MIRA
INFORM REPORT
|
Report Date : |
31.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
KEJRIWAL PAPER LIMITED |
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Registered Office : |
1403, Maker Chambers V, 221, Mariman Point, Mumbai: 400021 Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08-06-1992 |
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Com. Reg. No.: |
067108 |
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CIN No.: [Company
Identification No.] |
U21000MH1992PTC067108 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK06876C |
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Legal Form : |
Public limited liability company. Company’s shares are listed on the
Stock Exchange |
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Line of Business : |
Manufacture, buy, sell, import, export, process, deal in different
varieties of paper such as newsprint, writing, wrapping, tissue, poster
paper, cover paper, paper for packing including corrugated and craft paper,
synthetic paper, paper board, card board, coloured paper and board, leather
board, mills boards, paste boards, pulp boards and all varieties of
speciality paper and all kinds of pulp. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
1403, Maker Chambers V, 221, Mariman Point, Mumbai Maharashtra-400021 |
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Tel No: |
91-22-22886321 / 22824923 |
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Fax No: |
91-22-22868580 |
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E-Mail : |
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Website : |
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DIRECTORS
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Name : |
Mr. Rahul Kumar Kejriwal |
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Designation : |
Director |
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Address : |
63/37 Prabhat 6th Floor, 28 B Road, Churchgate
Mumbai:400020, Maharashtra |
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Name : |
Mr. Manishkumar Kejriwal |
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Designation : |
Director |
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Address : |
63/37 Prabhat 6th Floor, 28 B Road, Churchgate
Mumbai:400020, Maharashtra |
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Name : |
Mr. Diljit Singh Chanana |
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Designation : |
Director |
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Address : |
24 A Takshila Mahakali Caves Road, Andheri
(East) Mumbai:400093, Maharashtra |
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MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Santosh Kumar Kejriwal |
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10 |
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Girdharlal Lath` |
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10 |
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Rahul Kumar Kejriwal |
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10 |
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Hansa Kejriwal |
|
10 |
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Pramod Lath |
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10 |
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Pankaj Lath |
|
10 |
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Satyavati Lath |
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10 |
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Santosh Kumar Kejriwal-HUF |
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150000 |
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Manish Kumar Kejriwal-HUF |
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50000 |
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Rahul Kumar Kejriwal |
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50000 |
|
General Trading Company |
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37500 |
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Janak TurBodynamics Limited |
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12500 |
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Mithalal Steel Industries Limited |
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5000 |
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Peony Investments Limited |
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7500 |
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S.R.G. Infotech (India) Limited |
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5000 |
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Swarnjyotfinvest Private Limited |
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5000 |
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Sagittarus Securities and Fin.Limited |
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7500 |
BUSINESS DETAILS
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Line of Business : |
Manufacture, buy, sell, import, export, process, deal in
different varieties of paper such as newsprint, writing, wrapping, tissue,
poster paper, cover paper, paper for packing including corrugated and craft
paper, synthetic paper, paper board, card board, coloured paper and board,
leather board, mills boards, paste boards, pulp boards and all varieties of
speciality paper and all kinds of pulp. |
GENERAL
INFORMATION
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No. of Employees : |
About 50 |
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Bankers : |
Canara Bank (Lead Bank) OverSeas Branch, 211,Dalamal tower, Nariman Point, Mumbai-400021,
Maharashtra, India |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. V. KrishnaMoorthy Chartered Accountant |
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Address : |
15 Shrivalli Rifle Range Ghatkopar (West) Mumbai:400086, Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
450,000 |
Equity Share |
Rs.10/-(each) |
Rs.4.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3,30,700 |
Equity Share |
Rs.10/-(each) |
Rs.3.300 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
9.000 |
9.000 |
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2] Share Application Money |
|
0.550 |
0.550 |
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3] Reserves & Surplus |
|
40.787 |
38.284 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
50.337 |
47.834 |
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LOAN FUNDS |
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1] Secured Loans |
|
4.710 |
5.136 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
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4.710 |
5.136 |
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DEFERRED TAX LIABILITIES |
|
0.081 |
0.000 |
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TOTAL |
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55.128 |
52.970 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.943 |
4.094 |
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Capital work-in-progress |
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INVESTMENT |
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4.190 |
1.878 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.587 |
0.532 |
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Sundry Debtors |
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23.780 |
22.730 |
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Cash & Bank Balances |
|
5.015 |
5.795 |
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Other Current Assets |
|
33.393 |
33.697 |
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Loans & Advances |
|
7.862 |
15.929 |
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Total
Current Assets |
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71.637 |
78.683 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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26.357 |
31.263 |
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Provisions |
|
0.285 |
0.422 |
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Total
Current Liabilities |
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26.642 |
31.685 |
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Net Current Assets |
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44.995 |
46.998 |
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MISCELLANEOUS EXPENSES |
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TOTAL |
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55.128 |
52.970 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
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Sales Turnover |
|
35.430 |
31.483 |
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Other Income |
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25.295 |
23.196 |
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Total Income |
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60.725 |
54.679 |
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Profit/(Loss) Before Tax |
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3.959 |
3.163 |
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Provision for Taxation |
|
1.456 |
1.165 |
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Profit/(Loss) After Tax |
|
2.500 |
1.998 |
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Expenditures : |
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Purchases made for re-sale |
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36.108 |
30.793 |
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Increase/(Decrease) in Finished Goods |
|
(1.055) |
(0.384) |
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Salaries, Wages, Bonus, etc. |
|
3.485 |
3.081 |
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Managerial Remuneration |
|
1.556 |
1.281 |
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Payment to Auditors |
|
0.044 |
0.041 |
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Interest |
|
4.983 |
4.422 |
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Depreciation & Amortization |
|
1.195 |
0.700 |
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Other Expenditure |
|
10.450 |
11.582 |
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Total Expenditure |
|
56.766 |
51.516 |
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KEY RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
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4.11 |
3.65 |
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Net Profit Margin (PBT/Sales) |
(%) |
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11.17 |
10.04 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.22 |
3.92 |
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Return on Investment (ROI) (PBT/Networth) |
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0.07 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.52 |
0.66 |
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Current Ratio (Current Asset/Current Liability) |
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2.68 |
2.46 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
M/s. Kejriwal
Paper Limited |
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Presented By |
Shri Rahul
Kejriwal, M.G.Director |
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1) Date and description of instrument creating the change |
Agreement to create an Equitable Mortage of property of the company to
secure credit facilitites granted to M/s. Hanster Corporation, Proprietary
Concern of Smt. Hansa Kejriwal, dated 15th May 2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Total Credit
Facilities of Rs. 15.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Equitable Mortage
of Property situated at Open Land bearing survey no. 285/1A, village
kolumakondan Taluk Palani, District Dindigul (Tamil Nadu) as a colleteral
security. Extension of
Equitable Mortage already created on 09.03.2001 by way fo collateral security
of property situated at open land, survey no.12 (P.H.No.76)of Mouza bori in
Nagar Tehsil of Nagpur Tehsil of Nagpur District:1.96 HR:4 Acres 36 Gunthas: Equivalent to
1,49,409 Sq.ft |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
:16% p.a. Margins:40%
against Stocks |
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5) Name and Address and description of the person entitled to the charge. |
UCO Bank,
Industry house,159, churchgate Reclamation Mumbai:400 020 |
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6) Date and brief description of instrument modifying the charge |
-- |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
-- |
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Name of the company |
Kejriwal Paper
Limited |
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Presented By |
Kejriwal Paper
Limited And Canara Bank, Overseas Branch, Nariman Point, Mumbai-21 |
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1) Date and description of instrument creating the change |
24.01.2006 Term Loan Agreement dated 24th January 2006 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.40.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
a) First pari
passu hypothecation charge on company’s movable properties consisting of
plant and machineries, machinery spares, tools, accessories, furniture and
fixturesituated at: M/s.Kejriwal
Exports, Plot No:A-71, MIDC, khairne, Thane CBelapur Road, Near Reliance
Silicone, Navi Mumbia-400 701 b) Second peri
passu hypothecation charge on al present and future goods, book debts and all
other movable assets of the borrower
including finished goods, work
in progress and raw materials, stock in the ware house situated at: M/s..Kejriwal
Expors, plot No:A.71, MIDC, Khairne, Thane Belapur Road, Near Reliance
Silicone, Navi Mumbai-400 701 or wherever else the same may be. The above charge
operation as security for the due repayment of term Loan of Rs.40.00 Millions
granted by the Consortium Banks Together with interest, costs, charges, expenses
and othe money payable by the Company to the Consortium Bank in terms of
sanction. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above charge
operates as security for the due repayment of Term loan of Rs.40.000 Millions
granted by the Consortium Banks together with interest, costs, charges,
expenses and other money payable by the Company to the Consortium Bank in
terms of sanction. The individual
limits of the Consortium Bank are as follows: Canara Bank: Rs.20.000
Millions UCO Bank:
Rs.20.000 Millions --------------------------------------------------------------- As Per the terms
of sanction of individual consortium members and subject to revision from
time to time. |
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5) Name and Address and description of the person entitled to the charge. |
a) Canara Bank, Overseas Branch, Nariman
Point, Mumbai:400 021 b) UCO Bank, Churchagare Reclamation
Branch, 159, Industry House, J.T.Road,
Mumbai-400 020 |
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6) Date and brief description of instrument modifying the charge |
-- |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
-- |
The registered office of the company has been
shifted from 606, Maker Chamber No.V, Nariman Point, Bombay-21, Mumbai, Maharashtra,
India to the present address w.e.f
01/12/1996
Paper Division
Kejriwal Paper Limited (KPL) is a leader in marketing newsprint and
assorted stationery papers throughout India and for export. It's vendor base is
comprised of a carefully selected group of 25 paper mills in the North, South,
West and East zones of India. KPL is one of India's largest domestic newsprint
supply base ( approximately 100,000 tons per year). KPL also has liaison's with
mills in Indonesia, Malaysia, Japan, Korea, Brazil and China.
Pulp and Fiber
With its aim to service the paper industry, KPL specializes in supplying
raw material to paper mills. Pulp and recycled waste paper is internationally
sourced from the USA, Europe, Middle East and Singapore while domestic
collection centers arrange to sort out waste as per the paper mills
specifications. To maintain quality, only those global vendors are represented
who adhere to the stringent specifications of internationally acceptable norms.
Paper Mills
KPL acts as a direct representative of the paper industry. Aside from
its own manufacturing, the plant gives KPL the advantage of understanding the
paper industry's true needs. Many 'workshop' insights have enabled KPL to
implement innovative solutions with many other paper mills.
Media
With a focus to assit its customers, KPL buys advertising space from
newspaper publishers and sell this to advertising agencies. For a smooth flow
of sales, KPL is associated with a global leader in media buying.
Stationery
KPL converts paper into stationery products for direct consumer use. Its
converting units near Mumbai house state-of-the-art equipment producing
international quality notebooks, pads, sheet paper and many allied products.
Its database of over 4000 schools and universities across the country makes it
India's truly national supplier of school notebooks. It serves ventures with
international investers in different locations enable in to become a global
player.
Publishing
KPL publishes children’s literature for the Indian subcontinent under
its brand, Dreamland. Its products are known for its high quality product in
raw material, design, and content. KPL’s team of authors, editors and
illustrators innovate content as per regional requirement. KPL also innovates
product development and pricing suited for specific market and customer needs.
KPL believes in fully servicing the customer so he can service his customer’s
better.
Paper Division
•Newsprint
•Telephone
•Directory Paper
•Lottery Paper
•Writing Printing Paper
•Kraft Paper
•Light weight coated paper Products
Network
•Paper Mills
•Newspapers
•Magazines
•Publishers
•Converting Units
Pulp and Fibre
Division
•Wood Pulp
•Sugarcane Pulp
•Waste Paper Grades
(ONP, OCC, N&P)
•Other
Network
•Paper Mills
•Paper recyclers
•Paper collection centers
Virtual
Manufacturing
Products
•KPL Branded Paper
Paper Mill
Products
•News Print
•Cream Wove Paper
•Light weight Coated
Paper
•Construction Paper
Network
•Manufacturer's association worldwide
International Machinery , raw material agents and vendors.
Media Division
Division
Products
•Advertising Space
•Media Packages
Network
•Advertising Agency
•Media Buying Agency
Stationery
Division
Products
•Notebooks
•Pads
•Filler Sheets
•Copier Paper
•Index Cards
•Portfolios
•Diaries/Calenders
•Pens
•Art Craft Paper
•Coeated Paper
Network
•Schools
•Stationery wholesalers/
Distributors/ Retailers
•Students
The Kejriwal Group has an extensive global presence in various
industries with a focus on the paper and textile industry.
Having been involved in the Indian paper industry for over 30 years,
Kejriwal Paper is a leader in the field. Its innovative solutions has serviced
manufacturers, publishers and end users of paper. Kejriwal Paper starts from
sourcing and supplying pulp, fibre, recycled waste to paper mills; then sells
paper manufactured by the mills to industrial users (newspaper, publishers and
converters); continues to assist publishers with media serving (buying and
selling advertising space); acts as an end user itself (manufacturer of
stationery products, publishers, children books). In order to facilitate and
economize the entire network, Kejriwal Group has created its allied servicing
structure to include warehousing, transport and logistics, financial and
technical assistance, a customer support BPO center. It is truely the largest
paper network in India.
Kejriwal Group international infrastruture includes offices in New York,
Singapore, HongKong and in Europe. Several alliances with international paper
companies has given Kejriwal Paper an additional edge in the domestic Indian
market.
Kejriwal Group - A strong, established and well recognized name built
over the years offering complete end to end solutions.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.59 |
|
UK Pound |
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.58.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
|
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|