MIRA INFORM REPORT
|
Report No. : |
340333 |
|
Report Date : |
11.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
GREENPLY INDUSTIRES LIMITED |
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|
|
|
Registered
Office : |
Makum Road, P.O. Tinsukia - 786125, Assam |
|
Tel. No.: |
91-33-30515000 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
28.11.1990 |
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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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IEC No.: |
1492000205 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACG7284R |
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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, medium
density fiber boards and allied products. |
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No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavorable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 13828000 |
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|
Status : |
Good |
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Payment Behavior : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a
well-established company having fine track record. Rating takes into consideration overall strong financial condition of
the company in FY 15 along with its long track record and leadership position
in plywood industry. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. In view of sound financial and experienced management, the company can
be considered good for business dealings at usual trade terms and conditions.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
April 29, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A1 |
|
Rating Explanation |
Very strong degree of Safety and lowest
credit risk. |
|
Date |
April 29, 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
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Mr. Santosh Kumar Gupta |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-11-47775350 |
|
Date : |
08.09.2015 |
LOCATIONS
|
Registered Office : |
Makum Road, P.O. Tinsukia – 786125, Assam, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
Madgul Lounge, 23 Chetla Central Road, 5th and 6th Floor
Kolkata - 700027, India |
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Tel. No.: |
91-33-30515000 |
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Fax No.: |
91-33-30515010 |
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E-Mail : |
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Branch Offices : |
Located at: · Chandigarh · Haryana · Delhi · Jaipur · Ghaziabad · Ahmedabad · Surat · Mumbai · Nashik · Thane · Pune · Indore · Nagpur · Hyderabad · Vijayawada · Mangalore · Bangalore · Hubli · Coimbatore · Chennai · Kochi · Lucknow · Patna · Raipur · Ranchi · Bhubaneswar · Kathmandu · Siliguri ·
Guwahati |
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|
|
|
Factory : |
Plywood and Allied
Products · P.O. Tizit, District Mon, Nagaland · Kriparampur P. O. Sukhdevpur, District 24 Parganas, (S) West Bengal, India · Plot No. 910-913, G.I.D.C. Estate, Bamanbore District Surendranagar, - 363 520, Gujarat, India Laminate and Allied
Products
Medium Density
Fibreboard · Integrated Industrial Estate, Pantnagar, Udham Singh Nagar, Uttarakhand, India Plywood and
Reconstructed Veneers · Integrated Industrial Estate, Pantnagar, Udham Singh Nagar, Uttarakhand, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Rajesh Mittal |
|
Designation : |
Managing Director |
|
Address : |
13, Raja Santosh Road, Kolkata - 700027, West Bengal, India |
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Date of Birth/Age : |
49 Years |
|
Experience : |
28 Years |
|
Qualification : |
B.Com |
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Date of Appointment : |
01.01.2011 |
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DIN No.: |
00240900 |
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Name : |
Mr. Shobhan Mittal |
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Designation : |
Whole-Time Director |
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Address : |
4, Cherry Lane Dlf, Chhattar Pur Farm, Mehrauli, New Delhi - 110074, India |
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Date of Birth/ Age : |
32 Years |
|
Experience : |
7 Years |
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Qualification : |
Bachelor of Business Administration from the University of Westminster, London |
|
Date of Appointment : |
01.09.2011 |
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DIN No.: |
00347517 |
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Name : |
Mr. Shiv Prakash Mittal |
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Designation : |
Whole-Time Director |
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Address : |
Flat No. 2nw, 5, Queens Park, Kolkata - 700019, West Bengal, India |
|
Date of Birth/Age : |
63 Years |
|
Experience : |
39 Years |
|
Qualification : |
B.Sc |
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Date of Appointment : |
01.02.2012 |
|
DIN No.: |
00237242 |
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|
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|
Name : |
Mr. Susil Kumar Pal |
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Designation : |
Director |
|
Address : |
36, Tara Sankar Sarani, Kolkata, Kolkata - 700037, West Bengal, India |
|
Date of Appointment : |
22.08.2014 |
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DIN No.: |
00268527 |
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Name : |
Mr. Anupam Kumar Mukerji |
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Designation : |
Director |
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Address : |
I-1625, Chittaranjan Park, New Delhi - 110019, India |
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Date of Birth/Age : |
27.08.1936 |
|
Date of Appointment : |
22.08.2014 |
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Qualification : |
M. Sc (Botany) from the Birla Institute of Technology and Science, Pilani, Rajasthan and AIFC diploma from Indian Forest College, Dehradun |
|
DIN No.: |
00396878 |
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|
|
Name : |
Mr. Upendra Nath Challu |
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Designation : |
Director |
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Address : |
A-34/1, Afochs, Sainikpuri,, Secundrabad, Hyderabad - 500094, Andhra Pradesh, India |
|
Date of Birth/Age : |
20.10.1951 |
|
Date of Appointment : |
22.08.2014 |
|
DIN No.: |
05214065 |
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|
|
Name : |
Ms. Sonali Bhagwati Dalal |
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Designation : |
Director |
|
Address : |
S-296, Greater Kailash-Ii, New Delhi - 110048, India |
|
Date of Birth/Age : |
15.10.1961 |
|
Qualification : |
B. Arch from the Centre for Environmental Planning and Technology (CEPT), Ahmedabad |
|
Date of Appointment : |
22.08.2014 |
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DIN No.: |
01105028 |
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|
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Name : |
Mr. Vinod Kumar Kothari |
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Designation : |
Director |
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Address : |
Krishna Building, 10th Floor, Room No. 1012, 224, Acharya Jagdish Chandra Bose Road, Kolkata - 700017, West Bengal, India |
|
Date of Appointment : |
22.08.2014 |
|
DIN No.: |
00050850 |
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|
|
Name : |
Mr. Moina Yometh Konyak |
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Designation : |
Director |
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Address : |
Vill:Ponkong, P.O.Mon, Dist:Mon, Nagaland, Mon - 798621, Nagaland, India |
|
Date of Appointment : |
22.08.2014 |
|
DIN No.: |
00669351 |
KEY EXECUTIVES
|
Name : |
Mr. Vishwanathan Venkatramani |
|
Designation : |
Chief Finance Officer |
|
Address : |
Tower - 4, Flat - 7D and 7E, Diamond City South, 58, M. G. Road, Kolkata - 700041, West Bengal, India |
|
PAN No: |
ABSPV3557G |
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Date of Appointment : |
29.05.2014 |
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|
|
|
Name : |
Mr. Kaushal Kumar Agarwal |
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Designation : |
Company Secretary |
|
Address : |
1B, Chandi Ghosh Road, Flat No. 3F, 3rd Floor, Kolkata - 700040, West Bengal, India |
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PAN No: |
ADIPA7161R |
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Date of Appointment : |
17.07.2002 |
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Audit Committee : |
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Nomination and Remuneration Committee: |
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Corporate Social
Responsibility Committee : |
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Demerger Committee
: |
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Operational
Committee : |
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SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of
Shareholder |
Total No. of Shares |
% of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
4318636 |
17.89 |
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|
8956364 |
37.11 |
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|
13275000 |
55.00 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
13275000 |
55.00 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
2273016 |
9.42 |
|
|
6456 |
0.03 |
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|
2798536 |
11.59 |
|
|
5078008 |
21.04 |
|
|
|
|
|
|
737720 |
3.06 |
|
|
|
|
|
|
836395 |
3.47 |
|
|
3412838 |
14.14 |
|
|
796413 |
3.30 |
|
|
59101 |
0.24 |
|
|
5751 |
0.02 |
|
|
3586 |
0.01 |
|
|
727975 |
3.02 |
|
|
5783366 |
23.96 |
|
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 |
|
Total (A)+(B)+(C) |
24136374 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in the business of manufacturing plywood and allied products, medium
density fiber boards and allied products. |
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Products : |
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Brand Names : |
“GREENPLY
PLYWOOD” |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
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Bankers : |
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Facilities : |
Note: LONG-TERM
BORROWINGS Term Loan from Landesbank Baden-Wurttenberg of Rs. 397.416 Million is secured by first priority security charge on Main Press Line of MDF plant. Subject to Other Term Loans of Rs. 1311.307 Million are secured by first mortgage and charge on the immovable and movable properties of the company other than immovable properties at Tizit, Nagaland and Main Press line of MDF plant, ranking on pari passu basis, save and except current assets, both present and future and second charge over the current assets. Secured Deferred payment liabilities are in respect of
finance of vehicles, secured by hypothecation of the respective vehicles. SHORT TERM
BORROWINGS Subject to Working Capital Loans of Rs. 365.297 Million are secured by first charge by way of hypothecation of current assets and second charge over movable and immovable properties of the Company except immovable properties at Tizit, Nagaland and Main Press line of MDF Plant, on pari-passu basis. The company has not defaulted in repayment of loans and
interest during the period. |
|
Auditors : |
|
|
Name : |
M/s. D. Dhandaria and Company Chartered Accountants |
|
Address : |
Thana Road, P.O. Tinsukia - 786125, Assam, India |
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Memberships : |
----- |
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Collaborators : |
----- |
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Subsidiary
Companies: |
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Enterprises
Owned / Influenced by Key Management Personnel or their relatives : |
·
Himalaya Granites Limited. ·
Prime Holdings Private Limited. ·
S.M. Management Private Limited. ·
Prime Properties Private Limited. ·
Trade Combines ·
Greenlam Industries Limited. ·
Greenlam Asia Pacific Pte. Limited. ·
R S Homcon Limited. |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32000000 |
Equity Shares |
Rs.5/- each |
Rs. 160.000 Million |
|
5000000 |
Cumulative Redeemable 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 |
The reconciliation of
the number of shares outstanding
|
Particulars |
As at 31.03. 2015 |
(Rs. in Million) |
|
Equity Shares at the beginning of the year |
24136374 |
1206.82 |
|
Add : Allotted during the year |
---- |
---- |
|
Total |
24136374 |
1206.82 |
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 recognized as distribution to equity shareholders was Rs. 0.300 Million (Previous year Rs. 0.300 Million)
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.
Name of the
Shareholders holding more than 5% Shares
|
Equity Shares |
As at 31.03.2015 |
|
|
|
Number |
% Age Holding |
|
S.M. Management Private Limited |
3543462 |
14.68% |
|
Greenply Leasing and Finance Private Limited |
2714731 |
11.25% |
|
Prime Holdings Private Limited |
2408560 |
9.98% |
|
HSBC Bank (Mauritius) Limited A/C Jwalamukhi Investment
Holdings |
2376884 |
9.85% |
|
Ashish Dhawan |
2369488 |
9.82% |
|
Shiv Prakash Mittal, Saurabh Mittal and Shobhan Mittal on behalf of Trade Combines, partnership firm |
- |
- |
|
HDFC Trustee Company Limited |
1913642 |
7.93% |
|
Saurabh Mittal |
1686457 |
6.99% |
In the current year, the above information is furnished taking into consideration the fact whether or not the beneficial ownership is reflected in the of the Depository. In the previous year the above information was furnished taking into consideration the beneficial ownership of shares as informed to the Company and the Registrar of Companies through filing of requisite forms.
The Company has not reserved any shares for issue under options and contracts/commitments for the sale of shares/disinvestment.
The Company for the
period of five years immediately preceding the date of Balance Sheet has not:
i. Allotted any class of shares as fully paid pursuant to contract(s) without payment being received in cash.
ii. Allotted fully paid up shares by way of bonus shares.
iii. Bought back any class of shares.
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 |
120.682 |
120.682 |
120.682 |
|
(b) Reserves &
Surplus |
4719.091 |
5710.575 |
4650.623 |
|
(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) |
4839.773 |
5831.257 |
4771.305 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1266.074 |
2610.487 |
2353.436 |
|
(b) Deferred tax
liabilities (Net) |
403.033 |
486.096 |
403.345 |
|
(c) Other long term
liabilities |
102.652 |
81.423 |
84.135 |
|
(d) long-term provisions |
156.592 |
198.081 |
166.706 |
|
Total Non-current
Liabilities (3) |
1928.351 |
3376.087 |
3007.622 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1316.769 |
2884.577 |
2976.567 |
|
(b) Trade payables |
2249.228 |
3312.598 |
2933.226 |
|
(c) Other current
liabilities |
997.286 |
1714.436 |
1466.963 |
|
(d) Short-term provisions |
133.558 |
108.588 |
102.845 |
|
Total Current Liabilities
(4) |
4696.841 |
8020.199 |
7479.601 |
|
|
|
|
|
|
TOTAL |
11464.965 |
17227.543 |
15258.528 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5300.567 |
6785.696 |
6434.568 |
|
(ii) Intangible Assets |
29.822 |
67.271 |
83.316 |
|
(iii) Capital
work-in-progress |
139.070 |
949.860 |
233.708 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
147.181 |
312.889 |
175.250 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
143.727 |
577.271 |
433.851 |
|
(e) Other Non-current
assets |
6.055 |
0.000 |
0.058 |
|
Total Non-Current Assets |
5766.422 |
8692.987 |
7360.751 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
181.573 |
0.000 |
0.000 |
|
(b) Inventories |
1903.039 |
3828.771 |
3279.139 |
|
(c) Trade receivables |
2572.180 |
3502.797 |
3432.070 |
|
(d) Cash and cash
equivalents |
71.883 |
107.987 |
162.782 |
|
(e) Short-term loans and advances |
967.849 |
1092.007 |
1021.224 |
|
(f) Other current assets |
2.019 |
2.994 |
2.562 |
|
Total Current Assets |
5698.543 |
8534.556 |
7897.777 |
|
|
|
|
|
|
TOTAL |
11464.965 |
17227.543 |
15258.528 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
15642.504 |
21595.180 |
20003.677 |
|
|
Other Income |
10.907 |
67.562 |
69.457 |
|
|
TOTAL |
15653.411 |
21662.742 |
20073.134 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
7268.270 |
11665.621 |
11148.162 |
|
|
Purchases of
Stock-in-Trade |
1905.483 |
1334.586 |
865.887 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(82.780) |
(135.793) |
(139.746) |
|
|
Loss/(gain) due to
fluctuation in foreign exchange rates |
(6.055) |
188.564 |
69.871 |
|
|
Exceptional items -
loss/(gain) |
(157.553) |
0.000 |
0.000 |
|
|
Employees benefits
expense |
1449.788 |
1935.117 |
1616.772 |
|
|
Other expenses |
3058.657 |
4022.275 |
3871.239 |
|
|
TOTAL |
13435.810 |
19010.370 |
17432.185 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
2217.601 |
2652.372 |
2640.949 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
359.130 |
582.946 |
607.218 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1858.471 |
2069.426 |
2033.731 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
470.611 |
575.686 |
519.874 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1387.860 |
1493.740 |
1513.857 |
|
|
|
|
|
|
|
Less |
TAX |
169.687 |
349.073 |
372.241 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
1218.173 |
1144.667 |
1141.616 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
3692.125 |
2772.173 |
1855.272 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
650.000 |
140.000 |
140.000 |
|
|
Proposed Dividend |
72.409 |
72.409 |
72.409 |
|
|
Tax on Dividend |
14.741 |
12.306 |
12.306 |
|
|
Total |
737.150 |
224.715 |
224.715 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
4173.148 |
3692.125 |
2772.173 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
28.771 |
2796.676 |
2244.083 |
|
|
TOTAL EARNINGS |
28.771 |
2796.676 |
2244.083 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2028.109 |
4253.293 |
3787.365 |
|
|
Stock In Trade |
234.847 |
169.831 |
311.564 |
|
|
Components and Stores
parts |
50.628 |
30.329 |
38.084 |
|
|
Capital Goods |
172.039 |
352.407 |
157.963 |
|
|
TOTAL IMPORTS |
2485.623 |
4805.860 |
4294.976 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
50.47 |
47.42 |
47.3 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term Borrowings |
656.336 |
1184.703 |
1039.259 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Cash Inflow (+)/Outflow (-) from operations |
2148.021 |
2353.477 |
2421.096 |
|
Net cash Inflow (+)/Outflow (-) in course of Operating Activities |
1871.177 |
2050.985 |
2120.505 |
QUARTERLY / SUMMARISED
RESULTS
|
PARTICULARS |
|
|
Unaudited 30.06.2015 |
|
Type |
|
|
1rd
Quarter |
|
Net Sales |
|
|
3808.460 |
|
Total Expenditure |
|
|
3249.400 |
|
PBIDT (Excl OI) |
|
|
559.060 |
|
Other Income |
|
|
0.490 |
|
Operating Profit |
|
|
559.550 |
|
Interest |
|
|
77.250 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
482.300 |
|
Depreciation |
|
|
120.350 |
|
Profit Before Tax |
|
|
361.950 |
|
Tax |
|
|
94.920 |
|
Provisions and contingencies |
|
|
NA |
|
Profit After Tax |
|
|
267.030 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
7.79 |
5.30 |
5.71 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
14.18 |
12.28 |
13.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.42 |
9.36 |
10.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.26 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.67 |
1.15 |
1.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21 |
1.06 |
1.06 |
STOCK
PRICES
|
Face Value |
Rs. 5.00/- |
|
Market Value |
Rs. 865.00/- |
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 |
120.682 |
120.682 |
120.682 |
|
Reserves & Surplus |
4650.623 |
5710.575 |
4719.091 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
4771.305 |
5831.257 |
4839.773 |
|
|
|
|
|
|
long-term borrowings |
2353.436 |
2610.487 |
1266.074 |
|
Short term borrowings |
2976.567 |
2884.577 |
1316.769 |
|
Current maturities of
long-term debts |
1039.259 |
1184.703 |
656.336 |
|
Total borrowings |
6369.262 |
6679.767 |
3239.179 |
|
Debt/Equity ratio |
1.335 |
1.146 |
0.669 |
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 |
20003.677 |
21595.180 |
15642.504 |
|
|
|
7.956 |
(27.565) |
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 |
20003.677 |
21595.180 |
15642.504 |
|
Profit |
1141.616 |
1144.667 |
1218.173 |
|
|
5.71% |
5.30% |
7.79% |
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 |
Yes |
|
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 |
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 |
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 |
LITIGATION DETAILS:
|
SUPREME COURT OF INDIA Case Status Status
: PENDING Status of : Special Leave Petition (Civil) 19380 OF 2015 UNION OF INDIA and ORS. .Vs. M/S GREENPLY INDUSTRIES LIMITED Pet. Adv. : MR. B. KRISHNA PRASAD Subject Category : INDIRECT TAXES MATTERS - INTERPRETATION OF CENTRAL EXCISE ACT AND THE RULES This Case is connected to : Special Leave Petition (Civil) 19370 OF 2015 Listed 0 times
earlier There are no further orders of listing Last updated on Sep
8 2015 |
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Deferred Payment Liabilities |
204.743 |
108.699 |
|
Less: Current maturities of Deferred Payment Liabilities |
55.200 |
37.351 |
|
Short term
Borrowings |
|
|
|
Other Loans and
advances |
|
|
|
from Banks |
|
|
|
Foreign Currency Loan - Buyers’ Credit |
940.552 |
1412.089 |
|
Rupee Loans |
0.000 |
200.000 |
|
from Others |
|
|
|
Rupee Loans |
10.920 |
0.000 |
|
|
|
|
|
Total |
1101.015 |
1683.437 |
CONTINGENT
LIABILITIES:
a) Excise Duty, Sales Taxes and other Indirect Taxes claims disputed by the Company relating to issues of applicability and determination aggregating Rs. 738.601 Million (Previous year Rs. 2092.269 Million).
b) Income Tax demand disputed by the Company relating to issues of applicability aggregating Rs. 0.894 Million (Previous year ` Nil).
c) Local Authority Taxes claims disputed by the Company relating to issues of applicability and determination aggregating Rs. 80.220 Million (Previous year Rs. 2.722 Million)
d) Claims against the Company not acknowledged as debts Rs. 6.394 Million (Previous year Rs.6.882 Million).
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10570722 |
21/04/2015 |
22,000,000.00 |
KOTAK MAHINDRA PRIME LIMITED |
27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E),, Mumbai -
400051, Maharashtra, INDIA |
C54291885 |
|
2 |
10569059 |
30/03/2015 |
797,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C53467759 |
|
3 |
10555804 |
10/03/2015 |
200,000,000.00 |
State Bank of India |
Industrial Finance Branch, Kolkata, 11, Dr. U. N. |
C47093182 |
|
4 |
10562210 |
01/12/2014 |
631,200.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C50396670 |
|
5 |
10562213 |
01/12/2014 |
631,200.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C50397504 |
|
6 |
10562216 |
01/12/2014 |
631,200.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C50398312 |
|
7 |
10549466 |
25/11/2014 |
6,720,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C43781848 |
|
8 |
10549467 |
15/11/2014 |
7,490,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C43782820 |
|
9 |
10528887 |
12/09/2014 |
1,125,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, Gujarat, INDIA |
C32096901 |
|
10 |
10521001 |
28/08/2014 |
731,000.00 |
KOTAK MAHINDRA PRIME LIMITED |
27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E),, Mumbai - 400051, Maharashtra , INDIA |
C21543749 |
* Date of charge modification
OUTLOOK AND EXPANSION
The Company’s outlook remains favourable on account of its product integration capabilities, increasing brand visibility and the continuous support from its stakeholders. The Company’s pan-India distribution network ensures easy availability of products in almost every part of India. With the emerging positive sentiment in the market-place owing to conducive investment climate the product categories in which the organization is currently operating will see healthy growth in the coming years. Greenply is currently operating primarily in the structural sphere of interior infrastructure domain with almost all the products in its basket catering to the structural needs of the customers.
A growing middle class in India seeks new wood products, especially in the sustainable green wood segment. Reconstituted wood products, such as plywood, board, particleboard and medium density fiberboards are likely to be used increasingly by consumers, real estate developers, furniture makers, railways and defense, among others. Innovations and use of technology shall help the wood industry to grow profitably, and leverage opportunities in the future.
Strong growth trends in the housing and real estate sectors makes us believe that the organization can reap further benefits in form of sustainable revenue growth and improved profitability by exploring diversification opportunities in areas where a latent but high potential demand is present.
In respect of setting–up of the new MDF Unit in Andhra Pradesh, necessary steps are being taken to obtain various statutory approvals/licenses and technical discussions are in progress with various agencies to set up the unit. Further, in respect of manufacture of new value added products in the Company’s existing MDF Unit at Pantnagar, Uttarakhand, the civil construction work and installation of machineries have been completed for the new production lines of UV Coated Panels and the trial production is in process.
The Company has decided to start new business venture of trading in wallpaper of different categories to be sourced from various overseas suppliers and marketed in India under the Company’s brand. Indian wallpaper market is currently estimated to be worth Rs. 8000.000 Million growing at a CAGR of 20%. Retail segment constitutes 46% of the total market size and the balance 54% comes from sales in the Institutional segment. Globally, wallpapers have emerged as a strong substitute for textured paints.
The Directors are confident of achieving better results in the coming years.
NATURE OF OPERATION
Company is engaged in the business of manufacturing plywood and allied products, medium density fibre boards and allied products through its factories at various locations and branches and dealers’ network spread all over the country. It has two wholly owned subsidiary companies in overseas countries. The Company imports raw materials for manufacturing and also finished goods for trading. Manufactured goods are sold both in domestic and overseas markets
Greenply Industries (Myanmar) Private Limited., subsidiary
of the Company is engaged in manufacturing of products which constitutes raw
materials to the Company and providing the same to Company and others. Greenply
Trading Pte. Limited. subsidiary of the Company operates as an investment
vehicle and has invested into a Joint Venture Company viz. Greenply Alkemal
(Singapore) Pte. Limited., based out of Singapore.
STATEMENT OF STANDALONE UN-AUDITED RESULTS FOR THE QUARTER ENDED
30th JUNE 2015
(Rs. in Million)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
Income from Operations |
|
|
(a) Net sates/income from operations (Net of excise duty) |
3807.483 |
|
(b) Other Operating Income |
0.980 |
|
Total income from operations (net) |
3808.463 |
|
Expenses |
|
|
(a) Cost of materials consumed |
1779.222 |
|
(b) Purchases of stock-in trade |
482.389 |
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
(153.164) |
|
(d) Employee benefits expense |
415.553 |
|
(e) Depreciation and Amortization Expenses |
120.345 |
|
(f) Other Expenses |
724.193 |
|
(g) loss/(gain) due to fluctuation in foreign exchange rates |
1.218 |
|
(h) Value of Wind Power |
|
|
Total expenses |
3369.756 |
|
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items |
438.707 |
|
Other Income |
0.487 |
|
Profit/ (Loss) from operations before other income, finance costs and
exceptional items |
439.194 |
|
Finance Costs |
77.248 |
|
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items |
361.946 |
|
Exceptional items |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax |
361.946 |
|
Tax expenses |
94.914 |
|
Net Profit / (Loss) from ordinary activities after tax |
267.032 |
|
Extraordinary item (net of tax expense) |
|
|
Net Profit / (Loss) for the period |
267.032 |
|
Share of profit' (loss) of associates |
|
|
Minority Interest |
|
|
Net Profit/ (Loss) after taxes, minority interest and share of
profit/(loss) of associates (13+14+15) |
|
|
Paid up equity share capital (Face Value of Rs 5/-each) |
120.682 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet of previous
accounting year |
|
|
Earnings per share (before extraordinary items) of Rs.10/- each (not
annualized): |
|
|
(a) Basic |
11.06* |
|
(b) Diluted |
11.06* |
|
Select information for the quarter ended 30th
June, 2015 |
|
|
A) PARTICULARS OF SHAREHOLDING |
|
|
A. Public Shareholding |
|
|
- Number of shares |
10861374 |
|
- Percentage of shareholding |
45 |
|
Promoters and Promoter
group shareholding |
|
|
a) Pledged / Encumbered |
|
|
- Number of shares |
nil |
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
nil |
|
- Percentage of shares
(as a % of the total Share Capital of the Company) |
nil |
|
b) Non Encumbered |
|
|
- Number of shares |
13275000 |
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
100 |
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
55 |
|
Particulars |
Three month ended 30th June, 2015 |
|
B) Investor complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
*Not annualized
Note:
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on 15th July, 2015. The Auditors have carried out "Limited Review" of the above results.
2. The Company has exercised the option available to it under Rule 46A of the
Companies (Accounting Standards) (Second Amendment) Rules. 2011 in respect of
accounting for fluctuations in foreign exchange relating to "Long Term
Foreign Currency Monetary Items" Accordingly, it has adjusted a loss of
Rs. 25.773 Million (gain of Rs. 74.610
Million during the year ended 31st
March, 2015) to the cost of its fixed assets on account of such difference
arising during the current financial year and has provided for depreciation thereon
over the balance useful life of the respective assets Consequently, the charge
to the Profit and Loss Account is effected to that extent.
3. In respect of the setting-up of new MDF manufacturing Unit in Andhra
Pradesh, the Company has completed acquisition of land in Chittoor District,
Andhra Pradesh and necessary steps are being taken to obtain various statutory
approvals / licenses to set-up the Unit.
4. In respect of manufacture of new value added products in the Company's
existing MDF Unit at Pantnagar, Uttarakhand, the civil construction work and
installation of machineries have been completed for the new production lines of
UV Coated Panels and the trial production is in process.
5. In respect of setting-up of a Veneer or Veneer-cum-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 Greenply industries (Myanmar) Private Limited has
commenced commercial production of "Commercial Veneer" Further
GREENPLV ALKEMAL (SINGAPORE) PTE Limited (a joint venture company of Greenply
Industries Limited, India and Alkemal Singapore Pte Limited., Singapore) has
been incorporated on 14.05.2014 as a Private Limited Company in Singapore The
said Joint Venture Company is equally owned (50:50 investments owned directly
or through subsidiary/affiliates) by Greenply Industries Limited and Alkemal
Singapore Pte. Ltd. The Joint Venture Company will, subject to necessary
regulatory approvals, acquire and own 100% share of Greenply Industries
(Myanmar) Private Limited.
6. The previous period’s figures have been regrouped and reclassified wherever
necessary.
SEGMENTWISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. in Million)
|
Particulars |
Quarter
ended |
|
|
30.06.2015 [Unaudited] |
|
1.
Segment Revenue |
|
|
Plywood and allied
products |
2734.879 |
|
Medium density
fiberboards |
1073.584 |
|
Unallocated |
------ |
|
Total |
3808.463 |
|
Less : Inter Segment Revenue |
---- |
|
Net
Sales |
3808.463 |
|
|
|
|
2.
Segment Result |
|
|
(Profit before tax and interest) |
|
|
Plywood and allied
products |
228.617 |
|
Medium density
fiberboards |
296.636 |
|
Unallocated |
------ |
|
Total |
525.253 |
|
Less : Interest |
77.248 |
|
Exceptional
Item - Foreign Exchange Gain/(Loss) |
86.059 |
|
Profit
from ordinary activities before tax |
361.946 |
|
|
|
|
3. Capital
Employed |
|
|
Plywood and allied
products |
4880.392 |
|
Medium density
fiberboards |
3273.018 |
|
Unallocated |
555.389 |
|
Total |
8708.799 |
FIXED ASSETS
Tangible assets
- Freehold Land
- Land Development
- Buildings
- Plant and Equipments
- Furniture and Fixtures
- Vehicles
- Office Equipments
Intangible assets
- Goodwill
- Trademarks
- Computer Software
- Technical Knowhow
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report : No press reports / filings exists on the
subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 66.58 |
|
|
1 |
Rs. 102.29 |
|
Euro |
1 |
Rs. 74.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
SANS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
----- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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
unfavorable 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.