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|
MIRA INFORM REPORT
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Report No. : |
496020 |
|
Report Date : |
12.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
AGARWAL DUPLEX BOARD MILLS LIMITED |
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Registered
Office : |
217, Aggarwal Prestige Mall, Plot No. 2, Community Center, Along Road No. 44, Pitampura, New Delhi – 110034 |
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Tel. No.: |
91-11-47527700 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
01.09.1984 |
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Com. Reg. No.: |
55-019052 |
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Capital
Investment / Paid-up Capital : |
INR 135.000 Million |
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CIN No.: [Company Identification
No.] |
L99999DL1984PLC019052 |
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|
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IEC No.: [Import-Export Code No.] |
0501060847 |
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PAN No.: [Permanent Account No.] |
AAACA3230H |
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GSTN : [Goods & Service Tax
Registration No.] |
07AAACA3230H1Z8 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in manufacturing of the different type of papers such as Duplex Board, Kraft paper, Poster Paper and Tissue Paper. (Registered Activity) |
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No. of Employees
: |
160 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Maximum Credit Limit : |
USD 689000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1984. It is engaged in manufacturing of coated duplex, kraft and poster paper. For the financial year 2017, the company has achieved revenue growth of 1.51% as compared to the previous year but has reported a low profit margin of 0.68%. The moderate financial risk profile of the company is marked by low reserve base as compared to its capita. Rating takes into consideration the subject’s negligible debt balance sheet profile. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution. Note: As per the Registrar Of Companies, the subject's is shown as Listed but it is not trading on any of the stock exchanges in India. |
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 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term borrowing = BB+ |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
19.02.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term borrowing = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
19.02.2018 |
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 12.03.2018
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 DENIED BY
|
Name : |
Mr. Sandeep |
|
Designation : |
Accounts Department |
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Contact No.: |
91-131-2614734 / 2411509 |
|
Date : |
07.03.2018 |
Management non-cooperative (Tel No.:91-131-261463)
LOCATIONS
|
Registered Office : |
217, Aggarwal Prestige Mall, Plot No. 2, Community Center, Along Road No. 44, Pitampura, New Delhi – 110034, India |
|
Tel. No.: |
91-11-47527700 |
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Fax No.: |
91-11-47527777 |
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E-Mail : |
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Website : |
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Factory : |
4 KM. South Bhopa Road, Muzaffarnagar - 251001, Uttar Pradesh, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Neeraj Goel |
|
Designation : |
Managing Director |
|
Address : |
C-355, Saraswati Vihar, Delhi – 110088,
India |
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Date of Appointment : |
19.08.2001 |
|
Date of Birth: |
04.02.1959 |
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Experience: |
35 Years |
|
Qualification: |
Graduate |
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PAN No.: |
AEPPG5267E |
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DIN No.: |
00017498 |
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|
|
|
Name : |
Mr. Abhishek Agarwal |
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Designation : |
Whole Time Director |
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Address : |
67, Banjaran Street, Punch Mukhi Po-Shiv
Murti, Ps-City, Kotwali, Muzaffarnagar – 251001, Uttar Pradesh, India |
|
Date of Birth: |
23.06.1978 |
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Experience: |
14 Years |
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Qualification: |
MBA in Marketing |
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Date of Appointment : |
01.11.2001 |
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PAN No.: |
ABPPA7324P |
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DIN No.: |
02140480 |
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|
|
|
Name : |
Mr. Suresh Chand |
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Designation : |
Director |
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Address : |
97, Bhoparoad Dakshini Muzaffarnagar –
251001, Uttar Pradesh, India |
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Date of Appointment : |
02.08.2012 |
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Date of Birth: |
22.06.1942 |
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Experience: |
49 Years |
|
Qualification: |
Graduate |
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PAN No.: |
AAUPC3465D |
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DIN No.: |
00453489 |
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|
|
|
Name : |
Mr. Ankur Sangal |
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Designation : |
Director |
|
Address : |
229/47, Saket, Muzaffar Nagar- 251001 Uttar Pradesh, India |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
01095679 |
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|
|
|
Name : |
Pooja Bhardwaj |
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Designation : |
Director |
|
Address : |
E-175, Antriksh Apartments, Sector- 14,
Extension, Rohini, Delhi- 110085, India |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
05158206 |
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|
|
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Name : |
Mr. Pramod Kumar Goel |
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Designation : |
Director |
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Address : |
235, Patel Nagar Near Ramlila Ground, New
Mandi Muzaffarnagar – 251001, Uttar Pradesh, India |
|
Date of Appointment : |
13.08.2016 |
|
DIN No.: |
07571092 |
KEY EXECUTIVES
|
Name : |
Mr. Abhishek Agarwal |
|
Designation : |
Chief Finance Officer |
|
Address : |
67, Banjaran Street, Punch Mukhi Po-Shiv
Murti, Ps-City Kotwali, Muzaffarnagar- 251001, Uttar
Pradesh, India |
|
Date of Appointment : |
05.03.2015 |
|
PAN No.: |
ABPPA7324P |
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|
|
|
Name : |
Mr. Sarika Aggarwal |
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Designation : |
Company Secretary |
|
Address : |
1449/200A, Durgapuri Shahdra, Delhi-
110093, India |
|
Date of Appointment : |
02.03.2015 |
|
PAN No.: |
ALIPA1435A |
MAJOR SHAREHOLDERS
As on 30.09.2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % |
|
|
(A) Promoter &
Promoter Group |
2562300 |
18.98 |
|
|
(B) Public |
10937700 |
81.02 |
|
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Grand Total |
13500000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of the different type of papers such as Duplex Board, Kraft paper, Poster Paper and Tissue Paper. (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 Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
160 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors 1: |
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Name : |
Goel Singhal and Associates Chartered Accountants |
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Address : |
Muzaffarnagar, Uttar Pradesh, India |
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Auditors 2: |
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|
Name : |
Rajeev Singal and Company Chartered Accountants |
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Address : |
188, Dwarkapuri, Gali No.10, Muzaffarnagar, Uttar Pradesh, India |
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Tel No.: |
91-131-2970053 |
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Mobile No.: |
91-7599023969 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Companies in which
Director is a Member or Director: |
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CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13500000 |
Equity Shares |
INR 10/- each |
INR 135.000 Million |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13500000 |
Equity Shares |
INR 10/- each |
INR 135.000 Million |
|
|
|
|
|
Reconciliation
of number of Equity Shares:
|
Equity Shares |
Number
of Shares |
INR
in Million |
|
Opening Share Capital |
13500000 |
135.000 |
|
Add: Shares issued During the year |
- |
- |
|
Total |
13500000 |
135.000 |
|
Less Reduction in Capital |
- |
- |
|
Closing Share Capital |
13500000 |
135.000 |
List of Share holders
having 5% or more Shares
|
Name of Shareholder
|
Number of Shares |
% of holding |
|
Bindals Papers Mills Limited |
6681000 |
49.49% |
|
TCMC Developers Limited |
1786100 |
13.23% |
|
Swabhiman Vyopar Private Limited |
1640000 |
12.15% |
Rights, Preferences
& Restrictions attached to shares
The company has one class of equity shares having a par value of INR 10/- per share. Each share holder is eligible for one vote per share held. In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their share holding.
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 |
135.000 |
135.000 |
135.000 |
|
(b) Reserves & Surplus |
106.322 |
99.651 |
98.028 |
|
(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) |
241.322 |
234.651 |
233.028 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
21.298 |
13.608 |
15.986 |
|
(b) Deferred tax liabilities (Net) |
21.942 |
21.353 |
19.799 |
|
(c) Other long term
liabilities |
70.000 |
80.000 |
80.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
113.240 |
114.961 |
115.785 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
89.509 |
93.954 |
94.322 |
|
(b) Trade
payables |
113.825 |
233.808 |
262.696 |
|
(c) Other
current liabilities |
27.753 |
27.271 |
26.649 |
|
(d) Short-term
provisions |
13.898 |
13.135 |
28.564 |
|
Total Current
Liabilities (4) |
244.985 |
368.168 |
412.231 |
|
|
|
|
|
|
TOTAL |
599.547 |
717.780 |
761.044 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
168.218 |
171.481 |
173.734 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(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 |
94.100 |
94.100 |
94.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2.468 |
2.471 |
4.622 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
264.786 |
268.052 |
272.456 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
65.237 |
122.605 |
203.664 |
|
(c) Trade
receivables |
213.831 |
267.362 |
237.931 |
|
(d) Cash
and cash equivalents |
24.197 |
22.171 |
11.764 |
|
(e)
Short-term loans and advances |
8.167 |
9.147 |
35.229 |
|
(f) Other
current assets |
23.329 |
28.443 |
0.000 |
|
Total
Current Assets |
334.761 |
449.728 |
488.588 |
|
|
|
|
|
|
TOTAL |
599.547 |
717.780 |
761.044 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
952.045 |
937.916 |
801.021 |
|
|
Other Income |
0.215 |
6.471 |
1.735 |
|
|
TOTAL |
952.260 |
944.387 |
802.756 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
499.003 |
527.541 |
452.339 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
14.257 |
23.329 |
(34.923) |
|
|
Employees benefits
expense |
32.043 |
28.692 |
24.548 |
|
|
Other expenses |
368.033 |
326.295 |
319.256 |
|
|
TOTAL |
913.336 |
905.857 |
761.220 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
38.924 |
38.530 |
41.536 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
12.866 |
12.785 |
17.358 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
26.058 |
25.745 |
24.178 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
15.319 |
14.411 |
12.905 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
10.739 |
11.334 |
11.273 |
|
|
|
|
|
|
|
Less |
TAX |
4.301 |
8.164 |
5.254 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
6.438 |
3.170 |
6.019 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
92.597 |
90.974 |
85.195 |
|
|
|
|
|
|
|
Add |
Excess Depreciation
Reversed Back |
0.232 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Excess MAT Credit
Entitlement Provision |
0.000 |
1.547 |
0.000 |
|
|
Excess amount of fixed
Assets(Life Expired) |
0.000 |
0.000 |
0.240 |
|
|
Total |
0.000 |
1.547 |
0.240 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
99.267 |
92.597 |
90.974 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Sales |
1.796 |
0.000 |
NA |
|
|
TOTAL EARNINGS |
1.796 |
0.000 |
NA |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
73.813 |
101.469 |
NA |
|
|
Stores, Spares &
Consumables |
2.350 |
6.604 |
NA |
|
|
TOTAL IMPORTS |
76.163 |
108.073 |
NA |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.48 |
0.23 |
0.45 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
3.001 |
0.730 |
0.704 |
|
Cash generated from operations |
36.966 |
36.084 |
23.994 |
|
Net cash flows from (used in) operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operating activity |
32.665 |
27.920 |
18.739 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
81.98 |
104.05 |
108.42 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
4.45 |
3.51 |
3.37 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
83.26 |
161.77 |
211.97 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.60 |
0.31 |
0.20 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.23 |
0.22 |
0.24 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.45 |
0.53 |
0.56 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.47 |
0.46 |
0.48 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.02 |
1.57 |
1.77 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.70 |
0.73 |
0.75 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
3.03 |
3.01 |
2.39 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
0.68 |
0.34 |
0.75 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
1.07 |
0.44 |
0.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
2.67 |
1.35 |
2.58 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.37 |
1.22 |
1.19 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.10 |
0.89 |
0.69 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.40 |
0.33 |
0.31 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.84 |
0.80 |
0.82 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.37 |
1.22 |
1.19 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
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 |
135.000 |
135.000 |
135.000 |
|
Reserves & Surplus |
98.028 |
99.651 |
106.322 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
233.028 |
234.651 |
241.322 |
|
|
|
|
|
|
long-term borrowings |
15.986 |
13.608 |
21.298 |
|
Short term borrowings |
94.322 |
93.954 |
89.509 |
|
Current maturities of
long-term debts |
0.704 |
0.730 |
3.001 |
|
Total
borrowings |
111.012 |
108.292 |
113.808 |
|
Debt/Equity
ratio |
0.476 |
0.462 |
0.472 |
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 |
801.021 |
937.916 |
952.045 |
|
|
|
17.090 |
1.506 |
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 |
801.021 |
937.916 |
952.045 |
|
Profit |
6.019 |
3.170 |
6.438 |
|
|
0.75% |
0.34% |
0.68% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
Yes |
|
8] |
Designation of contact person |
Yes |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
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 |
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 |
OPERATIONAL REVIEW:
The Turnover for the Financial Year ended on 31.03.2017 is INR 952.045 million as compared to INR 937.916 million last year. The Net Profit (Before Tax) of the Company is INR 10.739 million as compared to 11.334 million last year. The company is engaged in manufacturing of Duplex Board, Finished Paper, etc. The turnover of company has increased in the current year as compare to previous year.
The company got Listing approval for Listing of its securities from the Metropolitan Stock Exchange of India Limited w.e.f 29/04/2016.
COMPANY INFORMATION
The company which has its Registered Office at 217, Agarwal Prestige Mall, Plot No- 2, Community Center, Pitampura, Delhi- 110034, India. The company is engaged in Manufacturing of Coated Duplex, Kraft, & Poster Paper and other Commercial Activities.
MANAGEMENT DISCUSSION
& ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT
Paper Industry:
The paper industry in India has become more promising as the domestic demand is on the rise. Increasing population and literacy rate, growth in GDP, improvement in manufacturing sector and lifestyle of individuals are expected to account for the growth in the paper industry of India. BILT and ITC are among the largest producers of paper and paperboard in India. Many of the existing players are increasing their capacity to meet the growing demand. The focus of paper industry is now shifting towards more ecofriendly products and technology. Government of India has established rules and regulations to control the population and degradation of forest. These measures taken by the government has brought the significant changes in the paper industry of India.
The paper industry in India could be classified into three categories according to the raw material consumed.
1. Wood based
2. Waste paper based
3. Agro based
Paper Industry occupies a prestigious position, among the various manufacturing enterprises globally, in view of its significant contribution to the Society. Role of paper in promotion of literacy, propagation of information and knowledge and in packaging commodities and items of commercial value, makes it an indispensable product. Its hygiene products offer unique solutions to society’s needs. Despite predictions that the digital revolution would make paper obsolete, paper remains central to their lives.
The Indian paper industry accounts for about 3% of the world’s production of paper. The estimated turnover of the industry is INR 500000.000 million (USD 8 billion) approximately and its contribution to the exchequer is around INR 45000.000 million. The industry provides employment to more than 0.5 million people directly and 1.5 million people indirectly.
Most of the paper mills are in existence for a long time and hence present technologies fall in a wide spectrum ranging from oldest to the most modern. The mills use a variety of raw material viz. wood, bamboo, recycled fibre, bagasse, wheat straw, rice husk, etc. In terms of share in total production, approximately 24% are based on wood, 65% on recycled fibre and 11% on agro-residues. The geographical spread of the industry as well as market is mainly responsible for regional balance of production and consumption.
Small companies can compete successfully by making specialty products or serving a small geographical market. India is a fast growing market for paper globally and it presents an exciting scenario; the operating capacity of the industry currently stands at 14 million MT. Of these, packaging production is about 5.9 million MT, W&P constitutes 4.8 million MT, newsprint makes for 2.5 million MT and Specialty Papers about 0.8 million MT. Amongst W&P, uncoated paper accounts for 88% or about 4.2 million MT and the balance 12% is made up of coated paper (art board, art paper and chrome paper). Uncoated W&P is expected to increase rapidly to the level of 6.4 million MT by 2022 from the current level of 4.2 million MT. Paperboard production is estimated to increase from the present 5.9 million MT to 7.6 million MT by as early as 2017-18 with improved FMCG sales, wider reach of organized retail, penetration of healthcare into the rural economy, sustained demand for packaged products in line with rising aspiration levels and changing lifestyles. It is estimated by industry experts that an increase in consumption by one kg per capita on a 100 basis point increase in GDP, would lead to an increase in demand of 1 million MT. With growth in GDP and increase in literacy, paper consumption in India is bound to go up. In fact, consumption in India is estimated to touch 20 million MT by 2020.
OUTLOOK
The company utilized the total capital arranged. In addition to the core paper manufacturing, the company always trying to explore the opportunities in those sector where the company can increase the value of stakeholders.
UNSECURED LOAN
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Inter Corporate Deposits |
12.721 |
12.721 |
|
|
|
|
|
Total |
12.721 |
12.721 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G72154420 |
100143209 |
HDFC BANK LIMITED |
07/04/2017 |
- |
- |
756000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL WEST MUMBAI-400013 MAHARASHTRA INDIA |
|
2 |
G55189922 |
80002462 |
ORIENTAL BANK OF COMMERCE |
01/03/2002 |
07/09/2017 |
- |
145000000.0 |
13-B,NEW MANDI MUZAFFARNAGAR-251001 INDIA |
|
3 |
C63319545 |
10107673 |
Oriental Bank of Commerce |
25/03/2008 |
- |
22/08/2015 |
18000000.0 |
13-B, NEW MANDIMUZAFFARNAGAR-251001 INDIA |
|
4 |
B73590531 |
10002871 |
ORIENTAL BANK OF COMMERCE |
18/04/2006 |
- |
15/04/2013 |
30000000.0 |
13-B, NEW MANDIMUZAFFARNAGAR-251001 INDIA |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED AS ON 30.09.2017
|
Particulars |
Quarter Ended
|
Half Year Ended |
||
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
Income |
|
|
|
|
|
a) Income from operations (Gross) |
364.525 |
248.369 |
612.894 |
|
|
Other income |
0.057 |
0.050 |
0.107 |
|
|
Total Income from Operations (net) |
364.582 |
248.419 |
613.001 |
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
a) Cost of Materials Consumed |
189.199 |
146.425 |
335.624 |
|
|
b) Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
c) Changes in inventories
of finished goods, work-in-progress
and traded goods |
8.196 |
(13.860) |
(5.664) |
|
|
e) Employee benefits expense |
8.866 |
8.812 |
17.678 |
|
|
f) Depreciation and amortisation expense |
3.777 |
3.708 |
7.485 |
|
|
a) Finance Cost |
3.588 |
2.910 |
6.498 |
|
|
g) Other expenses |
147.084 |
97.263 |
244.347 |
|
|
Total Expenses |
360.710 |
245.258 |
605.968 |
|
|
|
|
|
|
|
|
Profit/(Loss) from Operations before exceptional Items and Tax |
3.872 |
3.161 |
7.033 |
|
|
Profit/(Loss) before tax |
3.872 |
3.161 |
7.033 |
|
|
Tax expense |
|
|
|
|
a) Current Tax |
1.288 |
1.037 |
2.325 |
|
|
b) Deferred Tax |
0.021 |
(0.063) |
-0.042 |
|
|
|
Income Tax expense |
1.309 |
0.974 |
2.283 |
|
|
Net Profit/(Loss) for the period |
2.563 |
2.187 |
4.750 |
|
|
Total Other Comprehensive Income for the period |
2.563 |
2.563 |
4.750 |
|
|
Paid – up Equity Share Capital
(Face Value Rs.10) |
135 |
135 |
135 |
|
|
Earning Per Share for the
Period of Rs 10/- each |
|
|
|
|
Basic |
0.19 |
0.16 |
0.35 |
|
|
Diluted |
0.19 |
0.16 |
0.35 |
|
STATEMENT OF
ASSETS AND LIABILITIES
(INR
IN MILLION)
|
SOURCES OF FUNDS |
|
|
30.09.2017 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
135.000 |
|
(b) Reserves &
Surplus |
|
|
111.072 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
|
246.072 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
23.332 |
|
(b) Deferred tax liabilities
(Net) |
|
|
21.900 |
|
(c) Other long term
liabilities |
|
|
70.000 |
|
(d) long-term provisions |
|
|
0.000 |
|
Total Non-current
Liabilities (3) |
|
|
115.232 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
90.371 |
|
(b) Trade payables |
|
|
174.154 |
|
(c) Other current
liabilities |
|
|
27.178 |
|
(d) Short-term provisions |
|
|
0.000 |
|
Total Current Liabilities
(4) |
|
|
291.703 |
|
|
|
|
|
|
TOTAL |
|
|
653.007 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
162.056 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital
work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets
under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
94.100 |
|
(c) Deferred tax assets
(net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
2.486 |
|
(e) Other Non-current
assets |
|
|
0.000 |
|
Total Non-Current Assets |
|
|
258.642 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
70.901 |
|
(c) Trade receivables |
|
|
269.019 |
|
(d) Cash and cash
equivalents |
|
|
9.607 |
|
(e) Short-term loans and
advances |
|
|
9.927 |
|
(f) Other current assets |
|
|
34.911 |
|
Total Current Assets |
|
|
394.365 |
|
|
|
|
|
|
TOTAL |
|
|
653.007 |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the
Company not acknowledged as debts |
|
|
|
Excise/Service Tax |
0.069 |
0.425 |
|
Sales Tax/Vat |
5.042 |
5.507 |
|
Income Tax |
Not Acertained* |
Not Acertained* |
|
*Note: Case is under process as on date due to search operation conducted during the year 2013-14 at the registered office of the company and residential premises of promoters of the company. In this matter Company has deposited INR 1.625 million with the related authorities which is shown in other current assets. The matter is still pending with Income Tax Settelment Commission. |
||
FIXED ASSETS
- Land
- Factory Building
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Etp and Boiler
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 65.10 |
|
|
1 |
INR 79.59 |
|
Euro |
1 |
INR 90.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
RKI |
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.