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MIRA
INFORM REPORT
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Report Date : |
04.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
STATIONERY POINT (INDIA) LIMITED |
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Registered Office : |
B-31/201, Saraf Chawdhary Nagar, Thakur Complex, Kandivali (East),
Mumbai – 400 101, Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
06.09.1999 |
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Com. Reg. No.: |
121605 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS27780E |
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Legal Form : |
Closely held Public limited liability company. |
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Line of Business : |
Manufacturer of Stationery Products and Flexible Packing Material. |
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. |
Small |
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Maximum Credit Limit : |
USD 359275 |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. The
company has not filed any financials after 2006 with the government
departments. The management parted general details but declined to part with
latest financials. No complaints have been heard. The company can be considered for small to mediocre business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr.Maheshwar Matre |
|
Designation : |
Finance Manager |
|
Date : |
03.12.2008 |
LOCATIONS
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Registered Office : |
B-31/201, Saraf Chawdhary Nagar, Thakur Complex, Kandivali (East),
Mumbai – 400 101, Maharashtra, India. |
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Tel. No.: |
91-22-28543869 |
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Fax No.: |
91-22-28545832 |
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E-Mail : |
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Website : |
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Area : |
400 Sq.ft. |
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Location : |
Owned by Relative |
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Head Office : |
A 7/60, Saraf Chowdhary Nagar, Thakur Complex, Kandivali (East), Mumbai
– 400 101, Maharashtra, India. |
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Tel. No.: |
91-22-28545832 / 28543869 / 32464407 |
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Fax No.: |
91-28545832 |
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E-Mail : |
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Factory 1 : |
3331, At Post Kaledhon, Taluka Khatav, Satara – 415 312, Maharashtra,
India. |
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Branches : |
Plot No.6, Valiv Village, Vasai, Thane, Maharashtra. |
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Branches: |
Plot No.100/101, Vasantdada Industrial Estate, Sangli – 416 416,
Maharashtra. |
DIRECTORS
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Name : |
Mr.Arun Sakharam Kadam |
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Designation : |
Director |
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Address : |
411, Shivam, Balaseth Madurkar Marg, Elphinstone Road (West), Mumabi –
400 013, Maharshtra, India. |
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Date of Birth/Age : |
31.08.1958 |
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Din No : |
00293835 |
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Name : |
Mr.Shankar Kashia |
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Designation : |
Director |
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Qualification : |
B.Com |
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Name : |
Mr.Makrand pandit |
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Designation : |
Director |
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Qualification : |
Inter Science |
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Name : |
Mr.Paul Macwan |
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Designation : |
Director |
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Qualification : |
B.A. |
KEY EXECUTIVES
|
Name : |
Mr.Maheshwar Matre |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Equity Share
Breakup |
|
Percentage of
Holding |
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Category (31.03.2005) |
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Directors or relatives of directors |
|
37.99 |
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Other top fifty shareholders |
|
62.01 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Stationery Products and Flexible Packing Material. |
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Products : |
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Exports : |
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Products : |
Flexible Packing Materials |
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Countries : |
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Terms : |
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Selling : |
Cheque |
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Purchasing : |
Cheque |
GENERAL
INFORMATION
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Customers : |
Corporates |
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No. of Employees : |
Around 215 |
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Bankers : |
State Bank of India, Industrial Finance Branch, ShivSagar Estate,
Worli (S), Mumbai – 400 018, Maharashtra, India. TFB Branch. |
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Facilities : |
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Particulars |
Rs.in
Millions |
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SECURED
LOAN: a) Term Loan
from Bank b) Working
Capital Facilities Total NOTES: a) Term Loan is
secured by way of hypothecation of Plant and Machinery. b) Working
Capital facilities are secured by way of hypothecation of Raw Material, Stock
in-process, finished goods and other current assets. c) The Loans are
further secured by way of equitable mortgage of Land and Building of the
company and also personal guarantees of promoter directors and a third party
guarantee. |
25.326 40.078 65.404 |
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UNSECURED
LOAN: From Promoters and others Hire Purchase Loans Total |
17.050 1.996 19.047 |
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Banking
Relations : |
-- |
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Auditors : |
A.B. Waghela and Company |
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Chartered Accountant |
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Address : |
48/50, Gamdevi Temple, Building, Shop No.1, Gamdevi Road, Mumbai – 400
007, Maharashtra, India. |
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Pan No.: |
AAJPW0436H |
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Tel No: |
91-22-23851803 |
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E-Mail: |
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Associates/Subsidiaries : |
Savi Packages and Filters Private limited, Sangli Activity: Manufacturer of Corrogated Boxes. |
CAPITAL STRUCTURE
AS ON (31.03.2006)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs. 10/- Each |
30.000 |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs. 10/- Each |
30.000 |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2008 |
|
Sales Turnover |
|
|
800.000 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
30.000 |
28.814 |
20.771 |
|
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2] Share Application Money |
6.233 |
0.000 |
0.000 |
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3] Reserves & Surplus |
35.622 |
17.458 |
8.375 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
71.855 |
46.272 |
29.146 |
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|
LOAN FUNDS |
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1] Secured Loans |
65.404 |
36.708 |
19.618 |
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2] Unsecured Loans |
19.047 |
10.587 |
7.865 |
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TOTAL BORROWING |
84.451 |
47.295 |
27.483 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
156.306 |
93.567 |
56.629 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
65.364 |
26.667 |
25.299 |
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Capital work-in-progress |
5.844 |
28.818 |
3.741 |
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INVESTMENT |
0.003 |
0.100 |
0.100 |
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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 |
44.254
|
15.044 |
12.469 |
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Sundry Debtors |
54.279
|
28.222 |
15.925 |
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Cash & Bank Balances |
4.043
|
1.903 |
0.438 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
4.683
|
4.256 |
1.963 |
|
Total
Current Assets |
107.259
|
49.425 |
30.795 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
17.342
|
8.490 |
2.338 |
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Provisions |
5.721
|
4.000 |
1.949 |
|
Total
Current Liabilities |
23.063
|
12.490 |
4.287 |
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Net Current Assets |
84.196
|
36.935 |
26.508 |
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MISCELLANEOUS EXPENSES |
0.899 |
1.047 |
0.981 |
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TOTAL |
156.306 |
93.567 |
56.629 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover/Other Income |
272.698 |
120.566 |
76.727 |
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Total Income |
272.698 |
120.566 |
76.727 |
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Profit/(Loss) Before Tax |
20.485 |
12.582 |
8.531 |
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Provision for Taxation |
5.000 |
3.500 |
1.950 |
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Profit/(Loss) After Tax |
15.485 |
9.082 |
6.581 |
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Expenditures : |
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Manufacturing Expenses |
248.169 |
102.099 |
0.311 |
|
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Salaries and Wages |
4.841 |
1.890 |
1.347 |
|
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Interest |
6.604 |
3.427 |
1.924 |
|
|
Increase/(Decrease) in Finished Goods |
(10.553) |
(1.131) |
0.000 |
|
|
Depreciation & Amortization |
3.152 |
1.699 |
0000 |
|
|
Insurance Expenses |
0.000 |
0.000 |
0.263 |
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Consumption of power and fuel |
0.000 |
0.000 |
0.839 |
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Other Expenditure |
0.000 |
0.000 |
8.476 |
|
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Raw Material Consumed |
0.000 |
0.000 |
55.011 |
|
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Payment to Auditors |
0.000 |
0.000 |
0.025 |
|
Total Expenditure |
252.213 |
107.984 |
68.196 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
5.7
|
7.5 |
8.6 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.5
|
10.4 |
11.8 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.5
|
11.9 |
14.2 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.3
|
0.3 |
0.3 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.3
|
0.2 |
0.1 |
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Current Ratio (Current Asset/Current Liability) |
|
4.6
|
3.9 |
7.2 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSETS:
- Free Hold Land
- Factory Premises
- Plant and Machinery
- Office Machinery
- Furniture and Fixture
- Vehicles
|
Name of the company |
STATIONERY POINT (INDIA) LIMITED |
|
Presented By |
State Bank of India, Industrial Finance
BR., Worli(s), Mumbai -400 018. |
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1) Date and description of instrument creating the change |
Agreement of loan
cum hypothecation (SME-2) as on 31.10.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.81.800
Millions Demand Cash
Credit Rs.37.000 Millions (Stocks and Book
debts) Term Loan I Rs.2.800 Millions Term Loan II Rs.27.000 Millions Letter of
Credit Rs.15.000
Millions Total Rs.81.8000
Millions |
|
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, Raw materials, goods, bookdebts, and vehicles and all other
movable assets of the borrowers including receivables, documents of title to
goods outstanding monies, bills, invoices documents, contracts, insurance
policies, guarantees, engagements, securities, investments and rights and the
present and all future machinery. Details of
Machinery such as: Lion-O-Print-Automatic
Reel to sheet Rolling machine with rulling and margin on both sides and other
accessories like web guiding system tension controller etc. Wire Drawing
Machine, Paper cutting machine, Desc Rulling Machine with standard
accessories Electric Accessories and Fittings excluding Electrical
Illuminates, Fittings and Fixtures, Weighing Bridge etc. New Machinery
Purchased: 8 Colour
Rotogravure Printing machine, Slitting machine, Thermo, Pack Boiler etc… Machineries List
attached with the agreement. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
ROI: Demand Cash
Credit (stocks and Bookdebts): 1.50% above SBAR
p.a. at monthly rests. Term Loan I and
II : 2.00% above SBAR
p.a. at monthly rests. Repayment : Term Loan I : The Term Loan is
payable in 21 variable monthly instalments of Rs.0.200 Million to Rs.0.300
Million as per sanction letter No.C and I/AK/SPIL/2005/033P date: 27.06.2005. Term Loan II: Payable in 48
variable monthly instalments of Rs.0.500 million to Rs.0.700 million each and
final instalment of Rs.0.600 million with a start up period of 6 months. The
first instalment to commence on August 2005 and the last instalment falls due
on July 2010. |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
India, Industrial Finance Branch, Shivsagar Estate, Worli(s), Mumbai – 400
018 |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
80014755 |
|
Corporate
identity number of the company |
L36991MH1999PLC121605 |
|
Name of the
company |
STATIONERY POINT (INDIA)
LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
B-31/201, Saraf Chawdhary Nagar, Thakur Complex, Kandivali (East),
Mumbai – 400 101, Maharashtra, India. |
|
Type of charge |
·
Book Debts ·
Movable
Property (not being pleged) |
|
Particular of
charge holder |
State Bank of
India, Industrial Finance Branch, ShivSagar Estate, Worli, Mumbai – 400 018,
Maharsahtra, India. E-Mail:
kamalax_saraf@hotmail.com |
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental
Agreement of Loan-Cum-Hypothecation (SME-4) |
|
Date of
instrument Creating the charge |
30.06.2008 |
|
Amount secured by
the charge |
254.300 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest (Present
Outstanding) Term Loan – I and
II: 2.00% above SBAR.Min. Monthly Rests. Fresh Term
Loan:0.25% Above SBAR. With Monthly Rests. Terms of
Repayment (Present
Outstanding) Term Loan-I :
17.900 millions} As per original term loan repayment schedule. Term Loan-II :
04.400 Millions} The first installment commenced on April 2007 and the last
instalments falls due March 2009. Total = 22.300
Millions. Fresh Term Loan:
5.00 CRPRES : 59 Monthly instalment of Rs.0.834 Million each and last
instalment of Rs.0.794 Million. The first instalment commenced on April 2008
and the last. Margin As per sanction
terms Extent and
operations of the charge As per sanction
terms |
|
Short particulars
of the property charged |
All present and
future stocks, raw materials, Goods, Book debts, and Vehicles and all present
and future stocks, Raw Materials, Goods, Book debts, and Vehicles and all
other movable assets of the borrower(S) including Receivables, Documents of
title to Goods, Outstanding Monies, Bills, Invoices, Documents, Contracts,
insurance Policies, Guarantees, Engagement, Securities, Investments and
Rights and the present and future Machinery (As per annexure) |
|
Date of latest
modification prior to the present modification |
31.05.2007 |
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.49.90 |
|
UK Pound |
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.63.42 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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 |
|