MIRA INFORM REPORT
|
Report No. : |
349922 |
|
Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
SARDA PLYWOOD INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
9, |
|
Tel. No.: |
91-33-22462274 |
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2015 |
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|
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|
Date of
Incorporation : |
26.06.1957 |
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|
|
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Com. Reg. No.: |
21-023493 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 45.207 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L20211WB1957PLC023493 |
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|
|
|
IEC No.: |
0288005261 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALS02013E |
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|
|
|
PAN No.: [Permanent Account No.] |
AADCS7642C |
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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 into manufacturing and distribution of plywood and
also engaged in Tea processing. |
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|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 550000 |
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|
|
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Sarda Plywood Industries Limited was originally incorporated in the year 1957 as a private limited company, and it manufactures plywood and allied products. It became a deemed public limited company in 1974, and is listed on the Bombay Stock Exchange. Company has two plywood manufacturing units, one each in Jeypore (Assam) and Rajkot (Gujarat). The ratings reflect company's exposure to intense competition in the plywood industry and susceptibility to changes in timber export regulations in foreign countries. The ratings also factor in the company's weak financial risk profile marked by small net worth and unfavourable gap between trade receivables and trade payables. These rating weaknesses are partially offset by company's established market position and its promoters' extensive experience in the timber industry. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealings with some cautions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Bank Facilities = B+ |
|
Rating Explanation |
Risk-prone-credit-quality and carries very high credit risk. |
|
Date |
September, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Bank Facilities = A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
September, 2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Ritesh Agrawal |
|
Designation : |
Import Department |
|
Contact No.: |
91-33-22652274 |
LOCATIONS
|
Registered Office : |
9, Parsee Church Street, Kolkata - 700 001, West Bengal, India |
|
Tel. No.: |
91-33-22462274 |
|
Fax No.: |
91-33-22493675. |
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E-Mail : |
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|
Website : |
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Corporate Office : |
North Block, 4th Floor, 113 Park Street, Kolkata - 700 016, West Bengal, India |
|
Tel. No.: |
91-33-22652274 |
|
E-Mail : |
|
|
|
|
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Factory 1 : |
Rajkot Gondal Highway, P.O. Sapar District, Rajkot -
360024, Gujarat, India |
|
Tel. No.: |
91-2827-252396/643799 |
|
E-Mail : |
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|
|
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Factory 2 : |
P.O. Jeypore, District Dibrugarh - 786614, Assam, India |
|
Tel. No.: |
91-374-2566475/6 |
|
E-Mail : |
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Branches : |
Located at: ·
Ahmedabad ·
·
·
Bhubaneswar ·
Chhattisgarh ·
Guwahati ·
·
Jaipur ·
Lucknow ·
·
Mumbai ·
·
·
Pune ·
·
|
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Sujit Chakravorti |
|
Designation : |
Director |
|
Address : |
17/7, James Long Sarani (Formerly: 17/7, Nafar Ch-, Andra Das Road, Behala, S 24 PGS, Kolkata - 700034, West Bengal, India |
|
Date of Birth/Age : |
13.09.1943 |
|
Qualification : |
M.Com, F.C.A, F.I.C.W.A, F.I.C.A. |
|
Date of Appointment : |
27.09.2002 |
|
DIN No.: |
00066344 |
|
|
|
|
Name : |
Dr. Kali Kumar Chaudhuri |
|
Designation : |
Director |
|
Address : |
40, Jubilee Park, 1st Floor, Flat- 1B, LP-83/10, Kolkata - 700033, West Bengal, India |
|
Date of Birth/Age : |
18.09.1945 |
|
Qualification : |
M.Sc.Phd |
|
Date of Appointment : |
24.01.2006 |
|
DIN No.: |
00206157 |
|
|
|
|
Name : |
Mrs. Sheela Chitlangia |
|
Designation : |
Additional Director |
|
Address : |
12b, Judges Court Road, Kolkata - 700027, West Bengal, India |
|
Date of Birth/Age : |
04.01.1942 |
|
Qualification : |
Graduate |
|
Experience : |
40 Years |
|
Date of Appointment : |
06.02.2015 |
|
DIN No.: |
00174354 |
|
|
|
|
Name : |
Mrs.Ratan Lal Gaggar |
|
Designation : |
Director |
|
Address : |
11, Sarat Bose Road (Lansdown Road), Kolkata - 700020, West Bengal, India |
|
Date of Birth/Age : |
01.12.1932 |
|
Qualification : |
B.A.(LLB) |
|
Date of Appointment : |
28.06.1976 |
|
DIN No.: |
00322904 |
|
|
|
|
Name : |
Mr.Probir Roy |
|
Designation : |
Director |
|
Address : |
10 Sourin Roy Road, Kolkata - 700034, West Bengal, India |
|
Date of Birth/Age : |
19.04.1944 |
|
Qualification : |
M.Sc., MBA |
|
Date of Appointment : |
23.09.2011 |
|
DIN No.: |
00033045 |
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|
|
|
Name : |
Mrs.Sohan Lal Yadav |
|
Designation : |
Whole-Time Director |
|
Address : |
Near Biscuit Factory, Kakrahwa Deokali, Faizabad - 224001, Uttar Pradesh, India |
|
Date of Birth/Age : |
04.12.1947 |
|
Qualification : |
I. A |
|
Experience : |
50 Years |
|
Date of Appointment : |
01.04.2015 |
|
DIN No.: |
00207333 |
|
|
|
|
Name : |
Mr. Sudeep Chitlangia |
|
Designation : |
Managing Director |
|
Address : |
12b Judges Court Road, Kolkata - 700027, West Bengal, India |
|
Date of Birth/Age : |
14.05.1966 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
01.04.2014 |
|
DIN No.: |
00093908 |
KEY EXECUTIVES
|
Name : |
Mr. Ravi Kumar Murarka |
|
Designation : |
Secretary |
|
Address : |
45, Dobson Road, 4th Floor, Near Howrah AC Market, Gangotri Apartment, Howrah - 711101, West Bengal, India |
|
PAN No.: |
AFEPM0123K |
|
|
|
|
Name : |
Mr. Ritesh Agrawal |
|
Designation : |
Import Department |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1549209 |
34.29 |
|
|
584242 |
12.93 |
|
|
2133451 |
47.22 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
2133451 |
47.22 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
8600 |
0.19 |
|
|
2300 |
0.05 |
|
|
10900 |
0.24 |
|
|
|
|
|
|
628037 |
13.90 |
|
|
|
|
|
|
1172067 |
25.94 |
|
|
493021 |
10.91 |
|
|
80409 |
1.78 |
|
|
79620 |
1.76 |
|
|
789 |
0.02 |
|
|
2373534 |
52.54 |
|
Total Public shareholding
(B) |
2384434 |
52.78 |
|
Total (A)+(B) |
4517885 |
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) |
4517885 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 million
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into manufacturing and distribution of plywood and
also engaged in Tea processing. |
|
|
|
|
Products : |
·
Plywood (Timber) ·
Tea |
|
|
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|
Brand Names : |
DURO Brands |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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|
|
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Imports : |
|
|
Products : |
·
Plywood(Timber) |
|
Countries : |
·
European Countries ·
Singapore |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Advance payment and Cheque |
|
|
|
|
Purchasing : |
Cash, Advance payment and Cheque |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Retailers, End Users and OEMs
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
· State Bank of India
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Facilities : |
|
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Statutory Auditors
: |
G. P. Agrawal and Company Chartered Accountants |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Membership : |
Not Available |
|
|
|
|
Associates : |
· P.S. Plywood Products Private Limited, India [U20291GJ1986PTC009129] ·
Pro-Sports Management Limited, India
[U74999WB1991PLC053359] |
|
|
|
|
Enterprises over
which KMP and his relatives have significant influence: |
· Abhinandan Fintex Private Limited · Calcutta Technicians and Advisers Limited · Madhya Bharat Papers Limited · J S M and Company |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Million |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4697810 |
Equity Shares |
Rs. 10/- each |
Rs. 46.978 Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4517885 |
Equity Shares |
Rs. 10/- each |
Rs. 45.179 Million |
|
5625 |
Forfeited Equity Shares (Amount Originally Paid Up) |
Rs. 10/- each |
Rs. 0.028 Million |
|
|
Total |
|
Rs.45.207 Million |
Reconciliation of
the number of shares
|
Equity Shares |
|
Number of Shares
31.03.2015 |
|
Shares outstanding at the beginning of the year |
|
4,517,885 |
|
Shares issued during the year |
|
- |
|
Shares
outstanding at the end of the year |
|
4,517,885 |
The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The holders of equity shares are entitled to receive dividends as declared from time to time. 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.
Shareholders holding
more than 5 % of the equity shares in the Company:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Cuckoo Fiscal Services Ltd. |
440000 |
9.74 |
|
Abhinandan Fintex (P) Ltd. |
435000 |
9.63 |
|
Sheela Chitlangia |
358350 |
7.93 |
|
Sudeep Chitlangia |
344300 |
7.62 |
|
Jaydeep Chitlangia |
271650 |
6.01 |
|
Hemant Kumar Motihar |
226306 |
5.01 |
|
Total |
2075606 |
45.94 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share
Capital |
45.207 |
45.207 |
45.207 |
|
(b)
Reserves & Surplus |
148.451 |
156.334 |
220.278 |
|
(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) |
193.658 |
201.541 |
265.485 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
s(a)
long-term borrowings |
34.668 |
48.492 |
72.813 |
|
(b)
Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other
long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
8.549 |
5.356 |
4.158 |
|
Total Non-current
Liabilities (3) |
43.217 |
53.848 |
76.971 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
401.583 |
436.245 |
332.148 |
|
(b) Trade
payables |
488.331 |
461.829 |
521.633 |
|
(c) Other
current liabilities |
59.337 |
67.435 |
53.756 |
|
(d)
Short-term provisions |
0.279 |
0.605 |
1.197 |
|
Total Current Liabilities
(4) |
949.530 |
966.114 |
908.734 |
|
|
|
|
|
|
TOTAL |
1186.405 |
1221.503 |
1251.190 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
133.353 |
144.778 |
149.810 |
|
(ii)
Intangible Assets |
3.392 |
3.650 |
4.566 |
|
(iii)
Capital work-in-progress |
3.753 |
0.996 |
2.642 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b)
Non-current Investments |
80.599 |
80.661 |
80.730 |
|
(c)
Deferred tax assets (net) |
81.283 |
68.175 |
29.161 |
|
(d) Long-term Loan and Advances |
18.091 |
18.513 |
7.883 |
|
(e) Other
Non-current assets |
0.010 |
0.060 |
0.010 |
|
Total Non-Current Assets |
320.481 |
316.833 |
274.802 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
491.886 |
550.276 |
584.883 |
|
(c) Trade
receivables |
297.982 |
272.391 |
300.549 |
|
(d) Cash
and cash equivalents |
9.243 |
20.871 |
21.283 |
|
(e)
Short-term loans and advances |
64.547 |
58.824 |
67.036 |
|
(f) Other
current assets |
2.266 |
2.308 |
2.637 |
|
Total Current Assets |
865.924 |
904.670 |
976.388 |
|
|
|
|
|
|
TOTAL |
1186.405 |
1221.503 |
1251.190 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
2035.201 |
1833.411 |
1875.835 |
|
|
Other Income |
1.383 |
0.559 |
3.292 |
|
|
TOTAL SALES |
2036.584 |
1833.970 |
1879.127 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1196.283 |
1124.932 |
1139.688 |
|
|
Purchases of
Stock-in-Trade |
66.950 |
57.722 |
119.845 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(2.083) |
(1.301) |
(42.121) |
|
|
Employees benefits
expense |
204.404 |
156.990 |
146.082 |
|
|
Other Expenses |
503.754 |
516.430 |
474.818 |
|
|
TOTAL EXPENSES |
1969.308 |
1854.773 |
1838.312 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
67.276 |
(20.803) |
40.815 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
66.789 |
66.688 |
52.230 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
0.487 |
(87.491) |
(11.415) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
17.047 |
16.152 |
15.714 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(16.560) |
(103.643) |
(27.129) |
|
|
|
|
|
|
|
Less |
TAX |
(11.626) |
(38.911) |
(8.441) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) FOR THE YEAR |
(4.934) |
(64.732) |
(18.688) |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
490.738 |
595.278 |
631.360 |
|
|
Trading Goods |
18.264 |
1.489 |
34.542 |
|
|
Machinery and Spares |
0.000 |
0.173 |
1.372 |
|
|
TOTAL
IMPORTS |
509.002 |
596.940 |
667.274 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(1.09) |
(14.33) |
(4.14) |
Expected Sales (2015-2016): Rs. 2250.000 Million
The above information has been parted by Mr. Ritesh Agrawal (Import
Department)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
16.158 |
23.284 |
18.163 |
|
Cash generated from operations |
123.026 |
(10.332) |
(64.652) |
|
Net Cash Flow from/(used in) Operating Activities |
123.011 |
(10.376) |
(64.715) |
QUARTERLY RESULTS
|
Particulars |
|
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
|
|
|
|
Net Sales |
|
409.040 |
481.110 |
|
Total Expenditure |
|
407.060 |
472.030 |
|
PBIDT (Excl OI) |
|
1.980 |
9.080 |
|
Other Income |
|
0.080 |
0.180 |
|
Operating Profit |
|
2.060 |
9.260 |
|
Interest |
|
15.370 |
17.210 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
(13.310) |
(7.950) |
|
Depreciation |
|
4.100 |
4.330 |
|
Profit Before Tax |
|
(17.410) |
(12.280) |
|
Tax |
|
(6.870) |
(1.830) |
|
Provisions and contingencies |
|
NA |
NA |
|
Profit After Tax |
|
(10.540) |
(10.450) |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
(10.540) |
(10.450) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(0.24) |
(3.53) |
(1.00) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
3.31 |
(1.13) |
2.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.62) |
(9.67) |
(2.38) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.09) |
(0.51) |
(0.10) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.34 |
2.52 |
1.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91 |
0.94 |
1.07 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
Market Value |
Rs. 52.50/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
Rs. In Million |
Rs. In Million |
Rs. In Million |
|
Share Capital |
45.207 |
45.207 |
45.207 |
|
Reserves & Surplus |
220.278 |
156.334 |
148.451 |
|
Net worth |
265.485 |
201.541 |
193.658 |
|
|
|
|
|
|
long-term borrowings |
72.813 |
48.492 |
34.668 |
|
Short term borrowings |
332.148 |
436.245 |
401.583 |
|
Current Maturities of Long term debt |
18.163 |
23.284 |
16.158 |
|
Total borrowings |
423.124 |
508.021 |
452.409 |
|
Debt/Equity ratio |
1.594 |
2.521 |
2.336 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
Rs. In Million |
Rs. In Million |
Rs. In Million |
|
Sales |
1875.835 |
1833.411 |
2035.201 |
|
|
|
(2.262) |
11.006 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1875.835 |
1833.411 |
2035.201 |
|
Profit |
(18.688) |
(64.732) |
(4.934) |
|
|
(1.00%) |
(3.53%) |
(0.24%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OVERVIEW
Subject is a pioneer in the Indian Plywood Industry and one of the first few manufacturers to venture into producing a wide range of plywood products. Its plywood products are sold under DURO range of brands across the nation and have a strong predominance in the market because of best quality and constant upgradation through research and development. The Company also owns a bought leaf tea processing factory in Assam.
SEGMENT WISE
PERFORMANCE
PLYWOOD:
The global recession and/or slowdown has adversely affected the Indian manufacturing sector. Signs of recovery are not clearly visible and it is expected that growth in the housing and infrastructure sector will not gain momentum in the days ahead. Consequently, the demand for plywood and allied products is not expected to grow quickly. Other than above factors, there is no significant threat to the industry and/or Company from any product and/or sector. During the year 2014-15, segment revenue increased from Rs. 1622.000 Million to Rs1780.500 Million i.e. a growth of 10%. The Company has earned segment profit before tax and interest of Rs 55.300 Million as against segment loss before tax and interest of Rs.19.000 Million in the preceding financial year. Since the major portion of the raw materials is imported by the Company, volatile foreign exchange rate and availability of Raw Materials is a matter of concern and all possible efforts are taken to minimize these risks.
Tea
Tea Industry is doing much better as compared to previous year with revival of demand for CTC tea and increased sales realization leading to higher operating margins. Segment revenue during the year was Rs. 248.100 Million as against Rs. 206.700 Million in the preceding financial year representing a growth of 20%. Segment profit before tax and interest increased from Rs. (01.200) Million loss to Rs. 7.800 Million profit. Outlook for the tea industry is expected to remain positive in the days ahead. Tea industry is directly dependent on weather conditions. Although demand for Tea has increased, there is no improvement in raw material availability. Lower availability and high cost of raw materials is a matter of concern.
FINANCIAL PERFORMANCE
During the year, the gross turnover of the Company has increased from Rs. 2005.700 Million to Rs. 2225.800 Million registering a growth of 11%. The Company has incurred a net loss of Rs. 04.900 Million as against a net loss of Rs. 64.700 Million in the preceding financial year. In view of loss incurred by the Company, the Board of Directors did not recommend any dividend.
UNSECURED LOAN:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
Long Term
Borrowings |
|
|
|
Term Loans |
|
|
|
-From banks |
0.832 |
0.153 |
|
-From entities other than banks |
0.836 |
0.689 |
|
Short Term
Borrowings |
|
|
|
Other loans and advances From entities other than banks |
138.000 |
140.500 |
|
Total |
139.668 |
141.342 |
STATEMENT OF
UNAUDITED RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2015
(Rs.
In Million)
|
Particulars |
Quarter Ended |
Quarter Ended |
Half Year Ended |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
(Reviewed) |
(Reviewed) |
(Reviewed) |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
480.950 |
408.990 |
889.940 |
|
b) Other operating income |
0.155 |
0.048 |
0.203 |
|
Total
income from Operations(net) |
461.105 |
409.038 |
890.143 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
202.563 |
248.614 |
531.177 |
|
b) Purchases of stock in trade |
20.478 |
14.659 |
35.137 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(21.532) |
(35.018) |
(56.550) |
|
d) Employees benefit expenses |
52.389 |
55.904 |
108.293 |
|
e) Depreciation and amortization expenses |
4.327 |
4.101 |
8.428 |
|
f) Exchange Fluctuation Rate |
3.556 |
5.642 |
9.198 |
|
g) Other expenditure |
134.573 |
117.256 |
251.829 |
|
Total expenses |
476.354 |
411.158 |
887.512 |
|
3. Profit from operations before other income and
financial costs |
4.751 |
(2.120) |
2.631 |
|
4. Other income |
0.175 |
0.076 |
0.251 |
|
5. Profit from ordinary activities before finance costs |
4.926 |
(2.044) |
2.882 |
|
6. Finance costs |
17.206 |
15.366 |
32.572 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(12.280) |
(17.410) |
(29.690) |
|
8. Exchange Currency Fluctuation Loss/ (Gain) |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
(12.280) |
(17.410) |
(29.690) |
|
10.Tax expenses |
(1.831) |
(6.866) |
(8.697) |
|
11.Net Profit / (Loss) from
ordinary activities after tax (9-10) |
(10.449) |
(10.544) |
(20.993) |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
(10.449) |
(10.544) |
(20.993) |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
45.207 |
45.207 |
45.207 |
|
15. Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
0 |
0 |
0 |
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
0 |
0 |
0 |
|
(a) Basic and diluted |
(2.31) |
(2.33) |
(4.65) |
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
238434 |
238434 |
238434 |
|
- Percentage of shareholding |
52.78% |
52.78% |
52.78% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
2133451 |
2133451 |
2133451 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100% |
100% |
100% |
|
Percentage of shares (as a % of total share capital of the
company) |
47.22% |
47.22% |
47.22% |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Receiving during the quarter |
1 |
|
|
|
Disposed of during the quarter |
1 |
|
|
|
Remaining unreserved at the end of the quarter |
Nil |
|
|
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED 30TH SEPTEMBER, 2015
(Rs. In Million)
|
Particulars |
Quarter
Ended |
Quarter
Ended |
Half
Year Ended |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
(Reviewed) |
(Reviewed) |
(Reviewed) |
|
1. Segment
Revenue |
|
|
|
|
a)
Plywood and allied products |
410.242 |
370.278 |
780.520 |
|
b)
Tea |
70.816 |
38.549 |
109.365 |
|
c)
Others |
0.047 |
0.211 |
0.258 |
|
Total segment
revenue |
481.105 |
409.038 |
890.143 |
|
Less: Inter –
segment revenue |
- |
- |
- |
|
Total income
from operations (net sales) |
481.105 |
409.038 |
890.143 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
a) Plywood
and allied products |
3.180 |
2.850 |
6.030 |
|
b) Tea |
5.142 |
(1.710) |
3.432 |
|
c)
Others |
(0.847) |
(1.025) |
(1.872) |
|
Total segment
results |
7.475 |
0.115 |
7.590 |
|
(Add)/Less:
Finance Costs |
17.206 |
15.366 |
32.572 |
|
Other
un-allocable expenditure net off un-allocable other operating income |
2.549 |
2.159 |
4.700 |
|
Total Profit
Before Tax |
(12.280) |
(17.410) |
(29.690) |
|
|
|
|
|
|
3. Capital
Employed |
|
|
|
|
(Segment Assets –
Segment Liabilities) |
|
|
|
|
a) a) Plywood and Allied Products |
360.868 |
358.619 |
360.868 |
|
b) b) Tea |
128.394 |
98.525 |
119.927 |
|
c) c) Others |
11.092 |
11.393 |
11.092 |
|
d) Unallocable Assets Less
Liabilities |
(327.818) |
(285.487) |
(327.818) |
|
|
|
|
|
|
Total
Capital Employed In the Company |
172.536 |
183.050 |
172.536 |
STATEMENT OF ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
|
|
30.09.2015 |
|
|
|
|
(Reviewed) |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
45.207 |
|
(b) Reserves &
Surplus |
|
|
127.329 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
|
172.536 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
34.771 |
|
(b) Deferred tax
liabilities (Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
10.437 |
|
Total Non-current
Liabilities (3) |
|
|
45.2080 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
457.462 |
|
(b) Trade payables |
|
|
475.654 |
|
(c) Other current
liabilities |
|
|
78.624 |
|
(d) Short-term provisions |
|
|
0.341 |
|
Total Current Liabilities
(4) |
|
|
1012.081 |
|
|
|
|
|
|
TOTAL |
|
|
1229.825 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
139.764 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital
work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets
under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
80.586 |
|
(c) Deferred tax assets
(net) |
|
|
89.980 |
|
(d) Long-term Loan and Advances |
|
|
19.178 |
|
(e) Other Non-current
assets |
|
|
0.010 |
|
Total Non-Current Assets |
|
|
329.518 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
588.217 |
|
(c) Trade receivables |
|
|
248.549 |
|
(d) Cash and cash
equivalents |
|
|
8.206 |
|
(e) Short-term loans and
advances |
|
|
52.878 |
|
(f) Other current assets |
|
|
2.457 |
|
Total Current Assets |
|
|
900.307 |
|
|
|
|
|
|
TOTAL |
|
|
1229.825 |
INDEX OF CHARGE:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10398742 |
17/01/2013 * |
50,000,000.00 |
NORTH EASTERN DEVELOPMENT FINANCE CORPORATION LIMITED |
NEDFI HOUSE, G. S. ROAD, GUWAHATI, ASSAM – 781006, |
B66760778 |
|
2 |
10366033 |
25/06/2012 |
267,200,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 24, PARK STREET, KOLKATA, WEST |
B43908508 |
|
3 |
10358179 |
30/03/2015 * |
357,000,000.00 |
UNITED BANK OF INDIA |
OVERSEAS BRANCH, 15C, HEMANT BASU SARANI, KOLKATA, WEST BENGAL -
700001, INDIA |
C51337228 |
|
4 |
10162856 |
02/06/2009 |
63,000,000.00 |
NORTH EASTERN DEVELOPMENT FINANCE CORPORATION LIMITED |
BASUNDHARA ENCLAVE, B.K.KAKOTI ROAD, ULUBARI, GUW |
A63779045 |
|
5 |
90250362 |
20/03/2015 * |
119,000,000.00 |
UNITED BANK OF INDIA |
CALCUTTA BRANCH, 4 N C DUTTA SARANI, KOLKATA, WEST BENGAL - 700001,
INDIA |
C50191527 |
|
6 |
80010301 |
26/08/2014 * |
613,000,000.00 |
UNITED BANK OF INDIA |
15C, HEMANTA BASU SARANI, KOLKATA, WEST BENGAL - 700001, INDIA |
C21835103 |
|
7 |
80010298 |
04/07/2012 * |
545,100,000.00 |
UNITED BANK OF INDIA |
OVERSEAS BRANCH, 15C, HEMANTA BASU SARANI, KOLKATA, WEST BENGAL -
700001, INDIA |
B43394816 |
|
8 |
90249136 |
24/01/2013 * |
109,000,000.00 |
UNITED BANK OF INDIA |
CALCUTTA BRANCH, 4 N C DUTTA SARANI, KOLKATA, WEST BENGAL - 700001,
INDIA |
B67326397 |
*Date of modification Charges
FIXED ASSETS:
TANGIBLE ASSETS
· Building
· Plant and Equipments
· Office Equipments and Computer
· Vehicles
· Furniture and Fixture
· Freehold Land
INTANGIBLE ASSETS
· Computer Software’s
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 governmen officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a
prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No
record exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our
market survey revealed that the amount of compensation sought by the subject is
fair and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 66.17 |
|
|
1 |
Rs. 100.65 |
|
Euro |
1 |
Rs. 70.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
GEET |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.