MIRA INFORM REPORT

 

 

Report No. :

341103

Report Date :

18.09.2015

 

IDENTIFICATION DETAILS

 

Name :

TAMILNADU NEWSPRINT AND PAPERS LIMITED

 

 

Registered Office :

67, Mount Road, Guindy, Chennai - 600 032, Tamilnadu

Tel No.:

91-22354415-16, 22301094-98

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

16.04.1979

 

 

Com. Reg. No.:

18-007799

 

 

Capital Investment / Paid-up Capital :

Rs.693.778 Million

 

 

CIN No.:

[Company Identification No.]

L22121TN1979PLC007799

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHET00028A / CHET06348G

 

 

PAN No.:

[Permanent Account No.]

AAACT2935J

 

 

Legal Form :

Public Limited Liability Company.  The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Subject is engaged into production Newsprint and Printing and Writing Paper (PWP) using bagasse as the primary raw material

 

 

No. of Employees :

2081 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (67)

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established company incorporated during the year 1979. It has a fine track record.

 

For the financial year 2015, the company has healthy operational activity marked by decent sales turnover along with profitability margin of 7.81%.

 

Further the rating also continue to favourably factor in the consistently high capacity utilization levels and the economies of scale derived from being the largest single location plant in the country. The company possesses strong financial risk profile marked by adequate networth position, comfortable capital structure and long operating history.

 

Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitment.

 

In view of vast distribution network, the company can be considered for business dealings at usual trade terms and conditions.  

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Fund Based Facilities = A

Rating Explanation

Adequate degree of safety and low credit risk.

Date

November, 2014

 

Rating Agency Name

ICRA

Rating

Non Find Based Facilities = A1

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

November, 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.

 

INFORMATION DECLINED BY

 

Management Non- Corporative

 

 

LOCATIONS

 

Registered Office :

67, Mount Road, Guindy, Chennai - 600 032, Tamilnadu, India

Tel. No.:

91-22354415-16, 22301094-98

Fax No.:

91-22350834, 22354614

E-Mail :

response@tnpl.net

 export@tnpl.co.in 

 sivakumar.vs@tnpl.co.in

Website :

http://www.tnpl.net

www.tnpl.co.in

 

 

Administrative Office :

35, Anna Salai, Guindy, Chennai - 600 032, Tamilnadu, India

 

 

Factory  :

Kagithapuram - 639 136, Karur District, Tamilnadu, India

Tel. No.:

91-4324-277001 to 277017

Fax No.:

91-4324-277025 / 26 / 27

 

 

Regional Offices:

Located at :

·         Mumbai, Maharashtra

·         New Delhi

·         Kolkata, West Bengal

·         Ernakulam, Kerala

·         Bangalore, Karnataka

·         Hyderabad, Andhra Pradesh 

 

 

Wind Farm  :

Tirunelveli District, Tamilnadu, India

 

 

 

 

Branch Office :

Located at:

·         Ahmedabad

·         Bangalore

·         Ernakulam

·         Kolkata

·         Mumbai

·         Secunderabad

·         New Delhi

 

·          

Dealer Locator :

Located at:

·         Telangana

·         Delhi

·         Gujarat

·         Jharkhand

·         Karnataka

·         Kerala

·         Maharashtra

·         Orisa

·         Punjab

·         Rajasthan

·         Tamilnadu

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Thiru C V Sankar IAS

Designation :

Chairman and Managing Director

 

 

Name :

Mr. Thiru T Udhayachandran IAS

Designation :

Director

 

 

Name :

Mr. Thiru Mahesan Kasirajan IAS

Designation :

Directors

 

 

Name :

Mr.Thiru A Velliangiri

Designation :

Deputy Managing Director

 

 

Name :

Mr. Thiru R Mani

Designation :

Director (Operations)

 

 

Name :

Mr.Thiru V Narayanan

Designation :

Directors

 

 

Name :

Mr. Thiru N Kumaravelu

Designation :

Directors

 

 

Name :

Mr. Thiru M R Kumar

Designation :

Directors

 

 

Name :

Mr. Thiru V Nagappan

Designation :

Directors

 

 

Name :

Tmt Sarada Jagan

Designation :

Directors

 

 

SHAREHOLDING PATTERN

 

AS ON 30.06.2015

 

Category of Shareholder

Total No. of Shares

Holding % of

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

24444900

35.32

http://www.bseindia.com/include/images/clear.gifSub Total

24444900

35.32

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

24444900

35.32

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

6242749

9.02

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

511704

0.74

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

2808580

4.06

http://www.bseindia.com/include/images/clear.gifInsurance Companies

10191904

14.73

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

7279302

10.52

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

51320

0.07

http://www.bseindia.com/include/images/clear.gifOthers

51320

0.07

http://www.bseindia.com/include/images/clear.gifSub Total

27085559

39.13

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

3823419

5.52

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

6286416

9.08

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

6595784

9.53

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

974522

1.41

http://www.bseindia.com/include/images/clear.gifClearing Members

72481

0.10

http://www.bseindia.com/include/images/clear.gifHindu Undivided Families

468792

0.68

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

431748

0.62

http://www.bseindia.com/include/images/clear.gifTrusts

1501

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

17680141

25.55

Total Public shareholding (B)

44765700

64.68

Total (A)+(B)

69210600

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

69210600

0.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged into production Newsprint and Printing and Writing Paper (PWP) Using Bagasse as the Primary Raw Material

 

 

Products :
  • Newsprint and Printing
  • Writing Paper

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

No. of Employees :

2081 (Approximately)

 

 

Bankers :
  • Canara Bank
  • DBS Bank Limited
  • HDFC Bank Limited
  • Indian Bank
  • Oriental Bank of Commerce
  • State Bank of India
  • State Bank of Patiala
  • State Bank of Travancore
  • Syndicate Bank
  • The Hongkong and Shanghai Banking Corporation Limited
  • The Karur Vysya Bank
  • Union Bank of India
  • Punjab and Sind Bank

 

 

Facilities :

SECURED LOANS

31.03.2015

Rs. In Million

31.03.2014

Rs. In Million

Long Term Borrowings

 

 

Debenture

 

 

11% Non-Convertible Debentures

Secured by a first charge on all the fixed assets of the company situated at Kagithapuram, Karur Dist., (movable and immovable ) on pari passu basis both present and future except Wind Mill and  Bielomatic Cutter which are under specific charge to the respective term lenders including an equitable mortgage by deposit of title deeds in respect of 566.26 acres of land situated at Kagithapuram, Karur District, Tamilnadu

0.000

55.556

Term Loans from Banks

 

 

Mill Expansion Plan

 

 

- Other Foreign Currency Loan

 

 

Secured by a first charge on all the fixed assets of the company situated at Kagithapuram, Karur Dist., (movable and immovable ) on pari passu basis both present and future except Wind Mill and  Bielomatic Cutter which are under specific charge to the respective term lenders including an equitable mortgage by deposit of title deeds in respect of 566.26 acres of land situated at Kagithapuram, Karur District, Tamilnadu.

0.000

323.193

Mill Expansion  Plan

 

 

- Rupee Term Loans

Secured by a first charge on all the fixed assets of the company situated at Kagithapuram, Karur Dist., (movable and immovable ) on pari passu basis both present and future except Wind Mill and Bielomatic Cutter which are under specific charge to the respective term lenders including an equitable mortgage by deposit of title deeds in respect of 566.26 acres of land situated at Kagithapuram, Karur District, Tamilnadu and pari passu second charge on the current assets of the company viz., stock of raw materials, finished goods, stores and other movables.

0.000

130.400

De-Inking Pulp Plant (DIP)

 

 

- Foreign Currency Loan

268.964

334.862

- Rupee Term Loans

413.000

649.000

Lime Sludge and Fly Ash Management System(LSFM

 

 

-Rupee Term Loans

314.438

504.063

Revamping of Steam and Power System (RSPS)

 

 

-Rupee Term Loans

Secured by a first pari passu charge on fixed assets created out of respective loans.

230.000

460.000

Term Loans-General Corporate Loan

 

 

- Rupee Term Loans

Secured by a first charge on Wind Mill movable assets and subservient charge on the fixed assets of the Company (excluding the machinery which has been specifically charged to the respective lenders) situated at Kagithapuram, Karur District.

430.000

550.000

- Rupee Term Loans

Secured by a first charge on all the fixed assets of the company situated at Kagithapuram, Karur District, (movable and immovable ) on pari passu basis both present and future except Wind Mill and Bielomatic Cutter which are under specific charge to the respective term lenders including an equitable mortgage by deposit of title deeds in respect of 566.26 acres of land situated at Kagithapuram, Karur District, Tamilnadu and pari passu second charge on the current assets of the company viz., stock of raw materials, finished goods, stores and other movables.

875.000

1000.000

- Rupee Term Loans

Secured by an exclusive first charge on movable and immovable properties of Mayanur Unit-EM of 38.40 acres of Land and Buildings and charge on Plant and Machinery and subservient charge on movable plant and machinery at Kagithapuram, Karur District

825.477

0.000

- Rupee Term Loans

Secured by a first pari passu charge on movable fixed assets of the company (except assets under specific charge to other lenders) situated at Kagithapuram, Karur District

2500.000

0.000

Multilayer Coated Board Plant

 

 

- Rupee Term Loans

Secured by a first pari passu charge on fixed assets to be created at Mondipatti out of respective term loans and first charge on all the movable fixed assets of the company situated at Kagithapuram, Karur District Tamilnadu on pari passu basis both present and future except which are under specific charge to the respective term lenders and an equitable mortgage by deposit of title deeds in respect of 566.26 acres of land situated at Kagithapuram, Karur District, Tamilnadu.

7741.451

1959.476

 

 

 

Short Term Borrowings

 

 

Working Capital Loans - Banks

 

 

Cash Credit

1684.988

936.853

Buyer's Credit - Foreign Currency

38.390

73.372

Short Term Loan

295.000

885.000

Preshipment credit - Foreign Currency

Secured by a first charge on current assets of the company, namely raw materials, stock-in-process, semi-finished goods, finished goods, consumable stores and spares and receivables and a second charge by way of extension of equitable mortgage on immovable properties of the company in Kagithapuram, Karur District, Tamilnadu and second charge on the other fixed assets of the Company excluding Wind Mills, Vehicles and Computer Software and assets created/proposed to be created out of the ASRS, LSFM,RSPS and DIP projects.

0.000

298.850

 

 

 

Total

15616.708

8160.625

 

 

 

Auditors :

 

Name :

Raman Associate

Chartered Accountant

Address :

H.O.: 13, Luz Avenue, Mylapore, Chennai – 600 004, Tamilnadu, India

 

 

Cost Auditors:

Raman and Associates

Address :

10, Muthukumarasamy Salai, Off. 1st Main Road, Baby Nagar, Velachery, Chennai – 600 042, Tamilnadu, India

 

 

Secretarial Auditors:

R Sridharan and Associates

Address :

Company Secretaries in Practice, New No.5, Old No.12, Sivasailam Street, T.Nagar, Chennai - 600 017, Tamilnadu, India

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

135000000

Equity Shares

Rs. 10/- each

Rs.1350.000 Million

 

 

 

 

 

 

Issued Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

70000000

Equity Shares

Rs. 10/- each

Rs.700.000 Million

 

 

 

 

 

 

Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

69210600

Equity Shares

Rs. 10/- each

Rs.692.106 Million

 

Add: Shares Forfeited

 

Rs.1.672 Million

 

 

 

 

 

Total

 

Rs.693.778 Million

 

Shares held by shareholders holding more than 5% shares:

 

Name of Shareholder

Number of Shares

Rupees in lakh

% holding

Governor of Tamil Nadu

244.45

35.32

Life Insurance Corporation of India

68.91

9.96

HDFC Trustee Company Limited - HDFC Prudence Fund

39.82

5.75

Warburg Value Fund

35.00

5.06

 

 

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

693.778

693.778

693.778

(b) Reserves & Surplus

11322.640

10765.962

9660.987

(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)

12016.418

11459.740

10354.765

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

13691.663

6369.883

6572.861

(b) Deferred tax liabilities (Net)

3595.900

3166.400

2904.600

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

1013.327

915.361

839.697

Total Non-current Liabilities (3)

18300.890

10451.644

10317.158

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

4752.795

4504.038

4958.564

(b) Trade payables

5801.804

4657.647

4062.885

(c) Other current liabilities

5358.148

5296.047

4547.970

(d) Short-term provisions

744.902

757.397

568.852

Total Current Liabilities (4)

16657.649

15215.129

14138.271

 

 

 

 

TOTAL

46974.957

37126.513

34810.194

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

24042.901

24258.830

20793.323

(ii) Intangible Assets

53.093

73.266

45.336

(iii) Capital work-in-progress

6312.339

949.852

4568.646

(iv) Intangible assets under development

0.000

0.000

2.829

(b) Non-current Investments

11.405

11.405

11.405

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

4048.727

2480.981

902.532

(e) Other Non-current assets

0.000

0.000

0.000

(f) Captive Plantation

163.191

212.138

212.055

Total Non-Current Assets

34631.656

27986.472

26536.126

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

4333.707

2853.648

2644.247

(c) Trade receivables

5013.626

3767.397

2769.417

(d) Cash and cash equivalents

203.317

122.145

245.054

(e) Short-term loans and advances

2634.288

2136.453

2397.879

(f) Other current assets

158.363

260.398

217.471

Total Current Assets

12343.301

9140.041

8274.068

 

 

 

 

TOTAL

46974.957

37126.513

34810.194

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

21357.280

22852.241

18612.575

 

Other Income

166.424

167.209

199.232

 

TOTAL

21523.704

23019.450

18811.807

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Purchases/Materials Consumed

7053.987

7078.689

5313.766

 

Purchases of Stock-in-Trade

1314.716

972.994

962.794

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(1315.895)

49.755

266.693

 

Employees benefits expense

1789.499

1557.945

1390.358

 

Other expenses

7457.840

8128.022

6657.559

 

TOTAL

16300.147

17787.405

14591.170

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION 

5223.557

5232.045

4220.637

 

 

 

 

 

Less

FINANCIAL EXPENSES

1549.257

1282.115

1209.713

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION 

3674.300

3949.930

3010.924

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

1373.047

1923.173

1749.861

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

2301.253

2026.757

1261.063

 

 

 

 

 

Less

TAX

633.969

414.981

346.263

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

1667.284

1611.776

914.800

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

271.200

202.200

209.300

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

1000.000

1000.000

460.000

 

Debenture Redemption Reserve

54.200

57.000

57.000

 

Proposed Dividend

415.300

415.300

346.100

 

 Adjustment

71.400

 0.000

0.000 

 

Tax on Dividend

84.500

70.500

58.800

 

Total

1625.400

1542.800

921.900

 

 

 

 

 

 

Balance Carried to the B/S

313.084

271.176

202.200

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

3656.729

3343.635

2970.448

 

 

 

 

 

 

IMPORTS

 

 

 

 

Wood pulp

470.636

591.130

377.659

 

Chemicals

119.853

238.217

163.021

 

Waste Paper

607.036

536.347

0.000

 

Stores & Spares

373.514

538.627

259.609

 

Coal

2995.449

318.263

2233.947

 

Capital Goods

2515.889

45.687

114.576

 

TOTAL IMPORTS

7082.377

2268.271

3148.812

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

24.09

23.29

13.22

s

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

2212.112

3877.204

3470.702

Cash from Operations

4534.138

5591.091

6554.048

Cash from Operating Activities

4031.536

5235.979

6324.823

 

 

QUARTERLY RESULTS

 

Particulars

 

31.03.2015

Unaudited

1st Quarter

Net Sales

6476.300

Total Expenditure

5111.600

PBIDT (Excl OI)

1364.700

Other Income

29.200

Operating Profit

1393.900

Interest

385.000

Exceptional Items

NA

PBDT

1008.900

Depreciation

352.400

Profit Before Tax

656.500

Tax

140.100

Provisions and contingencies

NA

Profit After Tax

516.400

Extraordinary Items

NA

Prior Period Expenses

NA

Other Adjustments

NA

Net Profit

516.400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

PAT / Sales

(%)

7.81

7.05

4.91

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

24.46

22.90

22.68

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

5.68

5.64

4.20

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.19

0.18

0.12

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.72

1.29

1.45

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.74

0.60

0.59

 

STOCK PRICES

 

 

Face Value

Rs.10.00/-

Market Value

Rs.180.00/-

 

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

693.778

693.778

693.778

Reserves & Surplus

9660.987

10765.962

11322.640

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

10354.765

11459.740

12016.418

 

 

 

 

long-term borrowings

6572.861

6369.883

13691.663

Short term borrowings

4958.564

4504.038

4752.795

Current maturities of long-term debts

3470.702

3877.204

2212.112

Total borrowings

15002.127

14751.125

20656.570

Debt/Equity ratio

1.449

1.287

1.719

 

 

 

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

18612.575

22852.241

21357.280

 

 

22.779

(6.542)

 

 

 

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

18612.575

22852.241

21357.280

Profit

914.800

1611.776

1667.284

 

4.91%

7.05%

7.81%

 

 

 

 

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

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

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

 

 

 

UNSECURED LOAN:

 

Particulars

31.03.2015

Rs. In Million

31.03.2014

Rs. In Million

Long Term Borrowings

 

 

Term Loans-General Corporate Loan

 

 

Rupee Term Loans

93.333

403.333

Short Term Borrowings

 

 

Short Term Loans from Banks

 

 

Pre-Shipment Credit - Foreign Currency

0.000

239.080

Buyer's Credit - Foreign Currency

274.417

1820.883

Rupee Loan

2460.000

250.000

 

 

 

Total

2827.750

2713.296

 

 

PERFORMANCE HIGHLIGHTS OF THE YEAR:

 

OPERATIONS

 

1.     Sales turnover crossed Rs.20000.000 Million mark for the second time.

 

2.     Profit before tax of Rs.2301.300 Million was an all-time record. Profit after tax of Rs.1667.300 Million exceeded the PAT achieved in 2013-14 by Rs. 56.000 Million

 

3.     373259 MT of Paper and 284091 MT of Pulp were produced during the year.

 

4.     Total sales was 337689 MT. Domestic sales constituted 78.44% and Export 21.56%.

 

5.     620.884 Million units of power were generated. 584.157 Million units were consumed. 36.727 Million units were exported to the state grid. Power drawn from State Grid constitutes only 1.52% of total power consumed

 

6.     Received 127588 Renewable Energy Certificates (REC) for power generated from the steam produced in the Recovery Boiler. 48200 RECs were sold during the year yielding revenue of Rs. 71.200 Million (Net of exchange fees and service tax). 196381 RECs have been carried forward for sales during 2015-16.

 

7.     Two bio-methanation plants set up within the factory premises have generated cumulatively 9.171 Million m3 of methane gas during the year 2014 - 2015. By using the methane gas in lime kiln, TNPL has saved consumption of 5378 kl of high cost furnace oil during the year.

 

8.     Two windfarms with an installed capacity of 35.5MW generated 46.920 Million Kwh Units of ‘Green Power

 

9.     The Company is involved in Farm Forestry and Plantations covering 105968 acres benefitting 20218 farmers in 29 districts of Tamilnadu.

 

10.  Overall Water Consumption was 51 kl. Per MT of paper

 

 

11.  161910 tonnes of cement were produced during the year. TNPL is the first and only company in the Paper Industry to convert mill wastes into high grade cement.

 

12.  The company repaid on schedule Term Loans amounting to Rs.3598.900 Million

 

 

OUTLOOK

 

With the demand growth anticipated at 6% per annum, the domestic consumption is expected to rise to 23.50 mtpa. by 2024-25 . There is good potential for domestic manufacturers for adding capacity in Paper and Board about 1 mtpa.

 

Consistent growth in the economy and greater emphasis on education and literacy by the Government are considered the key drivers for demand growth in printing and writing paper. Demand for better quality packaging of food and health care products and high value consumer products are the key demand drivers for growth in Paper Board.

 

MANAGEMENT DISCUSSION AND ANALYSIS

INTRODUCTION

 

Tamil Nadu Newsprint and Papers Limited (TNPL) was promoted by the Government of Tamil Nadu in the year 1979 to produce Newsprint and Printing & Writing Paper (PWP) using bagasse as the primary raw material. The factory is located at  Pugalur in Karur District. The plant was commissioned in 1984 with an initial capacity of 90,000 tons per annum. Since then, the company has enhanced the capacity to 4,00,000 tonnes per annum in four phases. In tandem, the pulping capacity has been increased from 300 tonnes per day (tpd) in 1984 to 1,180 tonnes per day as of date

 

INDUSTRY SCENARIO

 

India holds 15th rank among paper producing countries in the world. Total installed capacity is approximately 12.75 million tonnes. The per capita consumption of paper is around 11 Kgs. against the global average of 56 Kgs. and Asian average of 40 Kgs. The industry is fragmented with over 750 paper mills, of which only 50 mills have a capacity of 50000 tpa or more. The industry is working at 89% capacity utilization. India’s share in world paper production is about 2.6%

 

The current demand is estimated at 13.10 million tonnes with domestic production of 11.38 million tons, export of 0.53 million tones and import of 2.25 million tons. The demand is projected to increase to 23.50 million tonnes by 2024-25. India is the fastest growing market for paper in the world with a growth rate of about 6% per year. Increase of per capita paper consumption by 1 kg will increase the demand by about 1.25 million tonnes per annum.

 

OUTLOOK, OPPORTUNITIES AND CHALLENGES

Newsprint

As manufacture of newsprint is uneconomical, TNPL stopped producing newsprint since 2009. TNPL is unlikely to produce Newsprint in the near future.

 

 

Printing and Writing Paper

Indian Paper Industry market size is estimated at 13.10 million tonnes, consisting of Printing & Writing Paper 4.80 Million tonnes, Newsprint 2.50 Million tonnes, Industrial Paper 5.15 Million tons and Speciality Paper 0.65 Million tons. In the  Printing and Writing Paper Segment, uncoated varieties constitute 3.95 Million tons and Coated varieties 0.75 Million tons. Within the uncoated varieties, Creamwove Papers constitute 50% and Surface Sized Grades account for the balance 50%.

 

AWARDS AND ACCOLADES RECEIVED DURING THE YEAR

 

Indian Paper Manufacturers Association, (IPMA) has bestowed on TNPL ‘IPMA Paper Mill of the Year Award 2014’ for the year 2013-2014 . TNPL has received this award for the fourth time.

 

Dun & Bradstreet, Mumbai, has selected TNPL as the Top Indian Company under the sector Paper and Paper Products for “Dun & Bradstreet Corporate Awards 2015”. TNPL has received this award for the fourth time in a row.

 

Confederation of Indian Industry (CII) in its 15th National Award for Excellence in Energy Management 2014, has selected TNPL as one of the 49 companies for the “Excellent Energy Efficient Unit” Award.

 

INDEX OF CHARGEs:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10457701

27/09/2013

1,000,000,000.00

EXPORT-IMPORT BANK OF INDIA

CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI – 400 005, MAHARASHTRA, INDIA

B88581889

2

10429150

24/04/2013

460,000,000.00

INDIAN BANK

THOUSAND LIGHTS BRANCH, NO:611, ANNA SALAI, CHENNAI – 600 006, TAMIL NADU, INDIA

B76324656

3

10421088

27/03/2013

550,000,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, NO.232 NSC BOSE ROAD, CHENNAI- 600001, 
TAMIL NADU, INDIA

B73572927

4

10310257

21/09/2011

280,000,000.00

CANARA BANK

THOUSAND LIGHTS BRANCH, NO:611, ANNA SALAI, CHENNAI – 600 006, TAMIL NADU, INDIA

B22580864

5

10307859

10/09/2011

300,000,000.00

INDIAN BANK

KANNAMMAI BUILDING,, 611, ANNA SALAI, CHENNAI- 600006, TAMIL NADU, INDIA

B21297247

6

10299814

11/07/2011

405,000,000.00

EXPORT-IMPORT BANK OF INDIA

CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, COMPLEX, CUFFE PARADE, MUMBAI – 400 005, MAHARASHTRA, INDIA

B17928763

7

10265131

11/10/2012 *

1,053,400,000.00

DBS BANK LIMITED

NO.806 ANNA SALAI, CHENNAI – 600 002, TAMIL NADU, INDIA

B60462827

8

10253574

06/03/2013 *

910,000,000.00

CANARA BANK

THOUSAND LIGHTS BRANCH, NO:611, ANNA SALAI, CHENNAI – 600 006, TAMIL NADU, INDIA

B72100704

9

10253575

15/10/2010

600,000,000.00

CANARA BANK

THOUSAND LIGHTS BRANCH, NO:611, ANNA SALAI, CHENNAI – 600 006, TAMIL NADU, INDIA

A99789992

10

10229776

30/06/2010

750,000,000.00

INDIAN BANK

THOUSAND LIGHTS BRANCH, NO:611, ANNA SALAI, CHENNAI – 600 006, TAMIL NADU, INDIA

A90228412

 

* Date of charge modification

 

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE THREE MONTH AND NINE MONTHS ENDED 30TH JUNE 2015

 

      (Rs. In Million)

 

PARTICULARS

30.06.2015

(Unaudited)

 

 

1. Income form operations

 

a) Net sales/ Income from operation (net of excise duty)

6390.200

b) Other operating income

86.100

Total income from Operations(net)

6476.300

2.Expenditure

 

a) Cost of material consumed

1853.400

b) Purchases of stock in trade

589.100

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

416.900

d) Employees benefit expenses

487.300

e) Depreciation and amortization expenses

352.400

e) Power and Fuel

1037.300

f) Repairs and Maintenance 

375.700

g) Other expenditure

351.900

Total expenses

 

3. Profit from operations before other income and financial costs

1012.300

4. Other income

29.200

5. Profit from ordinary activities before finance costs

1041.500

6. Finance costs

385.000

7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items

656.500

8. Exceptional item

0.000

9. Profit from ordinary activities before tax Expense:

656.500

10.Tax expenses

140.100

11.Net Profit / (Loss) from ordinary activities after tax (9-10)

516.400

12.Extraordinary Items (net of tax expense)

0.000

13.Net Profit / (Loss) for the period (11 -12)

516.400

14.Paid-up equity share capital (Nominal value Rs. 10/- per share)

69.210

15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

 

16. Earnings per share (before extraordinary items) of Re. 1/- each) (not annualised):

 

(a) Basic and diluted

7.46

 

 

A. Particulars of shareholding

 

 

 

1. Public Shareholding

 

 

 

- Number of shares

 

 

41957120

- Percentage of shareholding

 

 

60.62

2. Promoters and Promoters group Shareholding-

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

 

 

 

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

 

 

--

Percentage of shares (as a % of total share capital of the company)

 

 

--

 

 

 

 

b) Non  Encumbered

 

 

 

Number of shares

 

 

27253480

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)

 

 

39.38

 

 

 

 

B. Investor Complaints

 

Pending at the beginning of the quarter

Nil

Receiving during the quarter

1

Disposed of during the quarter

1

Remaining unreserved at the end of the quarter

Nil

 

 

 

UNAUDITED SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

FOR THE QUARTER ENDED 30TH JUNE 2015

 

(Rs. In Million)  

 

PARTICULARS

30.06.2015

(Unaudited)

 

 

 

 

1. Segment Revenue

 

a. Paper

6087.500

b. Energy

779.800

c. Unallocated

236.700

Total

7104.000

Less : Inter Segment Revenue

713.800

Net Sales

6390.200

 

 

2. Segment Result

(Profit before Interest and Tax)

 

a. Paper

1027.200

b. Energy

27.500

c. Unallocated

40.000

Total

1094.70

 

 

Less : (i) Interest

385.000

(ii) Other un-allocable expenditure

net off un-allocable income.

53.200

 

 

Profit before Tax

686.500

Tax Expenses

140.100

Profit after Tax

516.400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Employed

 

 

 

a. Paper

 

 

33354.800

b. Energy

 

 

3488.800

c. Unallocated

 

 

933.400

d. other Unallocable Liabilities (Net)

 

 

(7019.900)

Total capital Employed

 

 

30757.100

 

 

 

 

 

 

 

 

 

Secondary Segments

 

 

 

Segment Revenue

 

 

 

a)Paper

 

 

 

India

 

 

5253.800

Rest of World

 

 

833.700

Sub Total

 

 

6087.500

b)Energy Sold Within India

 

 

779.800

c)Cement sold Within India

 

 

236.700

Total (a)+(b)+(c)

 

 

7104.000

Less: Inter-segment Revenue

 

 

713.800

Net Sales/ Income from Operations

 

 

6390.200

 

 

 

 

 

 

 

 

 

 

 

 

 

CONTINGENT LIABILITIES

 

Particulars

31.3.2015

a) Claims against the company not acknowledged as debts - Statutory Dues

 

i) Income-tax

982.528

ii) Wealth Tax

1.946

iii) Custom Duty

35.532

iv) Excise Duty

3506.736

v) CST/VAT

69.097

b) Claims against the company not acknowledged as debts - Others

 

i) Corporate Office - Land

2.280

ii) Land Acquisition Claims

13.765

iii) Cess on Land Lease at Perungudi - Wind farm

9.274

iv)Interest on Water Royalty paid belatedly

8.248

v) Lease - Wind Mill

0.812

vi) Interest - ABFSL

13.824

vii)Interest on Generation Tax

142.963

viii) Others

66.073

c) Concession in customs duty availed for imports

1328.610

Total

6181.688

 

FIXED ASSETS:

 

·         Land

·         Building

·         Railway Sidings

·         Plant and Machinery

·         Furniture and Fixture

·         Vehicles

·         Computer Software

 

WEBSITE DETAILS

 

PRESS RELEASE

During the quarter ended 30.06.2015, TNPL has produced 97152 Mts of Paper. The turnover during the quarter is Rs.6390.200 Million against Rs.4790.100 Million in the previous year.

 

Profit before Tax (PBT) is Rs.656.500 Million against Rs.362.400 Million in the previous year. Rs.352.400 Million has been provided for depreciation and Rs.385.000 Million for finance charges.

 

Profit after Tax (PAT) is Rs.516.400 Million against Rs.262.300 Million in the previous year. Higher production, higher sales and savings in manufacturing cost have enabled the company to achieve higher profit.

 

TNPL is setting up a 0.200 Million MT capacity Double Coated Multilayer Board Plant at a capital outlay of Rs.1500 Crore in Mundipatti Village, Manaparai Taluk Trichy District. The project is expected to be completed by December 2015

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.66.43

UK Pound

1

Rs.102.40

Euro

1

Rs.75.04

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

RKI

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

8

--CREDIT LINES

1~10

8

--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

 

67

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NB

NEW BUSINESS

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.