MIRA
INFORM REPORT
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Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
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Name : |
CORPORATE STATIONERY PRIVATE LIMITED |
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Registered Office : |
Unit No.F-1, 1st Floor, Shanti Nagar, Co-operative Industrial
Estate Limited, Vakola, Santacruz (East), Mumbai-400055, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.09.1994 |
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Com. Reg. No.: |
11-81223 |
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CIN No.: [Company
Identification No.] |
U21098MH1994PTC081223 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC05204D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is dealing in Chemicals, Paper, Leather, Petroleum Products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 175000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track
records. Company’s profitability is under severe pressure. It has some accumulated
losses. Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
Unit No.F-1, 1st Floor, Shanti Nagar, Co-operative
Industrial Estate Limited, Vakola, Santacruz (East), Mumbai-400055, |
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E-Mail : |
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Head Office : |
111, Maker Chambers IV, Nriman Point, Mumbai-400021, |
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Tel. No.: |
91-22-22822888 |
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Fax No.: |
91-22-22041548 |
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Corporate Office : |
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Tel. No.: |
91-22-24014031/ 33/ 37 |
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Fax No.: |
91-22-24011596 |
DIRECTORS
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Name : |
Mr. Mofatraj P Munot |
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Designation : |
Director |
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Address : |
Munot Villa, West Filed |
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Date of Birth/Age : |
04.10.1944 |
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Date of Appointment : |
10.09.1997 |
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Name : |
Mr. Parag M Munot |
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Designation : |
Director |
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Address : |
Munot Villa, West Filed |
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Date of Birth/Age : |
02.06.1969 |
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Date of Appointment : |
10.09.1997 |
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Name : |
Mr. Ajay A Munot |
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Designation : |
Director |
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Address : |
Hill Side, Second Floor, 27, |
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Date of Birth/Age : |
11.07.1971 |
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Date of Appointment : |
10.09.1997 |
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Date of Ceasing : |
12.01.2005 |
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Name : |
Mr. Suresh A Gandhi |
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Designation : |
Director |
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Address : |
1102, Manju Apartments, narayan Dabholkar Marg, Mumbai-400006, |
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Date of Birth/Age : |
25.09.1950 |
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Date of Appointment : |
10.09.1997 |
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Date of Ceasing : |
11.05.2004 |
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Name : |
Mr. Anuj A Munot |
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Designation : |
Director |
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Address : |
Hill Side, Second Floor, 27, |
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Date of Birth/Age : |
15.11.1977 |
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Date of Appointment : |
12.01.2005 |
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Name : |
Mr. Suresh K Mehta |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Manoj Lodaya |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Equity Shares |
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Kalpataru Construction Overseas Private Limited |
1687500 |
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MPM Holding Private Limited |
562500 |
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Kalpataru Construction Overseas Private Limited |
1500000 |
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MPM Holding Private Limited |
500000 |
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Total |
4250000 |
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Preference
Shares |
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MPM Holding Private Limited |
750000 |
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Ms. Vimal Bhandari |
250000 |
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Total |
1000000 |
All the shares are held by Bodies corporate.
BUSINESS DETAILS
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Line of Business : |
Subject is dealing in Chemicals, Paper, Leather, Petroleum Products. |
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Products : |
v
Traded Goods O.S.P. v
PP File and Folders v
Real Estate Sales v
Clip Files v
Composition Books v
Expanding Files v
Filler Papers v
Glue Sticks v
Notebooks v
PP Cover Notebooks v
Soft Cover Notebooks v
Spiral Subject Notebook v
Swingrip files v
Write Ons v
Writing Pads v
Stationery Products v
Pins and Clips |
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Exports : |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
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Bankers : |
Oriental Bank of Commerce, For
Branch, Jash Chambers, Mumbai-400001. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
MGB & Company Chartered Accountants |
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Address : |
Jolly Bhavan, 2, 1st Floor, 7, New Marine Lines,
Churchgate, Mumbai-400020, |
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Holding Company : |
Kalpataru Properties Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4500000 |
Equity Shares |
Rs.10/- each |
Rs.45.000 millions |
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1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000 millions |
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Total |
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Rs.55.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4250000 |
Equity Shares |
Rs.10/- each |
Rs.42.500
millions |
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1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000
millions |
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Total |
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Rs.52.500 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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52.500 |
52.500 |
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2] Share Application Money |
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33.535 |
33.535 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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0.0004] (Accumulated Losses) |
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(42.212) |
(37.947) |
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NETWORTH |
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43.823 |
48.088 |
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LOAN FUNDS |
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1] Secured Loans |
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7.833 |
23.485 |
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2] Unsecured Loans |
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1.500 |
0.000 |
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TOTAL BORROWING |
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9.333 |
23.485 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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53.156 |
71.573 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.982 |
7.629 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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25.861 |
40.574 |
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Sundry Debtors |
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25.405 |
25.270 |
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Cash & Bank Balances |
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2.606 |
3.431 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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10.023 |
9.231 |
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Total
Current Assets |
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63.895 |
78.506 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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16.472 |
13.398 |
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Provisions |
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1.287 |
1.261 |
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Total
Current Liabilities |
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17.759 |
14.659 |
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Net Current Assets |
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46.136 |
63.847 |
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MISCELLANEOUS EXPENSES |
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0.038 |
0.098 |
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TOTAL |
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53.156 |
71.574 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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82.991 |
167.849 |
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Total Income |
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82.991 |
167.849 |
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Profit/(Loss) After Tax |
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(3.818) |
0.957 |
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Total Expenditure |
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86.810 |
166.892 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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(4.60) |
0.57 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.60) |
0.57 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(5.39) |
1.11 |
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Return on Investment (ROI) (PBT/Networth) |
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0.09 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.62 |
0.79 |
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Current Ratio (Current Asset/Current Liability) |
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3.60 |
5.35 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
CORPORATE
STATIONERY PRIVATE LIMITED |
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Presented By |
ORIENTAL BANK OF COMMERCE, |
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1) Date and description of instrument creating the change |
Hypothecation of assets agreement for cash/credit/overdraft/ Demand loan facility dated 20.03.1998 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.7.000 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 |
Hypothecation of stocks of raw materials, stocks in process, finished goods, stores and spares brought in, stored or kept at company premises or godowns or in transit or wherever else the same may be as and by way of first charge in favour of the bank. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest : 3.5% p.a. over the Prime lending rate of the bank with a minimum of 17.86% p.a. calculated on the daily balance due to the bank and charged on quarterly rest. The rate of interest shall be subject to change from time to time with the changes in the prime lending rate/ internal policy of the bank at its absolute discretion or on receipt of any directives from Reserve Bank of India regarding rate/ rates on which the interest as to be charged. Further the bank shall have right to recover interest tax levied or to be levied at the rates specified by the Government of India from time to time. Overdue interest 2% extra Margin 25% Right of inspection, insure take charge of possession, seize, recover, receive, appoint receiver, to sell, dispose off or any part of the hypothecated assets reserved in favour of the bank. |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of Commerce For Branch, Jash Chambers, Mumbai-400001. |
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6) Date and brief description of instrument modifying the charge |
30.12.2004 Supplemental agreement to secure credit/ loan facilities for Rs.42.000 millions as and by way of fourth modification. |
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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. |
At the request of the borrower bank has sanctioned the fresh FDBP/FUDBP limit of Rs.10.000 millions renewed the earlier banking limits as under :
To secure the due repayment of the aforesaid banking limits and for all costs, interest and other charges thereon, continuation of the existing first charge and hypothecation of all tocks consisting of raw materials, work in process, finished goods in which the company deals and the entire and future receivables of the company. There is also change in the interest rate. Interest @ 14.00% p.a. with monthly rest or such other rate and other charges as may be specified by the bank from time to time. Penal interest at the rate of 2.00% p.a. over the normal rate of interest in case of default. Security : the existing first charge and hypothecation of stocks, raw materials, stocks in process, finished goods, stores and spares and receivable s (both present and future) of the company is now extended to the enhanced aggregate limits of Rs.25.000 millions. Total charge stands modified from Rs.25.000 millions to Rs.42.000 millions. Save and except above, the terms and conditions stipulated in original hypothecation agreement dated 20.03.1998 for Rs.7.000 millions as modified by first modification dated 21.11.2000 for Rs.10.500 millions, as modified by second modification dated 16.02.2001 for Rs.15.000 millions and as modified by third modification dated 30.04.2003 for Rs.25.000 millions shall remain the same. |
The address of the registered office of the company has changed from :
Nariman Point, Mumbai-400021,
To :
Unit No.F-1, 1st Floor, Shanti Nagar, Co-operative Industrial
Estate Limited, Vakola, Santacruz (East), Mumbai-400055,
Website Details :
They are a well diversified and
professionally excelled company and deals in all types of office & school
stationery. Their stationery items for school & office are distinguished for
international quality and environment friendly nature. Their products are well
accepted in domestic as well as international markets as a hallmark of quality
Their product range covers Office & School
Stationery Products like PP tapes, Invisible tapes, Self adhesive notepad, Glue
sticks, Correction products, Paper cutters, Binder Clips, Scissors, Paper pins
etc. Their range of stationeries truly stand for and match with the clients'
corporate identity. They also serve great purpose in school and college. In
office the products are truly executive in looks.
Their Operations
Their workforce comprises of more than 55
diligent and hardworking people. They have an aggressive sales, marketing &
distribution. They have built a strong business network across
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.41.01 |
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1 |
Rs.81.74 |
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Euro |
1 |
Rs.55.04 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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30 |
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 |
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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 |
|
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 |
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