
|
|
802787 |
3.33 |
|
|
55072 |
0.23 |
|
|
16154 |
0.07 |
|
|
3586 |
0.01 |
|
|
727975 |
3.02 |
|
|
5997420 |
24.85 |
|
Total Public
shareholding (B) |
10861374 |
45.00 |
|
Total (A)+(B) |
24136374 |
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) |
24136374 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing plywood and allied products, laminates, particle boards, medium density fibre boards, etc |
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Products : |
Plywood Allied Products Laminates Particle Boards Medium Density Fibre Boards, Etc |
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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 : |
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 : |
5233 (Approximately) |
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Bankers : |
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Facilities : |
Notes:
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Auditors : |
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Name : |
M/s. D. Dhandaria and Company Chartered Accountants |
|
Address : |
Thana Road, P.O. Tinsukia, Assam -‐786125, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32000000 |
Equity Shares |
Rs.5/- each |
Rs.160.000 Million |
|
5000000 |
Preference Shares |
Rs.10/- each |
Rs. 50.000 Million |
|
|
Total |
|
Rs. 210.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24136374 |
Equity Shares |
Rs.5/- each |
Rs. 120.682
Million |
|
|
|
|
|
Terms/Rights attached
to the Equity Shares
The Company has only one class of equity Shares having a par value of Rs. 5 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 the approval of the shareholders in the ensuing Annual General Meeting. During the year, the amount of per share dividend recognised as distribution 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. This distribution will be in proportion to the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
120.682 |
120.682 |
120.682 |
|
(b) Reserves &
Surplus |
5710.575 |
4650.623 |
3594.014 |
|
(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) |
5831.257 |
4771.305 |
3714.696 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2610.487 |
2353.436 |
2668.605 |
|
(b) Deferred tax
liabilities (Net) |
486.096 |
403.345 |
335.551 |
|
(c) Other long term
liabilities |
81.423 |
84.135 |
74.354 |
|
(d) long-term provisions |
198.081 |
166.706 |
123.363 |
|
Total Non-current
Liabilities (3) |
3376.087 |
3007.622 |
3201.873 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2884.577 |
2976.567 |
3340.140 |
|
(b) Trade payables |
3312.598 |
2933.226 |
1653.421 |
|
(c) Other current
liabilities |
1714.436 |
1466.963 |
1155.834 |
|
(d) Short-term provisions |
108.588 |
102.845 |
70.357 |
|
Total Current Liabilities
(4) |
8020.199 |
7479.601 |
6219.752 |
|
|
|
|
|
|
TOTAL |
17227.543 |
15258.528 |
13136.321 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6785.696 |
6434.568 |
6156.405 |
|
(ii) Intangible Assets |
67.271 |
83.316 |
36.536 |
|
(iii) Capital
work-in-progress |
949.860 |
233.708 |
111.525 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
23.493 |
|
(b) Non-current
Investments |
312.889 |
175.250 |
87.450 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
577.271 |
433.851 |
137.900 |
|
(e) Other Non-current
assets |
0.000 |
0.058 |
2.619 |
|
Total Non-Current Assets |
8692.987 |
7360.751 |
6555.928 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3828.771 |
3279.139 |
2772.915 |
|
(c) Trade receivables |
3502.797 |
3432.070 |
2908.701 |
|
(d) Cash and cash
equivalents |
107.987 |
162.782 |
121.628 |
|
(e) Short-term loans and advances |
1092.007 |
1021.224 |
774.587 |
|
(f) Other current assets |
2.994 |
2.562 |
2.562 |
|
Total Current Assets |
8534.556 |
7897.777 |
6580.393 |
|
|
|
|
|
|
TOTAL |
17227.543 |
15258.528 |
13136.321 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
21595.180 |
20003.677 |
16436.582 |
|
|
Other Income |
67.562 |
69.457 |
59.073 |
|
|
TOTAL (A) |
21662.742 |
20073.134 |
16495.655 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
11665.621 |
11148.162 |
9236.637 |
|
|
Purchases of
Stock-in-Trade |
1334.586 |
865.887 |
905.823 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(135.793) |
(139.746) |
(206.977) |
|
|
Employees benefits
expense |
1935.117 |
1616.772 |
1300.124 |
|
|
Other expenses |
4022.275 |
3871.239 |
3353.742 |
|
|
|
188.564 |
69.871 |
181.578 |
|
|
TOTAL (B) |
19010.370 |
17432.185 |
14770.927 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
2652.372 |
2640.949 |
1724.728 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
582.946 |
607.218 |
607.821 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
2069.426 |
2033.731 |
1116.907 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
575.686 |
519.874 |
467.713 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
(E-F) (G) |
1493.740 |
1513.857 |
649.194 |
|
|
|
|
|
|
|
Less |
TAX (H) |
349.073 |
372.241 |
115.097 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H)
(I) |
1144.667 |
1141.616 |
534.097 |
|
|
Balance Carried to the
B/S (J+K+L-M) |
1144.667 |
1141.616 |
534.097 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
2796.676 |
2244.083 |
1,695.03 |
|
|
TOTAL EARNINGS |
2796.676 |
2244.083 |
1695.030 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
4253.293 |
3787.365 |
3,595.45 |
|
|
Capital Goods |
352.407 |
157.963 |
25.923 |
|
|
TOTAL IMPORTS |
4605.700 |
3945.328 |
3621.373 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
47.42 |
47.3 |
22.13 |
QUARTERLY RESULTS
|
Particulars |
Jun 2014 |
Sep 2014 |
Dec 2014 |
|
Audited /
UnAudited |
UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
5170.850 |
6234.180 |
3933.340 |
|
Total Expenditure |
4485.610 |
5472.500 |
3408.470 |
|
PBIDT (Excl OI) |
685.240 |
761.680 |
524.870 |
|
Other Income |
3.480 |
6.940 |
7.090 |
|
Operating Profit |
688.720 |
768.620 |
531.960 |
|
Interest |
150.680 |
156.400 |
96.220 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
538.040 |
612.220 |
435.740 |
|
Depreciation |
181.580 |
185.400 |
121.260 |
|
Profit Before Tax |
356.460 |
426.820 |
314.480 |
|
Tax |
54.170 |
56.450 |
53.110 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
302.290 |
370.36 |
261.370 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
302.290 |
370.360 |
261.370 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
5.30 |
5.85 |
3.25 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
12.30 |
13.33 |
10.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.98 |
10.17 |
5.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.33 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.06 |
1.21 |
1.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05 |
1.05 |
1.06 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
120.682 |
120.682 |
120.682 |
|
Reserves & Surplus |
3594.014 |
4650.623 |
5710.575 |
|
Net worth |
3714.696 |
4771.305 |
5831.257 |
|
|
|
|
|
|
long-term borrowings |
2668.605 |
2353.436 |
2610.487 |
|
Short term borrowings |
3340.140 |
2976.567 |
2884.577 |
|
Total borrowings |
6008.745 |
5330.003 |
5495.064 |
|
Debt/Equity ratio |
1.618 |
1.117 |
0.942 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
16436.582 |
20474.617 |
22168.917 |
|
|
|
24.567 |
8.275 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
16436.582 |
20474.617 |
22168.917 |
|
Profit |
534.097 |
1141.616 |
1144.667 |
|
|
3.25% |
5.85% |
5.30% |
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 |
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 |
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 |
SIGNIFICANT
ACCOUNTING POLICIES
NATURE OF OPERATION
Company is an interior infrastructure company engaged in the business of manufacturing plywood and allied products, laminates, particle boards, medium density fibre boards, etc. through its factories at various locations and branches and dealers’ network spread all over the country. It has four wholly owned subsidiary companies operating in overseas countries and two in India. It imports raw materials for manufacturing and also finished goods for trading. Manufactured goods are sold both in domestic and overseas markets. The Overseas subsidiaries of the Company are engaged in similar lines of business.
BACKGROUND
At Greenply, they have consistently believed that relatively smaller businesses move faster, address customer needs more efficiently and are better equipped to enhance shareholder value.Over the years, the Company grew from a relatively small-sized corporate to one with considerable scale; we grew from H1386.800 Million in revenues in 2003-04 to H7248.600 Million in 2008-09 to H2,1580.200 Million in 2013-14. During this decade, Greenply reported a compounded annual growth in revenues at a rate of 31.58% while the industry at large grew at a rate of 5-7%. Credit, in part, for this outperformance can be ascribed to the fact that we were small, could take decisions with speed and could lead the market through pioneering product introductions.
The result is that they have emerged as the largest plywood and laminate brands in the country. We have no hesitation in stating that we outperformed the market through an unswerving commitment towards fostering the spirit of a small-sized corporate within the body of a medium-sized corporate.
REVIEW OF OPERATIONS
During the year 2013-14, the Company posted a stable performance with revenue growth of 7.92% to H2 Rs. 1662.742 Million from H Rs. 20073.134 Million for the year 2012-13. Profit for the year 2013-14 was H1144.667 Million in comparison to H Rs. 114161.6 Million for the year 2012-13. The growth in the topline reflects the stable performance of your Company’s business. This performance is particularly noteworthy when viewed against the backdrop of the challenging business context in which this was achieved, namely, the steep increase in cost of various raw materials and increased competition from the unorganised players.
OUTLOOK AND EXPANSION
The Company’s outlook remains favourable on growing brand popularity and the continuous support from its employees, shareholders, creditors, consumers, dealers and lenders. The Company’s vision is to be a one-stop solution for all interiorinfrastructure products (in its field of operation) in the country. The Company’s pan-India distribution network ensures easy availability of products in almost every part of India.
In respect of setting-up of the new MDF Unit in Andhra Pradesh, necessary steps are being taken to obtain various statutory approvals/licenses to set up the unit. Additionally, in respect of manufacture of new value added products in the Company’s existing MDF Unit at Pantnagar, Uttarakhand, the lamination line has been commissioned and commercial production has commenced. The civil construction work and installation of machineries have been completed for the new production lines of flooring and UV coated panels and the trial production is in process. The flooring line is expected to commence commercial production shortly.
Further, in respect of expansion of the existing
manufacturing unit of the Company at Behror, Rajasthan to manufacture new value
added products viz. High-end Veneered Engineering Flooring and Pre-laminated
Particle Board, the Company has completed purchase of Land adjacent to the
Unit. Civil construction work is nearing completion and all the major equipment
has been delivered at the site and are being installed.
In respect of setting-up of a Veneer or Veneercum- Plywood Unit in Myanmar, the Company had incorporated a subsidiary viz. Greenply Industries (Myanmar) Private Limited in Myanmar and obtained approval of the Myanmar Investment Commission to set-up the Unit. The Company has already commissioned the veneering line and trial
production has been started. We are in discussions with machine manufacturers for placing orders for plywood machines. Further, the Company has executed a joint venture agreement with Alkemal Singapore Private Limited, Singapore in connection with owning and operating the said Myanmar Unit through an equally owned (50:50 investments owned directly or through subsidiary/affiliates) joint venture company in Singapore. GREENPLY
ALKEMAL (SINGAPORE) PRIVATE LIMITED a joint venturecompany of Greenply Industries Limited, India and Alkemal Singapore Private Limited, Singapore has been incorporated as a Private Limited Company in Singapore. The joint venture Company will, subject to necessary regulatory approvals, acquire and own 100% share of Greenply Industries (Myanmar) Private Limited
The Directors are confident of achieving significantly better results in the coming years.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Deferred Payment Liabilities |
71.348 |
72.375 |
|
Short-term
borrowings |
|
|
|
Other Loans and
advances |
|
|
|
from Banks |
|
|
|
Foreign Currency Loan - Buyers’ Credit |
1412.089 |
1562.038 |
|
Rupee Loans |
200.000 |
150.000 |
|
Total |
1683.437 |
1784.413 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10555804 |
10/03/2015 |
200,000,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BRANCH, KOLKATA, 11, DR. U. N. |
C47093182 |
|
2 |
10562210 |
01/12/2014 |
631,200.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C50396670 |
|
3 |
10562213 |
01/12/2014 |
631,200.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C50397504 |
|
4 |
10562216 |
01/12/2014 |
631,200.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C50398312 |
|
5 |
10549466 |
25/11/2014 |
6,720,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C43781848 |
|
6 |
10549467 |
15/11/2014 |
7,490,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C43782820 |
|
7 |
10528887 |
12/09/2014 |
1,125,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C32096901 |
|
8 |
10521001 |
28/08/2014 |
731,000.00 |
KOTAK MAHINDRA PRIME LIMITED |
27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (E),, MUMBAI, MAHARASHTRA - 400051, INDIA |
C21543749 |
|
9 |
10489117 |
23/01/2015 * |
250,000,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BRANCH, KOLKATA, 11, DR. U. N. BRAHMACHARI
STREET, KOLKATA, WEST BENGAL - 700017 |
C43873488 |
|
10 |
10489116 |
23/01/2015 * |
250,000,000.00 |
IDBI Bank Limited |
IDBI HOUSE, 44, SHAKESPEARE SARANI, KOLKATA, WEST |
C43924950 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
- Freehold Land
- Leasehold Land
- Land Development
- Buildings
- Plant & Equipment’s
- Furniture & 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: 7None
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.63.58 |
|
|
1 |
Rs.100.30 |
|
Euro |
1 |
Rs.72.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KJL |
|
|
|
|
Report Prepared
by : |
GTA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.