|
|
|
MIRA INFORM REPORT
|
Report No. : |
504162 |
|
Report Date : |
16.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
B & A PACKAGING INDIA LIMITED (w.e.f. 2010) |
|
|
|
|
Formerly Known
As : |
B & A MULTIWALL PACKAGING LIMITED |
|
|
|
|
Registered
Office : |
22, Balgopalpur Industrial Aresa, Balasore – 756020, Odisha |
|
Tel. No.: |
91-6782-275725/ 735 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
16.01.1986 |
|
|
|
|
Com. Reg. No.: |
15-001624 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 49.803 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L21021OR1986PLC001624 |
|
|
|
|
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. |
|
|
|
|
Line of Business
: |
The company produces high quality paper sacks and flexible laminates. (Registered Activity) |
|
|
|
|
No. of Employees
: |
121 (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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1986 and it engaged in producing
high quality paper sacks and flexible laminates. As per financial of March 2017, the company has registered growth of
12.88% in its revenue as compared to its previous year’s revenue and has
reported decent profit margin of 6.94%. Rating takes into consideration the company’s established track record
of business operations marked by sound networth base along with strong debt
coverage indicators and decent liquidity position. Rating also takes into account the promoters’ extensive industry experience
and BAPIL’s established marked position in the paper sacks manufacturing
business. However, rating strength is partially offset by large working capital
requirements and exposure to volatility in raw material prices and to intense
competition. As per unaudited quarterly financials of December 2017, the company
has achieved a revenue of INR 169.590 Million and has reported decent profit
margin of 5.16%. Payments terms seems to be usually correct. In view of 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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating=BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
31.03.2018 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
31.03.2018 |
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 16.04.2018
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.: 91-6782-275725/ 735)
LOCATIONS
|
Registered Office / Factory 1 : |
22, Balgopalpur Industrial Aresa, Balasore – 756020, Odisha, India |
|
Tel. No.: |
91-6782-275725/ 735 |
|
Fax No.: |
91-6782-275142/ 729 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
113,
Park Street, 9th Floor, Kolkata - 700 016, West Bengal, India |
|
Tel. No.: |
91-33-22269582 / 22295098 / 22657389 / 22168862 / 22178048 |
|
Fax No.: |
91-33-22277538 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
1185/1186,
Tankapani Road, Bhubaneswar - 751 018, Orissa, India |
|
Tel. No.: |
91-6782-275725 / 729 |
|
|
|
|
Branch Office 1: |
Indu-Bhawan, M.G. Road, Jorhat, Assam, India |
|
Tel. No.: |
91-376-2300580/ 4673 |
|
|
|
|
Branch Office 2: |
Sri Ranga Nest, 1/1A,Gandhi Maidan, Ooty Main Road, Mettupalyam, Coimbatore - 641 301,Tamilnadu, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Somnath Chatterjee |
|
Designation : |
Whole-time Director |
|
Address : |
GC-77, Salt Lake, Sector-III, Kolkata – 700106, West Bengal, India |
|
Date of Appointment : |
30.04.2013 |
|
DIN No.: |
00172364 |
|
|
|
|
Name : |
Mr. Amit Chowdhuri |
|
Designation : |
Director |
|
Address : |
3, Ballygunge Park Road, Kolkata – 700019, West Bengal, India |
|
Date of Appointment : |
05.11.2013 |
|
DIN No.: |
00080854 |
|
|
|
|
Name : |
Mr. Anjan Ghosh |
|
Designation : |
Director |
|
Address : |
27B, SHIB Krishna Daw Lane, Kolkata – 700054, West Bengal, India |
|
Date of Appointment : |
24.04.2010 |
|
DIN No.: |
00655014 |
|
|
|
|
Name : |
Ms. Gargi Barooah |
|
Designation : |
Director |
|
Address : |
Flat - 10/10 6, Sunny Park, Kolkata – 700019, West Bengal, Indi a |
|
Date of Appointment : |
25.02.2008 |
|
DIN No.: |
01922307 |
|
|
|
|
Name : |
Ms. Anuradaha Farley |
|
Designation : |
Director |
|
Address : |
6, Palace Gardens, Terrace London W84RP GB |
|
Date of Appointment : |
13.11.2013 |
|
DIN No.: |
06699021 |
KEY EXECUTIVES
|
Name : |
Mr. Debdip Chowdhury |
|
Designation : |
Company Secretary |
|
Address : |
1st Floor, Flat A1, 12J, Paikpara Row PS Chitpore, PO- Tala, Kolkata – 700037, West Bengal, India |
|
Date of Appointment : |
01.08.2015 |
|
PAN No.: |
AFDPC9630E |
|
|
|
|
Name : |
Mr. Goutamanshu Mukhopadhyay |
|
Designation : |
Choef Financial Officer |
|
Address : |
AE 827, Saltlake, AE Market Sector-1, Bidhannagar(M), North 24 Parganas, Kolkata – 700064, West Bengal, India |
|
Date of Appointment : |
28.08.2017 |
|
PAN No.: |
ADMPM5823C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2018
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as
a % of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
(A) Promoter and Promoter
Group |
3690114 |
74.39 |
|
|
(B) Public |
1270386 |
25.61 |
|
|
Grand
Total |
4960500 |
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 (calculated as per SCRR, 1957)As a % of |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
25785 |
0.52 |
|
|
SOMNATH CHATTERJEE |
19385 |
0.39 |
|
|
GARGI BAROOAH |
2400 |
0.05 |
|
|
SHEY NAIMA BAROOAH |
1800 |
0.04 |
|
|
USHA BAROOAH |
1900 |
0.04 |
|
|
TRIPURA NATH BAROOAH |
300 |
0.01 |
|
|
Any Other (specify) |
3564329 |
71.85 |
|
|
B & A LIMITED |
3554829 |
71.66 |
|
|
HEMEN BAROOAH BENEVOLENT
& FAMILY TRUST |
9500 |
0.19 |
|
|
Sub Total A1 |
3590114 |
72.37 |
|
|
A2) Foreign |
0.00 |
||
|
Any Other (specify) |
100000 |
2.02 |
|
|
DRG (UK) LIMITED |
100000 |
2.02 |
|
|
Sub Total A2 |
100000 |
2.02 |
|
|
A=A1+A2 |
3690114 |
74.39 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name
of the Shareholders |
No. of fully
paid up equity shares held |
Shareholding %
calculated as per SCRR, 1957 As a % of |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Financial Institutions/
Banks |
300000 |
6.05 |
|
|
INDUSTRIAL PROMOTION
& INVESTMENT CORPORATION OF ORISSA LIMITED |
300000 |
6.05 |
|
|
Sub Total B1 |
300000 |
6.05 |
|
|
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 |
598186 |
12.06 |
|
|
Any Other (specify) |
372200 |
7.50 |
|
|
BHUBNESH COMMERCIAL
PRIVATE LIMITED. |
241000 |
4.86 |
|
|
AMREX MARKETING PRIVATE
LIMITED. |
129000 |
2.60 |
|
|
Bodies Corporate |
2200 |
0.04 |
|
|
Sub Total B3 |
970386 |
19.56 |
|
|
B=B1+B2+B3 |
1270386 |
25.61 |
BUSINESS DETAILS
|
Line of Business : |
The company produces high quality paper sacks and flexible laminates. (Registered Activity) |
||||||
|
|
|
||||||
|
Products/ Services : |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Available |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Available |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
121 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
APS Associates Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
B and A Limited |
|
|
|
|
Other Related Party
: |
Barooahs and Associates Private Limited |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
INR 10/- each |
INR 80.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4960500 |
Equity Shares |
INR 10/- each |
INR 49.605
Million |
|
|
Forfeited Shares (39500/- Shares of INR 10/- each but originally paid-up of INR 5/- each) |
|
INR 0.198
Million |
|
|
Total |
|
INR 49.803 Million |
(A)
Terms/rights attached to Equity Shares:
The company has one class
of equity shares having a par value of INR 10 per share. Each holder of equity
share is entitled to one vote per share. 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, in
proportion to their shareholdings.
(B) (i) 3554829 Shares i.e,
71.66% are held by the holding company, B&A Limited,
(ii)
Shares in the company held by other Shareholders holding more than 5% shares –
Industrial Promotion and Investment Corporation of Odisha Limited 300000 Shares
i.e, 6.05%.
(iii)
Shares issued during five years immediately preceding this Balance Sheet - NIL
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 |
49.803 |
49.803 |
49.803 |
|
(b) Reserves & Surplus |
148.899 |
111.819 |
83.583 |
|
(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) |
198.702 |
161.622 |
133.386 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
28.280 |
27.247 |
39.577 |
|
(b) Deferred tax liabilities (Net) |
15.484 |
15.455 |
13.578 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
4.270 |
3.059 |
2.462 |
|
Total Non-current
Liabilities (3) |
48.034 |
45.761 |
55.617 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
87.693 |
90.777 |
95.644 |
|
(b) Trade
payables |
77.249 |
60.080 |
73.784 |
|
(c) Other
current liabilities |
6.607 |
16.239 |
18.546 |
|
(d) Short-term
provisions |
10.244 |
12.462 |
5.766 |
|
Total Current
Liabilities (4) |
181.793 |
179.558 |
193.740 |
|
|
|
|
|
|
TOTAL |
428.529 |
386.941 |
382.743 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
159.975 |
155.988 |
150.410 |
|
(ii)
Intangible Assets |
0.916 |
1.195 |
0.772 |
|
(iii)
Capital work-in-progress |
3.173 |
0.106 |
2.373 |
|
(iv)
Intangible assets under development |
3.921 |
3.621 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
3.398 |
3.433 |
3.075 |
|
Total Non-Current
Assets |
171.383 |
164.343 |
156.630 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
123.898 |
91.554 |
108.413 |
|
(c) Trade
receivables |
108.634 |
109.183 |
88.050 |
|
(d) Cash
and cash equivalents |
11.656 |
10.509 |
13.930 |
|
(e)
Short-term loans and advances |
12.958 |
11.352 |
15.720 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total Current
Assets |
257.146 |
222.598 |
226.113 |
|
|
|
|
|
|
TOTAL |
428.529 |
386.941 |
382.743 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
534.120 |
473.166 |
462.855 |
|
|
Other Income |
7.213 |
6.352 |
8.103 |
|
|
TOTAL |
541.333 |
479.518 |
470.958 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
346.552 |
295.843 |
329.503 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(9.660) |
10.835 |
(11.710) |
|
|
Employees benefits
expense |
61.238 |
45.000 |
35.212 |
|
|
Other expenses |
58.564 |
48.968 |
50.964 |
|
|
TOTAL |
456.694 |
400.646 |
403.969 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
84.640 |
78.872 |
66.989 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
17.684 |
21.347 |
23.482 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
66.955 |
57.525 |
43.507 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
12.816 |
9.018 |
6.898 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
54.139 |
48.507 |
36.609 |
|
|
|
|
|
|
|
Less |
TAX |
17.058 |
17.287 |
12.147 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
37.081 |
31.220 |
24.462 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
88.456 |
60.221 |
38.939 |
|
|
|
|
|
|
|
Less |
Adjustment for
depreciation on fixed assets |
0.000 |
0.000 |
(0.195) |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Provision for Proposed
Dividend |
0.000 |
2.480 |
2.480 |
|
|
Provision for Dividend
Distribution Tax |
0.000 |
0.505 |
0.505 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
125.537 |
88.456 |
60.221 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
164.580 |
100.233 |
132.167 |
|
|
TOTAL IMPORTS |
164.580 |
100.233 |
132.167 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
7.48 |
6.29 |
4.93 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities
of Long term debt |
|
|
|
|
-Term Loan I from United Bank of India, Calcutta Branch |
0.000 |
12.567 |
0.000 |
|
-Term Loan II from United Bank of India, Calcutta Branch |
3.045 |
0.000 |
14.155 |
|
Total
|
3.045 |
12.567 |
14.155 |
|
Cash generated from operations |
58.169 |
62.066 |
47.348 |
|
Net cash flow from operating activity |
25.062 |
29.303 |
24.221 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Unaudited |
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
164.560 |
193.590 |
169.600 |
|
Total Expenditure |
131.550 |
154.740 |
147.790 |
|
PBIDT (Excl OI) |
33.010 |
38.850 |
21.810 |
|
Other Income |
0.610 |
0.360 |
1.860 |
|
Operating Profit |
33.620 |
39.210 |
23.670 |
|
Interest |
3.870 |
4.250 |
4.160 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
29.750 |
34.960 |
19.520 |
|
Depreciation |
3.270 |
3.700 |
6.460 |
|
Profit Before Tax |
26.480 |
31.260 |
13.060 |
|
Tax |
8.760 |
10.330 |
4.320 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
17.730 |
20.920 |
8.740 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
17.730 |
20.920 |
8.740 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
74.24 |
84.22 |
69.43 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
4.92 |
4.33 |
5.26 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
81.36 |
74.12 |
81.73 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.68 |
0.86 |
0.62 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.50 |
0.49 |
0.44 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.50 |
0.57 |
0.65 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.60 |
0.81 |
1.12 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.91 |
1.11 |
1.45 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.85 |
1.00 |
1.15 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
4.79 |
3.69 |
2.85 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
6.94 |
6.60 |
5.29 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
8.65 |
8.07 |
6.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
18.66 |
19.32 |
18.34 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.41 |
1.24 |
1.17 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.73 |
0.73 |
0.61 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.46 |
0.42 |
0.35 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.39 |
2.62 |
3.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.41 |
1.24 |
1.17 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 3.00/- |
FINANCIAL ANALYSIS
[all figures are
in 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 |
49.803 |
49.803 |
49.803 |
|
Reserves & Surplus |
83.583 |
111.819 |
148.899 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
133.386 |
161.622 |
198.702 |
|
|
|
|
|
|
long-term borrowings |
39.577 |
27.247 |
28.280 |
|
Short term borrowings |
95.644 |
90.777 |
87.693 |
|
Current Maturities of
Long term debt |
14.155 |
12.567 |
3.045 |
|
Total borrowings |
149.376 |
130.591 |
119.018 |
|
Debt/Equity ratio |
1.120 |
0.808 |
0.599 |
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 |
462.855 |
473.166 |
534.120 |
|
|
|
2.228 |
12.882 |
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 |
462.855 |
473.166 |
534.120 |
|
Profit/(Loss) |
24.462 |
31.220 |
37.081 |
|
|
5.29% |
6.60% |
6.94% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
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 |
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 |
MANAGEMENT DISCUSSION
AND ANALYSIS
PERFORMANCE AND
OPERATIONS
The company produces high quality paper sacks and flexible laminates. It’s manufacturing facility is located at Balasore Odisha. The company has completed another successful year of operation as the production and sales in both the divisions of the company have increased compared to previous year. The paper sacks division recorded a net sales volume of INR 401.264 Million (previous year INR 352.281 Million); while the flexible business registered a net sales volume of INR 132.022 Million (previous year INR 120.085 Million).
The Company has been registering growth for last three financial years. The demand for its paper based products has remained steady throughout the year. The flexible packaging division is also catching up in terms of sales volume but presence of numerous unrecognized and local producers of laminates who have unrealistic cost structure is a hindrance for growth of the organized players like the company. However, non-availability of quality paper indigenously in adequate quantity, accelerating cost of key input materials, labour and fuel and intense competition have been concern to the company and are the hindering the growth dynamics. The Company being considered as quality manufacturer in its field have been able to maintain its reputation throughout.
The Company carried several modernization programmes in its plant and those have benefitted in improving productivity. The Company had received British Retail Consortium (BRC: lop) which is acknowledged as a global benchmark for food safety, for its facilities at Balasore factory besides ISO accreditations.
FUTURE PROSPECTS
The packaging industry in India has been registering a consistent growth rate of around 15% on Y-o-Y basis. The paper based packaging industry is however finding itself at a crossroads. Increasing prices of paper, non-availability of international standard papers at affordable prices, resistance of industry to use paper based packaging to offer sustainable prices, increasing competition, non-viability of automatic plants are proving to be hurdles in the growth path. On the other hand flexible packaging though being the most dynamic and fastest market in India; lack of domestic technology, high input costs and environmental issues are serious challenges before this sector.
Despite these adverse circumstances, the industry has been taking on the challenges and looking forward to the future opportunities. As global companies are setting up their manufacturing bases in India to take advantage of the growing demand for consumer and white goods – the need for high quality packaging material are appearing evident. Industry experts feel that increasing health and food consciousness, boom in the retail and e-commerce and improved safety norms in industrial packaging will boost unparalleled growth in the industry in the years to come. FMCG, Pharmaceuticals and Industrial Automation are key drivers that are expected to lead the packaging industry to a new height.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
LOAN
FROM RELATED PARTIES From B and A Limited (Holding Company) (Repayable
on completion of repayment of Term Loan from United Bank of India |
25.800 |
25.800 |
|
|
|
|
|
Total |
25.800 |
25.800 |
INDEX
OF CHARGES
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G16050650 |
100024581 |
United Bank of India |
28/12/2015 |
26/09/2016 |
- |
217100000.0 |
CALCUTTA BRANCH4, N. C. DUTTA SARANIKOLKATAWB700001IN |
|
2 |
G02588648 |
80036182 |
STATE BANK OF INDIA |
15/06/2006 |
30/07/2013 |
15/04/2016 |
224600000.0 |
Industrial Finance Branch, Kolkata11, Dr. U. N. Brahmachari StreetKolkataWB700017IN |
|
3 |
C51907293 |
10321082 |
HDFC BANK LIMITED |
12/10/2011 |
- |
08/04/2015 |
237000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL - (WEST)MUMBAIMH400013IN |
|
4 |
C34929786 |
10134562 |
HDFC BANK LIMITED |
02/12/2008 |
- |
17/11/2014 |
463000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL - (WEST)MUMBAIMH400013IN |
|
5 |
Y10163311 |
90078290 |
STATE BANK OF INDIA |
17/07/1992 |
- |
05/07/2006 |
22400000.0 |
CHOWRINGHEE BRANCHHIMALAYA HOUSE; 38; CHOWRINGHEE ROADKOLKATAWB700071IN |
|
6 |
Y10167132 |
90082111 |
STATE BANK OF INDIA |
23/03/2005 |
- |
05/07/2006 |
52000000.0 |
INDUSTRIAL FINANCE BRANCH11; DR. U. N. BRAHMACHARI STREETKOLKATAWB700017IN |
|
7 |
Y10167088 |
90082067 |
STATE BANK OF INDIA |
14/07/2004 |
14/09/2004 |
05/07/2006 |
67000000.0 |
INDUSTRIAL FINANCE BRANCH11; DR. U. N. BRAHAMCHARI STREETKOLKATAWB700017IN |
|
8 |
Y10166956 |
90081935 |
STATE BANK OF INDIA |
14/07/2001 |
14/09/2004 |
05/07/2006 |
67000000.0 |
INDUSTRIAL FINANCE BRANCH11; DR. U. N. BRAHAMCHARI STREETKOLKATAWB700017IN |
|
9 |
Y10166649 |
90081628 |
INDUSTRIAL FINANCE CORPON. OF INDIA |
30/06/1988 |
04/11/1988 |
17/08/2001 |
4700000.0 |
BANK OF BARODA BUILDING16; SANSAD MARGNEW DELHIDL110001IN |
|
10 |
Y10166620 |
90081599 |
INDUSTRIAL FINANCE CORPN. OF INDIA |
23/02/1987 |
22/02/1988 |
17/08/2001 |
6300000.0 |
BANK OF BARODA BUILDING16; SANSAD MARGNEW DELHIDL110001IN |
|
11 |
Y10166634 |
90081613 |
INDUSTRIAL CREDIT & INVESTMENT CORPN. OF INDIA |
27/08/1987 |
22/02/1988 |
19/07/2001 |
6300000.0 |
163 BACKBAY RECLAMATIONBOMBAYMH400023IN |
|
12 |
Y10167190 |
90082169 |
INDUSTRIAL CREDIT & INVESTMENT CORPN. OF INDIA |
20/05/1987 |
22/02/1988 |
18/07/2001 |
5000000.0 |
163 BACKBAY RECLAMATIONBOMBAYMH400023IN |
|
13 |
Y10166633 |
90081612 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
31/07/1987 |
22/02/1988 |
18/07/2001 |
6300000.0 |
NARIMAN POINT227; VINAY K. SHAH MARGBOMBAYMH400021IN |
|
14 |
Y10166627 |
90081606 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
20/05/1987 |
22/02/1988 |
18/07/2001 |
8600000.0 |
NARIMAN POINT227; VINAY K. SHAH MARGBOMBAYMH400021IN |
|
15 |
Y10166833 |
90081812 |
INDUSTRIAL PROMOTION AND INVESTMENT CORPN. OF INDIA LTD. |
25/11/1997 |
- |
14/10/1998 |
6000000.0 |
IPICOL; HOUSEJANAPATHBHUBNESWAROR751007IN |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2012
(INR In Million)
|
Particulars |
Three months ended |
Nine Months Ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
Income from
Operations |
|
|
|
|
Revenue from operations |
169.598 |
193.590 |
527.747 |
|
Other Income |
1.861 |
0.358 |
2.832 |
|
Total Income from
Operations (Net) |
171.459 |
193.948 |
530.579 |
|
Expenses |
|
|
|
|
Cost of Materials Consumed |
114.157 |
126.578 |
343.400 |
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(0.484) |
(3.056) |
(5.797) |
|
Employees benefits expense |
17.474 |
19.993 |
52.433 |
|
Financial Cost |
4.160 |
4.249 |
12.283 |
|
Depreciation and amortization expense |
6.455 |
3.704 |
13.428 |
|
Other expenses |
16.635 |
11.225 |
44.031 |
|
Total Expenses |
158.397 |
162.693 |
459.778 |
|
|
|
|
|
|
Profit before
exceptional items and tax |
13.062 |
31.255 |
70.801 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit /(Loss)
before tax |
13.062 |
31.255 |
70.801 |
|
Tax Expense |
4.319 |
10.333 |
23.409 |
|
Profit /(Loss) for
the period |
8.743 |
20.922 |
47.392 |
|
Paid up equity share capital |
49.803 |
49.803 |
49.803 |
|
Earnings per share (before/after extraordinary items) |
|
|
|
|
Basic & Diluted |
1.76 |
4.22 |
9.55 |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017
|
Particulars |
Three months ended |
Nine Months Ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
Segment revenue |
|
|
|
|
Paper Sacks |
115.712 |
139.411 |
377.627 |
|
Flexible Laminates |
53.886 |
54.179 |
150.120 |
|
Unallocated |
-- |
-- |
-- |
|
Total |
169.598 |
193.590 |
527.747 |
|
Less: Inter segment revenue |
-- |
-- |
-- |
|
Net sales/ income
from operations |
169.598 |
193.590 |
527.747 |
|
|
|
|
|
|
Segment
results (Profit/(Loss) before tax and
finance cost) |
|
|
|
|
Paper Sacks |
20.219 |
29.617 |
78.007 |
|
Flexible Laminates |
(2.997) |
5.887 |
5.077 |
|
Total |
17.222 |
35.504 |
83.084 |
|
Less: Finance cost |
4.160 |
4.249 |
12.283 |
|
Profit before tax |
13.062 |
31.255 |
70.801 |
|
|
|
|
|
|
Capital
employed (Segment Assets Less Segment
Liabilities) |
|
|
|
|
Paper Sacks |
127.585 |
144.912 |
127.585 |
|
Flexible Laminates |
166.625 |
134.911 |
166.625 |
|
Unallocated capital |
4.210 |
2.709 |
4.210 |
|
Total |
298.420 |
282.532 |
298.420 |
Notes:
- The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on 13th February 2018.
- These results have been prepared in accordance with Indian Accounting Standards (Ind As's) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended and as prescribed under section 133 of the Companies Act' 2013. The Company has adopted Ind AS for the first time from 1st April 2017 with transition date of 1st April 2016.
- In terms of Circular CIR/CFD/FAC/62/2016 dated 5th July 2016 issued by SEBI, Ind AS compliant Financial Results for previous year ended 31st March 2017 have not been given, as they are not mandatory.
- The financial results pertaining to the quarter and nine months period ended 31st December 2016 have not been reviewed by the Auditors but the Management has exercised necessary due diligence to provide a true and fair presentation of these results to comply with the Ind AS.
- Deferred tax, if any, is recognised at the end of the financial year.
- Liability on account of defined benefit obligation has been provided on estimated basis. Actuarial valuation of defined benefit obligation will be made at the end of the financial year and actuarial gain/loss, if any, will be recognised at that time.
- Figures for the corresponding period of the previous financial year have been restated and/or reclassified wherever necessary to make them Ind AS compliant and comparable with the figures for the current period.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Contingent Liabilities not provided for |
|
|
|
-- Sales Tax |
0.138 |
0.138 |
FIXED ASSETS
Tangible Assets:
- Land (Leasehold)
- Building
- Plant and Machinery
- Electrical Installation
- Furniture and Fixture
- Office Equipment
- Computer
- Vehicle
Intangible Assets:
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to 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 65.22 |
|
|
1 |
INR 92.77 |
|
Euro |
1 |
INR 80.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKS |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
SUD |
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.