|
|
|
MIRA INFORM REPORT
|
Report No. : |
503331 |
|
Report Date : |
11.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
SHREE KRISHNA PAPER MILLS & INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
4830/24, Prahlad Street Ansari Road, Darya Ganj, New Delhi - 110002 |
|
Tel. No.: |
91-11-46263200 / 23261728 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
14.09.1972 |
|
|
|
|
Com. Reg. No.: |
55-279773 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 135.217 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L21012DL1972PLC279773 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Company engaged in the Manufacturing and Selling of News Print Paper and other value-added papers. (Registered activity) |
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|
|
|
No. of Employees
: |
273 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 560000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company incorporated in the year 1972 and it is having satisfactory track. For the financial year 2017, the company has increased in its revenue from operations as compared to previous year and reported decent profitability margin of 17.62%. Rating takes into consideration sound financial profile of the company marked by adequate networth base and average debt balance sheet. Further, rating also reflects from its long standing experience of the promoters, established track record of business operations and improvement in the revenue as well as profitability profile during the year. However, rating strength is partially offset by low reserves level during the year and highly fragmented and competitive nature of the industry. Trade relations are reported as fair. Business is active. Payment terms are seems to be usually correct. In view of the aforesaid, 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
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
31-03-2018.
BIFR (Board for Industrial & Financial
Reconstruction) LISTING STATUS
Subject’s name is not
listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 11.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-11-46263200 / 236)
LOCATIONS
|
Registered Office : |
4830/24, Prahlad Street Ansari Road, Darya Ganj, New Delhi – 110002, India |
|
Tel. No.: |
91-11-46263200 / 23261728 |
|
Fax No.: |
91-11-23266708 |
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E-Mail : |
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|
Website : |
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|
Works : |
Plot No. “SPL-A” RIICO Industrial Area, Village Keshwana, Teh. Kotputli, Distt. Jaipur – 303108, Rajasthan, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Prakash Narayan Singh |
|
Designation : |
Director |
|
Address : |
31, North Avenue, Punjabi Bagh, New Delhi – 110026, India |
|
Date of Appointment : |
01.07.2010 |
|
DIN No.: |
00076392 |
|
|
|
|
Name : |
Mr. Narendra Kumar Pasari |
|
Designation : |
Managing Director |
|
Address : |
D-214, Defence Colony, New Delhi -110024, India |
|
Date of Appointment : |
11.03.1974 |
|
DIN No.: |
00101426 |
|
|
|
|
Name : |
Mr. Bishwanath Pasari |
|
Designation : |
Director |
|
Address : |
D-214 Defence Colony New Delhi - 110024, India |
|
Date of Birth/Age : |
08.08.1930 |
|
Qualification : |
Matriculation |
|
Experience : |
Rich experience of about 64 years in trading business |
|
Date of Appointment : |
17.12.1980 |
|
DIN No.: |
00101519 |
|
|
|
|
Name : |
Mr. Lal Chand Sharma |
|
Designation : |
Director |
|
Address : |
199. Chittaranjan Avenue Kolkata – 700006, West Bengal, India |
|
Date of Appointment : |
30.07.2002 |
|
DIN No.: |
00196158 |
|
|
|
|
Name : |
Mr. Rajesh Muju |
|
Designation : |
Director |
|
Address : |
333, Block KG-1, Vikas Puri, Delhi – 110018, India |
|
Date of Birth/Age : |
23.03.1962 |
|
Qualification : |
Science Graduate |
|
Experience : |
More than 25 years of rich experience in the field of Purchase and Marketing |
|
Date of Appointment : |
07.03.2017 |
|
DIN No.: |
07751945 |
|
Note : *Resigned w.e.f. December 15, 2016 and **Appointed as Additional Director w.e.f. March 7, 2017 |
|
|
|
|
|
Name : |
Ms. Rakhi Verma |
|
Designation : |
Additional Director |
|
Address : |
H. No. F 100/2, Dilshad Colony, Delhi – 110095, India |
|
Date of Appointment : |
18.11.2017 |
|
DIN No.: |
07995132 |
KEY EXECUTIVES
|
Name : |
Ms. Sonam Katyal |
|
Designation : |
Company Secretary |
|
Address : |
H. No. 748, Gali Door Wali, Main Market, Pahar Ganj New Delhi -110055, India |
|
Date of Appointment : |
10.11.2014 |
|
PAN No.: |
CLGPK8889L |
|
|
|
|
Name : |
Mr. Sanjiv Kumar Agarwal |
|
Designation : |
Chief Financial Officer |
|
Address : |
218-A, Shipra Suncity Indirapuram Ghaziabad – 201010, Uttar Pradesh, India |
|
Date of Appointment : |
29.05.2014 |
|
PAN No.: |
AAEPA1968M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on December, 2017
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares |
|
|
Promoter and Promoter Group |
5710680 |
42.23 |
|
|
Public |
7811000 |
57.77 |
|
|
Grand Total |
13521680 |
100.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
970200 |
7.18 |
|
|
Birender Kumar Pasari |
910000 |
6.73 |
|
|
Pradeep Kumar Pasari |
60000 |
0.44 |
|
|
Bishwanath Pasari |
200 |
0.00 |
|
|
Any Other (specify) |
4740480 |
35.06 |
|
|
Bishwanath Industries Limited |
2047300 |
15.14 |
|
|
Bishwanath Traders and Investments Limited |
1671080 |
12.36 |
|
|
Bijay Paper Traders Limited |
747100 |
5.53 |
|
|
Devanshu Infin Limited |
275000 |
2.03 |
|
|
Sub Total A1 |
5710680 |
42.23 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
5710680 |
42.23 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares |
|
|
B1) Institutions |
0 |
0.00 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto INR 0.200 Million |
544878 |
4.03 |
|
|
Individual share capital in excess of INR 0.200 Million |
212133 |
1.57 |
|
|
Any Other (specify) |
7053989 |
52.17 |
|
|
HUF |
9540 |
0.07 |
|
|
WPS PTE ltd. |
1200000 |
8.87 |
|
|
NRI – Non- Repat |
300 |
0.00 |
|
|
Vijay Kumar Gupta |
2000000 |
14.79 |
|
|
NRI – Repat |
3 |
0.00 |
|
|
Clearing Members |
2521 |
0.02 |
|
|
Govinda Power and Products Private Limited |
1400000 |
10.35 |
|
|
SKCS Finvest Private Limited |
1014850 |
7.51 |
|
|
Gopala Sales Private Limited |
750000 |
5.55 |
|
|
Global Manufacturers and Products Private Limited |
660000 |
4.88 |
|
|
Bodies Corporate |
16775 |
0.12 |
|
|
Sub Total B3 |
7811000 |
57.77 |
|
|
B=B1+B2+B3 |
7811000 |
57.77 |
BUSINESS DETAILS
|
Line of Business : |
Company engaged in the Manufacturing and Selling of News Print Paper and other value-added papers. (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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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 : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
273 (Approximately) |
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Bankers : |
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Facilities : |
NOTE : LONG-TERM
BORROWINGS Details of security
and terms of repayment: (a) Vehicle loan secured by hypothecation of vehicle and year wise maturity amount is as under:- 2018-19 Amount (INR in Million) 0.370 No. of Instalments 6 (b) Unsecured loans are repayable on March 31, 2027. However, the Company has the option to pay before maturity by giving prior notice of 30 days. (c) The above loans carry varying rates of interest with the maximum rate of interest going upto 10.50% (previous year 10.50%). SHORT-TERM
BORROWINGS Details of Security: (a) Cash credit facilities from banks under consortium arrangement having Bank of India as lead bank, are secured by first pari - passu charge on hypothecation of inventories and receivables and all other current assets of the Company, collaterally secured by second pari - passu charge on the entire movable and immovable assets of the Company both present and future and personal guarantee of two Directors of the Company. (b) Cash credit facilities are also collaterally secured by pledge of 4820400 equity shares (previous year 4820400) held by the promoter and promoter group. (c) Maximum rate of interest was 10.95% per annum (previous year 11.45% per annum). |
|
Auditors : |
|
|
Name : |
Radheshyam Sharma and Company Chartered Accountants |
|
Address : |
351, 3rd Floor, Agarwal Modern Bazar, C-33, Lawrence Road,
Industrial Area, Delhi – 110035, India |
|
Tel. No.: |
91-11-27407302 / 27192102 / 45065185 |
|
Mobile No.: |
91-9810209513 |
|
E-Mail : |
|
|
|
|
|
Cost Auditors: |
|
|
Name : |
Vijender Sharma and Company Cost Accountants |
|
Address : |
New Delhi, India |
|
|
|
|
Secretarial
Auditors |
|
|
Name : |
BLAK and Company Company Secretaries |
|
Address : |
New Delhi, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprise where
Key Management Personnel/ Relative of Key Managerial Personnel has significant
influence: |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
INR 10/- each |
INR 200.000 Million |
|
500000 |
Preference Shares |
INR 100/- each |
INR 50.000 Million |
|
|
Total |
|
INR 250.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,521680 |
Equity Shares |
INR 10/- each |
INR 135.217 Million |
|
|
|
|
|
Reconciliation of number of shares outstanding at the beginning and end
of the year
|
Particulars |
As at March 31,2017 |
|
|
|
No. of Shares |
INR in Million |
|
Balance at the beginning of the year |
13521680 |
INR 135.217 Million |
|
Issued during the year |
-- |
-- |
|
Balance at the end of the year |
13521680 |
INR 135.217 Million |
|
|
|
|
|
4% Cumulative
Redeemable Preference Shares of INR 100/- each |
|
|
|
Balance at the beginning of the year |
500000 |
INR 50.000 Million |
|
Issued during the year |
-- |
-- |
|
Redeemed during the year |
500000 |
INR 50.000 Million |
|
Balance at the end of the year |
-- |
-- |
Rights, preferences
and restrictions attached to shares: Equity shares
The Company has one class of equity shares referred to as equity shares having at par value of INR 10/- each. Each shareholder is entitled to one vote per share. In the event of liquidation, the equity-holders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Preference shares
The Company had one class of preference shares referred to as preference shares redeemable at par value of INR 100 each. These shares carry a fixed cumulative dividend of 4% per annum and a preferential right in respect of dividend and capital over equity shareholders. As stipulated, the preference shares have been redeemed in March, 2017.
Shareholders holding
more than 5% of shares:
|
Particulars |
As at March 31,2017 |
|
|
|
No. of Shares |
(%) |
|
M/s. Bishwanath Industries Limited |
2047300 |
15.14 |
|
Mr. Vijay Kumar Gupta |
2000000 |
14.79 |
|
M/s. Bishwanath Traders and Investments Limited |
1671080 |
12.36 |
|
M/s. Govinda Power and Products Private Limited |
1400000 |
10.35 |
|
M/s. WPS PTE Limited |
1200000 |
8.87 |
|
M/s. SKCS Finvest Private Limited |
1014850 |
7.51 |
|
Mr. Birender Kumar Pasari |
910000 |
6.73 |
|
M/s. Gopala Sales Private Limited |
750000 |
5.55 |
|
M/s. Bijay Paper Traders Limited |
747100 |
5.53 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
135.217 |
185.217 |
185.217 |
|
(b) Reserves & Surplus |
59.152 |
(182.022) |
(206.590) |
|
(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) |
194.369 |
3.195 |
(21.373) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
63.234 |
63.933 |
132.878 |
|
(b) Deferred tax liabilities
(Net) |
4.601 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
27.590 |
29.165 |
25.849 |
|
(d) long-term provisions |
13.772 |
13.131 |
14.099 |
|
Total
Non-current Liabilities (3) |
109.197 |
106.229 |
172.826 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
182.956 |
276.145 |
295.62 |
|
(b) Trade payables |
178.513 |
169.763 |
141.178 |
|
(c) Other current liabilities |
40.024 |
149.282 |
98.817 |
|
(d) Short-term provisions |
7.112 |
1.312 |
3.166 |
|
Total
Current Liabilities (4) |
408.605 |
596.502 |
538.781 |
|
|
|
|
|
|
TOTAL |
712.171 |
705.926 |
690.234 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
243.868 |
265.135 |
264.364 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
32.553 |
5.341 |
23.351 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.122 |
0.122 |
0.122 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
67.664 |
18.051 |
20.809 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.902 |
|
Total
Non-Current Assets |
344.207 |
288.649 |
309.548 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
102.439 |
96.649 |
131.796 |
|
(c) Trade receivables |
158.812 |
241.215 |
171.828 |
|
(d) Cash and cash equivalents |
25.935 |
23.151 |
22.955 |
|
(e) Short-term loans and
advances |
74.157 |
53.970 |
51.773 |
|
(f) Other current assets |
6.621 |
2.292 |
2.334 |
|
Total
Current Assets |
367.964 |
417.277 |
380.686 |
|
|
|
|
|
|
TOTAL |
712.171 |
705.926 |
690.234 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
1368.720 |
1250.482 |
1408.610 |
|
|
Other Income |
12.892 |
2.712 |
4.151 |
|
|
TOTAL
|
1381.612 |
1253.194 |
1412.761 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
791.201 |
691.764 |
872.042 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(7.537) |
27.248 |
(20.203 |
|
|
Employees benefits expense |
73.973 |
66.631 |
74.340 |
|
|
Exceptional items |
(177.135) |
0.000 |
0.000 |
|
|
Other expenses |
397.636 |
360.505 |
394.372 |
|
|
TOTAL |
1078.138 |
1146.148 |
1320.551 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
303.474 |
107.046 |
92.210 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
26.439 |
48.504 |
54.497 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
277.035 |
58.542 |
37.713 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
31.260 |
33.392 |
33.602 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
245.775 |
25.150 |
4.111 |
|
|
|
|
|
|
|
Less |
TAX |
4.601 |
0.582 |
0.004 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
241.174 |
24.568 |
4.107 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
129.350 |
78.178 |
122.318 |
|
|
Components and Stores parts |
0.000 |
3.303 |
2.228 |
|
|
Capital Goods |
2.656 |
1.831 |
0.000 |
|
|
TOTAL
IMPORTS |
132.006 |
83.312 |
124.546 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
17.66 |
1.64 |
0.13 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.791 |
104.971 |
68.734 |
|
Cash from operating activities |
172.770 |
112.755 |
NA |
|
Net cash flow from operating activity |
309.638 |
112.549 |
127.960 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
1ST Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
367.550 |
264.120 |
377.000 |
|
Total Expenditure |
356.430 |
252.580 |
375.820 |
|
PBIDT (Excl OI) |
11.120 |
11.540 |
1.180 |
|
Other Income |
1.740 |
0.630 |
1.500 |
|
Operating Profit |
12.860 |
12.170 |
2.680 |
|
Interest |
6.440 |
7.100 |
7.270 |
|
Exceptional Items |
NA |
NA |
53.950 |
|
PBDT |
6.420 |
5.070 |
49.360 |
|
Depreciation |
7.030 |
6.830 |
6.990 |
|
Profit Before Tax |
(0.610) |
(1.760) |
42.370 |
|
Tax |
2.740 |
(0.900) |
(3.180) |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
(3.350) |
(0.860) |
45.550 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(3.350) |
(0.860) |
45.550 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
42.35 |
70.41 |
44.52 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
8.62 |
5.18 |
8.20 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
82.35 |
89.57 |
59.09 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
2.96 |
1.11 |
0.70 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
1.10 |
0.40 |
0.32 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.66 |
1.08 |
1.07 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.27 |
139.30 |
(23.26) |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
2.10 |
186.70 |
(25.21) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.42 |
84.66 |
(13.46) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
11.48 |
2.21 |
1.69 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
((PAT / Sales) * 100) |
% |
17.62 |
1.96 |
0.29 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
33.86 |
3.48 |
0.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
124.08 |
768.95 |
(19.22) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.90 |
0.70 |
0.71 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.65 |
0.54 |
0.46 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.27 |
0.00 |
(0.03) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.83 |
2.40 |
2.68 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.90 |
0.70 |
0.71 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- each |
|
Market Value |
INR 35.00/- each |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
185.217 |
185.217 |
135.217 |
|
Reserves & Surplus |
(206.590) |
(182.022) |
59.152 |
|
Net
worth |
(21.373) |
3.195 |
194.369 |
|
|
|
|
|
|
Long Term borrowings |
132.878 |
63.933 |
63.234 |
|
Short Term borrowings |
295.620 |
276.145 |
182.956 |
|
Current Maturities of Long term debt |
68.734 |
104.971 |
0.791 |
|
Total
borrowings |
497.232 |
445.049 |
246.981 |
|
Debt/Equity
ratio |
(23.264) |
139.295 |
1.271 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
1408.610 |
1250.482 |
1368.720 |
|
|
|
(11.226) |
9.455 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
1408.610 |
1250.482 |
1368.720 |
|
Profit |
4.107 |
24.568 |
241.174 |
|
|
0.29% |
1.96% |
17.62% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
Litigations that the firm/promoter
involved in |
-- |
|
32 |
Market information |
-- |
|
33 |
Payments terms |
No |
|
34 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The Company is a public company domiciled in India. Its shares are listed on Bombay Stock Exchange. The Company engaged in the manufacturing and selling of news print paper and other value-added papers.
FINANCIAL RESULTS
During the year, the revenue from operations was INR 1368.720 Million against INR 1250.482 Million in the last financial year. The Company has earned profit after tax of INR 241.174 Million (including income from exceptional items amounting to INR 177.135 Million) against INR 24.568 Million in last year. The profitability of the Company has been increased as a result of higher margin, better efficiency and reduction in finance costs. In addition, various measures have also been implemented resulting into significant improvement in the performance of Company and the efforts are being continued to perform better in future also.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Indian paper industry is one of the fastest-growing paper markets in the world. It provides employment to more than 0.5 million people directly and another 1.5 million indirectly. Demand for paper has been growing at around 8% per annum, mirroring the growth in GDP. This indicates that there is significant headroom for growth in India. Besides, policy factors also have a key role to play in the growth of the domestic paper industry. The government’s sustained focus on literacy, increased consumerism and expansion in organized retail are expected to positively affect paper consumption and demand in India.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2017
(INR
in Million)
|
|
|
Particulars |
31.12.2017 (Quarter Ended) |
30.06.2017 (Quarter Ended) |
31.12.2017 (Nine months Ended) |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
376.998 |
264.122 |
1008.665 |
|
|
|
b) Other Operating Income |
1.500 |
0.626 |
3.868 |
|
|
Total Income from
Operations (Net) |
378.498 |
264.748 |
1012.533 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
230.543 |
158.938 |
611.093 |
|
|
b) |
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
10.086 |
(16.678) |
2.500 |
|
|
c) |
Employee benefit expenses |
20.321 |
19.392 |
58.599 |
|
|
d) |
Finance Costs |
7.265 |
7.098 |
20.807 |
|
|
e) |
Depreciation and amortization expense |
6.986 |
6.834 |
20.849 |
|
|
f) |
Excise duty |
0.000 |
0.000 |
3.047 |
|
|
g) |
Other expenses |
114.882 |
90.924 |
309.595 |
|
|
Total Expenses |
390.083 |
266.508 |
1026.490 |
|
|
|
|
|
|
|
|
|
3 |
Profit/ (Loss)
before exceptional items and Tax |
(11.585) |
(1.760) |
(13.957) |
|
|
|
Exceptional items |
(53.951) |
0.000 |
(53.951) |
|
|
3 |
Profit before Tax |
42.366 |
(1.760) |
39.994 |
|
|
4 |
Tax Expense |
(3.181) |
(0.902) |
(1.347) |
|
|
5 |
Net Profit for the
period after tax |
45.547 |
(0.858) |
41.341 |
|
|
|
|
|
|
|
|
|
|
Total
Comprehensive Income for the period |
45.547 |
(0.858) |
41.341 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
3.37 |
(0.06) |
3.06 |
|
NOTE :
1. The above Financial Results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors at its meetings held on February 13, 2018. Limited Review of these results have been carried out by the Auditors.
2. The Company has adopted Indian Accounting Standards (Ind AS) w.e.f. April 1, 2017. Accordingly, the financial results of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Accounting Standards) Rule 2015 and specified in Section 133 of the Companies Act, 2013. The results for the corresponding previous quarter and nine months have also been restated. Based on SEBI circular CIR/CFD/FAC/62/2016 dated 5th July 2016, the Company has opted to avail the exemption and hence, the financial results for the previous year ended March 31, 2017 are not given.
3. During the quarter, Mrs. Tripta Goswami has resigned from the Directorship of the Company on November 18, 2017 and Mrs. Rakhi Verma has been appointed as an Additional Director of the Company in her place.
4. After applicability of Goods and Service Tax (GST) w.e.f. July 01, 2017, sales are required to be disclosed net of GST. Accordingly, the figures of revenue from operations for the quarter ended December 31, 2017 & September 30, 2017 and nine months ended December 31, 2017 are not comparable with the previous period figures.
5. Exceptional Items during the quarter and nine months ended December 31, 2017 represents net profit on sale of a portion of Bahadurgarh land and building and of a Motor Vehicle.
7. The Company operates in only one business segment i.e. Paper.
8. Previous period's figures have been regrouped/rearranged to make them comparable with those of current period.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from related parties |
57.864 |
57.864 |
|
Loans and advances from other bodies corporate |
5.000 |
5.000 |
|
|
|
|
|
Total |
62.864 |
62.864 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C66023920 |
10594654 |
ICICI BANK LIMITED |
08/09/2015 |
- |
- |
2000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
2 |
G41422783 |
10187699 |
Bank of India |
25/11/2009 |
22/03/2017 |
- |
420000000.0 |
New Delhi Mid Corporate Branch4, PTI Building, Sansad MargNew DelhiRJ303108IN |
|
3 |
G41423583 |
10187701 |
Bank of India (Lead Bank) |
25/11/2009 |
17/06/2010 |
12/04/2017 |
336800000.0 |
New Delhi Corporate Banking Branch37, Shaheed Bhagat Singh MargNew DelhiDL110001IN |
|
4 |
G41423740 |
10351635 |
Bank of India (Lead Bank) |
11/04/2012 |
11/04/2012 |
12/04/2017 |
28300000.0 |
New Delhi Mid Corporate Branch37, Saheed Bhagat Singh Marg, Connaught PlaceNew DelhiDL110001IN |
|
5 |
B23078918 |
10029816 |
Bank of India (Lead Bank) |
08/12/2006 |
- |
10/10/2011 |
550000000.0 |
New Delhi Corporate Banking Branch37, Shaheed Bhagat Singh MargNew DelhiDL110001IN |
|
6 |
B23079791 |
10035486 |
Bank of India (Lead Bank) |
08/12/2006 |
- |
10/10/2011 |
550000000.0 |
New Delhi Corporate Banking Branch37, Shaheed Bhagat Singh MargNew DelhiDL110001IN |
|
7 |
B23086663 |
90254560 |
Bank of India |
11/02/2005 |
08/12/2006 |
10/10/2011 |
102000000.0 |
New Delhi Corporate Banking Branch37, Shaheed Bhagat Singh MargNew DelhiDL110001IN |
|
8 |
B23080542 |
80019806 |
BANK OF INDIA (LEAD BANK) |
21/04/2005 |
08/12/2006 |
10/10/2011 |
250000000.0 |
NEW DELHI CORPORATE BANKING BRANCH37, SHAHEED BHAGAT SINGH MARG,NEW DELHIDL110001IN |
|
9 |
B23461932 |
90254638 |
THE CATHOLIC SYRIAN BANK LTD |
21/04/2005 |
08/12/2006 |
07/10/2011 |
75000000.0 |
HEAD OFFICE, "CSB BHAVAN",POST BOX NO.502, ST. MARY'S COLLEGE ROAD,THRISSURKL680020IN |
|
10 |
B23462518 |
90256560 |
ANDHRA BANK |
28/01/2005 |
21/04/2005 |
05/10/2011 |
50000000.0 |
1/20. ASAF ALI ROADNEW DELHIDL110002IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the
Company not acknowledged as debt |
|
|
|
Central excise duty and service tax matters |
31.622 |
33.848 |
|
Custom duty matters |
36.310 |
22.814 |
|
Water cess |
0.670 |
0.670 |
|
Provident fund |
0.404 |
0.000 |
|
Sales tax matters |
23.486 |
23.486 |
|
(i) Show Cause notices issued by the Excise Department for recovery of INR 404.351 Million has adjudicated and demand of INR 372.757 Million has been dropped. Remaining demand of INR 31.594 Million has confirmed along with the penalty thereon. The Company has filed appeal before the Hon’ble CESTAT. (ii) The contingent liabilities in respect of Customs Duty demand of INR 16.310 Million and penalty and fine of INR 20.000 Million. The appeal has been filed before Hon’ble CESTAT. The amount of INR 25.000 Million is already lying deposited under protest with Custom Department. (iii) The other contingent liabilities have been disputed by the Company before respective authorities on account of classification, rates and applicability. (iv) Based on the legal advices, the Company is reasonably certain that the outcome of these proceedings shall not have a material impact on its financial statements. |
||
|
|
|
|
|
Other money for
which the Company is contingently liable |
|
|
|
Right of recompense under CDR package |
94.926 |
86.999 |
|
Arrears of dividend on 4% cumulative redeemable preference share (including dividend distribution tax) |
17.543 |
15.195 |
FIXED ASSETS
- Land
- Buildings
- Plant and Equipment
- Furniture and
- Fixtures
- Vehicles
- Office Equipment
- Computers
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.93 |
|
|
1 |
INR 91.50 |
|
Euro |
1 |
INR 79.69 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKS |
|
|
|
|
Analysis Done by
: |
PRS |
|
|
|
|
Report Prepared
by : |
KJL |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.