|
|
|
MIRA
INFORM REPORT
|
Report No. : |
510466 |
|
Report Date : |
29.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
CHADHA PAPERS LIMITED |
|
|
|
|
Registered
Office : |
Chadha Estate, Nainital Road, Bilaspur, Rampur - 244921, Uttar Pradesh |
|
Tel. No.: |
91-124-4325461 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
08.05.1990 |
|
|
|
|
Com. Reg. No.: |
20-011878 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 989.182 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L21012UP1990PLC011878 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TIN No.: |
Not Divulged |
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|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Divulged |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
· Subject is engaged into Papermill. [Confirmed by Management] · Manufacturing of Paper and Related Products. [Registered Activity] |
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|
|
|
No. of Employees
: |
400 [Approximately] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Maximum Credit Limit : |
USD 1170000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject was incorporated in the year 1990. It is a manufacturer of Paper and Paper products. For the financial year 2017, the company has achieved 33.81% growth in its revenue as compared to the previous year revenue but has reported low profit margin of 0.74%. The moderate financial profile of the company is marked by negative reserve base along with negligible debt level. However, rating weakness is partially offset by equity infused by its promoters. As per the quarterly financials of December 2017, the company has achieved revenue of INR 1101.324 million and has reported profit margin of 2.78%. 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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
BRICKWORKS |
|
Rating |
Long term (issuer not cooperating) = B+ |
|
Rating Explanation |
Risk-prone-credit-quality and carries very high credit risk |
|
Date |
28.02.2018 |
|
Rating Agency Name |
BRICKWORKS |
|
Rating |
Short term (issuer not cooperating) = A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk s |
|
Date |
28.02.2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
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 29.05.2018.
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 PARTED BY
|
Name : |
Mr. Mohit Agarwal |
|
Designation : |
Chief Finance Officer |
|
Contact No.: |
91-9219593536 |
|
Date : |
20.05.2018 |
LOCATIONS
|
Registered Office : |
Chadha Estate, Nainital Road, Bilaspur, Rampur - 244921, Uttar Pradesh |
|
Tel. No.: |
91-120-4325461/ 4120849 |
|
Mobile No.: |
91-9219593536 [Mr. Mohit Agarwal] |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Industrial |
|
|
|
|
Branch Office: |
B-5, Sector - 52, Noida - 201301, Uttar Pradesh, India |
DIRECTORS
AS ON: 31.03.2018
|
Name : |
Mr. Anand Sharma |
||||||||||||||||||||||||||||||||||||||||
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Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
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Address : |
20, Kaveer Kunj Dayal Bagh, Agra - 282005, Uttar Pradesh, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.06.2012 |
||||||||||||||||||||||||||||||||||||||||
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DIN No.: |
00031044 |
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Other Directorship :
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|||||||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||||||
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Name : |
Mrs. Amanbir Singh Sethi |
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Designation : |
Wholetime Director |
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|
Address : |
175-I, Sarabha Nagar, Ludhiana - 141001, Punjab, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
30.09.2014 |
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DIN No.: |
01015203 |
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Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sanmeet Singh |
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|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
Malla Gorakhpur, Haldwani - 263139, Uttarakhand, India |
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|
Date of Appointment : |
01.07.2011 |
||||||||||||||||||||||||||||||||||||||||
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DIN No.: |
01139468 |
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Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Naveen Sexena |
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|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
165, Dashmesh Nagar, Rupnagar - 140001, Punjab, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
29.11.2011 |
||||||||||||||||||||||||||||||||||||||||
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DIN No.: |
05133167 |
||||||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Surjeet Kaur |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
H. N. 90, Kothi Khas Bag-2, Police Station Civil Lines, Tehsil-Sadar, Rampur - 244901, Uttar Pradesh, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
14.07.2015 |
||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
07235977 |
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|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Mohit Agarwal |
|
Designation : |
CFO(KMP) |
|
Address : |
H. No. 10, Mandi Bans, Kuncha Sheetal Das, Moradabad - 244001, Uttar Pradesh, India |
|
Date of Appointment : |
14.12.2017 |
|
PAN No.: |
AGGPA7327L |
|
|
|
|
Name : |
Mr. Rahul |
|
Designation : |
Company Secretary |
|
Address : |
D-220, Dashrath Puri, Dabri Palam Road, New Delhi - 110045, India |
|
Date of Appointment : |
16.10.2017 |
|
PAN No.: |
BCFPR9058H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2018
|
Category of
shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % |
|
(A) Promoter & Promoter Group |
7653020 |
75.00 |
|
(B) Public |
2551020 |
25.00 |
|
|
|
|
|
Total |
10204040 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
No. of fully paid up equity 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 |
4963644 |
48.64 |
|
|
RAJINDER SINGH
CHADHA |
3271254 |
32.06 |
|
|
JATINDER KAUR |
1388590 |
13.61 |
|
|
DINEETA CHADHA |
303800 |
2.98 |
|
|
Any Other
(specify) |
2689376 |
26.36 |
|
|
CAPCO HOLDINGS
PRIVATE LIMITED |
2689376 |
26.36 |
|
|
Sub Total A1 |
7653020 |
75.00 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
7653020 |
75.00 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
|||
|
|||
|
|||
|
B1) Institutions |
0 |
0.00 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
626220 |
6.14 |
|
|
Individual share
capital in excess of INR 0.200 Million |
1924800 |
18.86 |
|
|
MR. MANMEET CHADHA |
473560 |
4.64 |
|
|
MR. GINNI CHADHA |
459200 |
4.50 |
|
|
MR. TAJENDERPAL
SINGH CHADHA |
330120 |
3.24 |
|
|
Sub Total B3 |
2551020 |
25.00 |
|
|
B=B1+B2+B3 |
2551020 |
25.00 |
BUSINESS DETAILS
|
Line of Business : |
· Subject is engaged into Papermill. [Confirmed by Management] · Manufacturing of Paper and Related Products. [Registered Activity] |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Papermill |
|
Countries : |
Nepal |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
· Dubai · UK · Germany · US |
|
|
|
|
Terms : |
|
|
Selling : |
L/C |
|
|
|
|
Purchasing : |
L/C |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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|
||||||||||||||||||||||
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Customers : |
End Users
|
||||||||||||||||||||||
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|
|
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|
No. of Employees : |
400 [Approximately] |
||||||||||||||||||||||
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|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Statutory Auditors : |
|
|
Name : |
SNMG and Company Chartered Accountants |
|
Address : |
F-378, Sarita Vihar, New Delhi-110076, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Company : |
Manorama Paper Mills Limited |
|
|
|
|
Enterprises owned or significantly influenced by key management
personnel or their relatives or other associations: |
· Aman Box Factory Private Limited · ATPAC Industries · Chadha Holding Private Limited · Shiv Shakti Traders |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10500000 |
Equity Shares |
INR 10/- each |
INR 105.000 Million |
|
8950000 |
Preference Share |
INR 100/- each |
INR 895.000 Million |
|
|
Total |
|
INR 1000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10204040 |
Equity Shares [Fully Paid] |
INR 10/- each |
INR 102.040 Million |
|
8871420 |
Preference Share [0.01% Non-convertible, Non-Cumulative, Redeemable
Preference Shares] |
INR 100/- each |
INR 887.142
Million |
|
|
Total |
|
INR 989.182 Million |
Reconciliation of number of shares
|
Particulars |
31.03.2017 |
|
|
|
Nos. of shares |
Amount |
|
Equity shares |
|
|
|
Shares outstanding at the beginning of the year |
10204040 |
102.040 |
|
Shares issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
10204040 |
102.040 |
|
|
|
|
|
Preference shares |
|
|
|
Shares outstanding at the beginning of the year |
61266100 |
612.661 |
|
Shares issued during the year |
27448100 |
274.481 |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
88714200 |
887.142 |
Equity 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. The dividend proposed, if any, by the board of directors is subject to approval of the shareholders in the ensuing annual general meeting, except in case of iterim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preference amounts, in proportion to their shareholding.
Preference shares: The 0.1% preference shares INR 100 each issued at per are non-convertible, non-cumulative and redeemable with in a period not exceeding 20 years. These shares shall be non participating but shall have a preferential right to dividend at 0.01% whenever dividend is declared.
Equity share holding
more than 5%
|
Particulars |
31.03.2017 |
|
|
|
Nos. of shares |
Amount |
|
Prakash Kaur |
1959954 |
19.600 |
|
Jatinder Kaur Chadha |
1388590 |
13.886 |
|
Rajinder Singh Chadha |
311300 |
13.113 |
|
Capco Holding private limited |
2689376 |
26.894 |
|
|
|
|
|
Total |
7349220 |
73.492 |
Preference share
holding more than 5%
|
Particulars |
31.03.2017 |
|
|
|
Nos. of shares |
Amount |
|
Chadha Holding Private Limited |
88714200 |
887.142 |
|
Total |
88714200 |
887.142 |
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 |
989.182 |
714.701 |
102.040 |
|
(b) Reserves & Surplus |
(579.060) |
(599.332) |
(714.701) |
|
(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) |
410.122 |
115.369 |
(612.661) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
579.948 |
724.429 |
1276.303 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
101.616 |
131.254 |
159.193 |
|
(d)
long-term provisions |
5.486 |
2.837 |
1.375 |
|
Total
Non-current Liabilities (3) |
687.050 |
858.520 |
1436.871 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
302.301 |
217.884 |
199.684 |
|
(b)
Trade payables |
441.601 |
256.606 |
421.250 |
|
(c)
Other current liabilities |
103.239 |
169.984 |
165.582 |
|
(d)
Short-term provisions |
3.101 |
3.019 |
2.990 |
|
Total
Current Liabilities (4) |
850.242 |
647.493 |
789.506 |
|
|
|
|
|
|
TOTAL |
1947.414 |
1621.382 |
1613.716 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
899.655 |
659.511 |
600.997 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
64.116 |
64.116 |
64.116 |
|
(c) Deferred tax assets
(net) |
34.942 |
43.873 |
85.043 |
|
(d) Long-term Loan
and Advances |
98.168 |
95.310 |
6.494 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1096.881 |
862.810 |
756.650 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
318.794 |
250.343 |
287.620 |
|
(c)
Trade receivables |
263.118 |
268.250 |
260.301 |
|
(d)
Cash and cash equivalents |
44.102 |
24.955 |
19.688 |
|
(e)
Short-term loans and advances |
224.519 |
215.024 |
280.489 |
|
(f)
Other current assets |
0.000 |
0.000 |
8.968 |
|
Total
Current Assets |
850.533 |
758.572 |
857.066 |
|
|
|
|
|
|
TOTAL |
1947.414 |
1621.382 |
1613.716 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
2743.675 |
2050.505 |
1369.535 |
|
|
|
Other Income |
21.104 |
312.039 |
18.049 |
|
|
|
TOTAL |
2764.779 |
2362.544 |
1387.584 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1884.368 |
1400.974 |
984.076 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
9.220 |
(12.513) |
(31.602) |
|
|
|
Employees benefits expense |
119.519 |
102.706 |
75.604 |
|
|
|
Other expenses |
637.663 |
628.554 |
438.910 |
|
|
|
TOTAL |
2650.770 |
2119.721 |
1466.988 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
114.009 |
242.823 |
(79.404) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
20.882 |
29.059 |
33.493 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
93.127 |
213.764 |
(112.897) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
63.923 |
57.225 |
66.908 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
29.204 |
156.539 |
(179.805) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
8.932 |
41.170 |
119.745 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
20.272 |
115.369 |
(119.745) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (INR) |
1.99 |
11.31 |
(11.74) |
|
|
PARTICULARS |
|
|
31.03.2018 |
|
Sales Turnover (Approximately) |
|
|
4100.000 |
|
|
|
|
|
Expected Sales (2018-2019): INR 5000.000 Million
The above information has been parted by Mr. Mohit Agarwal [Chief
Finance Officer]
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
20.937 |
|
|
|
|
|
|
Cash generated from operations |
111.144 |
77.539 |
(287.728) |
|
|
|
|
|
|
Net Cash flow from (used in) Operating Activities |
111.144 |
77.539 |
(287.728) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
35.00 |
47.75 |
69.37 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
10.43 |
7.64 |
5.26 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
85.54 |
66.85 |
156.24 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.36 |
0.97 |
-0.28 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.13 |
0.37 |
-0.13 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.73 |
0.85 |
1.29 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
2.15 |
8.17 |
-2.44 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.07 |
5.61 |
-1.29 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
2.19 |
5.72 |
-0.98 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.46 |
8.36 |
-2.37 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
0.74 |
5.63 |
-8.74 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.04 |
7.12 |
-7.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
4.94 |
100.00 |
19.55 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.00 |
1.17 |
1.09 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.63 |
0.78 |
0.72 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.21 |
0.07 |
-0.38 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.89 |
1.32 |
14.67 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.00 |
1.17 |
1.09 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR |
|
|
|
|
Market Value |
INR |
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 |
102.040 |
714.701 |
989.182 |
|
Reserves & Surplus |
(714.701) |
(599.332) |
(579.060) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(612.661) |
115.369 |
410.122 |
|
|
|
|
|
|
long-term borrowings |
1276.303 |
724.429 |
579.948 |
|
Short term borrowings |
199.684 |
217.884 |
302.301 |
|
Current Maturities of Long
term debt |
20.937 |
0.000 |
0.000 |
|
Total
borrowings |
1496.924 |
942.313 |
882.249 |
|
Debt/Equity
ratio |
(2.443) |
8.168 |
2.151 |
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 |
1369.535 |
2050.505 |
2743.675 |
|
|
|
49.723 |
33.805 |
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 |
1369.535 |
2050.505 |
2743.675 |
|
Profit/(Loss) |
(119.745) |
115.369 |
20.272 |
|
|
(8.74%) |
5.63% |
0.74% |
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 |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
Yes |
|
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% |
Yes |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
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 |
G80980543 |
100163751 |
STATE BANK OF
INDIA |
29/11/2017 |
- |
- |
850000000.0 |
STATE BANK OF
INDIA, SME BRANCH,SAMAD ROAD, ALIGARH, UTTAR PRADESHALIGARHUP202001IN |
|
2 |
C41645755 |
10545528 |
PUNJAB & SIND
BANK |
01/12/2014 |
- |
- |
50000000.0 |
LARGE CORPORATE
BRANCHP-18/90, CONNAUGHT CIRCUSNEW DELHIDL110001IN |
|
3 |
G56761927 |
10545527 |
PUNJAB & SIND
BANK |
01/12/2014 |
02/03/2017 |
- |
635000000.0 |
PUNJAB & SIND
BANKP-18/90, CONNAUGHT CIRCUSNEW DELHIDL110001IN |
|
4 |
A88671813 |
80040632 |
PUNJAB & SIND
BANK |
24/12/2005 |
13/05/2010 |
- |
628000000.0 |
INDUSTRIAL FINANCE
BRANCH, P BLOCKCONNAUGHT CIRCUSNEW DELHIDL110001IN |
|
5 |
C77048122 |
10170490 |
PUNJAB & SIND
BANK |
25/06/2009 |
- |
18/01/2016 |
520000000.0 |
INDUSTRIAL FINANCE
BRANCHP18/90 CONNAUGHT CIRCUSNEW DELHIDL110001IN |
|
6 |
C76366020 |
10224960 |
PUNJAB & SIND
BANK |
07/05/2010 |
- |
18/01/2016 |
80000000.0 |
INDUSTRIAL FINANCE
BRANCH, P BLOCK,CONNAUGHT CIRCUSNEW DELHIDL110001IN |
|
7 |
C19369123 |
90268993 |
ORIENTAL BANK OF
COMMERCE |
30/03/1996 |
31/12/1997 |
05/09/2014 |
35500000.0 |
CIVIL
LINESRAMPURUPIN |
|
8 |
C19368323 |
90271660 |
ORIENTAL BANK OF
COMMERCE |
04/10/1994 |
30/03/1996 |
05/09/2014 |
70000000.0 |
CIVIL
LINESRAMPURUPIN |
|
9 |
C19367598 |
90268659 |
ORIENTAL BANK OF
COMMERCE |
24/02/1992 |
20/06/2008 |
05/09/2014 |
57500000.0 |
CIVIL
LINESRAMPURUP244901IN |
|
10 |
A89161772 |
90270866 |
PUNJAB & SIND
BANK |
05/04/2005 |
- |
30/06/2010 |
340800000.0 |
INDUSTRIAL FINANCE
BRANCHCONNAUGHT CIRCUSNEW DELHIDLIN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans from
related parties |
|
|
|
From body corporates |
28.000 |
234.981 |
|
From AOP in which company is member |
47.883 |
65.383 |
|
From directors, Ex-directors and relatives |
344.043 |
264.043 |
|
Loan from others - From body corporates |
160.022 |
160.022 |
|
|
|
|
|
Total |
579.948 |
724.429 |
GENERAL INFORMATION
The company was incorporated on May 08, 1990 to carry on the business of manufacturing of paper and related products.
STATE OF COMPANY’S AFFAIRS AND FUTURE
OUTLOOK
The
Company is engaged in the business of manufacturing, producing, marketing,
exporting and dealing in all kinds and varieties of paper, Board, Kraft Paper,
Semi Kraft and other paper products. During the said reporting financial year,
the Company has incurred a profit of INR 21.905 million. During the year, your
Company achieved a Total Revenue of approx.. INR 2764.700 million as against
INR 2362.500 million recorded in the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Indian economy continues to be the world’s fastest growing large economy and recorded a 7.1% growth during the year despite a temporary slowdown post demonetization in November 2016. The year also saw passage of GST bills by consensus between all the States and the Centre. Introduction of GST should further boost our economy’s growth.
The paper industry in India has become more promising as the domestic demand is on the rise. Increasing population and literacy rate, growth in GDP, improvement in manufacturing sector and lifestyle of individuals are expected to account for the growth in the paper industry of India.
The focus of paper industry is now shifting towards more eco-friendly products and technology. Government of India has established rules and regulations to control the population and degradation of forest. These measures taken by the government has brought the significant changes in the paper industry of India
INDUSTRY STRUCTURE AND DEVELOPMENT RELATING
TO COMPANY’S LINE OF BUSINESS
The Company is engaged in the business of manufacturing of papers and related paper products such as News Print, Writing Print, and Kraft Paper etc. During the Financial Year, the Company was able to achieve the sales of INR 2812.152 million. The sale of products comprises of sale of News Print Paper, Writing Printing, and Kraft Paper and includes other revenue from the sale of scrap and Paddy Husk, Local Waste Paper and Petrolium Coke.
For developing the area of business, the Company has taken various steps to increase the revenue of the Company and for the Development of the Company:-
a. The Company is trying to enter into new markets and trying to capture the new area for business.
b. Enhance growth by reaching new customers, analyzing their needs and dynamically managing the price according to the needs of Customers.
c. In-house qualified and technical team to ensure better quality products.
d. Adoption of Business models that increases the assets efficiency and long term competitiveness.
e. Increasing profitability by trying to minimize the operating Costs.
f. Adoption of new technologies and measures to manufacture the papers at a lower cost.
g. Analyzing the demands of the society and adjusting the manufacturing and supply of goods accordingly.
h. Sufficient land and other infrastructure available with the Company for future expansion and growth.
OUTLOOK
The Company installed News Printing/Writing Paper Plant last year in order to achieve the demand for this product and further management has planned and has improvised the technologies for the News Print and WP keeping in view the demand of the product and the sales target has been set high.
FINANCIAL PERFORMANCE WITH RESPECT TO
OPERATIONAL PERFORMANCE OF THE COMPANY
The year was challenging with intense competition & their overall sales volume increased though pricing was under severe pressure during the year.
Total turnover of the Company for the Financial Year 2016-17 is INR 2743.675 million. Company made a profit of INR 21.905 million.
Operational Performance of the Company is satisfactory ensuring the Company’s commitments of servicing its debts and enhancing the value of the Company.
|
PARTICULARS |
Quarter Ended |
Nine
Months Ended |
|
|
|
31.12.2017 [Unaudited] |
30.09.2017 [Unaudited] |
31.12.2017 [Unaudited]
|
|
Income |
|
|
|
|
Revenue from operations (Gross) |
1101.324 |
1035.819 |
3111.847 |
|
Other income |
5.640 |
5.985 |
16.552 |
|
Total Revenue |
1106.964 |
1041.803 |
3128.399 |
|
Expenses |
|
|
|
|
Cost of materials consumed |
740.706 |
708.547 |
2138.778 |
|
Purchases of stock-in-trade |
0.000 |
0.000 |
3.625 |
|
Changes in inventories of finished goods, work in progress and |
19.653 |
(3.087) |
(8.129) |
|
Excise duty on sale of goods |
0.000 |
0.000 |
39.623 |
|
Employee benefits expenses |
38.653 |
37.658 |
108.800 |
|
Finance costs |
9.075 |
7.854 |
24.920 |
|
Depreciation and amortization expenses |
19.081 |
18.700 |
56.424 |
|
Other expenses |
|
|
|
|
Power and fuel |
147.119 |
151.234 |
424.334 |
|
Others |
86.525 |
8.322 |
248.197 |
|
Total expenses |
1060.811 |
1089.228 |
3036.572 |
|
Profit before exceptional and extraordinary items and tax |
46.152 |
32.575 |
91.827 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit before extraordinary items and tax |
46.152 |
32.575 |
91.827 |
|
Extraordinary items |
0.000 |
0.000 |
0.000 |
|
Profit before tax |
46.152 |
32.575 |
91.827 |
|
Tax expenses |
15.459 |
11.227 |
31.066 |
|
Profit/(loss) for the period from continuing operations |
30.693 |
21.299 |
60.761 |
|
Profit/(loss) for the period from discontinuing operations |
0.000 |
0.000 |
0.000 |
|
Tax expenses of discontinuing operations |
0.000 |
0.000 |
0.000 |
|
Profit/(loss) for the period from discounting operations (After tax) |
0.000 |
0.000 |
0.000 |
|
Profit/(loss) for the period |
30.693 |
21.299 |
60.761 |
|
Other comprehensive income |
0.001 |
(0.017) |
0.042 |
|
a) Re-measurement gain/(loss) on defined benefit plants |
0.000 |
(0.001) |
0.000 |
|
b) Income tax relating to items that will not be reclassified to profit or loss |
0.000 |
0.000 |
0.000 |
|
a) Investments in equity instruments carried at fair value |
0.001 |
(0.016) |
0.042 |
|
b) Income tax relating to items that will be reclassified to profit or loss |
0.000 |
0.000 |
0.000 |
|
Total comprehensive
income for the period |
30.694 |
21.282 |
60.803 |
|
Paid up equity
share capital (face value of INR 10/- each) |
102.040 |
102.040 |
102.040 |
|
Reserves excluding
revaluation reserves as per balance sheet
|
|
|
|
|
Earning per equity
share (of INR 10 each) |
|
|
|
|
Basic |
3.01 |
2.09 |
5.95 |
|
Diluted |
3.01 |
2.09 |
5.95 |
NOTES:
1. The above financial results have been reviewed by the Audit Committee and have been approved by the Board of Directors in their respective meetings held on 14th February, 2018.
2. The Company has adopted Indian Accounting Standards (IND AS) effective
01.04.2017(transition date being 1st April 2016) and accordingly unaudited
financial results for the quarter and nine months ended on 31st December 2017
are in compliance with the Ind AS prescribed under Section 133 of the Companies
Act, 2013 read together with the Companies (Indian Accounting Standards) Rules,
2015(as amended), and accordingly, erstwhile Indian Generally Accepted
Accounting Principles (GAAP) results for the quarter and nine months ended 31st
December, 2016 have been reinstated to make the results comparable.
3. The above standalone financial results for the quarter ended 31 December
2017 have been reviewed by the Statutory Auditors as required under Regulation
33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation
2015. The Ind AS compliant financial results, pertaining to the corresponding
quarter ended 31 December 2016, have not been subjected to limited review or
audit by the statutory auditors, however, the management has exercised
necessary due diligence on these financial results.
4. In compliance to Ind AS-18 SEBI (Listing Obligation and Disclosure
Requirements) Regulation 2015, the reported revenue for the quarter and nine
months ended 31st December, 2016 were inclusive of Excise Duty. Goods and
Services Tax (GST) has become applicable w.e.f. 1st July, 2017, the revenue for
the quarter ended 31st December, 2017 has been reported net of GST, hence not
comparable with corresponding periods.
5. As the Company has a single reportable segment, the segment wise disclosure
requirement of Ind AS 108 on operating segment is not applicable to it.
FIXED ASSETS:
· Land
· Building
· Plant and Machinery
· Electrical Installation
· Lab Equipment Craft
· Air Conditioner
· Computers
· Furniture and Fixtures
· Vehicles
· Office Equipment, etc.
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 67.44 |
|
UK Pound |
1 |
INR 89.89 |
|
Euro |
1 |
INR 79.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
ARC |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.