|
|
|
MIRA INFORM REPORT
|
Report No. : |
496028 |
|
Report Date : |
06.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
N R AGARWAL INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
502-A/ 501-B, Fortune Terraces, 5th Floor,
Opposite City Mall, New Link Road, Andheri (West), Mumbai - 400053,
Maharashtra |
|
Tel. No.: |
91-22-67317500 |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
08.12.1993 |
|
|
|
|
Com. Reg. No.: |
11-133365 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 170.191 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L22210MH1993PLC133365 |
|
|
|
|
IEC No.: |
0894002287 |
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TIN No.: |
27140063794 |
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|
|
|
GST No.: |
27AAACN7721N1Z4 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN7721N |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
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Line of Business
: |
Manufacturer and Selling of Paper, Paper Boards and Newsprint. [Registered Activity] |
|
|
|
|
No. of Employees
|
1460 (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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 4690000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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|
Comments : |
N. R. Agarwal Industries Limited is manufacturer of paper, paper board
and newsprint. The company was incorporated in the year 1993 and is based
Mumbai, Maharashtra. It is an established having good track record. For the financial year ended 2017, the company has witnessed a heathy growth
in its revenue and has achieved good profit margin at 6.75% (approximately). The company’s sound financial is reflected by healthy net worth base,
fair debt level and favourable gap between trade payables to its trade
receivables. Rating also takes into consideration company’s long established track record of business along with improved scale of business operations. Trade relations are reported as fair. Business is active. Payment
terms are seems to be regular and as per commitments. 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 |
INDIA RATING |
|
Rating |
Long term rating = (BBB) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
28.09.2012 |
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Short term rating = (A3+) |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
28.09.2012 |
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 06.03.2018
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 DECLINED
MANAGEMENT NON-COOPERATIVE [TEL. NO.: 91-22-67317500]
LOCATIONS
|
Registered Office : |
502-A/501-B, Fortune Terraces, 5th Floor,
Opposite City Mall, New Link Road, Andheri (West), Mumbai - 400053,
Maharashtra, India |
|
Tel. No.: |
91-22-67317500 |
|
Fax No.: |
91-22-26730227/ 26736953 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
PLANT LOCATIONS: |
|
|
Unit – I : |
Unit No. 1, Plot No.169, Phase II, GIDC, Vapi, District Valsad - 396195, Gujarat, India |
|
Tel. No.: |
91-260-2401634/ 2401706 |
|
|
|
|
Unit – II |
Plot No.1, Phase I, GIDC, Vapi, District Valsad - 396195,
Gujarat,
India |
|
Tel. No.: |
91-260-2400979/ 2401841 |
|
|
|
|
Unit – III |
Plot No. 901, Phase III, GIDC, Vapi, District Valsad -
396195, Gujarat, India |
|
Tel. No.: |
91-260-2400052/ 2401836 |
|
|
|
|
Unit - IV |
S. Nos.69/1/P3, 69/ 1/P/3/P1, 72/P3-P4, At Village Sarigam
and Angam, Taluka Umbergaon, Valsad - 396155, Gujarat, India |
|
Tel. No.: |
91-260-2784082/ 83 |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Rajendra Nagin Agarwal |
|
Designation : |
Managing Director |
|
Address : |
Sunny Side Bunglow No.5, II - Cross Lane Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Qualification: |
BE-Electrical, MBA |
|
Expertise/Experience in specific
functional area: |
Over two decades of experience in Paper Industry as an industrialist |
|
Date of Appointment : |
01.08.2010 |
|
DIN No.: |
00176440 |
|
|
|
|
Name : |
Mrs. Reena Rajendra Agarwal |
|
Designation : |
Whole-time Director |
|
Address : |
Sunny Side Bunglow No.5, II - Cross Lane
Lokhandwala Complex, Andheri (West), Mumbai - 400053, Maharashtra, India |
|
Date of Appointment : |
08.08.2014 |
|
DIN No.: |
00178743 |
|
|
|
|
Name : |
Mr. Raunak Rajendra Agarwal |
|
Designation : |
Whole-time Director |
|
Address : |
Sunny Side Bunglow No 5, 2nd Cross Lane,
Lokhandwala Complex, And Heri(West) Mumbai -400053, Maharashtra, India |
|
Date of Appointment : |
01.05.2008 |
|
DIN No.: |
02173330 |
|
|
|
|
Name : |
Mr. Ashok Kumar Bansal |
|
Designation : |
Whole-time Director |
|
Address : |
901, Tower-B, Raj Residency 2, Haria
Hospital Road Vapi Valsad 396195, Gujarat, India |
|
Qualification: |
Diploma in Pulp and Paper Technology |
|
Expertise/Experience
in specific functional area: |
Over three decades of experience in Paper Industry as a Technical Expert |
|
Date of Appointment : |
05.11.2015 |
|
DIN No.: |
07325904 |
|
|
|
|
Name : |
Mr. Parduman Kumar |
|
Designation : |
Director |
|
Address : |
Flat No.308, Sunrise Apartment C-33 Shastri
Nagar, Andheri (West) Mumbai - 400053, Maharashtra, India |
|
Date of Appointment : |
05.08.2005 |
|
DIN No.: |
00179074 |
|
|
|
|
Name : |
Mr. Sachindra Nath Nath Chaturvedi |
|
Designation : |
Director |
|
Address : |
2803/04 28th Floor, Shreepati Arcade, A K
Marg, Nana Chowk Mumbai -400036, Maharashtra, India |
|
Date of Appointment : |
08.03.1994 |
|
DIN No.: |
00553459 |
|
|
|
|
Name : |
Mr. Radhakrishnan Ramchandra Iyer
Chirayathu Matom |
|
Designation : |
Director |
|
Address : |
B-4, Swami Vivekanand Co-Operative Housing
Society, Veera Desai 1st Cross Road, Andheri (West) Mumbai -400058,
Maharashtra, India |
|
Date of Appointment : |
27.02.2007 |
|
DIN No.: |
01309312 |
|
|
|
|
Name : |
Mr. Ajay Arvind Nair |
|
Designation : |
Director |
|
Address : |
Room No. 403, Plot No. 53, Durvankur
Cooperative Housing Society, Citi Cor Sector 29, Navi Mumbai, Vashi, Thane -
400703, Maharashtra, India |
|
Qualification: |
LLB and Diploma in Central Excise and Customs Law |
|
Expertise/Experience
in specific functional area: |
Over two decades of experience in the legal field in areas of civil, criminal, corporate and commercial laws |
|
Date of Appointment : |
01.08.2016 |
|
DIN No.: |
07562602 |
KEY EXECUTIVES
|
Name : |
Mrs. Pooja Hitesh Daftary |
|
Designation : |
Company Secretary and Compliance Officer |
|
Address : |
C-301, Bharat Ark, Azad Nagar, Veera Desai
Road, Andheri West, Mumbai -400053, Maharashtra, India |
|
Date of Appointment : |
01.03.2015 |
|
PAN No.: |
BSPPD8183F |
|
|
|
|
Name : |
Mr. Gopal Manjappa Uchil |
|
Designation : |
Chief Finance Officer |
|
Address : |
1-C/43, Rustomjee Regency, J S Road,
Dahisar (West), Mumbai -400068, Maharashtra, India |
|
Date of Appointment : |
30.05.2014 |
|
PAN No.: |
AAAPU0373J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
Names of Shareholders |
No. of Shares |
% age holding |
|
(A) Promoter and Promoter Group |
12460923 |
73.22 |
|
(B) Public |
4558177 |
26.78 |
|
|
|
|
|
Grand Total |
17019100 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
12460923 |
73.22 |
|
|
RAUNAK AGARWAL |
32 |
0.00 |
|
|
REENA RAJENDRA
AGARWAL |
4538861 |
26.67 |
|
|
RAJENDRA NAGIN
AGARWAL |
7922030 |
46.55 |
|
|
Sub Total A1 |
12460923 |
73.22 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
12460923 |
73.22 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
|||
|
|||
|
|||
|
B1) Institutions |
0.00 |
||
|
Foreign Portfolio
Investors |
5047 |
0.03 |
|
|
Financial
Institutions/ Banks |
7381 |
0.04 |
|
|
Any Other (specify) |
4300 |
0.03 |
|
|
Sub Total B1 |
16728 |
0.10 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
|
B3)
Non-Institutions |
0.00 |
||
|
Individual share
capital upto INR 0.200 Million |
2656793 |
15.61 |
|
|
Individual share capital
in excess of INR 0.200 Million |
1043161 |
6.13 |
|
|
GANPATRAJ LALCHAND
CHOWDHARY |
389172 |
2.29 |
|
|
NBFCs registered
with RBI |
6000 |
0.04 |
|
|
Any Other
(specify) |
835495 |
4.91 |
|
|
CREELOTEX
ENGINEERS PVT LTD |
247273 |
1.45 |
|
|
Bodies Corporate |
503053 |
2.96 |
|
|
Clearing Members |
111784 |
0.66 |
|
|
HUF |
106021 |
0.62 |
|
|
NRI – Non- Repat |
10553 |
0.06 |
|
|
NRI – Repat |
104084 |
0.61 |
|
|
Sub Total B3 |
4541449 |
26.68 |
|
|
B=B1+B2+B3 |
4558177 |
26.78 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Selling of Paper, Paper Boards and Newsprint. [Registered Activity] |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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|
|
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|
Customers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
1460 [Approximately] |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
·
Bank of Baroda ·
Bank of India ·
Standard Chartered Bank ·
IDBI Bank Limited ·
The Saraswat Co-operative Bank Limited |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Chaturvedi and Partners Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22500000 |
Equity Shares |
INR 10/- each |
INR. 225.000 Million |
|
2500000 |
Preference Shares |
INR 10/- each |
INR 25.000 Million |
|
|
Total |
|
INR 250.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17019100 |
Equity Shares |
INR 10/- each |
INR 170.191 Million |
|
|
|
|
|
Terms / rights attached to equity shares:
The Company has only one class of equity shares having a par value of H10 per share. Each equity shareholder is entitled to one vote per share.
Details of
shareholders holding more than 5% shares in the Company
Equity shares
of INR 10 each fully paid
|
Particulars |
31.03.2017 |
|
|
|
Nos |
% holding |
|
R N Agarwal |
79,22,030 |
46.55 |
|
Reena Agarwal |
45,38,861 |
26.67 |
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 |
170.191 |
170.191 |
170.191 |
|
(b) Reserves & Surplus |
1472.878 |
770.561 |
592.303 |
|
(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) |
1643.069 |
940.752 |
762.494 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1871.147 |
2170.280 |
2293.855 |
|
(b) Deferred tax liabilities (Net) |
193.500 |
170.750 |
316.325 |
|
(c)
Other long term liabilities |
1094.850 |
1024.700 |
526.400 |
|
(d)
long-term provisions |
39.493 |
24.400 |
17.587 |
|
Total
Non-current Liabilities (3) |
3198.990 |
3390.130 |
3154.167 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
760.659 |
965.783 |
998.649 |
|
(b)
Trade payables |
601.673 |
793.216 |
1125.324 |
|
(c)
Other current liabilities |
531.644 |
576.141 |
585.414 |
|
(d)
Short-term provisions |
2.082 |
2.082 |
2.082 |
|
Total
Current Liabilities (4) |
1896.058 |
2337.222 |
2711.469 |
|
|
|
|
|
|
TOTAL |
6738.117 |
6668.104 |
6628.130 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4361.697 |
4472.986 |
4578.161 |
|
(ii)
Intangible Assets |
2.480 |
1.207 |
1.777 |
|
(iii)
Capital work-in-progress |
251.261 |
242.960 |
43.459 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.656 |
0.656 |
1.774 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
130.677 |
91.609 |
101.448 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
4746.771 |
4809.418 |
4726.619 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
629.712 |
660.386 |
608.250 |
|
(c)
Trade receivables |
944.453 |
786.716 |
835.329 |
|
(d)
Cash and cash equivalents |
50.490 |
59.778 |
107.825 |
|
(e)
Short-term loans and advances |
366.691 |
351.806 |
350.107 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1991.346 |
1858.686 |
1901.511 |
|
|
|
|
|
|
TOTAL |
6738.117 |
6668.104 |
6628.130 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
10405.888 |
8832.536 |
7249.564 |
|
|
|
Other Income |
96.353 |
80.123 |
57.627 |
|
|
|
TOTAL |
10502.241 |
8912.659 |
7307.191 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6113.182 |
5476.450 |
4650.771 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
21.539 |
11.431 |
(87.800) |
|
|
|
Employees benefits expense |
506.894 |
440.097 |
346.312 |
|
|
|
Exceptional items |
38.814 |
0.000 |
0.000 |
|
|
|
Other expenses |
2420.261 |
2251.814 |
2036.896 |
|
|
|
TOTAL |
9100.690 |
8179.792 |
6946.179 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1401.551 |
732.867 |
361.012 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
431.438 |
457.043 |
356.132 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
970.113 |
275.824 |
4.880 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
245.047 |
234.791 |
176.563 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
725.066 |
41.033 |
(171.683) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
22.749 |
(137.225) |
162.663 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
702.317 |
178.258 |
(334.346) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
840.355 |
885.643 |
660.807 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2209.460 |
1858.250 |
1652.597 |
|
|
|
Components and Stores
parts |
44.787 |
51.804 |
22.839 |
|
|
|
Capital Goods |
28.713 |
107.051 |
31.740 |
|
|
|
Coal |
345.043 |
567.731 |
580.697 |
|
|
TOTAL IMPORTS |
2628.003 |
2584.836 |
2287.873 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
41.27 |
10.47 |
(19.65) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term borrowings |
344.965 |
334.452 |
358.027 |
|
|
|
|
|
|
Cash generated from operations |
799.515 |
375.867 |
635.445 |
|
|
|
|
|
|
Net Cash Generated from Operating Activities |
780.784 |
375.867 |
631.945 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2889.260 |
2766.210 |
3151.710 |
|
Total Expenditure |
2559.440 |
2447.820 |
2756.190 |
|
PBIDT (Excl OI) |
329.820 |
318.390 |
395.520 |
|
Other Income |
43.590 |
32.490 |
33.300 |
|
Operating Profit |
373.410 |
350.880 |
428.820 |
|
Interest |
96.280 |
100.040 |
104.120 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
277.130 |
250.840 |
324.700 |
|
Depreciation |
63.340 |
64.760 |
65.990 |
|
Profit Before Tax |
213.790 |
186.080 |
258.710 |
|
Tax |
(0.400) |
0.250 |
0.250 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
214.180 |
185.830 |
258.46 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
214.180 |
185.830 |
258.46 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
33.13 |
32.51 |
42.06 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
11.02 |
11.23 |
8.68 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
35.92 |
52.87 |
88.32 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.23 |
1.11 |
0.59 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.30 |
0.16 |
0.08 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.61 |
0.73 |
0.81 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.81 |
3.69 |
4.79 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.15 |
2.48 |
3.56 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
2.81 |
5.01 |
6.06 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.25 |
1.60 |
1.01 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
6.75 |
2.02 |
(4.61) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
10.42 |
2.67 |
(5.04) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
42.74 |
18.95 |
(43.85) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.05 |
0.80 |
0.70 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.72 |
0.51 |
0.48 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.24 |
0.14 |
0.12 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
17.49 |
20.39 |
21.45 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.05 |
0.80 |
0.70 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
|
|
|
Market Value |
INR 429/- |
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 |
170.191 |
170.191 |
170.191 |
|
Reserves & Surplus |
592.303 |
770.561 |
1472.878 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
762.494 |
940.752 |
1643.069 |
|
|
|
|
|
|
long-term borrowings |
2293.855 |
2170.280 |
1871.147 |
|
Short term borrowings |
998.649 |
965.783 |
760.659 |
|
Current Maturities of Long
term debt |
358.027 |
334.452 |
344.965 |
|
Total
borrowings |
3650.531 |
3470.515 |
2976.771 |
|
Debt/Equity
ratio |
4.788 |
3.689 |
1.812 |
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 |
7249.564 |
8832.536 |
10405.888 |
|
|
|
21.835 |
17.813 |
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 |
7249.564 |
8832.536 |
10405.888 |
|
Profit/(Loss) |
(334.346) |
178.258 |
702.317 |
|
|
(4.61%) |
2.02% |
6.75% |
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 |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G49024375 |
100111610 |
KOTAK
MAHINDRA PRIME LIMITED |
29/04/2017 |
- |
- |
15300000.0 |
27BKC, C
27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMA400051IN |
|
2 |
G38455499 |
100083579 |
THE
SARASWAT CO-OP BANK LIMITED |
23/02/2017 |
- |
- |
2320535.0 |
VEERA
DESAI ROAD, MHADA COLONY, AZAD NAGAR,ANDHERI WEST,MUMBAIMH400053IN |
|
3 |
G40014789 |
100083285 |
THE
SARASWAT CO-OP BANK LIMITED |
23/02/2017 |
29/03/2017 |
- |
1569974.0 |
VEERA
DESAI ROAD, MHADA COLONY, AZAD NAGAR,ANDHERI WEST,MUMBAIMH400053IN |
|
4 |
G14537740 |
100053992 |
BANK OF
BARODA |
03/09/2016 |
- |
- |
2500000.0 |
VAPI INDUSTRIAL
ESTATE BRANCH, C/M 14, GIDC,NEAR CHAR RASTA, VAPIVAPIGJ396195IN |
|
5 |
G08660029 |
100042200 |
BANK OF
BARODA |
05/07/2016 |
- |
- |
600000.0 |
VAPI
INDUSTRIAL ESTATE BRANCH, C/M 14, GIDC,NEAR CHAR RASTA, VAPIVAPIGJ396195IN |
|
6 |
G08659021 |
100042198 |
BANK OF
BARODA |
05/07/2016 |
- |
- |
1500000.0 |
VAPI
INDUSTRIAL ESTATE BRANCH, C/M 14, GIDC,NEAR CHAR RASTA, VAPIVAPIGJ396195IN |
|
7 |
C77023612 |
10615877 |
BANK OF
BARODA |
08/01/2016 |
- |
- |
9000000.0 |
VAPI INDUSTRIAL
ESTATE BRANCH, C/M 14, GIDC,NEAR CHAR RASTA, VAPIVAPIGJ396195IN |
|
8 |
C71558183 |
10605016 |
BANK OF
BARODA |
07/11/2015 |
- |
- |
700000.0 |
VAPI
INDUSTRIAL ESTATE BRANCH, C/M 14, GIDC,NEAR CHAR RASTA, VAPIVAPIGJ396195IN |
|
9 |
C71560452 |
10605024 |
BANK OF
BARODA |
07/11/2015 |
- |
- |
1500000.0 |
VAPI
INDUSTRIAL ESTATE BRANCH, C/M 14, GIDC,NEAR CHAR RASTA, VAPIVAPIGJ396195IN |
|
10 |
C58752817 |
10579655 |
BANK OF
BARODA |
29/06/2015 |
- |
- |
1200000.0 |
VAPI INDUSTRIAL
ESTATE BRANCH, C/M 14, GIDC,NEAR CHAR RASTA, VAPIVAPIGJ396195IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deposits from Others |
50.000 |
50.000 |
|
Deposits from Directors |
280.007 |
160.014 |
|
|
|
|
|
Total |
330.007 |
210.014 |
OVERVIEW
The role of manufacturing effectiveness cannot be over-emphasised in the capital-intensive paper industry, where manufacturing costs account for a large proportion of revenues and even a modest improvement can have a large impact on the financials.
ECONOMIC OVERVIEW
The global demand for paper and board (W&P, paperboard and newsprint) grew at a muted ~0.4% CAGR between the 2011 and 2016 period to reach ~407 million tonnes. While digitization is estimated to have moderated demand by 1.4% and 5.5% in the W&P and newsprint segments respectively, a moderate growth in paperboard segment by ~1.5-1.7% CAGR provides respite. Although the demand for newsprint has declined, tissue paper, containerboards and carton boards have reported growth. Besides, declining demand in Japan, North America and Western Europe was offset by buoyant demand in the emerging markets of India and China among others. The APAC region was the market leader with a 34% revenue share in 2016, followed by Europe and North America. Developing economies like India and China are likely to drive the paper packaging market, with applications across industries like healthcare, personal care, homecare, retail among others. The pulp prices fluctuation is expected to affect industry prospects.
In India, the paper demand is estimated at 16 million tonnes; > 2 million tonnes per annum of paper is imported. The industry has ~90% capacity utilization. Increasing raw material, fuel, logistics and capital costs have staggered capacity creation and increased India’s dependence on imports. Imports have risen at a CAGR of 11.4% in value terms and 7.9% in volume terms. The demand growth rate for paperboard is expected to be healthy rate of 7-8% in the next five years owing to rising customer durable sales, FMCG products, readymade garments and pharmaceuticals. The demand for writing and printing paper is expected to grow at a CAGR of 4-5% over the next five years due to increasing literacy in India.
STATE OF COMPANY’S AFFAIRS
The financial year 2016-17 was one of the Company’s most critical years. The Company countered economic sluggishness and demonetization, through decisive initiatives. The Company has exited CDR and is gradually leaving the newsprint business also. In spite of this, the Company reported a 97% growth in its operating revenue during the financial year. Further information on the Company's business overview, outlook and state of affairs have been discussed in detail in the Management Discussion & Analysis.
MANAGEMENT DISCUSSION AND ANALYSIS
GLOBAL ECONOMIC OVERVIEW
The pace of global economic activity remained subdued in 2016 as a result of inflationary headwinds and ground-breaking decisions like the United Kingdom’s decision to exit the European Union and the election of Donald Trump as the American President. Among advanced like the US, Japan and other European nations, a protracted monetary policy support and return to fiscal neutrality underpinned a generallyaccelerating output. In emerging economies, growth slowed as a result of commodity price declines, erstwhile credit growth overhangs and political turmoil.
Global growth was pegged at 3.2% in 2016, a upwards revision of 30 bps compared to April 2016 projections. Long-term prospects of emerging economies improved following a decline in interest rates in advanced economies and firming of commodity prices.
Asian countries, including India demonstrated robust growth. Currency valuations of advanced commodity exporters strengthened, reflecting the firming of commodity prices; however, several emerging market currencies depreciated substantially.
OUTLOOK
The global economy entered its sixth year of stagnation with growth estimates for 2017 continuing to trend the historical path. A projected stabilisation in energy and commodity prices may strengthen the case for resource-rich economies in 2017.
World growth is expected to rise from 3.2% in 2016 to 3.5% in 2017 and 3.6% in 2018, driven by stronger economic activity, robust global demand, reduced deflationary pressures and resurgent financial markets.
INDIAN ECONOMIC OVERVIEW
The Indian economy slowed in 2016-17 to 7.1% from 8.0% in FY2015-16, largely owing to the currency demonetization in the third quarter of the financial year. However, the general undercurrent continued to be optimistic with India's consumer confidence index standing at 136 in Q4 2016, the highest in the world.
India retained its position as the fastest-growing major economy in the world catalysed by strong consumption growth and enhanced governmental spending. Inflation declined on account of a decline in food inflation. This facilitated a 50 basis point rate cut by the RBI in 2016- 17. A declining vulnerability on the fiscal front enhanced investor confidence that translated into record net foreign exchange inflows.
The year was also marked by the laying of the groundwork for the introduction of the Goods and Services Tax (GST). While demonetisation focused on eliminating the parallel economy, the GST is expected to transform the country’s taxation structure.
OUTLOOK
India’s growth is projected to be among the fastest growing global economies between 2016 and 2020; the country is projected to emerge as the third largest economy in the world by 2030, its GDP approximately trebling to USD 7 trillion by 2030. The adoption of the Goods and Service Tax promises to create a unified taxation regime. This could enhance the efficiency of production and movement of goods and services across India.
Normal
2017 monsoons and reduced commodity prices are expected to catalyse economic
growth. Finally, the Central Government’s policies towards achieving fiscal
consolidation, reforming the agricultural sector and the labour market and
moderating inflation are expected to accelerate India’s
economic growth over the mediumterm.
The Indian economy is expected to grow at 7.4% in 2017-18 and 7.6% in 2018-19, retaining its position as the world’s fastest-growing major economy.
GLOBAL PAPER INDUSTRY OVERVIEW
Higher paper prices and stronger demand for paper packaging and pulp offset rising input costs and thereby stabilised the sector. Global paper consumption was estimated at ~407.5 million tonnes, roughly equal to the amount of paper produced.
China remained the largest paper and paperboard consumer (>100 million metric tonnes) followed by the United States (>71 million tonnes). The United States, however, enjoyed world’s highest per capita paper consumption, consuming 450 kilograms per annum compared to the global average of just 58 kilograms.
The global demand for paper and board (W&P, paperboard and newsprint) grew at a muted ~0.4% CAGR between 2011 and 2016 period to reach ~407 million tonnes. While digitisation is estimated to have moderated demand by 1.4% and 5.5% in the W&P and newsprint segments, respectively, a moderate growth in the paperboard segment at a CAGR of ~1.5-1.7% provided some respite.
Although the demand for newsprint declined, tissue paper, container board and carton board segments reported growth. Besides, a declining demand in Japan, North America and Western Europe was offset by buoyant demand in emerging markets such as India and China.
Pulp prices strengthened from ~USD 460 per tonne to ~USD 540 per tonne in January 2017, attributed to an unprecedented rise in demand from China. Average wastepaper prices remained stagnant in 2016 at USD 205 per tonne.
OUTLOOK
Global demand for paper and paperboard is forecast to grow to 482 million tonnes by 2030. The global paper packaging market was estimated worth USD 213.8 billion in 2014 and is pegged to reach USD 306.73 billion by 2020, growing at a CAGR of 6.2%.
Of the paper packaging market, paperboard is forecast to be the fastest-growing segment with an estimated growth rate of 7.5% during the period 2014-20. Moreover, it also leads the market with a share of 35%. Following a steep fall of ~17% in 2016, international pulp prices (hard wood) are expected to remain higher in 2017. However, with expected commissioning of new capacities in Indonesia and Brazil, coupled with a probable demand moderation in China, pulp prices are expected to decline during the second half of FY2017-18. Nevertheless, average prices for 2017 are expected to increase by ~1-2% y-o-y and trend between USD 510 and UD 530 per tonne. Pulp prices are expected to decline in 2018 to US$ 490-510 per tonne on account of excess supply and structurally weak demand environment. In 2017, wastepaper prices are expected o increase by ~7-8% y-o-y to US$ 215-235 per tonne mirroring market sentiments in the pulp market. Like pulp, international wastepaper prices are also expected to be driven by a higher demand from China post-H2 of 2016.
In 2018, prices are expected to decline by ~2-3% y-o-y to USD 210-220 per tonne as structural demand from China weakens and global wastepaper recovery rates increase.
INDIAN PAPER INDUSTRY OVERVIEW
Despite possessing a capacity to produce ~15 million tonnes per annum and a turnover of ~INR 500000.000 million, the Indian paper industry accounts for a mere 3% of the global aggregate production. This sector provides direct employment to more than 5 lac people and indirectly to 15 lac people.
The Indian paper industry is fragmented with over 750 paper mills. However, only 50 of these mills have a capacity of 50,000 metric tonnes per annum or more. ~70% of the total installed capacity is spread across Gujarat, West Bengal, Odisha, Andhra Pradesh, Karnataka and Maharashtra. In the last five years, between `20,000 crore and INR 250000.000 million was invested in the Indian paper sector towards capacity enhancement, technology upgradation and mergers and acquisitions.
The current demand is estimated at 16 million tonnes with over 2 million tonnes per annum being imported. The industry is working at around 90% capacity utilisation. Increasing raw material costs, fuel costs, logistics costs and capital costs have staggered fresh capacity creation and increased India’s dependence on imports. Imports have risen at a CAGR of 11.4% in value terms (from INR 71520.000 million in 2010-11 to INR 122840.000 million in 2015-16) and 7.9% in volume terms (from 1.8 million tonnes to 2.6 million tonnes over the same period). Import duties on paper and paperboard have declined from a base rate of 10% to nil (with effect from 1 January, 2014), affecting fresh capacity creation.
STATEMENT OF
STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 31st DECEMBER, 2017
(INR IN MILLION)
|
|
Particulars |
Quarter
Ended |
Nine
Months Ended |
|
|
|
|
31.12.2017 (Unaudited)
|
30.09.2017 (Unaudited)
|
31.12.2017 (Unaudited)
|
|
1. |
Income from operations |
|
|
|
|
|
a)
Revenue from operations (Net of excise duty) |
3151.714 |
2766.205 |
8807.181 |
|
|
B)
Other income |
33.301 |
32.494 |
109.380 |
|
|
Total Income from Operations (net) |
3185.015 |
2798.699 |
8916.561 |
|
|
|
|
|
|
|
2. |
Expenses |
|
|
|
|
|
a)
Cost of raw material and component consumed |
1858.722 |
1621.743 |
5137.142 |
|
|
b)
purchases of traded goods |
0.000 |
0.000 |
0.000 |
|
|
c)
Changes in inventories of finished goods, work-in-progress and traded goods |
16.288 |
(27.433) |
(70.161) |
|
|
d)
Excise duty on sale of good |
0.000 |
0.000 |
130.637 |
|
|
e)
Employee benefits expense |
143.382 |
146.275 |
432.615 |
|
|
f)
Finance costs |
104.115 |
100.037 |
300.431 |
|
|
g)
Depreciation and amortisation expense |
65.998 |
64.758 |
194.100 |
|
|
h)
Other expenses |
737.799 |
707.239 |
2133.221 |
|
|
Total Expenses |
2926.304 |
2612.620 |
8257.985 |
|
|
|
|
|
|
|
3 |
Profit before
tax and exceptional items |
258.711 |
186.080 |
658.576 |
|
|
|
|
|
|
|
4 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
5 |
Profit before tax |
258.711 |
186.080 |
658.576 |
|
|
|
|
|
|
|
6 |
Tax expenses |
|
|
|
|
|
Current tax |
55.078 |
0.000 |
140.535 |
|
|
Mat credit |
(55.078) |
(39.571) |
140.535 |
|
|
Deferred tax |
0.253 |
0.252 |
0.105 |
|
|
Total tax expenses |
0.253 |
0.252 |
0.105 |
|
|
|
|
|
|
|
7 |
Net profit after
tax |
258.458 |
185.828 |
658.471 |
|
|
|
|
|
|
|
8 |
Other comprehensive income |
|
|
|
|
|
Re-measurements
of the defined benefit plant |
(0.867) |
(0.867) |
(2.601) |
|
|
Equity
instruments through other comprehensive income |
0.762 |
(0.726) |
(0.302) |
|
|
Deferred
tax relating to the above items |
0.300 |
0.300 |
0.900 |
|
9 |
Total comprehensive income for the period |
0.195 |
(129.300) |
(2.003) |
|
|
Total comprehensive income |
258.653 |
184.534 |
656.468 |
|
|
|
|
|
|
|
10 |
Paid-up Equity share capital (face value
INR 10) |
170.191 |
170.191 |
170.191 |
|
|
|
|
|
|
|
11 |
Basic and Diluted EPS for
the period (not annualised) |
15.19 |
10.92 |
38.69 |
NOTES:
1. The unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meetings held on November 10, 2017. The Ind AS compliant Financial Results, pertaining to quarter ended September 30, 2016 has 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. The Statutory Auditors of the Company have conducted a "Limited Review" of the financial results for the quarter ended at September 30, 2017.
2. The Company has adopted Indian Accounting Standards (Ind AS) from April 1,
2017 with transition date of April 1, 2016. Accordingly, these financial
results have been prepared in accordance with die recognition and measurement
principles laid down in the Indian Accounting Standard (Ind AS) 34 Interim
Financial Reporting prescribed under Section 133 of the Companies Act, 2013
read with the relevant rules issued thereunder and other accounting principles
generally accepted in India.
3. The reconciliation of the financial results for the quarter and half year
ended September 30, 2016 to those reported under previous Generally Accepted
Accounting Principles ("GAAP") is summarised as follows:
|
Particular |
Quarter
ended 31.12.2016 |
|
Net profit after reported under previous GAPP |
200.948 |
|
Borrowings measured at amorised cost |
54.085 |
|
Actuarial loss recognized in other comprehensive income |
0.896 |
|
Others |
(0.126) |
|
Tax adjustments on above |
(19.081) |
|
Net profit after tax reported under Ind AS |
236.812 |
|
Other comprehensive income/(loss) |
1.093 |
|
Total comprehensive income for the period
as reported under Ind AS |
235.719 |
4. The Company had entered into an MOU with Damanganga Recycling Resources LLP (DRR)
and paid INR 1,20,00,000 as interest free deposit, which has been forfeited by
DRR. The Company has initiated legal proceedings. Pending the outcome of legal
proceedings, the Company has not made any provision in the books of accounts.
5. The Company is engaged in the business of manufacture of paper and paper
boards, which in the context of Indian Accounting Standard (Ind AS)-108
"Operating Segments", is considered as the operating segment of the
Company.
6. Post the applicability of Goods and Service Tax (GST) with effect from July
1, 2017, revenue from operation is disclosed net of GST. Accordingly, the
revenue from operations and other expenses for the quarter and half year ended
September 30, 2017 are not comparable with the previous periods presented in
results which are inclusive of Excise Duty.
7. The above results does not include IND AS compliant results for the
preceding quarter and the year ended March 31, 2017 as the same is not
mandatory as per SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016.
8. The figures for the previous period have been regrouped/rearranged wherever
considered necessary
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Guarantees issued by Banks |
4.593 |
1.200 |
|
Claims not acknowledged by the Company: |
|
|
|
Excise demands and penalties |
26.162 |
28.999 |
|
Custom demands and penalties |
3.490 |
3.490 |
|
Labour demands |
7.799 |
1.252 |
|
Letters of credit outstanding |
91.406 |
151.610 |
|
The Company has imported capital goods under "Export Promotion Capital Goods" scheme for which the company has an given export obligation |
29.257 |
157.655 |
|
(i) The Deputy Commissioner of Income Tax, Surat has raised a demand for INR 108.445 million while completing the assessment for the years 2007-08 to 2010-11. The Company had appealed against these orders before the CIT (A) and obtained partial relief reducing the demand to INR 35.945 million. The Company and the Department are in appeal before the Income Tax Appellate Tribunal, Ahmedabad. (ii) The Asst. Commissioner of Income Tax, Surat had raised a demand of INR 78.286 while completing the assessment for the years 2011-12 and 2012-13. The Company had appealed against these orders before the CIT (A) and obtained partial relief reducing the demand to INR 9.454 million. The Company and the Department are in appeal before the Income Tax Appellate Tribunal, Ahmedabad. (iii) The Income Tax Officer, Vapi had raised a demand of INR 8.899 million while completing the assessment for the year 2013-14. The Company had appealed against this order before the CIT (A) and obtained partial relief reducing the demand to ’Nil’. The Company and the Department are in appeal before the Income Tax Appellate Tribunal, Ahmedabad. (iv) The Income Tax Officer, Vapi had raised a demand of INR 2.623 million while completing the assessment for the assessment year 2014-15. The demand has been adjusted against the refund available to the Company for the previous assessment years. The Company had appealed against this order before the CIT (A) and the same is pending disposal. (v) The Asst. Commissioner of Income Tax, Vapi had raised a demand of INR 35.211 million as penalty u/s 271C for the assessment years 2007-08 to 2010-11. The Company had appealed against these orders before the CIT (A) and the same is pending disposal. (vi) The Income Tax Department is in appeal before the Hon’ble High Court, Gujarat for the assessment years 2007-08 and 2008-2009 on various grounds decided by the Income Tax Appellate Tribunal. |
||
FIXED ASSETS:
Tangible Assets
- Freehold Land
- Leasehold Land
- Road and Pathway
- Factory Buildings
- Other – Buildings
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Computers
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 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 65.05 |
|
UK Pound |
1 |
INR 89.70 |
|
Euro |
1 |
INR 80.03 |
INFORMATION
DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ARC |
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 |
NO |
|
--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.