MIRA
INFORM REPORT
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Report Date : |
28.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
PAPER PLUS TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
470/498, Gurudutta, Sahavasshaniwar Peth, Pune – 411 030, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.08.2002 |
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Com. Reg. No.: |
25 – 17224 |
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CIN No.: [Company
Identification No.] |
U21012PN2002PTC017224 |
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IEC No.: |
31002005951 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEP11547E |
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PAN No.: [Permanent
Account No.] |
AABCP6502H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader and Dealer for Paper. |
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 13985 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The Company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Kiran Shah |
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Designation : |
Director |
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Contact No.: |
91-9823045077 |
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Name : |
Ms. Preeti |
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Designation : |
Accounts Executive |
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Contact No.: |
91-9823904974 |
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Date : |
20.08.2008 |
LOCATIONS
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Registered Office : |
470/498, Gurudutta, Sahavasshaniwar Peth, Pune – 411 030, Maharashtra,
India |
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Tel. No.: |
91-20-24450771/ 24450772/ 24458379/ 24487389 |
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Mobile No.: |
91-9422023571/ 9823904974/ 9823045077 |
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Fax No.: |
91-20-24463458 |
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E-Mail : |
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Website : |
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Area : |
15000 sq ft |
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Location : |
Owned |
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Factory : |
S. No. 592/2/11, Handewadi Road, Devachi Urali, Pune – 411 028,
Maharashtra, India |
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Tel. No.: |
91-20-24450771/ 24450772 |
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Mobile No. : |
91-9823904975 |
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Fax No.: |
91-20-24463458/ 24450772 |
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Location : |
Owned |
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Branches : |
294, Harron House, Fort, Mumbai – 400 002, Maharashtra, India. |
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Tel. No.: |
91-22-22672288 |
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Fax No.: |
91-22-22672277 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Kiran Prakash Shah |
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Designation : |
Director |
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Address : |
D-2, Swapnashilp, Ganeshnagar, Pune – 411 029, Maharashtra, India |
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Date of Birth/Age : |
41 Years |
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Qualification : |
B.Com, MBA, DCS |
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Experience : |
20 Years |
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Date of Appointment : |
20.08.2002 |
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Name : |
Mr. Prakash Premchand Shah |
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Designation : |
Director |
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Address : |
D-2, Swapnashilp, Ganeshnagar, Pune – 411 029, Maharashtra, India |
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Date of Birth/Age : |
62 Years |
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Date of Appointment : |
20.08.2002 |
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Name : |
Mr. Lakhamshi Jethalal Gala |
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Designation : |
Director |
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Address : |
Central Building 23, Chowpatty Sea Face, Grant Road, Gamdevi, Mumbai –
400 007, Maharashtra, India |
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Date of Birth/Age : |
10.03.1956 |
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Date of Appointment : |
29.09.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
No. of Shares |
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Mr. Kiran Prakash Shah |
62500 |
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Mr. Prakash Premchand Shah |
62500 |
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Mr. Lakhamshi Jethalal Gala |
125000 |
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TOTAL |
250000 |
Equity share breakup
(Percentage of total equity)
As on 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
LIST OF ALLOTTEES
As on 30.03.2007
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Names of Allottees |
No. of Shares |
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Mr. Kiran Prakash Shah |
57500 |
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Mr. Prakash Premchand Shah |
57500 |
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Mr. Lakhamshi Gala |
125000 |
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Total |
240000 |
BUSINESS DETAILS
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Line of Business : |
Trader and Dealer for Paper. |
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Agencies Held : |
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Exports : |
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Products : |
Paper and Paper Product |
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Countries : |
v Middle East v Europe |
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Imports : |
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Products : |
Paper and Paper Product |
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Countries : |
v Germany |
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Trade References
: |
v Stora Enso
Finland v APP Indonesia |
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Terms : |
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Selling : |
L/C, Credit 60 days |
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Purchasing : |
L/C, Credit 90 days, Advance payment |
GENERAL
INFORMATION
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Customers : |
Wholesalers, End Users |
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No. of Employees : |
20 |
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Bankers : |
v Bank of
Maharashtra Bajirao Road Branch, Bajirao Road, Budhwar Peth, Pune – 410 002,
Maharashtra, India |
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Facilities : |
Rs. 5.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S G Sahasrabudhe and Company Chartered Accountants |
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Address : |
Shaniwar Peth, Pune – 411 030, Maharashtra, India |
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Tel. No. : |
91-20-24453750 |
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Sister Concerns : |
v Maharashtra
Paper Company Address: 470/ 498, Shaiwar Peth, Gurudatta Sahawas, Pune – 411 030, Maharashtra,
India. Line of Business: Paper and Paper Product v Prakash
Stationery and Printing Private Limited Line of Business: Printing of Computer Paper v Vimal Sarovar
Resorts Private Limited v Mahavir paper
Company |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity shares |
Rs. 10/- each |
Rs. 2.500 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
2.500 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.297 |
0.125 |
0.009 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.797 |
0.225 |
0.109 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.097 |
1.170 |
0.888 |
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TOTAL BORROWING |
0.097 |
1.170 |
0.888 |
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DEFERRED TAX LIABILITIES |
0.072 |
0.054 |
0.029 |
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TOTAL |
2.966 |
1.449 |
1.026 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.758 |
0.798 |
0.209 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
11.418
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0.000 |
0.679 |
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Sundry Debtors |
21.242
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1.085 |
0.502 |
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Cash & Bank Balances |
2.040
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0.080 |
0.055 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.226
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0.025 |
0.006 |
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Total
Current Assets |
34.926
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1.190 |
1.242 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
29.349
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0.400 |
0.246 |
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Provisions |
3.369
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0.145 |
0.190 |
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Total
Current Liabilities |
32.718
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0.545 |
0.436 |
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Net Current Assets |
2.208
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0.645 |
0.806 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.006 |
0.011 |
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TOTAL |
2.966 |
1.449 |
1.026 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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6.780 |
9.423 |
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Total Income |
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6.780 |
9.423 |
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Profit/(Loss) Before Tax |
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0.008 |
0.116 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.008 |
0.116 |
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Expenditures : |
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Interest |
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6.772 |
9.306 |
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Other Expenditure |
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0.000 |
0.001 |
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Total Expenditure |
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6.772 |
9.307 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.12
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1.23 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
0.12
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1.23 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.02
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5.84 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.00
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0.52 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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11.73
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7.62 |
12.15 |
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Current Ratio (Current Asset/Current Liability) |
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1.07
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2.18 |
2.85 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
v
APP International Private Limited – Gurgaon
v
International Paper – Hyderabad
v
App Rohit Raina : 91-9810445626
v
Ajay Gupta : 91-9845001974
v
Deepak Jalan : 91-9422016818
v
Mayank Mehta : 91-9881303541
Form 8
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This form is for |
Creation of charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U21012PN2002PTC017224 |
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Name of the company |
PAPER PLUS TECHNOLOGIES PRIVATE LIMITED |
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Address |
470/498, Gurudutta, Sahavasshaniwar Peth, Pune – 411 030, Maharashtra, India |
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Type of Charges |
v Movable property ( not being pledge) |
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Particular of the charge holder |
Name : Bank of Maharashtra Address : Barjirao Road Branch, Budhwar Peth City : Pune State : Maharashtra ISO country code : IN Pin code : 410 002 e-mail ID : bom001@mahabank.co.in |
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Nature or description of the instrument creating or modifying the charge |
Composite deed of hypothecation Agreement relating to opening of an irrecoverable LC |
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Date of the instrument creating charge |
05.04.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 13.200 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of interest Commission as per Bank Guidelines Terms of Repayment Repayable on demand Margin 10% in Bank’s Margin Extent and operation of the charge Both the agreements constitute single charge in favour of the Bank. Others This is one time ad hoc LC facility given to the borrower. |
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Short particulars of the Property charged |
Stock of raw materials at the borrower’s factory to be hypothecated in favour of the Bank. |
As Per Website Details
They are the leading supplier of coated and uncoated wood free paper in western Part of India. Over 40 years, they have grown from strength to strength and built a reputation for always delivering paper on time. They create resources, develop systems, design new processes, cross borders, open doors and generate momentum. Sometimes the correct interpretation of the faintest signal from the market leads to development of the blockbuster brand. They always strive to create new opportunities. The systems are completely web based, hence, enabling us to track order and deliveries with more efficiency. Hence they are able to give the customers better service and more value.
The secret of the success is actually no secret at all. The basic ingredients
are well known and they include- hard work, vast experience and an intimate
knowledge of the market. Today, they are the leading suppliers of coated and
uncoated, wood-free, packaging and specialty papers in Pune and its environs.
Over the years, in this business, they have developed a sensitivity to the
needs of the customers - quality, prompt delivery and rational costs.
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 :
The 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.
The 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. 43.73 |
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UK Pound |
1 |
Rs. 80.57 |
|
Euro |
1 |
Rs. 64.29 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
|
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. |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|