|
|
|
MIRA INFORM REPORT
|
Report No. : |
500254 |
|
Report Date : |
29.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
GANGA PAPERS INDIA LIMITED |
|
|
|
|
Formerly Known
As : |
KASAT PAPER AND PULP LIMITED |
|
|
|
|
Registered
Office : |
241, Village-Babedohal Taluka-Maval, Pune-410506, Maharashtra |
|
Tel. No.: |
91-20-66206581 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
11.03.1985 |
|
|
|
|
Com. Reg. No.: |
11-035575 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 107.889 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L21012MH1985PTC035575 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
3193000736 |
|
|
|
|
GSTIN : [Goods & Service Tax Registration No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK07347E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCK2353A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the
business of Manufacturing of Newsprint and Kraft Papers, Pulp and Paper
Products. (Registered
Activity) |
|
|
|
|
No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 282000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1985 and it is a manufacturer of newsprint and kraft papers, pulp and paper products. As per the financials of March 2017, the company has registered a growth of 9.36% in its revenue as compared to its previous year revenue and reported average profit margin of 2.15%. Rating takes into consideration the company’s established track record of business operations marked by sound capital base along with average debt coverage indicators and decent liquidity positions. Rating also takes into account the extensive experience of its promoters in paper industry. Share are quoted high on Stock Exchanges. (Share are traded at a price of INR 57.50 against its face value of INR 10.) However, rating strength is partially offset by negative reserves along with highly competitive industry and profitability to foreign exchange rate fluctuation. As per unaudited quarterly financials of December 2017, the company has achieved a revenue of INR 286.14 million and has reported average profit margin of 1.49%. Payments terms seems to be slow but correct. In view of aforesaid, the company can be considered for business dealing 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 |
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 29.03.2018
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 PARTED BY
|
Name : |
Mr. Anilkumar Thakur |
|
Designation : |
Assistant General Manager |
|
Contact No.: |
91-9850156179 |
|
Date : |
26.03.2018 |
LOCATIONS
|
Registered Office/ Factory/ Branch 1 : |
241, Village-Babedohal Taluka-Maval, Pune-410506, Maharashtra, India |
|
Tel. No.: |
91-20-66206581/ 2114-287116/ 322848 |
|
Mobile No.: |
91-9850156179 (Mr. Anilkumar Thakur) |
|
Fax No.: |
91-20-66206582 /2114-281729 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Commercial |
|
Branch Office 2 : |
D-8, Sanskruti Prangan Society, Pune – 411046, Maharashtra, India |
|
Location : |
Owned |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Amit Chaudhary |
|
Designation : |
Director |
|
Address : |
D-66, Chandrika Nagar, Colony Sigra, Varanasi – 221010, Uttar Pradesh, India |
|
Date of Birth/Age : |
24.05.1980 |
|
Qualification : |
B. Com, Chartered Accountant |
|
Experience : |
Vast Experience in Paper Industry |
|
Date of Appointment : |
15.01.2007 |
|
DIN No : |
00080093 |
|
|
|
|
Name : |
Mr. Ramesh Chaudhary |
|
Designation : |
Non-Executive Chairman |
|
Address : |
D-66, Chandrika Nagar, Colony Sigra, Varanasi – 221010, Uttar Pradesh, India |
|
Date of Birth/Age : |
23.07.1952 |
|
Date of Appointment : |
03.04.2006 |
|
DIN No : |
00080136 |
|
|
|
|
Name : |
Mr. Sandeep Kanoria |
|
Designation : |
Managing Director |
|
Address : |
23, Jawahar Nagar Colony, Bhelupur, Varanasi - 221005, Uttar Pradesh, India |
|
Date of Appointment : |
03.04.2006 |
|
DIN No : |
00084506 |
|
|
|
|
Name : |
Mrs. Sadhana Kanoria |
|
Designation : |
Director |
|
Address : |
23, Jawahar Nagar Colony, Bhelupur, Varanasi - 221005, Uttar Pradesh, India |
|
Date of Appointment : |
05.01.2015 |
|
DIN No : |
00084309 |
|
|
|
|
Name : |
Mr. Sanjeev Jalan |
|
Designation : |
Director |
|
Address : |
C/605, Samarpan, Kanakia Spaces, W.E. Highway, Next to Urban Tadka, Boriwali (East), Mumbai - 400066, Maharashtra, India |
|
Date of Appointment : |
02.12.2006 |
|
DIN No : |
00135055 |
|
|
|
|
Name : |
Mr. Sharwan Kanodia |
|
Designation : |
Independent Director |
|
Address : |
A1-401, Lunkad Gold Coast, Phase 2, Viman Nagar, Pune - 411006, Maharashtra, India |
|
Date of Appointment : |
02.12.2006 |
|
DIN No : |
01176796 |
|
|
|
|
Name : |
Mrs. Anjani Agrawal |
|
Designation : |
Director |
|
Address : |
G-2 Chandra Tower, Natiimli, Varanasi - 221001, Uttar Pradesh, India |
|
Date of Appointment : |
14.08.2013 |
|
DIN No : |
06652354 |
KEY EXECUTIVES
|
Name : |
Ms. Preeti Gupta |
|
Designation : |
Company Secretary |
|
Address : |
C.10/111, Jiyapura Chetganj, Varanasi - 221001, Uttar Pradesh, India |
|
Experience : |
Apypg6833l |
|
Date of Appointment : |
14.08.2017 |
|
|
|
|
Name : |
Mr. Gautam Chuadhary |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Ms. Shreya Chakravarty |
|
Designation : |
Company Secretary |
|
|
|
|
Audit Committee : |
|
|
|
|
|
Stakeholders
Relationship Committee : |
|
|
|
|
|
Nomination And
Remuneration Committee : |
|
MAJOR SHAREHOLDERS
As on 31.12.2017
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
Promoter & Promoter Group |
8089664 |
74.98 |
|
|
Public |
2699222 |
25.02 |
|
|
Grand Total |
10788886 |
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 |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
2707501 |
25.10 |
|
|
Sandeep Kanoria |
1709501 |
15.85 |
|
|
Amit Chaudhary |
998000 |
9.25 |
|
|
Any Other (specify) |
5382163 |
49.89 |
|
|
Ganga Pulp And Papers Private Limited |
709663 |
6.58 |
|
|
Ras Polytex Pvt Ltd |
4672500 |
43.31 |
|
|
Sub Total A1 |
8089664 |
74.98 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
8089664 |
74.98 |
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 |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
26650 |
0.25 |
|
|
Sub Total B1 |
26650 |
0.25 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto Rs. 2 Lacs |
194033 |
1.80 |
|
|
Individual share capital in excess of Rs. 2 Lacs |
1527674 |
14.16 |
|
|
Anita Agrawal |
200000 |
1.85 |
|
|
Sonal Agrawal |
200000 |
1.85 |
|
|
Uma Devi Garodia |
341300 |
3.16 |
|
|
Gouri Kumar Prusty |
237100 |
2.20 |
|
|
Gouri Kumar Prusty Huf |
150000 |
1.39 |
|
|
Veeraj Agrawal |
300000 |
2.78 |
|
|
Any Other (specify) |
950865 |
8.81 |
|
|
Spice Merchants Private Limited |
127638 |
1.18 |
|
|
Apex Commotrade Private Limited |
354550 |
3.29 |
|
|
Signet Vinimay Private Limited |
127638 |
1.18 |
|
|
Winall Vinimay Private Limited |
283641 |
2.63 |
|
|
Sub Total B3 |
2672572 |
24.77 |
|
|
B=B1+B2+B3 |
2699222 |
25.02 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business
of Manufacturing and Importer of Newsprint and Kraft Papers Pulp and Paper
Products. (Registered
Activity and Also Conformed by Management) |
||||
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|
Products / Services
: |
|
||||
|
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|
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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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|
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|
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|
Imports : |
|
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|
Products : |
Raw Material |
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|
Countries : |
|
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|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash, L/C, Credit (30/60 Days) and RTGS |
||||
|
|
|
||||
|
Purchasing : |
Cash, L/C, Credit (30/60 Days) and RTGS |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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|
Customers : |
Wholesalers
|
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|
No. of Employees : |
250 (Approximately) |
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Bankers : |
|
||||||||||||||||||||||
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|
||||||||||||||||||||||
|
Facilities : |
Note 1: (Loan of INR 0.315 Million shown under current liability as Current Maturity of Long Term Debt this year, is secured against hypothecation of car. Further, Loan of INR 17.047 Million shown here and INR 9.000 Million shown under Current Liability as Current Maturity of Long Term Debt is secured against first charge on entire block asset and hypothecation of entire pant & machinery purchased out of bank finance. Note 2: (secured against 1st charge on entire current
assets of the company i.e. stocks of raw materials, stock in process, stock
in transit, finished goods, chemicals, stores & spares and packing materials
and receivables etc. including hypothecation on the goods lying at rented
Godown and equitable mortgage of freehold land along with structure and fixed
plant thereon) |
|
Auditors : |
|
|
Name : |
Ritesh Bajoria and Company Chartered Accountants |
|
Address : |
B-38/1A, 1st Floor, Mahmoorganj,
Varansai – 221010, Uttar Pradesh, India |
|
|
|
|
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 |
|
|
|
|
|
|
1,10,00,000 |
Equity Shares |
INR 10/- each |
INR 110.000 Million |
|
|
|
|
|
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,07,88,886 |
Equity Shares |
INR 10/- each |
INR 107.889 Million |
|
|
|
|
|
(a)
Reconciliation
of number of shares outstanding :
|
Particulars : |
31.03.2017 |
|
|
|
Number of Shares |
Amount (INR Million) |
|
Shares outstanding at the beginning of the year |
10,788,886 |
107.789 |
|
Shares outstanding at the end of the year |
10,788,886 |
107.789 |
(b)
Details
of shareholders holding more than 5% Shares :
|
Name of Shareholder
: |
31.03.2017 |
|
|
|
Number of Shares |
% held |
|
RAS Polytex Private Limited |
2,569,163 |
23.81 |
|
Ganga Pulp & Papers Private Limited |
4,672,500 |
43.31 |
(c) Right, preferences and restrictions attached to Shares
The company has one class
of equity shares having a par value of INR 10 per share. Each shareholder is
eligible for one vote per share held. In the event of liquidation of the
Company, the holders of equity shares will be entitled to receive any of the
remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
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 |
107.889 |
107.889 |
107.889 |
|
(b) Reserves & Surplus |
(8.987) |
(26.402) |
(36.996) |
|
(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 |
98.902 |
81.487 |
70.893 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
91.295 |
46.663 |
80.278 |
|
(b) Deferred tax liabilities (Net) |
6.608 |
11.148 |
10.194 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities |
97.903 |
57.811 |
90.472 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
127.221 |
132.944 |
142.906 |
|
(b) Trade
payables |
75.521 |
79.634 |
49.592 |
|
(c) Other
current liabilities |
23.124 |
14.198 |
6.375 |
|
(d) Short-term provisions |
8.466 |
8.660 |
7.813 |
|
Total Current
Liabilities |
234.332 |
235.436 |
206.686 |
|
|
|
|
|
|
TOTAL |
431.137 |
374.734 |
368.051 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
77.491 |
82.951 |
87.763 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
66.573 |
33.949 |
19.532 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.155 |
0.155 |
0.155 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
39.751 |
20.140 |
33.942 |
|
Total Non-Current
Assets |
183.970 |
137.195 |
141.392 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
135.618 |
144.116 |
121.873 |
|
(c) Trade
receivables |
95.903 |
78.381 |
63.557 |
|
(d) Cash and
cash equivalents |
1.645 |
0.259 |
33.645 |
|
(e)
Short-term loans and advances |
9.805 |
10.923 |
3.730 |
|
(f) Other
current assets |
4.196 |
3.860 |
3.854 |
|
Total
Current Assets |
247.167 |
237.539 |
226.659 |
|
|
|
|
|
|
TOTAL |
431.137 |
374.734 |
368.051 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
811.519 |
742.044 |
746.373 |
|
|
Other Income |
1.358 |
1.371 |
3.956 |
|
|
TOTAL
|
812.877 |
743.415 |
750.329 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
581.722 |
501.723 |
543.504 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
3.136 |
7.537 |
(5.664) |
|
|
Employees benefits expense |
5.366 |
5.476 |
4.468 |
|
|
Other expenses |
184.240 |
193.791 |
173.458 |
|
|
TOTAL |
774.464 |
708.527 |
715.766 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
38.413 |
34.888 |
34.563 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
17.003 |
16.717 |
16.736 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
21.410 |
18.171 |
17.827 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
8.534 |
6.624 |
6.372 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
12.876 |
11.547 |
11.455 |
|
|
|
|
|
|
|
Less |
TAX |
(4.540) |
0.954 |
1.302 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
17.416 |
10.593 |
10.153 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(170.560) |
(181.153) |
(184.064) |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Adjustment for Fixed Asset |
0.000 |
0.000 |
7.242 |
|
|
Total
(M) |
0.000 |
0.000 |
7.242 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(153.144) |
(170.560) |
(181.153) |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
135.863 |
126.731 |
90.824 |
|
|
Components and Stores parts |
0.000 |
0.000 |
1.381 |
|
|
Capital Goods |
1.789 |
0.000 |
0.000 |
|
|
TOTAL
IMPORTS |
137.652 |
126.731 |
92.205 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
1.61 |
0.98 |
0.94 |
Expected Sales (2017-2018): INR 890.000 Million (Due to business growth)
The above information has been parted by Mr. Anil Kumar Thakur
(Assistant General Manager)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
9.316 |
0.705 |
0.632 |
|
Cash generated from operations |
23.624 |
19.832 |
NA |
|
Net cash flows from (used in) operating activity |
23.624 |
19.832 |
NA |
QUARTERLY
RESULTS
|
Particulars |
(Unaudited) Quarter Ended
30.06.2017 |
(Unaudited) Quarter Ended
30.09.2017 |
(Unaudited) Quarter Ended
31.12.2017 |
|
|
|
|
|
|
Net Sales |
218.130 |
251.730 |
286.140 |
|
Total Expenditure |
208.790 |
240.670 |
272.690 |
|
PBIDT (Excl OI) |
9.340 |
11.060 |
13.450 |
|
Other Income |
0.010 |
0.460 |
0.080 |
|
Operating Profit |
9.350 |
11.520 |
13.530 |
|
Interest |
5.120 |
5.890 |
7.630 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
4.230 |
5.630 |
5.900 |
|
Depreciation |
1.250 |
2.000 |
1.640 |
|
Profit Before Tax |
2.980 |
3.630 |
4.260 |
|
Tax |
NA |
NA |
NA |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
2.980 |
3.630 |
4.260 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
2.980 |
3.63 |
4.26 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
43.13 |
38.55 |
31.08 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
8.46 |
9.47 |
11.74 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
47.39 |
57.93 |
33.30 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.28 |
0.24 |
0.28 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.27 |
0.30 |
0.32 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.78 |
0.75 |
0.78 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
2.30 |
2.21 |
3.16 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
2.37 |
2.89 |
2.92 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.46 |
1.43 |
1.51 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
2.26 |
2.09 |
2.07 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
2.15 |
1.43 |
1.36 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
4.04 |
2.83 |
2.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
17.61 |
13.00 |
14.32 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.05 |
1.01 |
1.10 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.48 |
0.40 |
0.51 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.23 |
0.22 |
0.19 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
2.11 |
1.67 |
2.07 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets
/ Total Current Liabilities) |
1.05 |
1.01 |
1.10 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 57.50/- |
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 |
107.889 |
107.889 |
107.889 |
|
Reserves & Surplus |
(36.996) |
(26.402) |
(8.987) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
70.893 |
81.487 |
98.902 |
|
|
|
|
|
|
long-term borrowings |
80.278 |
46.663 |
91.295 |
|
Short term borrowings |
142.906 |
132.944 |
127.221 |
|
Current maturities of
long-term debts |
0.632 |
0.705 |
9.316 |
|
Total
borrowings |
223.816 |
180.312 |
227.832 |
|
Debt/Equity
ratio |
3.157 |
2.213 |
2.304 |
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 |
746.373 |
742.044 |
811.519 |
|
|
|
(0.580) |
9.363 |
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 |
746.373 |
742.044 |
811.519 |
|
Profit |
10.153 |
10.593 |
17.416 |
|
|
1.36% |
1.43% |
2.15% |
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 |
Yes |
|
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 |
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) |
Yes |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
No |
|
18] |
Major suppliers |
Yes |
|
19] |
Major customers |
Yes |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
No |
|
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% |
Yes |
|
28] |
Estimation for coming financial year |
Yes |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders if available |
Yes |
|
31] |
Litigations that the firm/promoter
involved in |
-- |
|
32] |
Market information |
-- |
|
33] |
Payments terms |
Yes |
|
34] |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY OVERVIEW
The company a public limited company is engaged primarily in the business of manufacturing of Newsprint and Kraft papers pulp and paper products. The Company has its registered office at Pune Maharashtra India. The Company has its listing on BSE Limited.
FINANCIAL PERFORMANCE
AND OPERATIONS AND FUTURE PROSPECTS OF THE COMPANY
This year has been very encouraging for your Company continuing to report impressive topline growth. The operations of your Company are improving day by day and the management is very aggressively striving to achieve the full production capacity. The management is taking all necessary steps including various modifications in the plant to ensure the full and efficient running of the plant.
The company is also in the process of setting up a new paper machinery for making krapt paper which will be operational during FY 2018-19.
The Turnover of your Company for the year was INR 811.519
Million as against INR 742.044 Million in the previous year. During the year,
the Company set out to consolidate its activities and continues its efforts to
increase its presence in its areas of operations.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDIAN PAPER INDUSTRY
INTRODUCTION:
Paper industry is vital to the manufacturing sector of a
country. The paper industry supplements the economy through revenue generation,
foreign exchange earnings, and employment initiation. The industry grew with
the rising level of literacy, improving wellbeing of the people and surging
aspiration levels. Paper usage has increased over the years.
COMPANY OVERVIEW:
Ganga Papers India Limited is engaged in manufacturing of paper and paper products. The company offers wide range of paper including Newsprint Papers, Writing and Printing paper and kraft paper used by Producer in India. The products manufactured by the company are primarily used for industrial, packaging, stationery & textbook purpose. The products have wide acceptability across the globe. The Company generates wealth out of waste by using recycled grades of waste paper as prime source of raw material & making 100 % eco friendly paper.
Ganga Paper believes that social responsibility comes with corporate development. Therefore, from the very beginning, they have been investing into environmental protection facilities, aiming at minimizing their impact to the environment.
OUTLOOK:
During the year, they have succeeded to a greater extent in
fulfilling the demands of their consumers and they hope that in the financial
year 2017-18, they continue with their endeavors and grow even faster. Ganga
Papers India Limited (GPIL) commits you that they will put all efforts in
successfully running this plant and to make the Company one of the biggest
paper producing Company in India as they say that “Making Paper is their Passion”
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Deferred Payment Liabilities |
46.347 |
46.348 |
|
Loans and Advances from related parties (The company has opted for the deferred scheme of sales
tax, which is payable as per the scheme framed by the State Government read
with order of BIFR) |
27.900 |
0.000 |
|
Total |
74.247 |
46.348 |
INDEX
OF CHARGES
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Outstanding Guarantees and counter guarantees to various
banks, in respect of the guarantees given by those banks in favour of various
government authorities and other |
1.989 |
10.085 |
|
Claim against the Company not acknowledged as debt |
18.719 |
18.719 |
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER AND NINE MONTHS ENDED 31.12.2017
(Rs.
in Million)
|
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
|
|
|
|
|
1. |
Income
from operations |
286.140 |
251.730 |
756.001 |
|
|
Other
Income |
0.083 |
0.457 |
0.547 |
|
|
Total Income from Operations |
286.223 |
252.187 |
756.548 |
|
|
|
|
|
|
|
2. |
Expenses |
|
|
|
|
|
Cost
of materials consumed |
219.460 |
181.826 |
565.171 |
|
|
Purchase
of traded goods |
0.000 |
0.000 |
0.000 |
|
|
Changes
in inventories of finished goods, work-in-progress
and traded goods |
7.637 |
9.566 |
(5.364) |
|
|
Excise
Duty |
0.000 |
0.000 |
6.201 |
|
|
Employee
benefits expense |
2.747 |
3.041 |
7.992 |
|
|
Finance
costs |
7.626 |
5.898 |
18.646 |
|
|
Depreciation
and amortisation expense |
1.641 |
2.003 |
4.895 |
|
|
Other
expenses |
42.852 |
46.221 |
148.137 |
|
|
Total Expenses |
281.963 |
248.555 |
745.678 |
|
|
|
|
|
|
|
3. |
Profit/ (Loss) before tax |
4.260 |
3.632 |
10.870 |
|
4. |
Tax
expense |
0.000 |
0.000 |
0.000 |
|
5. |
Net Profit/ (Loss) after tax |
4.260 |
3.632 |
10.870 |
|
6. |
Paid
- up Equity Share Capital |
107.889 |
107.889 |
107.889 |
|
7. |
Earnings Per Share for
the period before and after extra ordinary items (not annualised) |
|
|
|
|
|
(a) Basic/) Diluted |
0.39 |
0.34 |
1.01 |
NOTES:
- The above results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 13th February, 2018 and have undergone "Limited Review" by Statutory Auditors of the Company. The Ind As complaint financial result, pertaining to quarter and nine months ended 31st December, 2016 has not been subjected to limited review or audit. However, the management has exercised necessary due diligence to ensure the financial result provide a true and fair view of its affairs.
- The Company/s business activity falls within a single primary business segment viz.Paper Manufacturing.
- The figures for the previous periods have been regrouped/rearranged, wherever necessary.
FIXED ASSETS
- Land
- Building
- Furniture and
Fixture
- Plant and
Machinery
- Electrical Installations
- Tractor & Motor Car
- Motor Cycle
CMT REPORT (Corruption Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized blocked frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners controlling shareholders
director officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management its Board of Directors Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws
regulations or policies that prohibit restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.80 |
|
|
1 |
INR 92.26 |
|
Euro |
1 |
INR 80.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
ARC |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TRUP |
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.