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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

499701

Report Date :

27.03.2018

 

 

IDENTIFICATION DETAILS

 

Name :

AVANTHA HOLDINGS LIMITED

 

 

Registered Office :

Thapar House, 124, Janpath, New Delhi – 110001

Tel. No.:

91-11-23368332

 

 

Country :

India

 

 

Financials (as on) :

31.03.2016

 

 

Date of Incorporation :

29.05.1998

 

 

Com. Reg. No.:

55-198627

 

 

Capital Investment / Paid-up Capital :

INR 450.391 Million

 

 

CIN No.:

[Company Identification No.]

U67120DL1998PLC198627

 

 

IEC No.:

[Import-Export Code No.]

Not Divulged

 

 

GSTN :

[Goods & Service Tax Registration No.]

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCB6134E

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

The company is engaged in the business of material management, agency work, commission business, manufacturing of spirulina, multi wall paper sacks and also holding long term strategic investment in group companies. [Registered Activity]

 

 

No. of Employees :

Information denied by the management

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Maximum Credit Limit :

USD 51000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of Avantha Group and it was incorporated in the year 1998. It is engaged in the business of material management, agency work, commission business, manufacturing of spirulina, multi wall paper sacks and also holding long term strategic investment in group companies.

 

As per Registrar of Companies, the date of filling its financials is shown as 31.03.2017 but documents related to 31.03.2017 are not available from any other sources.

 

As per available financials of March 2016, the company has registered marginal decline in its revenue but has reported losses.

 

Rating takes into consideration the company’s established track record of business operations marked by healthy networth base along with comfortable debt coverage indicators and good liquidity position.

 

Rating also takes into account the extensive experience of its promoters in wood industry.

 

However, ratings strength is partially offset by continuous losses from its operations.

 

Payments terms seems to be regular.

 

In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

NOT AVAILABLE

 

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 27.03.2018

 

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. Rohit Singh

Designation :

Not Divulged

Contact No.:

91-124-4099457

Date :

26.03.2018

 

Management Non-Cooperative (91-11-23368811)

 

91-11-23368332 / 91-124-4099491 / 91-124-4099492 – Continuously Ringing

 

LOCATIONS

 

Registered Office :

Thapar House, 124, Janpath, New Delhi – 110001, India

Tel. No.:

91-11-23368332

Fax No.:

91-11-23368729

E-Mail :

sect.ahl@avanthaholdings.com

Website :

www.avanthagroup.com

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Mr. Gautam Thapar

Designation :

Director

Address :

E-16, Pushpanjali Farms, Bijwasan, New Delhi – 110061, India

Date of Birth/Age :

07.12.1960

Date of Appointment :

01.04.2017

DIN No.:

00012289

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U52110DL1992PLC005844

KARAM CHAND THAPAR AND BROS. LIMITED

26/02/2007

-

L26102DL1984PLC019542

ASAHI INDIA GLASS LIMITED

22/03/2002

-

U36999DL1989PLC034942

AVANTHA AGRITECH LIMITED

18/12/2014

-

U02001DL1992PLC047666

GLOBAL GREEN COMPANY LIMITED

15/04/1994

-

U72900DL2001PLC109058

BILTECH BUILDING ELEMENTS LIMITED

21/09/2015

-

U51102DL1997PLC112862

SOLARIS CHEMTECH LIMITED

29/12/1997

-

U67120DL2003PLC198253

SOLARIS HOLDINGS LIMITED

29/06/2007

-

U67120MH1978PLC020308

CG CAPITAL AND INVESTMENTS LIMITED

30/03/2001

-

U51396DL2004PLC129498

KCT PAPERS LIMITED

28/09/2004

-

U74140DL2005PLC135984

AVANTHA BUSINESS SOLUTIONS LIMITED

07/10/2005

-

L21010MH1945PLC010337

BALLARPUR INDUSTRIES LIMITED

01/04/2010

-

U80903DL2009NPL189043

AVANTHA FOUNDATION

01/04/2009

-

U74110HR2013PLC048992

AVANTHA CONSULTING SERVICES LIMITED

03/02/2014

-

L99999MH1937PLC002641

CG POWER AND INDUSTRIAL SOLUTIONS LIMITED

07/08/2005

-

U21019DL1975PLC198598

BILT PAPER HOLDINGS LIMITED

06/08/1993

-

 

 

Name :

Mr. Bhuthalingam Hariharan

Designation :

Director

Address :

Flat No-602 B, The Magnolias, DLF Golf Links, DLF City, DLf Phase-V, Gurugram – 122009, Haryana, India

Date of Birth/Age :

18.04.1957

Date of Appointment :

26.03.2011

DIN No.:

00012432

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U21000MH2007PLC172382

BILT GRAPHIC PAPER PRODUCTS LIMITED

16/07/2007

-

U74110HR2013PLC048992

AVANTHA CONSULTING SERVICES LIMITED

02/05/2013

-

U40300MH2012PLC228170

CG POWER SOLUTIONS LIMITED

09/11/2017

-

U40101DL2005PLC138906

AVANTHA POWER & INFRASTRUCTURE LIMITED

12/06/2006

-

U24296DL2004PLC129497

KCT CHEMICALS AND ELECTRICALS LIMITED

08/09/2009

-

L99999MH1937PLC002641

CG POWER AND INDUSTRIAL SOLUTIONS LIMITED

06/08/2013

-

U67120DL2003PTC121919

TOPSCORE TRADEVARIETY PRIVATE LIMITED

30/09/2010

-

U67120DL2003PLC198253

SOLARIS HOLDINGS LIMITED

04/04/2003

-

U65999DL2003PLC119508

NEWQUEST INSURANCE BROKING SERVICES LIMITED

24/03/2003

-

U51102DL1997PLC112862

SOLARIS CHEMTECH LIMITED

29/12/1997

-

L21010MH1945PLC010337

BALLARPUR INDUSTRIES LIMITED

21/06/2001

-

U24119DL2001PLC111100

SOLARIS CHEMTECH INDUSTRIES LIMITED

31/12/2008

-

U02001DL1992PLC047666

GLOBAL GREEN COMPANY LIMITED

18/11/2011

-

 

 

Name :

Ramni Nirula

Designation :

Director

Address :

A-14, Anand Niketan, New Delhi – 110021, India

Date of Birth/Age :

27.05.1952

Date of Appointment :

19.12.2014

DIN No.:

00015330

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

L74899DL1989PLC034923

DCM SHRIRAM LIMITED

18/08/2015

-

U74899DL1990PTC041935

A AND A BAKERY PRIVATE LIMITED

20/02/1995

-

U74899DL1991PTC045138

TAMA INVESTMENT & FINANCE PRIVATE LIMITED

15/01/1996

-

U74899DL1991PTC045709

TNM AGRICULTURE PRIVATE LIMITED

18/09/1991

-

U74899DL1994PTC060099

DRN INVESTMENTS AND AGRICULTURE PRIVATE LIMITED

27/07/1994

-

L74899UP1995PLC043677

JUBILANT FOODWORKS LIMITED

20/08/2010

-

L51109WB1998PLC087076

MCLEOD RUSSEL INDIA LIMITED

27/07/2012

-

U65191UP1990PLC045609

UTKARSH MICRO FINANCE LIMITED

01/07/2010

-

L31402WB1934PLC007993

EVEREADY INDUSTRIES INDIA LTD

25/07/2014

-

L24211RJ1946PLC000469

PI INDUSTRIES LIMITED

16/07/2011

-

L99999MH1937PLC002641

CG POWER AND INDUSTRIAL SOLUTIONS LIMITED

30/08/2016

-

U74110HR2013PLC048992

AVANTHA CONSULTING SERVICES LIMITED

03/02/2014

-

U51100MH2003PLC143347

COMM TRADE SERVICES LIMITED

02/12/2003

-

 

 

Name :

Mr. Surendra Kumar Khandelwal

Designation :

Wholetime Director

Address :

238, Kailash Hills East of Kailash, New Delhi – 110065, India

Date of Birth/Age :

20.02.1946

Date of Appointment :

25.09.1999

DIN No.:

00015637

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U67120DL2003PTC121919

TOPSCORE TRADEVARIETY PRIVATE LIMITED

30/09/2010

-

U24296DL2004PLC129497

KCT CHEMICALS AND ELECTRICALS LIMITED

08/09/2009

-

U51396DL2004PLC129498

KCT PAPERS LIMITED

08/10/2004

-

U65999DL2003PLC119508

NEWQUEST INSURANCE BROKING SERVICES LIMITED

10/09/2015

-

U72900DL2001PLC109058

BILTECH BUILDING ELEMENTS LIMITED

27/12/2013

-

U74899DL2000PTC108987

PRESTIGE WINES & SPIRITS PRIVATE LIMITED

31/08/2007

-

U26942CT2007PTC020227

K.P. CEMENT MFG. CO. PRIVATE LIMITED

27/09/2012

-

U80903DL2009NPL189043

AVANTHA FOUNDATION

18/08/2010

-

U36999DL1989PLC034942

AVANTHA AGRITECH LIMITED

18/12/2014

-

U52110DL1992PLC005844

KARAM CHAND THAPAR AND BROS. LIMITED

23/09/1998

-

U74210WB1962PLC025524

KREBS & CIE (INDIA) LTD

28/09/1995

-

U51909WB1959PLC009443

ORIENT ENGINEERING & COMMERCIAL CO LTD

20/02/2007

-

U22121DL1932PLC199787

THE PIONEER LIMITED

16/11/2004

-

U99999MH1984PLC127030

NILKASH INVESTMENTS AND HOLDINGS LIMITED

11/11/1986

-

U70102DL1981PLC198595

AVANTHA REALTY LIMITED

12/03/1998

-

 

 

Name :

Mr. Rajeev Khanna

Designation :

Director

Address :

M-168, Greater Kailash Part-II, Second Floor, New Delhi – 110048, India

Date of Appointment :

28.09.2015

DIN No.:

00314280

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U74899DL1979PTC010091

IHHR HOSPITALITY PRIVATE LIMITED

24/12/1979

-

U74899DL1983PTC016351

KATANA INDIA PRIVATE LIMITED

18/08/1983

-

U74899DL1991PTC044026

CHRYSALIS INTERNATIONAL PRIVATE LIMITED

19/04/1991

-

U74210DL2000PTC103512

RAJEEV KHANNA TRADELINKS PRIVATE LIMITED

15/07/2004

-

 

 

Name :

Mr. Krishnan Brahmadesham Venkatasubramanian

Designation :

Nominee Director

Address :

305, B Wing, Manju Mahal, 35 Pali Hill Nargis Dutt Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

16.10.1973

Date of Appointment :

07.02.2017

DIN No.:

02787983

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U67190TN1995PTC030045

KKR INDIA FINANCIAL SERVICES PRIVATE LIMITED

28/04/2017

-

U74899MH2000PTC243438

RADIANT LIFE CARE PRIVATE LIMITED

21/08/2017

-

U72200KA2006PTC038884

ENZEN GLOBAL SOLUTIONS PRIVATE LIMITED

19/11/2015

-

U67190MH2011PTC211738

KKR CAPITAL MARKETS INDIA PRIVATE LIMITED

03/01/2011

-

 

 

Name :

Mr. Jatinder Cheema

Designation :

Director

Address :

A-34, First Floor, Nizamuddin East, New Delhi – 110013, India

Date of Birth/Age :

29.07.1969

Date of Appointment :

19.12.2014

DIN No.:

02914500

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U55101DL2010PTC199183

MYSTIC INNS PRIVATE LIMITED

17/02/2010

-

U70109DL2012PTC238829

ANTHILL REALTY SERVICES PRIVATE LIMITED

13/07/2012

-

 

 

KEY EXECUTIVES

 

Name :

Mr. Rajendra Kumar Mangal

Designation :

Chief Financial Officer

Address :

Flat No.402, Mariners Home Plot No GH-36D, Sector-56, Gurugram – 122011, Haryana, India

Date of Appointment :

14.05.2014

PAN No.:

AAKPM7024N

 

 

Name :

Mr. Sonia Niranjan Das

Designation :

Company Secretary

Address :

89-C, PKT A-14 Himgiri Apartments, D.D.A Flats, Kalkaji Extension, Delhi – 110019, India

Date of Birth/Age :

20.09.1975

Date of Appointment :

29.04.2011

PAN No.:

AGIPD9815A

 

 

MAJOR SHAREHOLDERS

 

AS ON 31.03.2017

 

Names of Shareholders (Equity Shares)

 

No. of Shares

Gautam Thapar

 

392358

Avantha Realty Limited

 

56384

PNR Investment Advisors Private Limited

 

167

S K Khandelwal (Nominee of Mr. Gautam Thapar)

 

1000

Mr. R. K Mangal (Nominee of Mr. Gautam Thapar)

 

1000

Ms. Sonia Niranjan Das (nominee of Mr. Gautam Thapar)

 

1000

Mr. Akhil Mahajan(Nominee of Mr. Gautam Thapar)

 

1000

Ms. Vinu R Kalra (Nominee of Mr. Gautam Thapar)

 

1000

 

 

 

Total

 

453909

 

 

Names of Shareholders (Preference Shares)

 

No. of Shares

Gautam Thapar

 

50000

Avantha Realty Limited

 

4000000

 

 

 

Total

 

4050000

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 29.09.2017

 

Category

Percentage

Promoters [Individual/Hindu Undivided Family (Indian)]

87.54

Public/Other than promoters [Body corporate]

12.46

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

The company is engaged in the business of material management, agency work, commission business, manufacturing of spirulina, multi wall paper sacks and also holding long term strategic investment in group companies. [Registered Activity]

 

 

Products / Services :

Name and Description of main products / services

ITC Code

Multiwall Paper Sacks

48193000

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged 

 

 

Imports :

Not Divulged 

 

 

Terms :

Not Divulged 

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

Customers :

 

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

No. of Employees :

Information denied by the management

 

 

Bankers :

Banker Name :

Yes Bank Limited

Branch :

9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

Person Name (With Designation) :

--

Contact Number :

--

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

Credit Facilities Enjoyed (CC/OD/Term Loan) :

--

Account Operation :

--

Remark :

--

 

 

Facilities :

SECURED LOANS

31.03.2016

INR In Million

31.03.2015

INR In Million

LONG TERM BORROWINGS

 

 

Non-convertible debentures others

2000.000

15265.800

Rupee term loans from banks

5805.300

5151.130

Rupee term loans from others

586.948

3055.500

Other loans and advances

4.073

2.148

 

 

 

SHORT TERM BORROWINGS

 

 

Rupee term loans from banks

0.000

1200.000

Rupee term loans from others

1730.000

310.000

Working capital loans from banks

93.790

202.916

 

 

 

Total

10220.111

25187.494

 

 

Auditors :

 

Name :

Ritu Gupta and Company

Chartered Accountants

Address :

B-383, Sarita Vihar, Delhi, India

PAN No.:

ADHPG2200Q

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiaries of the Companies (including Step Down Subsidiaries) :

·         Avantha Power & Infrastructure Limited

·         Avantha Business Solutions Inc. (w.e.f 30.12.2013)

·         Avantha Technologies Limited

·         Avantha Energy Services Limited (w.e.f 19.03.2014)

·         Avantha Projects Limited

·         BILT Industrial Packaging Company Limited

·         Biltech Building Elements Limited

·         Global Green Company Limited

·         Dunakiliti Kanzervuzem Kft

·         Global Green USA Limited

·         Global Green International N.V.

·         Intergarden (India) Private Limited

·         Greenhouse Agraar Kft

·         Jhabua Power Investments Limited

·         JG Containers (Malaysia) Sdn. Bhd.

·         K. P. Cements Manufacturing Private Limited

·         Jhabua Power Limited

·         Malanpur Captive Power Limited

·         Korba West Power Company Limited

·         NewQuest Insurance Broking Services Limited

·         Mirabelle Trading Pte. Limited

·         NQC International (Mauritius) Limited

·         NQC Global (Mauritius) Limited

·         Pyramid Healthcare Solutions USA (w.e.f 30.12.2013)

·         Puszta Konserv Kft, Hungary

·         Salient Financial Solutions Limited

·         Avantha Business Solutions Limited (Formerly Salient Business Solutions Limited)

·         Solaris Industrial Chemicals Limited

·         Solaris Chemtech Industries Limited

·         UHL Power Company Limited

·         TKS Developers Limited

·         Global Green International (UK) Limited, UK

 

·          

Subsidiaries :

·         Avantha Power & Infrastructure Limited

·         Avantha Projects and Services Private Limited

·         Avantha Technology Limited

·         Bilt Industrial Packaging Co. Limited

·         Biltech Building Elements Limited

·         GG International NV. Belgium

·         Global Green Company Limited

·         Korba West Power Co. Limited

·         JG Containers(Malaysia) Sdn.Bhd.

·         Avantha Business Solution Limited

·         NewQuest Insurance Broking Services Limited

·         Solaris Chemtech Industries Limited

·         NQC International (Mauritius) Limited

·         Mirabelle Trading Pte. Limited

·         Salient Financial Solution Limited

·         UHL Power Company Limited

·         Solaris Industrial Chemical Limited

·         Pyramid Healthcare Solutions USA (w.e.f. 30.12.2013)

·         UHL Power Company Limited

 

 

Associates :

·         Arizona Printers & Packers Private Limited

·         Ballarpur Industries Limited

·         Crompton Greaves Limited

·         Krebs & Cie (India) Limited

 

 

Joint Venture :

·         Avantha ERGO Life Insurance Company Limited

·         Imreys NewQuest India Private Limited

·         SMI NewQuest India Private Limited

·         Sohna Stud Farms Private Limited

 

 

Other Related Party* (*Companies over which person(s) having direct/indirect control or significant influence over the company is able to exercise significant influence) :

·         Avantha Business Solutions Inc

·         Avantha Foundation

·         Avantha Realty Limited

·         NewQuest Services Private Limited

·         Jhabua Power Limited

·         Prestige Wines & Spirits Private Limited

·         MTP New Ocean (Mauritius) Limited

·         Sabah Forest Industries SDN BHD

·         Premier Tissues(India) Private Limited

·         Ultima Hygiene Products Private Limited

 

 

CAPITAL STRUCTURE

 

AFTER 29.09.2017

 

Authorised Capital : INR 5158.700 Million

 

Issued, Subscribed & Paid-up Capital : INR 450.500 Million

 

 

AS ON 29.09.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5585000

Equity Shares

INR 100/- each

INR 558.500 Million

14901000

8% Cumulative Fully Redeemable Optionally Convertible Preference Shares

INR 100/- each

INR 1490.100 Million

14901000

8.5% Redeemable Cumulative Non-Convertible  Preference Shares

INR 100/- each

INR 1490.100 Million

 

 

 

 

 

Total

 

INR 3538.700 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

453909

Equity Shares

INR 100/- each

INR 45.391 Million

50000

8% Cumulative Fully Redeemable Optionally Convertible Preference Shares

INR 100/- each

INR 5.000 Million

4000000

8.5% Redeemable Cumulative Non-Convertible  Preference Shares

INR 100/- each

INR 400.000 Million

 

 

 

 

 

Total

 

INR 450.391 Million

 

 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET (STANDALONE)

 

SOURCES OF FUNDS

 

31.03.2016

31.03.2015

30.06.2014

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

450.391

450.391

450.391

(b) Reserves & Surplus

17357.564

20447.405

25230.757

(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)

17807.955

20897.796

25681.148

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

8396.321

23474.578

23844.458

(b) Deferred tax liabilities (Net)

9.136

41.973

41.973

(c) Other long term liabilities

0.700

0.700

1.200

(d) Long-term provisions

46.110

37.717

38.600

Total Non-current Liabilities (3)

8452.267

23554.968

23926.231

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

4458.790

4447.916

2581.956

(b) Trade payables

635.897

506.553

422.630

(c) Other current liabilities

34825.956

11003.920

10629.362

(d) Short-term provisions

8.556

6.626

2.239

Total Current Liabilities (4)

39929.199

15965.015

13636.187

 

 

 

 

TOTAL

66189.421

60417.779

63243.566

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

216.221

256.948

2036.787

(ii) Intangible Assets

1.560

37.424

67.158

(iii) Capital work-in-progress

0.000

0.000

1.014

(iv) Intangible assets under development

1.629

3.035

0.000

(b) Non-current Investments

51455.842

49161.767

54283.070

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d) Long-term Loan and Advances

920.644

1449.025

480.229

(e) Other Non-current assets

0.090

0.090

0.090

Total Non-Current Assets

52595.986

50908.289

56868.348

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

216.899

337.549

416.560

(c) Trade receivables

398.621

481.702

292.178

(d) Cash and cash equivalents

52.143

75.408

40.919

(e) Short-term loans and advances

12303.467

7717.154

5238.362

(f) Other current assets

622.305

897.677

387.199

Total Current Assets

13593.435

9509.490

6375.218

 

 

 

 

TOTAL

66189.421

60417.779

63243.566

 

 

PROFIT & LOSS ACCOUNT (STANDALONE)

 

 

PARTICULARS

 

31.03.2016

31.03.2015

30.06.2014

 

SALES

 

 

 

 

Total Revenue from operations

1386.215

1408.357

1980.309

 

Other Income

440.068

360.854

503.367

 

TOTAL

1826.283

1769.211

2483.676

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

506.013

413.491

529.721

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(12.172)

(10.930)

5.625

 

Employee benefit expense

470.977

253.482

288.803

 

CSR expenditure

0.050

0.000

0.000

 

Other expenses

571.697

392.402

702.251

 

Exceptional items

(26.433)

(1494.993)

0.000

 

TOTAL

1510.132

(446.548)

1526.400

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

316.151

2215.759

957.276

 

 

 

 

 

Less

FINANCIAL EXPENSES

3510.937

6845.096

5483.132

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

(3194.786)

(4629.337)

(4525.856)

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

76.552

154.015

373.093

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(3271.338)

(4783.352)

(4898.949)

 

 

 

 

 

Less

TAX

(181.497)

0.000

(31.914)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

(3089.841)

(4783.352)

(4867.035)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

59.275

545.090

83.004

 

TOTAL EARNINGS

59.275

545.090

83.004

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

310.855

146.804

341.146

 

Components and spare parts

14.743

8.679

13.230

 

TOTAL IMPORTS

325.598

155.482

354.377

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

 

 

 

-       Basic

(6898.40)

(10606.54)

(1080.625)

 

-       Diluted

(5291.25)

(8191.55)

(10810.57)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2016

31.03.2015

30.06.2014

Current Maturities of Long term debt

2175.360

2339.696

5840.636

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

23725.070

2217.938

(2841.359)

Net cash flows from (used in) operating activities

24491.837

1509.565

(2974.308)

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

30.06.2014

Average Collection Days

(Sundry Debtors / Income * 365 Days)

104.96

124.84

53.85

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

3.48

2.92

6.78

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

458.69

447.15

291.21

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

1.46

6.56

2.30

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

1.44

7.45

0.45

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

30.06.2014

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.76

0.69

0.68

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.84

1.45

1.26

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

2.24

0.76

0.53

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.01

0.01

0.08

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

0.09

0.32

0.17

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2016

31.03.2015

30.06.2014

PAT to Sales

((PAT / Sales) * 100)

%

(222.90)

(339.64)

(245.77)

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

(4.67)

(7.92)

(7.70)

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

(17.35)

(22.89)

(18.95)

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

30.06.2014

Current Ratio

(Current Assets / Current Liabilities)

0.34

0.60

0.47

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.34

0.57

0.44

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.27

0.35

0.41

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

33.37

67.19

71.64

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

0.34

0.60

0.47

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

30.06.2014

31.03.2015

31.03.2016

 

(INR In Million)

(INR In Million)

(INR In Million)

Share Capital

450.391

450.391

450.391

Reserves & Surplus

25230.757

20447.405

17357.564

Net worth

25681.148

20897.796

17807.955

 

 

 

 

Long-term borrowings

23844.458

23474.578

8396.321

Short term borrowings

2581.956

4447.916

4458.790

Current maturities of long-term debts

5840.636

2339.696

2175.360

Total borrowings

32267.050

30262.190

15030.471

Debt/Equity ratio

1.256

1.448

0.844

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

30.06.2014

31.03.2015

31.03.2016

 

(INR In Million)

(INR In Million)

(INR In Million)

Sales

1980.309

1408.357

1386.215

 

 

(28.882)

(1.572)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

30.06.2014

31.03.2015

31.03.2016

 

(INR In Million)

(INR In Million)

(INR In Million)

Sales

1980.309

1408.357

1386.215

Profit/ (Loss)

(4867.035)

(4783.352)

(3089.841)

 

(245.77 %)

(339.64 %)

(222.90 %)

 

 

 

ABRIDGED BALANCE SHEET (CONSOLIDATED)

 

SOURCES OF FUNDS

 

 

31.03.2016

31.03.2015

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

450.391

450.391

(b) Reserves and Surplus

 

18853.253

14706.144

(c) Money received against share warrants

 

0.000

0.000

(d) Minority interest

 

9092.612

7096.813

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

19303.644

15156.535

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

40543.060

83455.156

(b) Deferred tax liabilities (Net)

 

0.000

0.000

(c) Other long-term liabilities

 

813.103

160.359

(d) long-term provisions

 

131.312

120.551

Total Non-current Liabilities (3)

 

41487.475

83736.066

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short-term borrowings

 

9833.255

14967.743

(b) Trade payables

 

3387.050

6033.280

(c) Other current liabilities

 

56357.851

33679.708

(d) Short-term provisions

 

51.500

41.270

Total Current Liabilities (4)

 

69629.656

54722.001

 

 

 

 

TOTAL

 

139513.387

160711.415

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

8936.784

10509.995

(ii) Intangible Assets

 

11502.828

7913.673

(iii) Tangible assets capital work-in-progress

 

45343.805

82539.579

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

51865.405

36785.801

(c) Deferred tax assets (net)

 

1109.216

1223.681

(d) Long-term loans and advances

 

2630.528

3832.878

(e) Other Non-current assets

 

814.523

1290.783

Total Non-Current Assets

 

122203.089

144096.390

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

21.900

0.000

(b) Inventories

 

3375.077

3365.789

(c) Trade receivables

 

3203.313

7711.928

(d) Cash and bank balances

 

1504.701

2331.080

(e) Short-term loans and advances

 

8320.592

2691.813

(f) Other current assets

 

884.715

514.415

Total Current Assets

 

17310.298

16615.025

 

 

 

 

TOTAL

 

139513.387

160711.415

 

 

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

 

 

PARTICULARS

 

 

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Total Revenue from operations

 

15613.875

15139.580

 

Other Income

 

647.100

519.046

 

TOTAL

 

16260.975

15658.626

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

9126.151

9433.006

 

Purchases of Stock-in-Trade

 

17.636

62.794

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

172.653

(12.079)

 

Employee benefit expense

 

2047.551

2204.423

 

CSR expenditure

 

18.113

13.467

 

Other expenses

 

3572.118

3002.816

 

Exceptional items

 

(485.848)

(1494.993)

 

TOTAL

 

14468.374

13209.434

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

1792.601

2449.192

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

4997.860

9314.139

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

(3205.259)

(6864.947)

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

 

531.341

647.001

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

(3736.600)

(7511.948)

 

 

 

 

 

Less

TAX

 

(31.448)

(399.873)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

 

(3705.152)

(7112.075)

 

 

 

 

 

Add/ Less

PROFIT (LOSS) OF MINORITY INTEREST

 

184.675

(522.505)

 

 

 

 

 

Add/ Less

SHARE OF PROFIT (LOSS) OF ASSOCIATES

 

(2301.584)

442.507

 

 

 

 

 

 

TOTAL PROFIT (LOSS) FOR PERIOD

 

(5871.697)

(7192.073)

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

 

 

 

-       Basic

 

(13027.06)

(15910.81)

 

-       Diluted

 

(10055.84)

(12316.71)

 

 

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

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

No

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

No

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

No

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

 

 

COMPANY OVERVIEW

 

The Company is primarily engaged in the business of material management, agency work, commission business, manufacturing of spirulina, multi wall paper sacks and also holding long term strategic investment in group companies.

 

The Company with its subsidiaries and associates, is one of India's leading business conglomerates and has business interests in diverse areas, including pulp and paper, power transmission and distribution equipment and services, food processing, farm forestry, chemicals, energy, infrastructure, information technology (IT and IT-enabled services).

 

 

OPERATIONS

 

During the period, the Company’s Unit APR Sacks, situated at Ashti, Maharashtra has earned revenue of INR 661.000 million as compared to INR 541.800 million for the previous period. The main business of Unit APR Sacks is supply of multiwall paper bags to Cement Industry. Since, the real estate market is depressed, cement industry is not performing up to the expectation, as a result, performance of Unit APR Sacks was also affected.

 

However, during the year, the Company has started supplying bags to other industries and is further exploring avenues to increase the revenue.

 

The income from Brand licence fees was INR 628.100 million as compared to INR 731.400 million for the previous period.

 

Interest and financing charges during the period were INR 3510.900 million as compared to INR 6845.100 million for the previous year. The substantial reduction in the interest cost, in current financial year, is on account of repayment of high interest bearing NCDs/ loans from the proceeds of divestment of Company’s investments for an approx. amount of INR 20000.000 million.

 

 

UNSECURED LOANS:

 

PARTICULARS

31.03.2016

INR In Million

31.03.2015

INR In Million

SHORT TERM BORROWINGS

 

 

Non-convertible debentures others

1900.000

0.000

Rupee term loans from banks

0.000

2000.000

Other loans and advances

735.000

735.000

 

 

 

Total

2635.000

2735.000

 

INDEX OF CHARGES:

 

S

No

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

G52641511

100124677

IDBI TRUSTEESHIP SERVICES LIMITED

04/08/2017

-

-

2700000000.0

ASIAN BUILDING, GROUND FLOOR17, R. KAMANI MARG, BALLARD ESTATE,MUMBAIMH400001IN

2

G49452469

100113020

VISTRA ITCL (INDIA) LIMITED

01/05/2017

-

-

2300000000.0

IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMA400051IN

3

G49453681

100113024

VISTRA ITCL (INDIA) LIMITED

01/05/2017

-

-

4000000000.0

IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMA400051IN

4

G49456106

100113040

VISTRA ITCL (INDIA) LIMITED

01/05/2017

-

-

4950000000.0

IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMA400051IN

5

G49457088

100113045

VISTRA ITCL (INDIA) LIMITED

01/05/2017

-

-

5800000000.0

IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMA400051IN

6

G37733581

100073012

VISTRA ITCL INDIA LIMITED

05/01/2017

05/01/2017

-

3150000000.0

IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMH400051IN

7

G37735305

100083166

VISTRA ITCL INDIA LIMITED

05/01/2017

-

-

4500000000.0

IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMH400051IN

8

G38590295

100083927

VISTRA ITCL INDIA LIMITED

05/01/2017

-

-

1350000000.0

IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMH400051IN

9

G34543520

100074573

ADITYA BIRLA FINANCE LIMITED

13/12/2016

-

-

980000000.0

INDIAN RAYON COMPOUND,VERAVALGU362266IN

10

G28664126

100064305

VISTRA ITCL (INDIA) LIMITED

15/11/2016

-

-

1070000000.0

THE IL&FS FINANCIAL CENTRE, PLOT NO. C-22,G-BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST)MUMBAIMH400051IN

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Furniture and Fixture

·         Office Equipment

·         Computer

·         Vehicles

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 64.80

UK Pound

1

INR 92.26

Euro

1

INR 80.76

 

 

INFORMATION DETAILS

 

Information Gathered by :

AKS

 

 

Analysis Done by :

VVK

 

 

Report Prepared by :

NKT

 

 

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)

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.