MIRA INFORM REPORT
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Report No. : |
349267 |
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Report Date : |
27.11.2015 |
IDENTIFICATION DETAILS
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Name : |
N R AGARWAL INDUSTRIES LIMITED |
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Registered
Office : |
415-418, Janki Centre, 4th Floor, 29, Shah Industrial Estate,
Off Veera Desai Road, Andheri (West), Mumbai - 400053, Maharashtra |
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Tel. No.: |
91-22-67317500 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
08.12.1993 |
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Com. Reg. No.: |
11-133365 |
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Capital
Investment / Paid-up Capital : |
Rs. 170.191 Million |
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CIN No.: [Company Identification
No.] |
L22210MH1993PLC133365 |
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IEC No.: |
0894002287 |
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TAN No.: [Tax Deduction and
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACN7721N |
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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 and selling of paper products. |
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No. of Employees
: |
Not Available |
RATING and COMMENTS
|
MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 2100000 |
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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 : |
Subject is an established company incorporated in the year 1993 having
moderate track. The company has incurred heavy losses from its operational activities
during FY 2015. Further, the borrowings recorded by the company are also huge and increasing
which may act as a threat to the liquidity position of the company. Their trade relations are reported as fair. Business is active.
Payments terms are reported as slow but correct. The company can be considered for business dealings with some caution. |
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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
INDIA RATING |
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Rating |
Long Term Issuer Rating = IND (B-) |
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Rating Explanation |
High risk of default. |
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Date |
15.07.2014 |
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
31-03-2015.
LOCATIONS
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Registered Office : |
415-418, Janki Centre, 4th Floor, 29, Shah Industrial
Estate, Off Veera Desai Road, Andheri (West), Mumbai - 400053, Maharashtra,
India |
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Tel. No.: |
91-22-67317500 |
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Fax No.: |
91-22-26730227/ 26736953 |
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E-Mail : |
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Website : |
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PLANT LOCATIONS: |
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Unit – I : |
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Factory : |
Plot No.169, Phase II, GIDC, Vapi, District Valsad - 396195, Gujarat, India |
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Tel. No.: |
91-260-2401634/2401706 |
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Unit – II |
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Factory : |
Plot No.1, Phase I, GIDC, Vapi, District Valsad - 396195,
Gujarat,
India |
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Tel. No.: |
91-260-2400979/2401841 |
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Unit – III |
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Factory : |
Plot No. 901, Phase III, GIDC, Vapi, District Valsad -
396195, Gujarat, India |
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Tel. No.: |
91-260-2400052/2401836 |
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Unit - IV |
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Factory : |
Plot No.901/P, Phase III, GIDC, Vapi, District Valsad -
396195, Gujarat, India |
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Tel. No.: |
91-260-2400052/2401836 |
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Unit - V |
S. Nos.69/1/P3, 69/ 1/P/3/P1, 72/P3-P4, At Village Sarigam
and Angam, Taluka - Umbergaon, Valsad - 396155, Gujarat, India |
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Tel. No.: |
91-260-2784082/83 |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. R. N. Agarwal |
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Designation : |
Chairman and Managing Director |
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Address : |
Sunny Side Bunglow No.5, II - Cross Lane, Lokhandwala Complex, Andheri (West), Mumbai - 400053, Maharashtra, India |
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Date of Birth/Age : |
55 years |
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Qualification : |
BE (Electrical) and MBA |
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Experience : |
More than two decades of experience in Paper Industry as an Industrialist |
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Date of Appointment : |
01.08.2015 |
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DIN No.: |
00176440 |
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Other Directorship :
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Name : |
Mr. Raunak Agarwal |
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Designation : |
Whole Time Director |
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Name : |
Mrs. Reena Agarwal (w.e.f. 8/8/14) |
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Designation : |
Executive Director |
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Address : |
Sunny Side Bunglow No.5, II - Cross Lane, Lokhandwala Complex, Andheri (West), Mumbai - 400053, Maharashtra, India |
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Date of Appointment : |
20.09.2014 |
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DIN No.: |
00178743 |
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Other Directorship :
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Name : |
Mr. S. N. Chaturvedi |
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Designation : |
Independent Director |
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Address : |
2803/04 28th Floor,, Shreepati Arcade, A K Marg, Nana Chowk, Mumbai - 400036, Maharashtra, India |
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Date of Appointment : |
20.09.2014 |
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DIN No.: |
00553459 |
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Other Directorship :
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Name : |
Mr. P. Kumar |
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Designation : |
Independent Director |
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Address : |
Flat No.308, Sunrise Apartment C-33, Shastri Nagar, Andheri (West), Mumbai - 400053, Maharashtra, India |
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Date of Appointment : |
20.09.2014 |
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DIN No.: |
00179074 |
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Other Directorship :
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Name : |
Mr. C. R. Radhakrishnan |
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Designation : |
Independent Director |
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Address : |
B-4, Swami Vivekanand Co-Op. Housing Society, Veera Desai 1st Cross Road, Andheri (West), Mumbai - 400058, Maharashtra, India |
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Date of Appointment : |
20.09.2014 |
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DIN No.: |
01309312 |
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Name : |
Mr. Ashok Kumar Bansal |
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Designation : |
Whole-Time Director |
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Address : |
901, Tower-B, Raj Residency 2, Haria Hospital Road, Vapi, Valsad - 396195, Gujarat, India |
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Date of Appointment : |
05.11.2015 |
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DIN No.: |
07325904 |
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Name : |
Mr. Nareshkumar Garg |
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Designation : |
Additional Director |
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Address : |
601-602, Bldg No. 26-A, Bimbisar Nagar,, Western Express Highway, Goregaon (East), Mumbai - 400065, Maharashtra, India |
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Date of Appointment : |
05.11.2015 |
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DIN No.: |
07318479 |
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Name : |
Raunak Rajendra Agarwal |
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Designation : |
Whole-Time Director |
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Address : |
Sunny Side Bungalow No.5, II - Cross Lane, Lokhandwala Complex, Andheri (West), Mumbai - 400053, Maharashtra, India |
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Date of Appointment : |
01/09.2014 |
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DIN No.: |
02173330 |
KEY EXECUTIVES
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Name : |
Mr. Gopal Uchil |
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Designation : |
Chief Financial Officer |
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Address : |
1-C/43, Rustomjee Regency, J. S. Road, Dahisar (West), Mumbai, Maharashtra, India |
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PAN No.: |
AAAPU0373J |
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Name : |
Miss. Pooja Daftary |
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Designation : |
Company Secretary and Compliance Officer |
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Address : |
C-301, Bharat Ark, Azad Nagar, Veera Desai Road, Andheri West, Mumbai - 400053, Maharashtra, India |
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Contact Detail : |
91-22-67317547 |
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Email ID : |
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PAN No.: |
BSPPD8183F |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
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As a % of (A+B+C) |
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(A) Shareholding of Promoter
and Promoter Group |
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12460923 |
73.22 |
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|
12460923 |
73.22 |
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Total shareholding of Promoter
and Promoter Group (A) |
12460923 |
73.22 |
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(B) Public Shareholding |
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|
2000 |
0.01 |
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|
500 |
0.00 |
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|
4300 |
0.03 |
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|
6800 |
0.04 |
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|
1248603 |
7.34 |
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|
2039248 |
11.98 |
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|
1147103 |
6.74 |
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|
116423 |
0.68 |
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|
106532 |
0.63 |
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|
9891 |
0.06 |
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|
4551377 |
26.74 |
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Total Public shareholding (B) |
4558177 |
26.78 |
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Total (A)+(B) |
17019100 |
100.00 |
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(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
17019100 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of manufacturing and
selling of paper products. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
NOTE: LONG TERM BORROWING:
SHORT TERM BORROWING: The Cash credit loans from Banks are secured by
hypothecation of present and future stock of raw materials, stock-in-process,
finished goods, stores and spares (not relating to plant and machinery), book
debts ranking pari passu inter-se and second charge on Company’s movable and
immovable fixed assets excluding (i) non-agricultural land admeasuring 37.61
acres situated at Sarigam, Gujarat and (ii) office premises in Mumbai. It is
further secured by pledge of entire unencumbered shares of the company held
by Shri R.N. Agarwal, Shri Raunak Agarwal and Smt. Reena Agarwal on pari
passu basis and personal guarantees of Shri R. N. Agarwal, Shri Raunak
Agarwal and Smt. Reena R. Agarwal. |
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Auditors : |
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Name : |
Chaturvedi and Partners Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Collaborators : |
Not Available |
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Membership : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 225.000 Million |
|
2,500,000 |
Preference Shares |
Rs. 10/- each |
Rs. 25.000 Million |
|
|
|
|
Rs. 250.000 Million |
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17,019,100 |
Equity Shares |
Rs. 10/- each |
Rs. 170.191 Million |
|
|
|
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|
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
|
Shares outstanding at the beginning of the year |
17,019,100 |
|
Shares issued during the year |
-- |
|
Shares outstanding
at the end of the year |
17,019,100 |
Terms/rights attached
to equity shares
The Company has only one class of equity shares having a par
value of Rs. 10 per share. Each equity shareholder is entitled to one vote per
share.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Mr. R. N. Agarwal |
7,922,030 |
46.548 |
|
Mrs. Reena R. Agarwal |
4,538,861 |
26.669 |
|
Total |
12,460,891 |
73.217 |
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 |
170.191 |
170.191 |
170.191 |
|
(b) Reserves and Surplus |
592.303 |
935.681 |
931.160 |
|
(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) |
762.494 |
1105.872 |
1101.351 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2293.855 |
2231.444 |
1681.408 |
|
(b) Deferred tax liabilities (Net) |
316.325 |
157.749 |
156.853 |
|
(c) Other long term
liabilities |
276.400 |
184.800 |
0.000 |
|
(d) long-term
provisions |
17.587 |
6.212 |
0.000 |
|
Total Non-current
Liabilities (3) |
2904.167 |
2580.205 |
1838.261 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
998.649 |
659.726 |
497.475 |
|
(b) Trade
payables |
1375.325 |
960.190 |
987.804 |
|
(c) Other
current liabilities |
586.913 |
291.933 |
188.099 |
|
(d) Short-term
provisions |
2.082 |
2.034 |
12.265 |
|
Total Current
Liabilities (4) |
2962.969 |
1913.883 |
1685.643 |
|
|
|
|
|
|
TOTAL |
6629.630 |
5599.960 |
4625.255 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
4578.161 |
1269.178 |
1241.340 |
|
(ii)
Intangible Assets |
1.778 |
0.575 |
1.311 |
|
(iii)
Capital work-in-progress |
43.459 |
2898.256 |
2033.932 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.774 |
1.872 |
1.872 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
102.948 |
173.640 |
141.673 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
4728.120 |
4343.521 |
3420.128 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
608.250 |
327.652 |
306.865 |
|
(c) Trade
receivables |
835.329 |
569.500 |
572.538 |
|
(d) Cash
and cash equivalents |
107.824 |
41.422 |
71.704 |
|
(e) Short-term
loans and advances |
350.107 |
317.865 |
254.020 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1901.510 |
1256.439 |
1205.127 |
|
|
|
|
|
|
TOTAL |
6629.630 |
5599.960 |
4625.255 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
7,249.564 |
5,405.302 |
5,122.884 |
|
|
Other Income |
57.627 |
38.123 |
38.011 |
|
|
TOTAL SALES |
7,307.191 |
5,443.425 |
5,160.895 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
4,650.771 |
3,439.211 |
3,190.292 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(87.800) |
(7.575) |
(7.240) |
|
|
Employees benefits
expense |
346.312 |
216.199 |
207.843 |
|
|
Other expenses |
2,036.896 |
1,570.325 |
1,519.197 |
|
|
TOTAL EXPENSES |
6,946.179 |
5,218.160 |
4,910.092 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
361.012 |
225.265 |
250.803 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
356.132 |
115.103 |
103.560 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
4.880 |
110.162 |
147.243 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
176.563 |
103.107 |
94.577 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(171.683) |
7.055 |
52.666 |
|
|
|
|
|
|
|
Less |
TAX |
162.663 |
2.534 |
6.747 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(334.346) |
4.521 |
45.919 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
840.803 |
836.282 |
790.363 |
|
|
|
|
|
|
|
|
BALANCE CARRIED TO THE BALANCE
SHEET |
506.457 |
840.803 |
836.282 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
660.807 |
450.559 |
272.336 |
|
|
TOTAL EARNINGS |
660.807 |
450.559 |
272.336 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1,652.597 |
818.065 |
726.286 |
|
|
Components and Stores
parts |
22.839 |
21.296 |
21.215 |
|
|
Capital Goods |
31.740 |
27.852 |
0.000 |
|
|
TOTAL IMPORTS |
580.698 |
417.804 |
414.801 |
|
|
|
2,287.874 |
1,285.017 |
1,162.302 |
|
|
|
|
|
|
|
|
EARNINGS / (LOSS) PER SHARE (RS.) |
19.65 |
0.27 |
2.70 |
QUARTERLY RESULTS
|
Particulars |
30.09.2015 |
30.06.2015 |
|
UNAUDITED |
||
|
Net Sales |
2128.060 |
2107.160 |
|
Total Expenditure |
1979.700 |
1941.560 |
|
PBIDT (Excl OI) |
148.360 |
165.600 |
|
Other Income |
2.480 |
1.850 |
|
Operating Profit |
150.840 |
167.450 |
|
Interest |
115.310 |
121.720 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
35.530 |
45.730 |
|
Depreciation |
58.410 |
58.110 |
|
Profit Before Tax |
(22.880) |
(12.380) |
|
Tax |
NA |
NA |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
(22.880) |
(12.380) |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
(22.880) |
(12.380) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
358.027 |
129.659 |
26.696 |
|
Cash generated from operations |
635577 |
391.622 |
214.268 |
|
Cash generated from (Used) operations |
NA |
NA |
NA |
|
Cash generated from Operating Activities |
632.077 |
379.622 |
203.268 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(4.61) |
0.08 |
0.90 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
4.98 |
4.17 |
4.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.61) |
0.26 |
2.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.23) |
0.01 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.79 |
2.73 |
2.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.64 |
0.66 |
0.71 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
Market Value |
Rs. 35.95/- |
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 |
170.191 |
170.191 |
170.191 |
|
Reserves and Surplus |
931.160 |
935.681 |
592.303 |
|
Net
worth |
1101.351 |
1105.872 |
762.494 |
|
|
|
|
|
|
long-term borrowings |
1681.408 |
2231.444 |
2293.855 |
|
Short term borrowings |
497.475 |
659.726 |
998.649 |
|
Current Maturities of Long term debt |
26.696 |
129.659 |
358.027 |
|
Total
borrowings |
2205.579 |
3020.829 |
3650.531 |
|
Debt/Equity
ratio |
2.003 |
2.732 |
4.788 |
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 |
5122.884 |
5405.302 |
7249.564 |
|
|
|
5.513 |
34.119 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales
|
5122.884 |
5405.302 |
7249.564 |
|
Profit |
45.919 |
4.521 |
(334.346) |
|
|
0.90% |
0.08% |
(4.61%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
THE COMPANY:
N R Agarwal Industries Limited (NRAIL) is a pioneer in
development, manufacturer of quality finished paper products by recycling of
waste paper and marketing in domestic and international markets. Established in
1993, was promoted by NRAIL Group and founded by Late Shri N R Agarwal, is
headquartered in Mumbai-India, we are committed to ‘Serve Paper Products
Worldwide’. NRAIL has been consistently providing high quality Papers to
Packaging Industries, News Papers and Business Stationery segments in different
parts of the world. NRAIL had 4 manufacturing facilities in Vapi, Gujarat, till
June 2014, 3 facilities manufacture Coated Duplex Boards and 1 manufactures
Newsprint.
The Company embarked on an Expansion Project to manufacture
Writing and Printing papers with a capacity of 90,000 tonnes per annum at
Sarigam, Gujarat India at a cost of Rs 3,300.000 millions. The said Expansion
Project was completed in July, 2014. After successful trials, the Commercial
Production of the new Paper Machine commenced on July 21, 2014.
The Company has vast resources in terms of assets, technical
expertise and technology, Research and Development, plants and state of the art
machinery, well equipped laboratories, excellent infrastructure and utilities
including water, own power generation, steam generation, communication, D.M.
Plants, Effluent Treatment Plants, transportation etc. at all manufacturing
locations. The Group has excellent marketing network including highly effective
sales team, end users, distributors, storage facility and fast delivery
capabilities.
NRAIL, essentially a ‘Customer Centric Organization’, always
puts its valued Customers in the centre of all the decisions. As a knowledge –
driven organization, a lot of emphasis is laid on new product development, quality
improvement and cost cutting methods, thus providing to its clients ‘Quality
Products with Brilliant Results’. At NRAIL, focus is also laid on creating
stakeholder value. NRAIL has a dedicated Research and Innovation Team, working
day and night to achieve the organization’s objectives and take the
organization to far reaching heights.
OVERVIEW OF THE
ECONOMY:
The industry growth was muted due to economic slowdown and
decrease in spending across the board. With gradual improvement in the economy
and growth drivers such as changing lifestyles, increasing organized retail and
government spending on education in pMillione, the paper and board consumption
is bound to increase. However, increased supply in domestic market due to new
capacities and cheaper imports from Asean countries at zero duty are likely to
pose some challenges in the short term.
The Government envisages GDP growth to accelerate to 8% in
FY 16 driven by strengthening macroeconomic fundamentals and implementation of
policy reforms recently announced. Reforms currently underway such as GST
implementation, Amendment to Land Acquisition Bill, Labour Reforms, etc. are
expected to provide the requisite thrust for growth in the medium-term.
FINANCIAL PERFORMANCE:
The Company’s sales during the year increased to Rs.
7249.600 Crore (up 34%) from Rs. 5405.300 Crore in the previous year. The
Operating Profit (PBIDT) stood at Rs. 361.000 Crore, however, the Company
recorded a loss of Rs. 171.700 Crore as a result of higher interest and
depreciation burden arising from commissioning of Company’s new project (Rs.
3300.000 Crore) at Sarigam, Gujarat, slower ramp up of production and severe
cost increase. Total production at 219,907 tonnes and Sales at 218,455 tonnes
represented an increase of 29% and 28% respectively over the previous year.
Overall capacity utilization (including new plant) was 87%.
The work on Sarigam Project is completed and Company has
already commenced production in the previous year itself. As on March 31, 2015,
the Company has incurred capital expenditure of approximately Rs. 3300.000
Crore.
OPPORTUNITIES AND
OUTLOOK:
Presently, the per capita paper consumption in India stands
at around 9 kgs, as compared to world’s average of 58 kgs and Asian average at
38 kgs. Though, India is self-sufficient in most paper segments, except for
newsprint and higher grades of Printing and Writing (PandW) papers, on account
of non-availability of superior quality of pulp, the statistics clearly show
the magnitude and scale are due for advancement. The Indian Paper and
Paperboards Industry has potential and also capabilities to service the growing
demand in domestic and international market and also to create huge employment
avenues in the rural-India, provided the competitiveness of the value chain is
encouraged by the Government.
The major deterrents of subdued growth of Paper Industry in
India are: fiber deficiency; shortage of bagasse/straw and waste paper; energy
cost and certifications. Some of the developmental challenges facing the
industry are as follows:
- Enhancing Industry’s
competitiveness to face global competition
- Economies of scale
- De-fragmentation of
industry
- Modernization of mills
- Building new capacities
- Meeting incremental demand
of paper
- Productivity/quality
improvement
- Creation of robust raw
material base
- Environmental upgradation
and green technologies
- Setting mechanism for
collection, sorting, grading and utilization of recyclable waste paper
UNSECURED LOAN:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
Long-term
Borrowings |
|
|
|
Deposits from Others |
10.000 |
0.000 |
|
Deposits from directors |
150.014 |
146.514 |
|
Total |
160.014 |
146.514 |
CONTINGENT LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2015 |
|
Guarantees and counter guarantees |
3.200 |
|
Excise duty demands and penalties |
22.116 |
|
Custom duty demands and penalties |
3.490 |
|
Claims against the Company not acknowledged as debts |
0.903 |
|
Letters of Credit outstanding |
229.088 |
|
The Company has imported capital goods under “Export
Promotion Capital Goods” scheme for which the company has an given export
obligation |
420.026 |
|
Income tax matters disputed in appeal |
186.731 |
|
Total |
896.7855 |
Note:
The Income tax assessments of the
Company have been completed upto Assessment Year 2012-13:
The
total demand outstanding as on 31.03.2015 on account of income tax dues for
Assessment Year 2007-08 to Assessment Year 2012-13 is Rs. 186.731 Million
(previous year Rs. 153.677 Million). The Income Tax Appellate Tribunal,
Ahmedabad disposed off the appeals filed by the Company for the disputed tax
demand of Rs. 108.445 Million for the Assessment Years 2007-08 to 2010-11 by remitting
back the mater to CIT(A) for disposal on merits and law. The proceedings are
under progress. The income tax department is in appeal before the Hon’ble High
Court of Ahmedabad on various grounds decided by the Income Tax Appeallate
Tribunal The Company has preferred an appeal to the Commissioner of Income Tax
(Appeals), Ahmedabad for the demand notice of Rs. 45.232 Million received from
the Income Tax Department for the Assessment Year 2011-12 The matter is pending
for disposal. The Management is of the opinion that the Company is entitled to
deduction under Section 80-IA(4)(iv) of the Income Tax Act, 1961 and hence, no
provision for aforesaid demand/notices has been made in the books of accounts.
The Company has preferred an appeal to the Commissioner of Income Tax
(Appeals), Ahmedabad for the demand notice of Rs. 33.054 Million received from
the Income Tax Department for the Assessment Year 2012-13 The matter is pending
for disposal. The Management is of the opinion that the Company is entitled to deduction
under Section 80-IA(4)(iv) of the Income Tax Act, 1961 and hence, no provision
for aforesaid demand/notices has been made in the books of accounts.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER 30TH JUNE 2015
(Rs. In Million)
|
Particulars |
3 Months Ended |
|
|
30.06.2015 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
2089.111 |
|
b) Other operating income |
18.049 |
|
Total
income from Operations(net) |
2107.160 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
1270.239 |
|
b) Purchases of stock in trade |
0.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
14.721 |
|
d) Employees benefit expenses |
109.260 |
|
e) Depreciation and amortization expenses |
58.112 |
|
f) Power and Fuel |
0.000 |
|
g) Other expenditure |
547.337 |
|
Total expenses |
1999.669 |
|
3. Profit from operations before other income and
financial costs |
107.490 |
|
4. Other income |
1.850 |
|
5. Profit from ordinary activities before finance costs |
109.340 |
|
6. Finance costs |
121.715 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(12.375) |
|
8. Exchange Currency Fluctuation Loss/ (Gain) |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
(12.375) |
|
10.Tax expenses |
0.000 |
|
11.Net Profit / (Loss) from
ordinary activities after tax (9-10) |
(12.375) |
|
12.Extraordinary Items (net of tax expense) |
|
|
13.Net Profit / (Loss) for the period (11 -12) |
|
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
170.191 |
|
15. Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
(a) Basic and diluted |
0.73 |
|
|
|
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
4558177 |
|
- Percentage of shareholding |
26.78% |
|
2. Promoters and Promoters group Shareholding- |
-- |
|
a) Pledged /Encumbered |
|
|
Number of shares |
12460923 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100% |
|
Percentage of shares (as a % of total share capital of the
company) |
73.22% |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
NIL |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
NIL |
|
Percentage of shares (as a % of total share capital of the
company) |
NIL |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
NIL |
|
Receiving during the quarter |
NIL |
|
Disposed of during the quarter |
NIL |
|
Remaining unreserved at the end of the quarter |
NIL |
NOTE:
- The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on August 04, 2015.
- The statutory Auditors have carried out limited review of the above result for the Quarter ended 30th June, 2015.
- As the entire operations of the Company relate to products categorized under Paper and Paper Products as a single primary reportable segment, no separate reporting is required under Accounting Standard 17 issued by the Institute of Chartered Accountants of India.
- Previous year / period figures have been regrouped, rearranged or reclassified wherever necessary.
INDEX OF CHARGES:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10579655 |
29/06/2015 |
1,200,000.00 |
BANK OF
BARODA |
VAPI
INDUSTRIAL ESTATE BRANCH, C/M 14, GIDC,, NEAR CHAR RASTA, VAPI, VAPI, GUJARAT
- 396195, INDIA |
C58752817 |
|
2 |
10551700 |
27/02/2015 |
90,000,000.00 |
INDIA
INFOLINE FINANCE LIMITED |
12A-10,
13TH FLOOR, PARINEE CRESCENZO, G BLOCK,, |
C44891901 |
|
3 |
10258143 |
07/12/2013
* |
311,700,000.00 |
THE
SARASWAT CO-OP BANK LIMITED |
SARASWAT
BANK BHAVAN, PLOT NO. 953, APPASAHEB MARATHE MARG, PRABHADEVI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B94840519 |
|
4 |
10194775 |
08/07/2015
* |
2,423,200,000.00 |
BANK OF
BARODA |
VAPI INDUSTRIAL
ESTATE BRANCH, C/M 14, GIDC, NEAR |
C59090506 |
|
5 |
10107009 |
09/12/2014
* |
1,752,900,000.00 |
BANK OF
BARODA |
VAPI
INDUSTRIAL ESTATE BRANCH, C/M 14, GIDC,, NEAR CHAR RASTA, VAPI, GUJARAT - 396195,
INDIA |
C37656766 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering and 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. 66.55 |
|
|
1 |
Rs. 100.65 |
|
Euro |
1 |
Rs. 70.70 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SYL |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
31 |
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 and 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.