|
|
|
MIRA INFORM REPORT
|
Report No. : |
494230 |
|
Report Date : |
24.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
UNIPLY DECOR LIMITED (w.e.f.08.12.2017) |
|
|
|
|
Formerly Known
As : |
UV BOARDS LIMITED |
|
|
|
|
Registered
Office : |
#572, Navins Merville, Anna Salai Teynampet, Chennai – 600018,
Tamilnadu |
|
Tel. No.: |
91-44-2436-2019 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
14.12.1988 |
|
|
|
|
Com. Reg. No.: |
18- 016616 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 30.486 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65910TN1988PLC016616 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Available |
|
|
|
|
GSTN : [Goods & Service Tax Registration
No.] |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufactures and trades in plywood and
blockboards and also provides decorative veneer, timber, panel, and other
products. [Registered
Activity] |
|
|
|
|
No. of Employees
: |
15 (Approximately) |
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 230000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject was incorporated in the year 1988. It is a trader of plywood and allied products. As per the financial of 2017, the company has reported a decline in its revenue as compared to the previous year and has incurred operational losses. The overall financial position of the company seems to be satisfactory marked by adequate net worth base along with low debt balance sheet profile. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. NOTE: M/s. Uniply Industries Limited has made a public announcement dated 20th May 2016 through their Merchant Banker M/s. D&A Financials Service Private Limited regarding their acquisition of 8.78% shareholding from the current promoter M/s. Dugar Mercandise Private Limited vide their share purchase agreement dated 20th May 2016 and also has offered to buy 26% from the public shareholders of the company. The offer was completed during being in effective date of change in promotes 28th May 2017. Accordingly Uniply had acquired 1339198 shares through SPA and open offer. Subsequently Uniply Industries Limited became promoter of the company vide resolution passed by shareholders through Postal Ballot on 28.05.2017. Now Uniply is enjoying the management control of the company. Erstwhile promoter Dugar Mercandise Private Limited became a public shareholder. Further an open offer also given by Uniply Industries Limited to acquire 26% shareholder of the company on 11.8.2017. This is consequent to proposed preferential issue of 4,44,00,000 equity shares which yet to be approved by the shareholder to Uniply Industries Ltd. |
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 loans: BB+ |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
12.02.2018 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term loans: A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
12.02.2018 |
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
31-03-2016.
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 24.02.2018
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.
LOCATIONS
|
Registered Office : |
#572, Navins Merville, Anna Salai Teynampet, Chennai – 600018,
Tamilnadu, India |
|
Tel. No.: |
91-44-2436-2019 |
|
Fax No.: |
91-44-2436-2018 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office: |
No. 204, Level - 2, The Summit Business Bay, St. Janabai
Road, Near Western Express Highway, Vile Parle-(East), Mumbai - 400 057,
Maharashtra, India |
|
Tel. No.: |
91-22-2610-0647/48 |
|
|
|
|
Factory: |
69, Nelveli Village, Uthiramerur, Taluk, Kanchipuram District, Chennai-603107, Tamilnadu, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Ramesh Kumar Malpani |
|
Designation : |
Managing Director |
|
Address : |
House No. 1464, Sector 31, Gurugram-
122001, Haryana, India |
|
Date of Appointment : |
26.06.2017 |
|
DIN No.: |
00672813 |
|
|
|
|
Name : |
Sethuraman Srinivasan |
|
Designation : |
Managing Director |
|
Address : |
A1401, Greenwood, House Of Hiranandani
5/63, Rajiv Gandhi Salai, Egattur, Kanchipuram -603103, Tamilnadu, India |
|
Date of Appointment : |
26.06.2017 |
|
DIN No.: |
03175616 |
|
|
|
|
Name : |
Manohar Ramabtar Jhunjhunwala |
|
Designation : |
Wholetime Director |
|
Address : |
B-602, Link Palace, Sai Baba Complex, Ciba
Road, Goregaon (East), Mumbai - 400063, Maharashtra, India |
|
Date of Appointment : |
26.06.2017 |
|
DIN No.: |
02889587 |
|
|
|
|
Name : |
Ramgopal Lakshmi Ratan |
|
Designation : |
Director |
|
Address : |
48, Taylors Road, Kilpauk, Chennai -600010,
Tamilnadu, India |
|
Date of Birth/age: |
02.04.1983 |
|
Qualification: |
LLB |
|
Date of Appointment : |
26.06.2017 |
|
DIN No.: |
00400605 |
|
|
|
|
Name : |
Subrahmaniya Sivam Ramamurthy |
|
Designation : |
Director |
|
Address : |
Flat No.15, Anand Apartments, New No.11 9th
Street, Dr Radhakrishnan Salai, Myla Pore, Chennai -600004, Tamilnadu, India |
|
Date of Appointment : |
31.10.2008 |
|
DIN No.: |
02393209 |
|
|
|
|
Name : |
Keshav Narayan Kantamneni |
|
Designation : |
Director |
|
Address : |
19, Lakshmi Taklies Road, Shenoy Nagar,
Chennai - 600030, Tamilnadu, India |
|
Date of Appointment : |
26.06.2017 |
|
DIN No.: |
06378064 |
|
|
|
|
Name : |
Parul Satyan Bhatt |
|
Designation : |
Director |
|
Address : |
No 3B, Kernite Kip V-1, 6th Main Road,
Annanagar, Chennai -600040, Tamilnadu, India |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
07143186 |
|
|
|
|
Name : |
Reena Bathwal |
|
Designation : |
Director |
|
Address : |
1/1 Potters Lane Off Pursawakkam High Road
Kellys, Chennai - 600010, Tamilnadu, India |
|
Date of Birth/age: |
17.08.1976 |
|
Qualification: |
Chartered Accountant |
|
Date of Appointment : |
26.06.2017 |
|
DIN No.: |
07364532 |
KEY EXECUTIVES
|
Name : |
Sunil Kumar Deo |
|
Designation : |
Company Secretary |
|
Address : |
At-Mattagajpur Post-Balanga District Puri
-752105 , Orissa, India |
|
Date of Appointment : |
23.10.2017 |
|
PAN No.: |
ASQPD4881L |
|
|
|
|
Name : |
George Ninan |
|
Designation : |
Chief Finance Officer |
|
Address : |
L6, Sudarsan Garden Velachery Road, Guindy,
Chennai- 600032, Tamilnadu, India |
|
Date of Appointment : |
23.10.2017 |
|
PAN No.: |
AAYPN7234P |
SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
45771359 |
37.41 |
|
(B) Public |
76571491 |
62.59 |
|
Grand Total |
122342850 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Any Other
(specify) |
45771359 |
37.41 |
|
Uniply Industries
Limited |
45771359 |
37.41 |
|
Sub Total A1 |
45771359 |
37.41 |
|
A=A1+A2 |
45771359 |
37.41 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
Individual share
capital upto INR 0.200 million |
10484936 |
8.57 |
|
Individual share
capital in excess of INR 0.200 million |
42475449 |
34.72 |
|
Vrasha Arora |
6000000 |
4.90 |
|
Pooja Arora |
6000000 |
4.90 |
|
Reena Arora |
6000000 |
4.90 |
|
Padmanaban Balasubramanian |
1920000 |
1.57 |
|
Potineni
Koteswara Rao |
1600000 |
1.31 |
|
K Sivakumar |
1400000 |
1.14 |
|
Vinay Kumarsamy |
1400000 |
1.14 |
|
Any Other
(specify) |
23611106 |
19.30 |
|
Bodies Corporate |
20803132 |
17.00 |
|
Super Band
Private Limited |
16855500 |
13.78 |
|
HUF |
1251995 |
1.02 |
|
NRI – Non- Repat |
5050 |
0.00 |
|
NRI – Repat |
1550929 |
1.27 |
|
Sub Total B3 |
76571491 |
62.59 |
|
B=B1+B2+B3 |
76571491 |
62.59 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and trades in plywood and
blockboards and also provides decorative veneer, timber, panel, and other
products. [Registered
Activity] |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
15 (Approximately) |
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Bankers : |
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Facilities : |
|
|
Auditors : |
|
|
Name : |
C.Ramasamy and B.Srinivasan Chartered Accountants |
|
Address : |
No. 37, Alagiri Nagar, IInd Street, Vadapalani, Chennai- 600026, Tamilnadu |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Company under the
same Management: |
|
|
|
|
|
Enterprises Over
which KMP or Relatives are able to exercise significant influence: |
|
CAPITAL STRUCTURE
AFTER 27.09.2017
Authorised Capital : INR 300.000 Million
Issued, Subscribed & Paid-up Capital : INR 244.686
Million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
INR 2/- each |
INR 40.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15242850 |
Equity Shares |
INR 2/- each |
INR 30.486 Million |
|
|
|
|
|
Reconciliation of the
number of shares
|
Equity Shares |
Number
of Shares |
|
Opening Share Capital |
15,242,850 |
|
Add: Shares issued During the year |
-- |
|
Total |
15,242,850 |
|
Less: Buy back of Shares |
-- |
|
Closing Share Capital |
15,242,850 |
List of Share holders
having 5% or more Shares (In Nos): -
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
|
|
|
|
Dugar Mercandise Private Limited |
1,150,000 |
7.54 |
|
Uniply Industries Limited |
1,339,198 |
8.79 |
FINANCIAL DATA
[all figures are
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 |
30.486 |
30.486 |
30.486 |
|
(b) Reserves &
Surplus |
48.914 |
59.033 |
57.864 |
|
(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) |
79.400 |
89.519 |
88.350 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.161 |
0.298 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
2.876 |
3.236 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
3.037 |
3.534 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
60.008 |
56.147 |
145.971 |
|
(b) Trade payables |
56.925 |
93.192 |
209.808 |
|
(c) Other current
liabilities |
9.873 |
5.781 |
0.863 |
|
(d) Short-term provisions |
8.587 |
7.796 |
6.840 |
|
Total Current Liabilities
(4) |
135.393 |
162.916 |
363.482 |
|
|
|
|
|
|
TOTAL |
214.793 |
255.472 |
455.366 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
10.144 |
33.485 |
38.025 |
|
(ii) Intangible Assets |
0.226 |
0.226 |
0.226 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.108 |
0.096 |
|
(c) Deferred tax assets
(net) |
1.518 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.390 |
3.339 |
6.548 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
15.278 |
37.158 |
44.895 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
25.327 |
76.597 |
110.668 |
|
(c) Trade receivables |
146.908 |
135.886 |
215.935 |
|
(d) Cash and cash
equivalents |
0.596 |
0.671 |
37.234 |
|
(e) Short-term loans and
advances |
5.693 |
3.067 |
44.642 |
|
(f) Other current assets |
20.991 |
2.091 |
1.992 |
|
Total Current Assets |
199.515 |
218.312 |
410.471 |
|
|
|
|
|
|
TOTAL |
214.793 |
255.470 |
455.366 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
177.666 |
578.554 |
740.402 |
|
|
Other Income |
0.055 |
1.492 |
5.788 |
|
|
TOTAL |
177.721 |
580.046 |
746.190 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
48.997 |
374.228 |
283.589 |
|
|
Purchases of
Stock-in-Trade |
106.503 |
111.280 |
426.380 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(0.242) |
26.303 |
(34.671) |
|
|
Employees benefits
expense |
10.948 |
15.728 |
15.820 |
|
|
Other expenses |
11.913 |
27.776 |
29.790 |
|
|
Exceptional items |
0.000 |
0.000 |
(12.990) |
|
|
TOTAL |
178.119 |
555.315 |
707.918 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
(0.398) |
24.731 |
38.272 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
9.761 |
17.679 |
13.877 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(10.159) |
7.052 |
24.395 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.355 |
5.042 |
6.262 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(14.514) |
2.010 |
18.133 |
|
|
|
|
|
|
|
Less |
TAX |
(4.394) |
0.840 |
4.154 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(10.120) |
1.170 |
13.979 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
54.034 |
52.864 |
44.923 |
|
|
|
|
|
|
|
Less: |
Depreciation Adjustments
as per Companies Act’2013 |
0.000 |
0.000 |
6.038 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
43.914 |
54.034 |
52.864 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(0.66) |
0.08 |
0.92 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.104 |
0.335 |
0.269 |
|
Cash generated from operations |
0.417 |
67.051 |
(78.573) |
|
Net cash flow from (used in) operations |
0.412 |
66.909 |
(80.135) |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
25.610 |
95.380 |
406.060 |
|
Total Expenditure |
29.730 |
91.330 |
389.690 |
|
PBIDT (Excluding Other Income) |
(4.120) |
4.050 |
16.370 |
|
Other income |
0.050 |
0.050 |
3.580 |
|
Operating Profit |
(4.070) |
4.100 |
19.950 |
|
Interest |
0.420 |
0.010 |
1.690 |
|
Exceptional Items |
NA |
(9.150) |
NA |
|
PBDT |
(4.490) |
(5.060) |
18.260 |
|
Depreciation |
0.950 |
1.070 |
3.710 |
|
Profit Before Tax |
(5.440) |
(6.130) |
14.550 |
|
Tax |
NA |
NA |
2.200 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
(5.440) |
(6.130) |
12.350 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(5.440) |
(6.130) |
12.350 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
301.81 |
85.73 |
106.45 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
1.21 |
4.26 |
3.43 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
133.62 |
70.06 |
107.86 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(0.02) |
0.32 |
0.35 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(0.04) |
0.73 |
1.00 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.63 |
0.64 |
0.80 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.76 |
0.63 |
1.66 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.71 |
1.82 |
4.11 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.13 |
0.38 |
0.43 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(0.04) |
1.40 |
2.76 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(5.70) |
0.20 |
1.89 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(4.71) |
0.46 |
3.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(12.75) |
1.31 |
15.82 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.47 |
1.34 |
1.13 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.29 |
0.87 |
0.82 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.37 |
0.35 |
0.19 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.97 |
1.86 |
4.81 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.47 |
1.34 |
1.13 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2/- |
|
Market Value |
INR 55.50/- |
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 |
30.486 |
30.486 |
30.486 |
|
Reserves & Surplus |
57.864 |
59.033 |
48.914 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
88.350 |
89.519 |
79.400 |
|
|
|
|
|
|
Long-Term Borrowings |
0.298 |
0.161 |
0.000 |
|
Short Term Borrowings |
145.971 |
56.147 |
60.008 |
|
Current Maturities of Long term debt |
0.269 |
0.335 |
0.104 |
|
Total
borrowings |
146.538 |
56.643 |
60.112 |
|
Debt/Equity
ratio |
1.659 |
0.633 |
0.757 |
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 |
740.402 |
578.554 |
177.666 |
|
|
|
(21.859) |
(69.291) |
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
|
740.402 |
578.554 |
177.666 |
|
Profit |
13.979 |
1.170 |
-10.120 |
|
|
1.89% |
0.20% |
-5.70% |
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 |
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 |
BUSINESS PERFORMANCE
The Company has achieved total income of INR 188.900 Million crores as compared to INR 632.300 Million during the previous year. The Company on a standalone basis has posted a Net Loss of INR (10.100) Million during the year ended March 31, 2017.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Overview
On 20th May 2016, Uniply Industries Limited signed a share purchase agreement with DugarMercandise Private Limited the erstwhile promoter of the company for the acquisition of 8.79% of the shares. Further open offer for cquisition of 26% shares was made as per SEBI guidelines and all formalities was completed by Jan 2017. Subsequently Uniply became promoter with management control effective 28.05.2017. The whole process resulted in a break in the business albeit temporary. This was the primary reason for the loss during the year.
Plywood
Industry in India
The Indian plywood market reached a value of US$ 4 Billion in 2016, growing at a CAGR of nearly 5% during 2009-2016. In the past decades, the expenditure on furniture has increased as a result of increasing incomes, urbanisation, investment in real estate, western influence, etc. Moreover, the introduction of new designs and diverse product range of furniture have further helped in creating a demand among the consumers. Expanding distribution network and exclusive outlets of furniture manufacturers in the region has also helped in influencing the market for plywood. Owing to this, the market is further expected to reach a value of nearly US$ 15 Billion by 2022.
Review of Performance:
During the year, there is a dip in both top line and bottom line of the company.
Outlook:
The Company’s outlook remains same as stated earlier, that is to enhance the capacity utilization of the existing installed capacity and proposed fund raise and acquisition of plywood business.
NDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G71077986 |
100141854 |
YES
BANK LIMITED |
07/12/2017 |
- |
- |
450000000.0 |
9TH
FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR.A.B.ROAD, WORLI,MUMBAIMH400018IN |
|
2 |
G53675948 |
10261497 |
INDIAN
OVERSEAS BANK |
20/11/2010 |
26/03/2015 |
04/09/2017 |
285000000.0 |
LAWSPET
BRANCH, 23, AIRPORT ROADLAWSPET, PUDUCHERRY HERYPUDUCHERRYPY605008IN |
|
3 |
C38337838 |
10180615 |
RELIGARE
FINVEST LIMITED |
30/09/2009 |
- |
08/12/2014 |
700000.0 |
19NEHRU
PLACE,NEW DELHIDL110019IN |
|
4 |
C37556883 |
10361221 |
TATA CAPITAL
FINANCIAL SERVICES LIMITED |
24/05/2012 |
- |
05/12/2014 |
700000.0 |
ONE
FORBES,DR. V. B. GANDHI MARG, FORTMUMBAIMH400001IN |
|
5 |
B01352202 |
10024767 |
AXIS
BANK LIMITED |
19/10/2006 |
21/09/2010 |
21/12/2010 |
107800000.0 |
NO.192 ANNA
SALAICMC, KARUMUTHU NILAYAMCHENNAITN600002IN |
|
6 |
A06867733 |
80016294 |
IOB |
29/09/2004 |
- |
27/11/2006 |
19500000.0 |
32, DR
RADHAKRISHNAN SALAIMYLAPORECHENNAITN600004IN |
STATEMENT OF UN-AUDITED
RESULTS FOR THE QUARTER/NINE MONTHS ENDED 31.12.2017
(INR in million)
|
Particulars |
Quarter
Ended |
Nine months ended |
|||||
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|||||
|
Unaudited |
Unaudited |
Unaudited |
|||||
|
|
Income from Operations |
|
|
|
|||
|
|
a) Net Sales/Income from Operations (net of excise duty) |
406.063 |
95.376 |
527.053 |
|||
|
|
b) Other Income |
3.577 |
0.051 |
3.728 |
|||
|
|
Total Income from
Operations (Net) |
409.640 |
95.427 |
530.781 |
|||
|
|
Expenses |
|
|
|
|||
|
|
a) |
Cost of Materials consumed |
178.152 |
0.000 |
178.152 |
||
|
|
b) |
Purchase of stock in-trade |
77.842 |
329.723 |
407.565 |
||
|
|
c) |
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
31.011 |
(241.940) |
(185.602) |
||
|
|
d) |
Employee benefit expenses |
50.197 |
0.943 |
51.406 |
||
|
|
e) |
Finance Costs |
1.685 |
0.007 |
2.110 |
||
|
|
f) |
Depreciation and amortization expense |
3.708 |
1.074 |
5.735 |
||
|
|
g) |
Other expenses |
52.491 |
2.597 |
59.170 |
||
|
|
Total Expenses |
395.086 |
92.404 |
518.536 |
|||
|
|
|
Profit /(Loss)
before exceptional items and tax |
14.554 |
3.023 |
12.245 |
||
|
|
Exceptional items |
0.000 |
(9.150) |
(9.150) |
|||
|
|
|
Profit /(Loss)
before tax |
14.554 |
(6.127) |
3.095 |
||
|
|
Tax Expense |
2.200 |
0.000 |
2.200 |
|||
|
|
|
Profit /(Loss) after tax |
12.354 |
(6.127) |
0.895 |
||
|
|
Paid-up equity share capital (Face value INR 2/- per share) |
244.686 |
244.686 |
244.686 |
|||
|
|
Earnings per share (EPS)
(INR)(before extraordinary items) |
|
|
|
|||
|
|
Basic |
0.10 |
(0.40) |
0.02 |
|||
|
|
Diluted |
0.10 |
(0.40) |
0.02 |
|||
Note:
1. The above unaudited financial results have been reviewed by the Audit Committee and approved by the Board at its meeting held on 14th February, 2018.
2. The Company has for the first time adopted The Companies (Indian Accounting
Standards) Rules, 2015 (Ind AS) with the transition date as 1st April, 2016.The
results for the quarter and nine months ended December 2017 and December 2016
have been prepared in accordance with IND AS rules prescribed under section 133
of the Companies Act, 2013 and other recognized accounting practices and
policies to the extent applicable.
3. The unaudited financial results for the quarter ended 31st December, 2017
have been subjected to "Limited review" by the Statutory Auditors of
the company. The Ind-AS compliant financial results for the corresponding
quarter and nine months ended 31st December 2016 have not been subjected to
limited review or audit. However, the management has exercised necessary due
diligence to ensure that the financial results provide a true and fair view of
its affairs.
Although not required, the financial results in respect of the previous year
ended 31st March, 2017 have been disclosed. These have been furnished as per
the then prevailing Accounting Standards notified under Companies (Accounting
Standards) Rules, 2006 (IGAAP), re-aligned/ re-arranged to conform to the
current period's classification and are not Ind-AS compliant. Hence, the Ind-AS
figures for the periods ended 31st December 2017 & 31st December 2016 are
not comparable with the IGAAP figures for the year ended 31st March, 2017.
4. The Company's Operations relate to primarily one segment, Manufacturing and
Trading of Plywood and Related Products. Hence the results are reported under
one segment as per the IND AS 108 - "Operating Segments".
5. A reconciliation of the net profit reported for the Quarter and Nine Months Ended 31st December, 2016, required, as per Paragraph 32 of Ind AS 101:
(INR In Million)
|
Particulars |
Corresponding
quarter ended 31.12.2016 |
Corresponding nine
months ended 31.12.2016 |
|
Net profit as per India GAAP |
0.120 |
0.732 |
|
Ind AS Adjustments |
|
|
|
Effect of Discounting factor |
(0.004) |
(0.016) |
|
Net profit as per Ind AS |
0.116 |
0.716 |
FIXED ASSETS:
Tangible Assets
- Property, Plant and Equipment
- Land
- Factory Building
- Plant and Equipment
- Furniture and Fixtures
- Office Equipment
- Vehicles
- Computers
Intangible Assets
- Goodwill
WEBSITE DETAIL
PRESS RELEASE
UNIPLY MAKES OPEN
OFFER FOR UV BOARDS AFTER SELLING PLYWOOD BIZ
14 AUGUST, 2017
Uniply Industries Limited has decided to sell its plywood division to UV Boards Limited in a cash-and-stock deal that could help it acquire a majority stake in its associate company.
The two Chennai-based companies said in stock-exchange filings that Uniply will sell its plywood business to UV Boards for a total of INR 3000.000 Million (about $47 million).
As part of the deal, UV Boards will issue shares worth INR 1110.000 Million to Uniply and pay INR 360.000 Million in cash. Besides, it will spend INR 420.000 Million to take over Uniply’s Gujarat facility and INR 750.000 Million over 10 years for the licence to use Uniply’s trademark. UV Boards will also take over Uniply’s working capital liabilities.
The share allotment will increase Uniply’s stake in UV Boards to 37.11% from 8.79%. This has triggered an open offer as per regulatory requirements.
Uniply made an offer over the weekend to acquire up to 32 million shares of UV Boards, or a 26% stake, from public shareholders at INR 25 apiece, totaling INR 800.000 Million. The offer price is lower than the last closing price of INR 26.75 apiece.
If the open offer fully succeeds, Uniply’s stake in UV Boards will increase to 63.11%.
Uniply also said the deal to sell its plywood business will fully deleverage its consolidated balance sheet as it will be able to repay its entire long-debt of INR 1450.000 Million.
This is the third merger and acquisition transaction for Uniply over the past year and a half. In March last year, it had acquired the plywood and block board unit of Euro Decor Pvt. Limited for INR 420.000 Million.
In September last year, Uniply agreed to acquire architectural design firm Vector Projects (I) Pvt. Limited for INR 641.200 Million ($9.5 million) in a cash-and-stock deal.
Apart from plywood, Uniply makes and sells laminates and allied products in India. It has a network of about 900 dealers across India. The company posted revenue of INR 1616.900 Million in 2016-17 and a net profit of INR 73.000 Million, according to stock-exchange data.
Uniply competes with the likes of Century Plyboards (I) Limited and Greenply Industries Limited, which is backed by private equity firm WestBridge Capital Partners.
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 64.82 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
NO |
|
--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.