MIRA
INFORM REPORT
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Report Date : |
27.07.2007 |
IDENTIFICATION DETAILS
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Name : |
PAPER RESOURCES CORPORATION |
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Registered Office : |
1863, Sector B – 1, Vasant Kunj, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1997 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Traders, Dealer, Importer, Sourcing Agent of packaging Boards, Paper, Waste
Paper Products and Varied Stationery Products |
RATING & COMMENTS
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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 16532 |
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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 concern having satisfactory track.
Proprietor is reported as experienced and respectable businessman. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The concern can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
1863, Sector B – 1, Vasant Kunj, |
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Tel. No.: |
91-11-42482174 / 42482175 / 42482176 |
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Mobile No.: |
91-9810067637 / 9818896741 |
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Fax No.: |
91-11-25740009 |
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E-Mail : |
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Website : |
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Area : |
1400sq.fts |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
Mr. Manish Jain |
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Designation : |
Proprietor |
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Address : |
106, Shanti Kunj, |
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Date of Birth/Age : |
36 Years |
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Qualification : |
Graduate |
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Experience : |
36 Years |
BUSINESS DETAILS
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Line of Business : |
Traders, Dealer, Importer, Sourcing Agent of packaging Boards, Paper,
Waste Paper Products and Varied Stationery Products |
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Products : |
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Agencies Held : |
ITC Limited, Paperboards and Specialty Papers J and A International Resources Inc, |
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Imports : |
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Products : |
All the above products |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
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World Star Packaging Industries Mr. Vijay Dua Tel No.: 91-11-25127905 Mobile No.: 91-9811156801 ˛
Natraj Stationery Products Private Limited Mr. Shiv Aggarwal Tel No.: 91-11-27446056 / 58 ˛
ITC Limited (PSPD Division) Ms. Ruchika Arora Tel No.: 91-11-23310885 |
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No. of Employees : |
30 |
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Bankers : |
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United Bank of ˛
HSBC Bank Fort, Mumbai – 400001 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sanjay and Rajiv Chartered Accountants |
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Address : |
201 and 203, 2nd Floor, Parkash House, 4379 / 4B, |
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Tel. No.: |
91-11-23286768 / 23272728 / 30126768 |
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Memberships : |
Paper Merchant Association, |
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Associates/Subsidiaries : |
Paper Tech India Private Limited 29 / 12, 1st Floor, East Patel Nagar, Anj products Private Limited 106, Shanti Kunj, D – 4, Vasant Kunj, |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.4.133 millions |
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Borrowed : |
-- |
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Total : |
Rs.4.133 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
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Sales Turnover |
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236.023 |
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Profit Before Tax |
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1.403 |
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Provision for Tax |
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0.588 |
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Profit / Loss for the year |
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0.815 |
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Expected Sales (2007-08) : Rs.250.000 millions
LOCAL AGENCY FURTHER INFORMATION
Website Details
Attached
Company Details:
Established in the year 1997, they have delightfully witnessed
10 golden years of success and development, while establishing ourselves as the
most reliable sourcing agent of varied paper products and allied articles. Subject
was established with a single aim- to cater the needs of paper and paper board
products throughout the spectrum of paper industry. Based over their expertise
and customer centric approaches, they have achieved something beyond this goal,
and created a new level of confidence amongst their customers satisfying their
requirements for premium quality products. They are a name to reckon with as
the most reliable sourcing agent,
exporter/importer, supplier and trader of a wide range of packaging paper & paper Boards.
Paper Products, Waste Paper and varied paper stationary products.
Their products and solutions meet the requirement of a wide variety of
customers seeking high end graphics, print appeal and shelf life through high
efficiency and trouble free performance on high speed printing and conversion
lines with cost effective package performance. Due to their finest quality, all
their products are highly acclaimed all over the country. They can even get
customized paper and paper board as per the requirements of their
clients. At present, they are a reputed member of Paper Merchant Association,
Quality
At their company, the prime focus has always been upon quality, and that is the
reason behind their unmatched success in the industry. They achieve the best
possible quality standard of products through their well defined quality
checking measures. The quality management policy of Paper Resources Corp.
starts at the very beginning of the procurement of raw materials, goes through
several steps of checking and rechecking, and ends only with the final inspection
of products. In the whole production process, they make use of cutting edge
technology, ensuring that their clients get the best products in the industry.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.27 |
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1 |
Rs.82.53 |
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Euro |
1 |
Rs.55.23 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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54 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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