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|
MIRA INFORM REPORT
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Report No. : |
507738 |
|
Report Date : |
10.05.2018 |
IDENTIFICATION DETAILS
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Name : |
RAINBOW PAPERS LIMITED |
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|
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Registered
Office : |
801, Avdhesh House, 8th Floor, Opposite Guru
Gobind, Gurudwara, Gandhinagar- Sarkhej Highway , Thaltej, Ahmedabad -
380054, Gujarat |
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Tel. No.: |
91-79-26855714/ 16/ 71797179 / 80 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
04.07.1986 |
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Com. Reg. No.: |
04-008772 |
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Capital
Investment / Paid-up Capital : |
INR 212.435 Million |
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|
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CIN No.: [Company Identification
No.] |
L21010GJ1986PLC008772 |
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IEC No.: [Import-Export Code No.] |
0891007628 |
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GSTN : [Goods & Service Tax
Registration No.] |
24AAACR5415K1ZH |
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TIN No.: |
24040900461 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
PAN No.: [Permanent Account No.] |
AAACR5415K |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
· Manufacturer, Exporter, Importer and Trader of Paper like Newsprint, Writing & printing, Coated Paper, Crepe paper, fluorescent paper, Duplex Board, etc. (Confirmed by Management) · The company is engaged in manufacturing and marketing of paper. It uses various qualities of waste papers as its raw material for manufacturing finished paper. The company offers wide range of paper including Writing & printing paper, Newsprint Paper, Duplex Board, Coated Paper, Colour Paper and Board, Crepe paper, Poster paper, Cast coated paper & fluorescent paper. (Registered Activity) |
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|
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No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Poor |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated in the year 1986 and it is a manufacturer of paper. As per financials of March 2017, the company has registered sharp decline in its revenue and has reported huge losses. Rating take into consideration the company’s continuous losses from its operations marked by weak financial risk profile along with highly leveraged balance sheet and unfavourable gap between its trade receiavbles to its trade payables. Payments seems to be slow and delayed. In view of aforesaid, the company can be considered for business dealings at fully safe and secured 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.
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
31-03-2018.
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 10.05.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
|
Date of Listing / Announcement : |
26.09.2017 |
|
Name of Company : |
RAINBOW PAPER LIMITED |
|
Name of Applicant : |
Neeraj Papers Agencies Limited |
|
Name of Insolvency Professional : |
George Samuel |
|
Address of Insolvency Professional : |
401, Ashwamegh Avenue, Mayur Colony, Near
Mithakhali Circle, Navrangpura, Ahmedabad-380009, Gujarat |
|
Reason for Listing : |
Corporate Insolvency Resolution Process |
INFORMATION PARTED BY [GENERAL DETAILS]
|
Name : |
Ms. Runel Rathi |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-79-26855714 |
|
Date : |
07.05.2018 |
LOCATIONS
|
Registered/ Corporate Office : |
801, Avdhesh House, 8th Floor, Opposite Guru
Gobind, Gurudwara, Gandhinagar- Sarkhej Highway , Thaltej, Ahmedabad -
380054, Gujarat, India |
|
Tel. No.: |
91-79-26855714/ 16/ 71797179 / 80 |
|
Fax No.: |
91-79-26855712/ 26855744 |
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E-Mail : |
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|
Website : |
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|
Area : |
3300 Sq. Ft. |
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Branch Offices 1 : |
101, Gemini Flats, Nehru Road, Vile Parle (East), Mumbai, Maharashtra, India |
|
Tel. No.: |
91-22-26162426 |
|
Fax No.: |
91-22-26102694 |
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Location : |
Owned |
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|
|
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Branch Offices 2 : |
202, Krishna House Co-Operative Society, 4805/24, Bharat Ram Road, Dariya Ganj, New Delhi, India |
|
Tel. No.: |
91-11- 23245756 |
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Fax No.: |
91-11- 23287553 |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Paper and Crepe Units 1453, Village Rajpur , Taluka Kadi, Kalol – Mehsana Highway - 382715, North Gujarat, India |
|
Tel. No.: |
91-2764-278492-93-94 |
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E-Mail : |
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|
Location : |
Owned |
|
|
|
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Factory 2 : |
Coating Division 1423, Village Rajpur , Taluka Kadi, Kalol – Mehsana Highway - 382715, North Gujarat, India |
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Tel. No.: |
91-2764-278413-14-32 |
|
Fax No.: |
91-2764-278414 |
|
Location : |
Owned |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Ajaykumar Radheshyam Goenka |
|
Designation : |
Managing Director |
|
Address : |
71, Sunrise Park, Opposite Drive-In Cinema, Thaltej, Ahmedabad - 380054, Gujarat, India |
|
Date of Appointment : |
21.08.2013 |
|
DIN No.: |
00139512 |
|
|
|
|
Name : |
Mr. Rahul Jamnaprasad Maheshwari |
|
Designation : |
Wholetime Director |
|
Address : |
111, A-Block, Valmiki CHS. Limited, Near-N.R.I Tower, Bodekdev, Ahmedabad - 380015, Gujarat, India |
|
Experience : |
He was working with the company since 2003 and lastly as vice president. Thereafter, he was appointed as whole-time director. He is having experience of 12 years in field of marketing, purchase and exports. |
|
Date of Appointment : |
30.08.2014 |
|
DIN No.: |
00289730 |
|
|
|
|
Name : |
Mr. Kantibhai Hirabhai Patel |
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Designation : |
Director |
|
Address : |
26, Mahasukhnagar C H S L -2 , 26 Prerna Tirth, Vibhag-1, Opposite Prerna Tirth Jain Derasar, Satelite, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
03.09.1946 |
|
Date of Appointment : |
12.08.2010 |
|
DIN No.: |
02325787 |
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|
|
|
Name : |
Mrs. Aanal Nandik Trivedi |
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Designation : |
Director |
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Address : |
20/A, Vishwakunj Society, Narayan Nagar Road, Paldi, Ahmedabad - 380007, Gujarat, India |
|
Date of Appointment : |
12.08.2014 |
|
DIN No.: |
06931339 |
|
|
|
|
Name : |
Mr. Indrasinh Becharsinh Zala |
|
Designation : |
Director |
|
Address : |
S-43, Setellite Complex, Surbhi Co-Operative Housing Society, Premchandnagar Road, Ahmedabad - 380015, Gujarat, India |
|
Date of Appointment : |
12.08.2015 |
|
DIN No.: |
02137365 |
|
|
|
|
Name : |
Mr. Abhilash Khimabhai Delwadia |
|
Designation : |
Director |
|
Address : |
1, Spandan Flat, 132 Ft Ring Road, Satellite, Ahmedabad-380015, Gujarat, India |
|
Date of Appointment : |
30.12.2015 |
|
DIN No.: |
00539759 |
KEY EXECUTIVES
|
Name : |
Mr. Shashikant Natverlal Thakar |
|
Designation : |
Company Secretary |
|
Address : |
Shivam A-11-12 Shyamnagar Society, Near Vishramnagar Memnagar, Ahmedabad - 380052, Gujarat, India |
|
Date of Appointment : |
16.01.2016 |
|
PAN No.: |
ABGPT1234N |
|
|
|
|
Name : |
Ms. Runel Rathi |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2018
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoter & Promoter Group |
14197680 |
13.37 |
|
Public |
92019620 |
86.63 |
|
|
|
|
|
Total |
106217300 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
|
|
|
Individuals/Hindu undivided Family |
1,97,680 |
0.19 |
|
|
Ajaykumar Radheshyam Goenka |
2,500 |
0.00 |
|
|
Sangeeta Ajay Goenka |
1,00,500 |
0.09 |
|
|
Niyati Sunny Agrawal |
50,500 |
0.05 |
|
|
Talati Nikita Aniket |
44,180 |
0.04 |
|
|
Any Other (specify) |
1,40,00,000 |
13.18 |
|
|
Drupa Suppliers Pvt. Ltd. |
90,00,000 |
8.47 |
|
|
Orient Newsprint Limited |
50,00,000 |
4.71 |
|
|
Sub Total A1 |
1,41,97,680 |
13.37 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
1,41,97,680 |
13.37 |
|
Statement showing shareholding pattern of the Public shareholder
|
Category
& Name of the Shareholders |
Total
no. shares held |
Shareholding
% calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
|||
|
|||
|
|||
|
B1) Institutions |
0.00 |
|
|
|
Mutual Funds/ |
500 |
0.00 |
|
|
Foreign
Portfolio Investors |
2,98,00,652 |
28.06 |
|
|
Aspire Emerging Fund |
1,04,96,943 |
9.88 |
|
|
Sparrow Asia Diversified Opportunities
Fund |
78,25,256 |
7.37 |
|
|
Emerging Market Opportunities Fund |
72,30,502 |
6.81 |
|
|
India Focus Cardinal Fund |
28,80,500 |
2.71 |
|
|
Silver Stallion Limited |
13,67,451 |
1.29 |
|
|
Financial
Institutions/ Banks |
1,09,84,000 |
10.34 |
|
|
Life Insurance Corporation Of India |
45,00,000 |
4.24 |
|
|
General Insurance Corporation Of India |
33,10,000 |
3.12 |
|
|
Indian Overseas Bank |
31,74,000 |
2.99 |
|
|
Sub Total B1 |
4,07,85,152 |
38.40 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0.00 |
|
|
|
B3)
Non-Institutions |
0.00 |
|
|
|
Individual share
capital upto INR 0.200 Million |
3,04,10,096 |
28.63 |
|
|
Individual share
capital in excess of INR 0.200 Million |
1,17,13,681 |
11.03 |
|
|
Hardik B. Patel |
23,97,350 |
2.26 |
|
|
Ruchit Bharat Patel |
35,63,031 |
3.35 |
|
|
Any Other
(specify) |
91,10,691 |
8.58 |
|
|
HUF |
22,02,237 |
2.07 |
|
|
Non-Resident Indian (NRI) |
4,81,079 |
0.45 |
|
|
Clearing Members |
21,46,123 |
2.02 |
|
|
Bodies Corporate |
42,81,252 |
4.03 |
|
|
Sub Total B3 |
5,12,34,468 |
48.24 |
|
|
B=B1+B2+B3 |
9,20,19,620 |
86.63 |
|
BUSINESS DETAILS
|
Line of Business : |
· Manufacturer, Exporter, Importer and Trader of Paper like Newsprint, Writing & printing, Coated Paper, Crepe paper, fluorescent paper, Duplex Board, etc. (Confirmed by Management) · The company is engaged in manufacturing and marketing of paper. It uses various qualities of waste papers as its raw material for manufacturing finished paper. The company offers wide range of paper including Writing & printing paper, Newsprint Paper, Duplex Board, Coated Paper, Colour Paper and Board, Crepe paper, Poster paper, Cast coated paper & fluorescent paper. (Registered Activity) |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
· Dubai · Singapore · USA |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material of Waste Paper |
|
Countries : |
· United Arab Emirates · United State Bank of America · Iran · Sri Lanka |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, L/C and Credit [30 Days] |
|
|
|
|
Purchasing : |
Cash, L/C and Credit [30 Days] |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesaler and Retailers
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No. of Employees : |
1500 (Approximately) |
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Bankers : |
· Corporation Bank · Union Bank of India · Allahabad Bank · Bank of India · Dena Bank · Punjab National Bank · Indian Overseas bank |
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Statutory Auditors
: |
|
|
Name : |
Mehta Lodha and Company Chartered Accountants |
|
Address : |
105, Sakar-1 1st Floor, Opposite Gandhinagar Rly Station, Off. Ashram Road, Ahmedabad – 380009, Gujarat, India |
|
Tel No: |
91-79-26586684 |
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E-mail : |
|
|
|
|
|
Cost Auditors |
|
|
Name : |
V. H. Shah Cost Accountant |
|
Address : |
Ahmedabad, Gujarat, India |
|
|
|
|
Internal Auditors |
|
|
Name : |
RNCA and Associates Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Concern where
significant interest exists : |
·
Orient Newsprint Limited · Drupa Suppliers Private Limited · Rainbow Industrial Park Private Limited · Nigo Best Packs Private Limited · Windsor Paper Private Limited · Saniya Notebook Pvt. Ltd.* · Rainbow Papers FZC (Earlier Know as Rainbow Papers JLT)* Note: *Ceased to have control as on 31.03.2016 |
|
|
|
|
Sister Concern : |
Rainbow Paper JLT |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
INR 2/- each |
INR 400.000 Million |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
106217300 |
Equity Shares |
INR 2/- each |
INR 212.435 Million |
|
|
|
|
|
Reconciliation of number of shares
outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
Number
of Shares |
Amount
|
|
Shares outstanding at the beginning of the year |
106217300 |
212.435 |
|
Add: Conversion of Convertible Warrants during the year |
--- |
--- |
|
Shares outstanding at the end of the year |
106217300 |
212.435 |
Terms/rights,
preferences and restrictions attached to Equity Shares:
Equity Shares:
The company has one class of equity shares having a par value of INR 2 each. Each share holder is eligible for one vote per share held. The dividend proposed by the Board of Director, if any, is subject to the approval of share holders in the Annual General meeting, except in case of interim dividend. In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the company after distribution of all preferential dues, in proportion to their shareholding.
Details of share
holders holding more than 5% shares in the company :
|
Name of
Shareholder |
Number
of Shares |
% of holding |
|
Orient Newsprint Limited |
5000000 |
4.71 |
|
Drupa Suppliers Private Limited |
9000000 |
8.47 |
|
Highbluesky Emerging Market Fund |
-- |
0.00 |
|
Aspire Emerging Fund |
10496943 |
9.88 |
|
Sparrow Asia Diversified Opportunities Fund |
7825256 |
7.37 |
|
Devkant Synthetics (India) Private Limited |
1884498 |
1.77 |
|
Rainbow Industrial Park Private Limited |
1500000 |
1.41 |
|
Emerging Market Opportunities Fund |
7230502 |
6.81 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
212.435 |
212.435 |
212.435 |
|
(b) Reserves & Surplus |
-93.024 |
1540.183 |
6747.931 |
|
(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) |
119.411 |
1752.618 |
6960.366 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.423 |
4082.970 |
4281.627 |
|
(b) Deferred tax liabilities (Net) |
504.806 |
504.806 |
249.366 |
|
(c)
Other long term liabilities |
170.235 |
1554.564 |
4595.164 |
|
(d)
long-term provisions |
29.258 |
25.644 |
27.022 |
|
Total
Non-current Liabilities (3) |
704.722 |
6167.984 |
9153.179 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
5857.889 |
3402.513 |
1950.312 |
|
(b)
Trade payables |
1443.209 |
1633.099 |
1284.408 |
|
(c)
Other current liabilities |
5866.598 |
3039.757 |
1145.050 |
|
(d)
Short-term provisions |
14.503 |
15.294 |
36.757 |
|
Total
Current Liabilities (4) |
13182.199 |
8090.663 |
4416.527 |
|
|
|
|
|
|
TOTAL |
14006.332 |
16011.265 |
20530.072 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
12310.566 |
13675.412 |
9955.161 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
642.678 |
629.889 |
5473.618 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
140.299 |
4.140 |
4.090 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
170.401 |
180.351 |
47.904 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
13263.944 |
14489.792 |
15480.773 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
84.148 |
168.139 |
1707.653 |
|
(c)
Trade receivables |
72.058 |
363.246 |
1253.737 |
|
(d)
Cash and cash equivalents |
5.965 |
100.198 |
571.561 |
|
(e)
Short-term loans and advances |
580.217 |
889.890 |
1516.348 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
742.388 |
1521.473 |
5049.299 |
|
|
|
|
|
|
TOTAL |
14006.332 |
16011.265 |
20530.072 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
516.385 |
3494.517 |
5590.153 |
|
|
|
Other Income |
14.312 |
17.889 |
120.049 |
|
|
|
TOTAL |
530.697 |
3512.406 |
5710.202 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
219.628 |
2607.259 |
2016.893 |
|
|
|
Purchases of Stock-in-Trade |
91.369 |
514.243 |
1209.633 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
28.570 |
268.306 |
17.351 |
|
|
|
Employees benefits expense |
99.595 |
204.198 |
213.088 |
|
|
|
Other expenses |
344.362 |
1779.032 |
1102.911 |
|
|
|
Exceptional Items |
0.000 |
194.508 |
-3.334 |
|
|
|
TOTAL |
783.524 |
5567.546 |
4556.542 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(252.827) |
(2055.140) |
1153.660 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
77.064 |
1256.584 |
705.922 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(329.891) |
(3311.724) |
447.738 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1364.757 |
1364.223 |
389.903 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(1694.648) |
(4675.947) |
57.835 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
519.883 |
-186.582 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(1694.648) |
(5195.830) |
244.417 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on F.O.B. basis |
60.419 |
325.294 |
499.458 |
|
|
TOTAL EARNINGS |
60.419 |
325.294 |
499.458 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
51.960 |
807.124 |
1178.732 |
|
|
|
Components – spare parts |
0.336 |
0.150 |
0.451 |
|
|
|
Chemical |
1.098 |
32.185 |
40.600 |
|
|
|
Capital Goods |
0.000 |
8.282 |
25.317 |
|
|
TOTAL IMPORTS |
53.394 |
847.741 |
1245.10 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
(15.95) |
(48.92) |
2.37 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term borrowings* * Includes of EPBG Advance to be adjusted in 12 months of INR Nil (PY INR 36.375 Million). |
5764.952 |
2646.155 |
772.115 |
|
|
|
|
|
|
Cash generated from operating activities |
(171.168) |
437.076 |
397.104 |
|
|
|
|
|
|
Net cash flow from operating activities |
(171.168) |
424.611 |
391.806 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
50.93 |
37.94 |
81.86 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
7.17 |
9.62 |
4.46 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
1693.81 |
190.96 |
145.30 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(3.00) |
(12.22) |
0.68 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(0.02) |
(0.14) |
0.07 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
1.35 |
0.93 |
0.46 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
97.34 |
5.78 |
1.01 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
110.39 |
4.62 |
0.63 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
108.48 |
8.16 |
2.22 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(3.28) |
(1.64) |
1.63 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(328.18) |
(148.69) |
4.37 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(12.10) |
(32.45) |
1.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(1419.17) |
(296.46) |
3.51 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.06 |
0.19 |
1.14 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.05 |
0.17 |
0.76 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.01 |
0.11 |
0.34 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
54.71 |
47.69 |
32.97 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.06 |
0.19 |
1.14 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
|
|
|
Market Value |
INR 2.31/- |
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 |
212.435 |
212.435 |
212.435 |
|
Reserves & Surplus |
6747.931 |
1540.183 |
-93.024 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
6960.366 |
1752.618 |
119.411 |
|
|
|
|
|
|
long-term borrowings |
4281.627 |
4082.970 |
0.423 |
|
Short term borrowings |
1950.312 |
3402.513 |
5857.889 |
|
Current Maturities of Long
term debt |
772.115 |
2646.155 |
5764.952 |
|
Total
borrowings |
7004.054 |
10131.638 |
11623.264 |
|
Debt/Equity
ratio |
1.006 |
5.781 |
97.338 |
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 |
5590.153 |
3494.517 |
516.385 |
|
|
|
(37.488) |
(85.223) |
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 |
5590.153 |
3494.517 |
516.385 |
|
Profit/ (Loss) |
244.417 |
(5195.830) |
(1694.648) |
|
|
4.37% |
(148.69%) |
(328.18%) |
LEGAL CASES
NOTE: LITIGATION DEAIL FILE ATTACHED
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 |
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 |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
Yes |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
C82034547 |
10626802 |
Axis Bank Limited |
12/02/2016 |
- |
- |
296000000.0 |
1, KAMAL PALACE, 2ND FLOOR, 3RD EYE ONE BUILDINGNR. PANCHVATI CIRCLE, C G ROADAHMEDABADGJ380006IN |
|
2 |
C74711987 |
10610617 |
INDUSIND BANK LTD. |
15/12/2015 |
- |
- |
939000.0 |
2401 GEN THIMMAYYA ROADCONTONMENTPUNEMH411001IN |
|
3 |
C72029101 |
10605921 |
INDUSIND BANK LTD. |
27/11/2015 |
- |
- |
565000.0 |
2401 GEN THIMMAYYA ROADCONTONMENTPUNEMH411001IN |
|
4 |
C72307713 |
10606355 |
INDUSIND BANK LTD. |
19/11/2015 |
- |
- |
503000.0 |
2401 GEN THIMMAYYA ROADCONTONMENTPUNEMH411001IN |
|
5 |
C54659909 |
10571427 |
Axis Bank Limited |
16/05/2015 |
- |
- |
300000000.0 |
1, KAMAL PALACE, 2ND FLOOR, 3RD EYE ONE BUILDINGNR. PANCHVATI CIRCLE, C G ROADAHMEDABADGJ380006IN |
|
6 |
C69438414 |
10490088 |
PNB INVESTMENT SERVICES LIMITED - SECURITY TRUSTEE OF IOB CONSORTIUM |
27/03/2014 |
03/11/2015 |
- |
9841920000.0 |
6TH FLOOR, GUJARAT BHAVAN,OPP M J LIBRARY, ELLISBRIDGEAHMEDABADGJ380006IN |
|
7 |
B96327572 |
10477509 |
BANK OF INDIA |
13/02/2014 |
- |
- |
350000000.0 |
AHMEDABAD LARGE CORPORATE BRANCH, 2ND FLOORBANK OF INDIA BUILDING, BHADRAAHMEDABADGJ380001IN |
|
8 |
C44068492 |
10467890 |
IFCI LIMITED |
30/12/2013 |
13/02/2015 |
- |
1000000000.0 |
IFCI Tower,61, Nehru Place,New DelhiDL110019IN |
|
9 |
Y10189374 |
90099682 |
CORPORTION BANK |
30/07/2003 |
- |
- |
164000000.0 |
INDUSTRIAL FINANCE BRANCH; RANGOLI COMPLEXOPP; V S HOSPTALAHEMADABADGJIN |
|
10 |
C69439636 |
10388819 |
HDFC BANK LIMITED |
07/11/2012 |
- |
18/10/2015 |
750000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Other Loans and
advances |
|
|
|
From Others |
20.490 |
30.226 |
|
|
|
|
|
Total |
20.490 |
30.226 |
CORPORATE
INFORMATION:
The company is engaged in manufacturing and marketing of paper. It uses various qualities of waste papers as its
raw material for manufacturing finished paper. The company offers wide range of paper including Writing & printing paper, Newsprint Paper, Duplex Board, Coated Paper, Colour Paper and Board, Crepe paper, Poster paper, Cast coated paper & fluorescent paper.
OPERATIONS
During the period, the Company’s operations continued to be affected due to non availability of adequate working capital which has adversely affected the plant.
Furthermore, the Company could not undertake Necessary and regular capital expenditure as per industry norms for proper maintenance and up keep of plant and equipment in the previous year due to paucity of funds.
MANAGEMENT DISCUSSION
& 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 well-being of the people and surging aspiration levels. Paper usage has increased over the years.
India has 17% of the world’s population yet accounts for only about 3% of the world’s production of paper and paperboard. The Paper Industry has witnessed a supply pressure on account of significant capacity addition & comparatively lesser growth in paper demand. Indian paper industry in capacity wise is the 15th largest among the world & provides direct & Indirect employment to nearly 1.3 million people. The paper industry in India is highly fragmented industry.
India is set to emerge as the world’s fastest-growing major economy ahead of China, as per a recent report by the World Bank.The improvement in India’s economic fundamentals has accelerated in the year 2015 with the combined impact of strong government reforms, RBI’s inflation focus supported by benign global commodity prices. According to a Goldman Sachs report released in September 2015, India could grow at a potential 8% on average between 2016 and 2020, powered by greater access to banking, technology adoption, urbanization and other structural reforms
COMPANY OVERVIEW:
Rainbow is engaged in sales of paper and paper products. The Company offers wide range of paper including Writing and Printing paper, Newsprint paper, Duplex Board, Coated Paper, Color Paper and Board, Crepe paper, Poster Paper, Cast coated paper, fluorescent paper. The products manufactured by the company are primarily used for industrial, packaging, stationery & textbook purpose. The products have wide acceptability across the globe. Being located in Gujarat with 1600 km coastal line , Rainbow is one of best located paper manufacturing unit in the Country. 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. Last year was not the good year for the company. The Company has not been able to utilize available production capacity because of various reasons and accordingly the operations at the factory are adversely affected. The Company making its best efforts for successful revival of its operations.
OUTLOOK
Axis Bank has vide its assignment agreement dated27th March, 2017 has assigned the total debts of Consortium Limits excluding the short term loan due from the Company along with the underlying rights, benefits and obligations to an Asset Reconstruction Company, M/s. Asset Care and Reconstruction Enterprises Limited (ACRE).
The Company is in discussion with all the Joint Lenders Forum Members i.e. Axis Bank, Allahabad Bank, Bank of India, Corporation Bank, Dena Bank, Indian Overseas Bank, Punjab National Bank of India, Union Bank of India, IFCI Limited and TFCI Limited for the possible revival of the Company.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE
MONTHS ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue from operations |
--- |
2.800 |
2.800 |
|
Other Income |
(0.200) |
0.100 |
0.100 |
|
Total
Income from Operations |
(0.200) |
2.900 |
2.900 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of Materials consumed |
--- |
2.800 |
2.800 |
|
Purchases of stock in trade |
--- |
--- |
--- |
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
--- |
--- |
--- |
|
Employee benefits expense |
1.800 |
23.100 |
28.800 |
|
Finance Costs |
--- |
1.100 |
1.100 |
|
Depreciation and Amortization expenses |
277.800 |
277.800 |
833.400 |
|
Other Expenditure |
27.300 |
25.500 |
842.800 |
|
Total
Expenses |
306.900 |
330.300 |
1708.900 |
|
Profit/(Loss) before Exceptional Items and tax |
(307.100) |
(327.400) |
(1706.000) |
|
Exceptional Items |
--- |
--- |
--- |
|
Profit / (Loss) before Tax |
(307.100) |
(327.400) |
(1706.000) |
|
Tax Expenses |
|
|
|
|
Current Tax |
--- |
--- |
--- |
|
Deferrred tax |
--- |
--- |
--- |
|
Excess/ Short Provision of tax of earlier years |
--- |
--- |
--- |
|
Total
Tax Expenses |
--- |
--- |
--- |
|
Net Profit / (Loss)
for the period |
(307.100) |
(327.400) |
(1706.000) |
|
Other comprehensive
income |
(0.200) |
(0.200) |
(0.600) |
|
Total comprehensive income for the
period |
(307.300) |
(327.600) |
(1706.600) |
|
Paid-up equity share capital (Face value INR2/- per share) |
212.400 |
212.400 |
212.400 |
|
Earnings per equity
share of face value of INR 2/- each
(not annualised) Basic and diluted |
(2.89) |
(3.08) |
(16.07) |
NOTES:
1. The financial resuts of the company for the quarter ended December 31, 2017 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company(Under Supervision of Resolution Professional) in their meeting held on February 14, 2018. The Statutory Auditors of the Comapny have carried out Limited Review of these results and the results are being publised in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
2. This statement has been prepared in accordance with Indian Accounting
Standards (Ind-AS) notified under the Companies (Indian Accounting Standards)
Rules, 2015 (Ind AS) as amended by the companies (Indian Accounting Standard)
(Amendment) Rules, 2016. The Company has adopted Ind AS from April 01, 2017 and
accordingly, these financial results (including for all the periods presented
in accordance with Ind AS 101 - First time adoption of Indian Accounting
Standards) have been prepared.
3. The format for Un-audited quarterly results as prescried in SEBI's Circular
CIR/CFD/CME/15/2015 dated November 30, 2015 has been modifed to compy with requriements
of SEBI's Circular CIR/CFD/FAC/62/2016 dated July 5, 2016, ind AS and Schedule
III (Division II) to the Companies ct, 2013 applicable to companies that are
required to company with Ind-AS.
4. The Statement does not include Ind-AS compliant results for the previous
year ended March 31, 2017 as the same is not mandatory as per SEBI Circular
CIR/CFD/FAC/62/2016 dated July 5, 2016.
5 (a) TFCI, Shalimar Wires Industries Limited, Rachna Air Components Private
Limited and Tech Aid have filed winding up petitions under section 433 and 434
of the Companies Act, 1956 against the company before the Hon’ble Gujarat High
Court and the same is pending before Hon’ble Gujarat High Court.
5 (b) TFCI, IFCI, Dena Bank and Allahabad Bank had filed Original Applications
against the Company before the Debt Recovery Tribunal-1, Ahmedabad (“DRT”)
under section 19 of the Recovery of Debts due to Banks and Financial
Institutions Act, 1993.However the original applications filed by IFCI, Dena
Bank and Allahabad Bank are pending before the DRT, Ahmedabad and original
applications filed by TFCI is pending before the DRT, Delhi.
5 (c) TFCI, IFCI, Transworld Impex and Ion Exchange (India) Ltd had filed
criminal complaints against the company and its Directors/ officers under
section 138 of Negotiable Instruments Act, 1881 for dishonor of various cheques
issued by the Company and the Company is contesting all the said cases and all
the matters are pending for further hearing before the Hon’ble Metropolitan
Magistrates, Mumbai, Hon’ble Metropolitan Magistrates, Nagpur and Hon’ble
Metropolitan Magistrates, New Delhi.
5 (d) Anmol Polymers Private Limited and Raghav Industrial Products Limited
have filed a case for recovery of money against material supplied by them
before District Court of Sirmur, Shimla.
5 (e) Further, IFCI Limited, Allahabad Bank, Bank of India, Axis Bank have served the Notice under Section 13(2) of Chapter III of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act, 2002”) against the company. Further, IFCI Limited and Allahabad Bank have served the Notice in exercise of power under section 13(4) read with rule 9 of Chapter III of the SARFAESI Act, 2002 for the symbolic / physical possession of the exclusive assets held by them of the Company and its Guarantors.IFCI Limited had approached Collector, Mehsana for obtaining physical possession of exclusive properties charged to them. The Company has successfully defended the case and the matter is now dismissed. Allahabad Bank has moved to Chief Metropolitan Magistrate for obtaining physical possession of the exclusive properties charged to them. The Company has approached Debt Recovery Tribunal against the Bank’s move and the DRT has stayed the order of Chief Metropolitan Magistrate till further hearing.
5 (f) All of the Financial Institutions and Bankers have
classified their advances to the company as Non-Performing Assets (NPA) and
therefore the provision of interest pertaining to current quarter amounting to
Rs 36.22 Crore (Accumulated Interest up to 31.12.2017 of Rs. 280.17 Crore) (On
Approximate Basis) on these advances have not been provided by the company and
to that extent loss for the quarter and lenders liability has been understated.
The exact amount of unprovided interest is subject to final determination.
5 (g) Some of the creditors have filed notice under section 9 of Insolvency and
Bankruptcy Code, 2016 and one of the application has been admitted by National
Company Law Tribunal, Ahmedabad Bench and the Honble NCLT has given certain
directions for the compliances.Other application has not been yet admitted.
5 (h) The Company has received a show cause notice stating violation of section
25(O) of Industrial Disputes Act, 1947 & the matter is pending before the
Labour Court, Kalol. In veiw of this provision for salary and its retirement
benefits has been made on estimated basis.
5 (i) Due to Non Supply of Electricity on account of default in payment to the
electiricity board and other reasons, from 27th day of July, 2016 production of
the company is stopped.
5 (j) In view of the above facts the going concern of the company is serisouly
affected but the company is hopeful to commence the activity.
6 The Board of Directors in its meeting held on September 14, 2017 approved a Composite Scheme of Compromise and Arrangement between Kushal Limited (Formerly Known as Kushal Tradelink Limited) and Amalgamation of Rainbow Papers Limited with Kushal Limited (Formerly Known as Kushal Tradelink Limited) under section 230-232 of the companies Act, 2013 and SEBI (LODR) Regulations, 2015. The said proposal is stalled on account of admission of petition of one of the operational creditor at National Company Law Tribunal (NCLT) under Insolvency and Bankruptcy Code, 2016 and accordingly Board has no powers to pursue the said scheme.
7 (b) Under the CIRP, a resolution plan needs to be prepared & presented
and approved by the CoC. The resolution plan which would be approved by the CoC
will need to be further approved by the Hon'able NCLT. As the Company is under
resolution process, the financial statements have been presented on a ‘going
concern’ basis.
7 (c) Mr. Ramchandra D. Choudhary has, in his capacity as the RP appointed in
terms of the Insolvency and Bankruptcy Code, 2016, took control and custody of
the management and operations of the Company from November 06, 2017. The
financial results for quarter ended December 31, 2017 have been certified by
the Chairman and Chief Financial Officer of the Company, in accordance with
Regulation 33(2) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, confirming truthfulness, fairness, accuracy &
completeness of the results. These financial statements have thereafter been
taken on record by the RP on February 14, 2018 for filing with the stock
exchanges.
8 The company is engaged in only one business segment i.e.manufacturing and
trading of paper & paper board. However, as per Indian Accounting Standard
(Ind-AS)-108 "Segmental Reporting" geographical segment reporting are
as under:
|
Particulars |
Quarter ended |
Nine months ended |
|
|
Segmental operating revenue |
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
-in India |
--- |
2.800 |
2.800 |
|
-Outside India |
--- |
--- |
--- |
|
Total |
--- |
2.800 |
2.800 |
9 (a) In the opinion of the Management, the Current Assets, Current
Liabilities, Loans and Advances, are approximately of the value stated, if realized
in the ordinary course of business. Some of the Bank balances and Balance with
Revenue Authority and Outstanding Statutory Dues shown in the books of accounts
are subject to reconciliation and its effect will be given on its
reconciliation.
9 (b) The amount of Inventories are as taken by the management and are subject
to physical verification by the Auditor.
9 (c) The company is in process of determination of doubtful debts,advances and
Trade receivables.
9 (d) The classification/grouping of liabilities as current and non current are
made by the management on the basis of the available data with the company.
9 (e)Other expenses inculde following: (For the nine months ended)
Particulars INR in Crores
1) Provision for Doubtful Debt 70560.000 (Previous Period INR NIL))
2) Provision for dimunition in Value of Investment 100.300 (Previous Period
INR Nil)
10 Consequent to transition from the previous IGAAP to Ind AS, the
reconciliation of Proft/(Losses) for the quarter ended December 31, 2016 is
provided below in accordance with the requirements of Paragraph 32 of Ind AS
101, "First Time Adoption of Ind-AS)
|
Particulars |
Quarter ended |
Nine months ended |
|
|
31.12.2017 |
31.12.2016 |
|
Net Profit as per previous GAAP (Indian GAAP) |
(310.300) |
(1148.500) |
|
Adjustment: |
|
|
|
Reclassification of acturial gains/losses, |
0.200 |
0.600 |
|
Net Profit after tax before OCI as per Ind AS |
(310.100) |
(1147.900) |
|
Other Comprehensive Income / (Expense) |
(0.2000) |
(0.600) |
|
Total Comprehensive
Income after tax |
(310.300) |
(1148.500) |
11. The Ind-As compliant corresponding fiqures in the previous period have not
been subject to review/audit. However, the company's management has exercised
necessary due diligence to ensure that such financial results provide a true
and fair veiw of its affairs.
12. Compare figures have been rearranged/ regrouped whereever necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claim against
company not acknowledged as debt : |
|
|
|
Income Tax Matters |
196.649 |
19.327 |
|
Custom Duty |
23.896 |
23.896 |
|
VAT/CST |
12.445 |
0.000 |
|
|
|
|
|
Total |
232.990 |
43.223 |
FIXED ASSETS:
Tangible Assets
·
Land
· Building
· Plant and Machinery
· Computer
· Vehicles
· Air Conditioner
· Electric Installation
· Furniture and Fixture
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 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 67.38 |
|
UK Pound |
1 |
INR 91.09 |
|
Euro |
1 |
INR 79.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
RUB |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
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.