MIRA INFORM REPORT

 

 

Report Date :

16.06.2007

 

IDENTIFICATION DETAILS

 

Name :

SRINIVAS PAPERS

 

 

Registered Office :

A – 40, Shriram Industrial Estate, 3rd Floor, G D Ambekar Marg, Wadala, Mumbai – 400 0.31, Maharashtra,

 

 

Country :

India

 

 

Date of Incorporation :

April 1989

 

 

Com. Reg. No.:

BA  41428

 

 

IEC No.:

0393017443

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS29958F

 

 

PAN No.:

[Permanent Account No.]

AAAFS2818J

 

 

Legal Form :

Partnership concern with an unlimited liability of the partners.

 

 

Line of Business :

Dealer for paper and paperboards. 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Maximum Credit Limit :

USD 73000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed concern having satisfactory track records.  Partners 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 concern can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

A – 40, Shriram Industrial Estate, 3rd Floor, G D Ambekar Marg, Wadala, Mumbai – 400 0.31, Maharashtra, India

Tel. No.:

91-22-24172612, 24136090, 24143561

Mobile No.:

91-9867578802

Fax No.:

91-22-24143561

E-Mail :

srinipps@vsnl.com

accounts@srinivasapapers.com

Website :

Under Development

Area :

1200 Sq. fts.

Location :

Owned

 

 

Warehouse 1:

Godown No. 28E, Framji Sethji, Ambawadi off Belvedera Hill Road, Hussain Patel Marg, Mazgaon, Mumbai – 400 010

Area :

2500 Sq. fts.

Location :

Rented

 

 

Warehouse 2:

Godown No. 1, 2 and 3, Mahavir Complex, Anjur Phata, Mankavli Road, Village – Valiv, Bhiwandi

Area :

12000 Sq. fts.

Location :

Rented

 

 

Warehouse 3:

H – 17, New Madhupura market, Near Police Commissioner Office, Shaibaugh Road, Ahmedabad – 380 004, Gujarat, India

Area :

1000 Sq. fts.

Location :

Rented

 

 

Branches :

502, 5th Floor, Sudharshan Building, near Mitha Khali Under Bridge, Narangpura, Ahmedabad – 380 009, Gujarat, India

Tel. No.:

91-079-26469585 / 66053338

Fax No.:

91-079-26469585

E-Mail :

mehul@srinivasapapers.com  

Area :

800 Sq. fts.

Location :

Rented

 

 

 

 

 

 

PARTNERS

 

Name :

Mr. Nimesh P. Vora

Designation :

Partner

Address :

361 – A, Tambe Building, Dr. B A Road, Matunga Central, Mumbai – 400 019, Maharashtra, India

Date of Birth/Age :

39 years

Qualification :

Diploma in Printing Technology

Experience :

19 years

 

 

Name :

Mr. Prataprai H. Vora – HUF

Designation :

Partner

Address :

361 – A, Tambe Building, Dr. B A Road, Matunga Central, Mumbai – 400 019, Maharashtra, India

 

 

Name :

Mr. Nimesh P. Vora – HUF

Designation :

Partner

Address :

361 – A, Tambe Building, Dr. B A Road, Matunga Central, Mumbai – 400 019, Maharashtra, India

 

 

Name :

Ms. Sushila P. Vora

Designation :

Partner

Address :

361 – A, Tambe Building, Dr. B A Road, Matunga Central, Mumbai – 400 019, Maharashtra, India

Date of Birth/Age :

72 years

Qualification :

S S C

 

 

Name :

Ms. Minal N. Vora

Designation :

Partner

Address :

361 – A, Tambe Building, Dr. B A Road, Matunga Central, Mumbai – 400 019, Maharashtra, India

Date of Birth/Age :

38 years

Qualification :

D. B, M. M. I. M. S., B. S. C.

Experience :

19 years

 

 

KEY EXECUTIVES

 

Name :

Mr. Akhilesh M Ojha

Designation :

Chief Finance Officer

Mobile No. :

91-9867578802

 

 

BUSINESS DETAILS

 

Line of Business :

Dealer for paper and paperboards

 

 

Agencies Held :

v      ITC Limited (Paperboards and Speciality Paper Division)

v      M/s. Valspar – The Valspar(France) Corporation SAS Industrial Coating Group

v      M/s. Flint Group (Sheetfed Offset Ink)

v      M/s. Dupont – India for Tyvek

 

 

Imports :

 

Product :

Paper and Paper Boards

 

Countries :

Taiwan – Yuen Foong Yu Paper Manufacturing Company Limited, 51, Sec2, Chung South Road, Taipei

 

 

Product :

Sheetfed Offset Ink

Countries :

Germany – Fliunt Group Germany

GmbH, Sieglestrasse 25, 70469 Stuttgart

 

 

Product :

Varnishes

Countries :

France – 14, Rue Chanay, F – 71700, Tournus France

 

 

Terms :

 

Selling :

L/C, Cash or Credit (30 days – 60 days – 90 days)

 

 

Purchasing :

Cash or Credit (30 days – 90 days)

 

 

GENERAL INFORMATION

 

Customers :

Wholesalers Retailers and End Users

 

 

No. of Employees :

37  (Office: 32 ; Branch: 5))

 

 

Bankers :

v      The Lakshmi Vilas Bank Limited

             Dr. Ambekar Marg, Matunga (Central Railway), Mumbai – 400 019

 

v      HSBC Limited

             M G Road, Fort, Mumbai – 400 001

 

 

Facilities :

v      The Lakshmi Vilas Bank Limited

             Credit Limit : Rs. 25.000 millions

 

v      HSBC Limited

             Credit Limit: Rs. 75.000 millions

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Madhvi Vora and Associates

Chartered Accountants

Address :

508, Surat Sadan. Surat Street, Masjid Bunder (East), Mumbai – 400 009

Tel. No.:

91-22-23754288

Fax No.:

91-22-2374280

E-Mail :

madhvivora@gmail.com

 

 

Associates/Subsidiaries :

 

Name:

P. Devidas and Company

Address:

Mumbai, Maharashtra, India

 

 

Name:

Srinivas Paper Impex Private Limited

Address:

Mumbai, Maharashtra, India

Date of Incorporation:

10.01.1996

            Paid Up Capital :

Rs. 0.250 millions

 

 

 

 

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1835100

Equity Shares

Rs. 10.00 each

Rs. 18.351 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1835100

Equity Shares

Rs. 10.00 each

Rs. 18.351

 millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2006

31.03.2005

31.03.2004

SHAREHOLDERS FUNDS

 

 

 

1] Partners Capital

18.351

10.929

8.103

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

18.351

10.929

8.103

LOAN FUNDS

 

 

 

1] Secured Loans

22.736

2.238

1.624

2] Unsecured Loans

45.825

33.962

11.546

TOTAL BORROWING

68.561

36.200

13.170

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

86.912

47.129

21.273

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

4.110

4.082

3.866

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
26.358

16.559

7.250

 

Sundry Debtors
86.518

58.828

53.568

 

Cash & Bank Balances
2.976

0.095

0.038

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
12.449

7.265

6.855

Total Current Assets
128.301

82.747

67.711

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
43.126

38.549

50.304

 

Provisions
2.373

1.151

0.000

Total Current Liabilities
45.499

39.700

50.304

Net Current Assets
82.802

43.047

17.407

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

86.912

47.129

21.273

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2006

31.03.2005

31.03.2004

Sales Turnover

493.559

411.998

308.493

Other Income

1.430

1.293

1.104

Total Income

494.989

413.291

309.597

 

 

 

 

Profit/(Loss) Before Tax

6.599

3.068

1.613

Provision for Taxation

2.522

1.151

0.580

Profit/(Loss) After Tax

4.077

1.917

1.033

 

 

 

 

Expenditures :

 

 

 

 

Manufacturing and Other Expenses

467.398

392.927

296.039

 

Administrative and Other Expenses

13.269

8.247

5.250

 

Interest

7.155

8.403

6.181

 

Depreciation

0.568

0.646

0.506

Total Expenditure

488.390

410.223

307.976

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2006

31.03.2005

31.03.2004

PAT / Total Income

(%)
0.82

0.46

0.33

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
1.34

0.74

0.52

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
4.98

3.53

2.25

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.36

28.07

0.20

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
6.22

6.94

7.83

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.82

2.08

1.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade References

 

*       ITC Limited – PSPD

             Eucharistic Congress Building No. 1, 4th Floor, 5 Convent Street, Colaba, Mumbai – 400 039

            Contact Person: Mr. Yasser Siddiqui

            Tel. No.: 91-22-22836894

 

 

*       Flint Group India Private Limited

            489 – 490, G IU D C Industrial Estate, Manjusar Savli, Vadodara – 391 760, Gujarat, India

           Contact Person: Mr. Inderjit Singh

           Mobile No.: 91-9970180684

 

 

*       E. I. Dupont India Private Limited

            701 / 724, Bonanza B Wings, Sahar Plaza Complex, 7th Floor, Andheri Kurla Road, Andheri (East), 

            Mumbai, Maharashtra, India

            Contact Person: Mr. Sujit Oommen

            Mobile No.: 91-932452948

 

 

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. 40.97

UK Pound

1

Rs. 80.73

Euro

1

Rs. 54.56

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

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

 

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

 

 

 

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