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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

508871

Report Date :

15.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

NATH PULP AND PAPER MILLS LIMITED

 

 

Registered Office :

Nath House, Nath Road, Aurangabad - 431005, Maharashtra, India

Tel. No.:

91-240-2376314 to 17

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

10.04.1975

 

 

Com. Reg. No.:

11-018289

 

 

Capital Investment / Paid-up Capital :

INR 90.000 Million

 

 

CIN No.:

[Company Identification No.]

L21100MH1975PLC018289

 

 

IEC No.:

[Import-Export Code No.]

Not Divulged

 

 

PAN No.:

[Permanent Account No.]

AAACN9212A

 

 

GSTN :

[Goods & Service Tax Registration No.]

27AAACN9212A1ZX

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

The Company is the producer of high strength core board and Thermal grade paper used by text tube manufacturers (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 :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1975. It is a manufacturer of High Strength Core Board and Thermal Grade Papers in India.


For the financial year 2017, the revenue of the company has increased by 12.46% but has incurred operational loss.


The satisfactory financial profile of the company is marked by sufficient networth base along with comfortable debt coverage indicators.


However, rating is constrained on account of continue loss incurred by the company and continue negative reserve during FY 2016/2015.


The company has its share price trading at around INR 41.95 against the Face Value (FV) of INR 10 on BSE as on 10th May, 2018.


As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 326.87 million and has reported profit margin of 8.48%.


Payment seems to be slow.


In view of aforesaid, the company can be considered for business dealings with some caution.

 

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

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

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 15.05.2018

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

INFORMATION DECLINED

 

Management non-cooperative (Tel No.:91-240-2376314/2376315/16)

 

LOCATIONS

 

Registered Office :

Nath House, Nath Road, Aurangabad - 431005, Maharashtra, India

Tel. No.:

91-240-2376314 to 17

Fax No.:

91-240-2376585

E-Mail :

vijaysaboo@nathpaper.com

Website:

http://nathpaper.com

 

 

Factory:

Nath Nagar (North), Village Wahegaon, Taluka Paithan, Aurangabad, Maharashtra, India

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Akash Nandkishor Kagliwal

Designation :

Managing Director

Address :

Gut No. 79, Akash Farms, Behind Mahnubhan Ashram Paithan Road, Itkheda, Aurangabad -431005, Maharashtra, India

Date of Appointment :

01.10.2006

DIN No.:

01691724

 

 

Name :

S.S.Agrawal

Designation :

Director

 

 

Name :

Mr. Pramod Kumar Gupta

Designation :

Nominee Director

 

 

Name :

Mr. Omprakash Sharma

Designation :

Director

 

 

Name :

Ashu Jain

Designation :

Director

 

 

Name :

S.P.Goel

Designation :

Nominee Director

 

MAJOR SHAREHOLDERS

 

As on 31.03.2018

 

Category of shareholder

Total nos. shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a %

(A) Promoter & Promoter Group

7354170

81.71

(B) Public

1645830

18.29

Grand Total

9000000

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 %

A1) Indian

 

Individuals/Hindu undivided Family

771

0.01

Nandkishor Kagliwal

550

0.01

Jeevanlata Kagliwal

67

0.00

Ashu Kagliwal

2

0.00

Akash Kagliwal

2

0.00

Laxminarayan Kagliwal

50

0.00

Subhash Kagliwal

50

0.00

Anil Kagliwal

50

0.00

Any Other (specify)

7353399

81.70

NATH CAPITAL AND FINANCIAL SERVICES

1648

0.02

PARESH FARMS PRIVATE LIMITED

54304

0.60

TAPOVAN PAPER AND BOARD MILLS LTD

2000000

22.22

JEEVAN FARMS PRIVATE LIMITED

35000

0.39

PRABHA FARMS PRIVATE LIMITED

29

0.00

ASHU FARMS PRIVATE LIMITED

2880391

32.00

AKASH FARMS PRIVATE LIMITED

2382027

26.47

Sub Total A1

7354170

81.71

A2) Foreign

0.00

A=A1+A2

7354170

81.71

 

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 %

B1) Institutions

 

Mutual Funds/

3928

0.04

Financial Institutions/ Banks

782181

8.69

Asset Reconstruction Company India ltd

666666

7.41

Sub Total B1

786109

8.73

B2) Central Government/ State Government(s)/ President of India

0.00

B3) Non-Institutions

0.00

Individual share capital upto INR 0.200 million

715984

7.96

Any Other (specify)

143737

1.60

Bodies Corporate

127930

1.42

Clearing Members

7312

0.08

Employees

2341

0.03

Non-Resident Indian (NRI)

6154

0.07

Sub Total B3

859721

9.55

B=B1+B2+B3

1645830

18.29

 

BUSINESS DETAILS

 

Line of Business :

The Company is the producer of high strength core board and Thermal grade paper used by text tube manufacturers (Registered Activity)

 

 

Products / Services :

Item Code No.

Products/Services Description

1701

Paper and paper Board

 

 

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 :

Not Divulged

Branch :

--

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 Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

ARC Trust

(I) Term Loans are secured by way of first charge on movable and immovable properties of the Company including its movable plant and machinery, spares, Tools and accessories and other movables both present and future (Save and except books debts) situated at Village Wahegaon and Issarwadi, Paithan Dist Aurangabad Maharashtra and collaterally secured by mortgage of certain plots of land belonging to a group company and relatives of director.

(II) First Charge by way of hypothecation of entire current Assets, Book debts, both present and future of the Company

(III) Secured by mortgage of certain land and building. (IV) Secured by personal guarantee by a promoter of the Company.

270.000

64.910

 

 

 

Total

270.000

64.910

 

Statutory Auditors :

 

Name :

Gautam N Associates

Chartered Accountants

Address :

30, GNA House Behind Manmandir Travels, Adalat Road, Aurangabad, Maharashtra, India

 

 

Secretarial Auditor :

 

Name :

Girish Bhandare and Associates

Practicing Company Secretary

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates :
  • Nath Bio-Genes (India) Limited
  • Nath Nirman Infra Private Limited
  • Tapovan International Trading Private Limited
  • Techindia Nirman Limited

 

 

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

90.000

90.000

90.000

(b) Reserves & Surplus

162.937

(69.284)

(59.264)

(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)

252.937

20.716

30.736

 

 

 

 

(3) Non(Current Liabilities

 

 

 

(a) long(term borrowings

495.517

245.686

279.092

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long(term provisions

24.666

25.272

24.667

Total Non(current Liabilities (3)

520.183

270.958

303.759

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

60.466

78.081

52.631

(b) Trade payables

137.582

129.387

106.917

(c) Other current liabilities

54.868

48.518

35.481

(d) Short(term provisions

6.780

5.472

4.795

Total Current Liabilities (4)

259.696

261.458

199.824

 

 

 

 

TOTAL

1032.816

553.132

534.319

 

 

 

 

II.          ASSETS

 

 

 

(1) Non(current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

509.620

124.338

119.500

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work(in(progress

0.000

0.000

1.911

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non(current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

195.907

138.539

147.964

(d)  Long(term Loan and Advances

81.988

54.146

43.977

(e) Other Non(current assets

11.803

11.803

11.803

Total Non(Current Assets

799.318

328.826

325.155

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

76.840

85.220

102.891

(c) Trade receivables

136.931

111.859

51.972

(d) Cash and cash equivalents

2.520

5.504

3.805

(e) Short(term loans and advances

17.207

21.723

50.496

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

233.498

224.306

209.164

 

 

 

 

TOTAL

1032.816

553.132

534.319

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

982.694

873.748

944.867

 

Other Income

14.686

8.944

13.7

 

TOTAL

997.380

882.692

958.567

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

672.316

601.660

623.846

 

Manufacturing and operating cost

198.861

211.093

194.713

 

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

1.934

(30.920)

21.535

 

Payment to and Provision for Employees

59.548

54.759

52.991

 

Exceptional Item (Interest on dues of ARC Trust)

209.090

0.000

0.000

 

Prior Period Items

0.847

4.619

3.621

 

Other expenses

48.905

28.136

17.979

 

TOTAL

1191.501

869.347

914.685

 

 

 

 

 

 

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

(194.121)

13.345

43.882

 

 

 

 

 

Less

FINANCIAL EXPENSES

5.593

4.759

5.063

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

(199.714)

8.586

38.819

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

6.652

9.050

7.413

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(206.366)

(0.464)

31.406

 

 

 

 

 

Less

TAX

(57.368)

9.425

87.996

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(148.998)

(9.889)

(56.590)

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw materials & Chemicals (Imported & High seas Purchases)

116.493

164.062

130.906

 

TOTAL IMPORTS

116.493

164.062

130.906

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

(16.56)

(1.10)

(7.36)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

6.462

7.103

2.050

Cash generated from operations

NA

NA

NA

Net cash flow from operating activity

19.222

60.561

24.769

 

 

QUARTERLY RESULTS

 

(INR in Million)

Particulars

30.06.2017

30.09.2017

31.12.2017

Audited / Unaudited

Unaudited

Unaudited

Unaudited

 

1st Quarter

2nd Quarter

3rd Quarter

Net Sales

275.360

300.180

326.870

Total Expenditure

266.190

293.780

313.980

PBIDT (Excl OI)

9.170

6.400

12.890

Other Income

2.920

1.410

27.110

Operating Profit

12.090

7.810

40.000

Interest

9.220

8.980

9.520

Exceptional Items

NA

NA

(1.090)

PBDT

2.870

(1.170)

29.410

Depreciation

1.640

1.660

1.680

Profit Before Tax

1.220

(2.830)

27.730

Tax

NA

0.110

NA

Provisions and contingencies

NA

NA

NA

Profit After Tax

1.220

(2.940)

27.730

Extraordinary Items

(0.120)

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

1.110

(2.940)

27.730

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

50.86

46.73

20.08

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

7.18

7.81

18.18

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

74.69

78.49

62.56

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

(2.53)

0.16

0.43

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

(0.38)

0.11

0.36

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.74

0.93

0.90

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

2.22

15.97

10.86

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

1.03

12.62

6.50

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

2.01

6.00

3.95

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

(34.71)

2.80

8.67

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

(15.16)

(1.13)

(5.99)

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

(14.43)

(1.79)

(10.59)

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

(58.91)

(47.74)

(184.12)

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

0.90

0.86

1.05

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.60

0.53

0.53

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.24

0.04

0.06

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

6.25

3.68

3.71

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

0.90

0.86

1.05

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

INR 10.00/-

Market Value

INR 41.95/-

 

 

FINANCIAL ANALYSIS

[all figures are 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

90.000

90.000

90.000

Reserves & Surplus

(59.264)

(69.284)

162.937

Net worth

30.736

20.716

252.937

 

 

 

 

Long Term borrowings

279.092

245.686

495.517

Short Term borrowings

52.631

78.081

60.466

Current Maturities of Long term debt

2.050

7.103

6.462

Total borrowings

333.773

330.870

562.445

Debt/Equity ratio

10.859

15.972

2.224

 

 

 

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

944.867

873.748

982.694

 

 

(7.527)

12.469

 

 

 

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

944.867

873.748

982.694

Profit / (Loss)

(56.590)

(9.889)

(148.998)

 

(5.99%)

(1.13%)

(15.16%)

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

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

No

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

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

 

 

 

CORPORATE INFORMATION

 

The company is registered with the Registrar of Companies, Maharashtra State, Mumbai vide Registration. No. L2100MH1975PLC018289 dated 10/04/1975 under the Companies Act, 1956 (No.1 of 1956). The registered office of the Company is situated at Nath House, Nath Road, Aurangabad. The Company is the leading producer of high strength core board and Thermal grade paper used by text tube manufacturers.

 

 

PERFORMANCE:

 

The performance of the company has been satisfactory despite various economic and industry challenges. Despite challenges like erratic demand due to demonetization and competitive market scenario the company has been able to put forth a satisfactory performance. During the year, various measures were undertaken by the company to enhance product efficiency and reduce cost. To mitigate the risk of increase in prices of raw material the company went ahead to keep sufficient stock of raw material.

 

The Directors believe that these initiatives will be beneficial for the company in long run. The company has developed higher GSM core boards and Thermal paper. Demand for thermal paper is growing constantly.

 

The Company has achieved turnover and other income of INR 997.380 Million as compared to the previous year INR 882.692 Million. Company has posted a Net Profit before adjustment of deferred tax (income)/ expenses and exceptional item of INR 2.724 Million (Previous year INR (0.464) Million).

 

The Company has posted Profit/(Loss) after Deferred tax(Income)/Expenses and Exceptional Item of INR (148.998) Million (Previous Year INR (9.889) Million. The Loss posted in this financial year of INR (148.998) Million is mainly due to restatement of ARC Trust Liability.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

Industry Structure and Development

 

The Paper industry plays crucial role for the country’s social strength, as use of paper is supposed to be an index of cultural growth. The Indian Paper industry accounts for about 3% of the world’s production of Paper. There are 700-800 paper mills (organized and unorganized sector) in the Country based on wood, agri residue and waste paper as basic raw material.

 

Your company is one of the well known Paper Mills engaged in the manufacture of High Strength Core board and Thermal grade papers in India. The company has state-of-the-art facilities to manufacture various grades of papers ranging from 220 GSM to 600 GSM. The company is strategically located at Paithan in the state of Maharashtra having necessary infrastructure facilities.

 

Your Company considers people as its biggest asset and takes continuous efforts to improve the working environment with focus on employees’ well being and capability building to enable them to perform at their best for the company. The company has a dedicated, technical and competent marketing team along with innovative marketing strategies; the company is looking forward to capture a major chunk of the market share in Thermal grade Paper. Over the years, Company has focused on stringent quality measures, which help to meet all our customers’ needs. Our focus on quality has helped us building strong relationship with customers and eliminated supplementary costs. With a dedicated and competent human capital at its disposal, Company is confident of expanding its presence in the paper Industry.

 

UNSECURED LOAN

 

Unsecured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Deferred Payment liabilities

 

 

Deferred Sales Tax Liabilities (Interest Free)

225.517

180.776

 

 

 

Short-term Borrowings

 

 

Loans and advances from Related Parties

1.908

8.081

Other Loans and Advances

58.558

70.000

 

 

 

Total

285.983

258.857

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTH ENDED 31ST DECEMBER, 2017

 

(INR in Million)

 

Particulars

31.12.2017

(Quarter Ended)

30.09.2017

(Quarter Ended)

31.12.2017

(Nine Months Ended)

 

Income from Operations

 

 

 

 

Net sales from operation

326.870

300.180

902.407

 

Other Operating Income

27.107

1.411

31.434

 

Total Income from Operations (Net)

353.977

301.591

933.841

 

Expenses              

 

 

 

 

Cost of Materials consumed

200.519

182.821

564.342

 

Changes in inventories of finished goods, work-in-progress and stock-in-trade

9.555

4.073

0.468

 

Employee benefit expenses

13.571

14.289

42.142

 

Finance Costs

9.519

8.979

27.714

 

Depreciation and amortization expense

1.675

1.656

4.975

 

Other expenses

90.327

92.598

266.991

 

Total Expenses

325.166

304.416

906.632

 

Profit before exceptional item

28.811

(2.825)

27.209

 

Exceptional Item

1.085

0.112

1.315

 

Tax Expense

--

--

--

 

Net Profit for the period after tax

27.726

(2.937)

25.894

 

Paid up equity share capital (Face Value)

90.000

90.000

90.000

 

Earnings / (Loss) Per Share (INR)

3.08

-

2.88

 

 

INDEX OF CHARGES:

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

A39118773

90218043

STATE BANK OF HYDERABAD

16/10/1996

11/03/2008

-

55400000.0

ISSARWADI BRANCHTALUKA PAITHAN, DIST. AURANGABAD -431005 MAHARASHTRA INDIA

2

A38741526

90218007

STATE BANK OF INDIA

05/06/1996

27/12/2007

-

183056000.0

INDL FINANCE BRANCH AURANGABAD -431005 MAHARASHTRA INDIA

3

Y10321539

90218974

HDFC BANK

25/03/1994

-

-

5500000.0

RAMON; 163 BACKBAY RECLAMATION MUMBAI 400020 MAHARASHTRA INDIA

4

Y10320305

90217740

STATE BANK OF INDIA

10/12/1993

-

-

194000000.0

AURANGABA DAURANGAND MAHARASHTRA INDIA

5

Y10320287

90217722

STATE BANK OF INDIA

26/10/1993

-

-

25000000.0

SERVICES BANKING DIVISION; BOMBAY MAIN BRANCHSTATE BANK BLDG. BOMBAY SAMACHAR MARG MUMBAI 400023 MAHARASHTRA INDIA

6

Y10320149

90217584

OMAN INTERNATIONAL BANK

02/06/1992

-

-

10000000.0

SADG; NARIMAN POINT MUMBAI 400021 MAHARASHTRA INDIA

7

A38147872

90217580

STANDARD CHARTERED BANK

21/05/1992

10/12/2007

-

46500000.0

90, MAHATMA GANDHI ROAD FORT MUMBAI-400001 MAHARASHTRA INDIA

8

A40808446

90217568

INDUSTRIAL FINANCE CORPORATION OF INDIA LIMITED (IFCI LIMITED)

18/03/1992

03/12/2007

-

152400000.0

BANK OF BARODA BUILDING16, SANSAD MARG, P.B.363 MUMBAI-110001 MAHARASHTRA INDIA

9

A38147369

90217501

STANDARD CHARTERED BANK

19/04/1991

10/12/2007

-

8500000.0

90, MAHATMA GANDHI ROAD FORT MUMBAI-400001 MAHARASHTRA INDIA

10

Y10320033

90217468

OMAN INTERNATIONAL BANK

10/01/1991

-

-

10000000.0

NARIMAN POINT MUMBAI MAHARASHTRA INDIA

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.03.2017

31.03.2016

Claims against the Company not acknowledged as debts:

 

 

Disputed Demands of Central Excise& Service Tax

6.532

5.297

Disputed demands of Sales Tax

20.043

19.817

Disputed demands of Water Cess (including interest up to the date of demand)

1.598

1.598

Disputed demand of Property Tax from Gram Panchayat

2.756

2.756

Deferred sales tax Liability transferred to another Company (with recourse)

158.636

158.636

Other money for which the Company is contingently liable:

 

 

Interest and other charges that may be levied on account of non compliance of payment conditions as stipulated by ARC Trust vide their letter dated 18th March, 2016.

31.933

0.000

 

 

FIXED ASSETS

 

  • Freehold Land
  • Buildings
  • Plant and Machinery
  • Office Equipment
  • Computers
  • Vehicles
  • Furniture’s and Fixtures

 

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 67.22

UK Pound

1

INR 90.87

Euro

1

INR 80.08

 

 

INFORMATION DETAILS

 

Information Gathered by :

AKY

 

 

Analysis Done by :

VAR

 

 

Report Prepared by :

RKI

 

 

SCORE FACTORS

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

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)

 

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.