MIRA
INFORM REPORT
|
Report Date : |
29.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PAPER PRINT INDIA PRIVATE LIMITED |
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Registered Office : |
A-2/274, Shah and Nahar Industrial Estate, Dhanraj Milk Compound, J J
Marg, Lower Parel, Mumbai – 400013, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.09.2004 |
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Com. Reg. No.: |
148784 |
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CIN No.: [Company
Identification No.] |
U22200MH2004PTC148784 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP20199D |
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PAN No.: [Permanent
Account No.] |
AADCP5122C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Printing Materials |
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 134108 |
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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. Trade relations are fair. Business is active. Payments are reported as
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/ Factory : |
A-2/274, Shah and Nahar Industrial Estate, Dhanraj Milk Compound, J J
Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-24972080/ 81 |
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Fax No.: |
91-22-24960651/ 24972081 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Mayur Navnit Parikh |
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Designation : |
Director |
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Address : |
73 Gokul, M G Road, Borivali, Mumbai – 400066, Maharashtra, India |
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Date of Birth/Age : |
25.06.1955 |
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Date of Appointment : |
23.09.2004 |
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Name : |
Mrs. Bharati Mayur Parikh |
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Designation : |
Director |
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Address : |
73 Gokul, M G Road, Borivali, Mumbai – 400066, Maharashtra, India |
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Date of Birth/Age : |
07.11.1956 |
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Date of Appointment : |
23.09.2004 |
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Name : |
Mr. Meuhnt Mayur Parikh |
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Designation : |
Director |
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Address : |
73 Gokul, M G Road, Borivali, Mumbai – 400066, Maharashtra, India |
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Date of Birth/Age : |
20.11.1981 |
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Date of Appointment : |
18.03.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Mayur Navnit Parikh |
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5000 |
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Mrs. Bharati Mayur Parikh |
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5000 |
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Total |
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10000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Printing Materials |
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Products : |
Printing Materials |
GENERAL
INFORMATION
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Bankers : |
· The Saraswat
Co-operative Bank Limited Apsara Cinema Building, 203-A, Dr. D B Marg, Mumbai – 400007,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sarika Shah and Company Chartered Accountant |
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Address : |
6, Ramanik, Villa, Laxmi Narayan Mandir Margs, Ghatkopar (West),
Mumbai – 400086, Maharashtra, India |
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Name : |
Suresh C. Shah Chartered Accountant |
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Address : |
6/D/80, Sonawala Building, Tardeo, Mumbai – 400007, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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210000 |
Equity Shares |
Rs.10/- each |
Rs.2.100 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.100 |
2.100 |
0.100 |
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2] Share Application Money |
7.900 |
0.000 |
0.000 |
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3] Reserves & Surplus |
23.527 |
26.633 |
0.006 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
33.527 |
28.733 |
0.106 |
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LOAN FUNDS |
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1] Secured Loans |
77.664 |
65.008 |
51.331 |
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2] Unsecured Loans |
54.045 |
42.802 |
2.361 |
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TOTAL BORROWING |
131.709 |
107.810 |
53.692 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
165.236 |
136.543 |
53.798 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
43.889 |
29.497 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.926 |
0.025 |
0.025 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
80.820
|
46.153 |
0.000 |
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Sundry Debtors |
55.525
|
60.143 |
0.000 |
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Cash & Bank Balances |
0.373
|
2.016 |
1.500 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.000
|
15.369 |
51.612 |
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Total
Current Assets |
136.718
|
123.681 |
53.112 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
15.063
|
17.198 |
0.000 |
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Provisions |
1.772
|
0.000 |
0.011 |
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Total
Current Liabilities |
16.835
|
17.198 |
0.011 |
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Net Current Assets |
119.883
|
106.483 |
53.101 |
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MISCELLANEOUS EXPENSES |
0.538 |
0.538 |
0.672 |
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TOTAL |
165.236 |
136.543 |
53.798 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
179.843 |
146.608 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
179.843 |
146.608 |
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Profit/(Loss) Before Tax |
|
2.369 |
2.729 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
2.369 |
2.729 |
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Expenditures : |
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Interests |
|
13.839 |
10.299 |
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Depreciation |
|
0.885 |
1.094 |
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Other Expenditure |
|
162.750 |
132.486 |
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Total Expenditure |
|
177.474 |
143.879 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.32
|
1.86 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.32
|
1.86 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.31
|
1.78 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.09 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.43
|
4.35 |
506.63 |
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Current Ratio (Current Asset/Current Liability) |
|
8.12
|
7.19 |
4828.36 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U22200MH2004PTC148784 |
|
Name of the
Company |
PAPER PRINT INDIA PRIVATE LIMITED |
|
Address |
A-2/274, Shah and Nahar Industrial Estate, Dhanraj Milk Compound, J J
Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
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This form is for |
Creation of Charge |
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Type of Charge |
Book Debts Movable Properties
(Not being Pledge) |
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Particulars of
the charge holder |
The Saraswat Co-operative Bank Limited Apsara Cinema Building, 203-A, Dr. D B Marg, Mumbai – 400007,
Maharashtra, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Agreement of
Hypothecation of Movable property |
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Date of the
instrument creating or modifying the charge |
14.03.2007 |
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Amount secured by
the charge |
Rs.5.000 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Rate of Interests
16% p.a. Terms of
Repayments: As may be decided
from time to time by the Bank Margin: As may be
decided, by the Bank Extent and
operation of the charge: To secure the due
repayment of credit facility of Rs.5.000 Millions granted by the Bank of the
company. |
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Short particulars
of the property charged (including location of the property) |
All tangible
movable property, both present and future, of the company All Present and
future, Book Debts, outstanding, monies receivable, Claims and bills, due to
the company. |
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Particular of the
present modification |
Na |
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Name of the company |
PAPER PRINT INDIA PRIVATE LIMITED |
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Presented By |
The Saraswat Co-operative Bank Limited Grant Road,
Mumbai – 400007, Maharashtra |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Movable Property Dated 03.03.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.24.500
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 |
All Present and
future, Stocks, Tangible, Movable Property of the company. All Present and
future, Book Debts, outstanding, monies receivable, Claims and bills, due to
the Borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure Cash
Credit Facility Granted by the Bank of the borrower Rate of
Interests: 13% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat Co-operative Bank Limited Grant Road, Mumbai
– 400007, Maharashtra |
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6) Date and brief description of instrument modifying the charge |
Supplemental
Deeds of Hypothecation from additional Advance Dated 03.12.2005 |
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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. |
By this
modification the security as mentioned in Column No.3, Herein above shall now
hold goods and security the due Repayments of additional Cash Credit facility
Rs.5.000 Millions granted by the Bank to the borrower. Hence the cash credit
limit has been enhanced from Rs.24.500 Millions to Rs.29.500 Millions Rate of interests
has also been modified to 13% p.a. Therefore the
overall charge now stands at Rs.29.500 Millions |
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.40.14 |
|
UK Pound |
1 |
Rs.79.66 |
|
Euro |
1 |
Rs.62.92 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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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 |
7 |
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--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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. |
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 |
|