MIRA
INFORM REPORT
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Report Date : |
05.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
KARANI PAPERS |
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Registered Office : |
Shop – 2, 20/24, Mohd. Sakoor Marg, Fort, Mumbai – 400 001, Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1992 |
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IEC No. |
0394032772 |
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TAN No.: (Tax Deduction & Collection Account No.) |
MUMK04791D |
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PAN No.: (Permanent Account No.) |
AAAFK7154K |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Dealers, Distributors of Paper and Board and Importers of Paper in Reel as well as Sheet form |
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 19000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established concern having satisfactory track. Partners are reported as experienced and respectable businessmen. Their trade relations are reported as fair. Payment are usually correct and as per commitments. The Concern can be considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Laxmichand Virji Karani |
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Designation : |
Partner |
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Contact No.: |
91-9820070374 |
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Date : |
04.12.2008 |
LOCATIONS
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Registered Office : |
Shop No. 2, 20/24 Mohd. Shakar Marg, (Channa Street), Fort, Mumbai – 400 001 |
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Tel. No.: |
91-22-22657232/66348158 / 22625552 |
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Fax No.: |
91-22-66348159 |
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Mobile : |
91-9820070374 |
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E-Mail : |
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Website : |
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Area : |
100 sq. ft. |
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Location: |
Rented |
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Godowns : |
Located at Navi Mumbai, Bhiwandi and Mumbai |
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Area : |
10000 sq. fts. |
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Location: |
All 3 Rented |
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Factory : |
178, Bore Bazar Street, Fort, Mumbai-400001, Maharashtra |
PARTNERS
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Name : |
Mr. Laxmichand Virji Karani |
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Designation : |
Partner |
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Address : |
408, Mahavir Apt, Sion-Mumbai Road, Mumbai- 400022 |
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Date of Birth/Age : |
49 Years |
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Qualification : |
B. Com |
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Experience : |
27 Years |
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Name : |
Shah Vallabaji Shivji |
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Designation : |
Partner |
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Address : |
Patel Nansion, 2nd Floor, Nird Road, Fort Mumbai-400001 |
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Date of Birth/Age : |
67 Years |
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Qualification : |
S. S. C. |
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Experience : |
27 Years |
KEY EXECUTIVES
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Name : |
Mr. Laxmichand Virji Karani |
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Designation : |
Chief Executive Officer |
BUSINESS DETAILS
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Line of Business : |
Dealers, Distributors of Paper and Board and Importers of Paper in Reel as well as Sheet form |
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Products : |
Paper Reel and Sheet |
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Agencies Held : |
Ø Surya Coats Private Limited, Ahmedabad Ø Sharda Paper Limited |
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Imports from : |
Ø European, Ø USA, Ø Indonesia, Ø China Ø Asia |
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Terms : |
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Selling : |
Cash and Credit (30 - 60 days) |
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Purchasing : |
Cash and Credit (30 days ), D/A |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
9 |
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Bankers : |
Ø Abhydaya Co-Operative Bank Limited, Fort Branch Ø ICICI Bank Limited |
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Facilities : |
The concern enjoy Cash Credit limit of Rs. 5.000 Millions from Abhydaya Co-Operative Bank Limited |
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Banking Relations
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Satisfactory |
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Auditors : |
V. L. Nagda and Company Chartered Accountant 34, Maruti Lane, 2nd Floor, Fort Mumbai – 400001 |
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Tel. No.: |
91-22-22623990 |
CAPITAL STRUCTURE
PARTNERS CAPITAL
ACCOUNT
LAXMICHAND
VIRJI KARANI’S CAPITAL ACCOUNT
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Particulars |
Rs. In Million |
Particulars |
Rs. In Million |
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H.D.F.C. Car Loans Withdrawals |
0.025 |
Opening Cr. Balance |
0.870 |
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Car insurance |
0.004 |
Interest |
0.106 |
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Cheque |
0.100 |
Remuneration |
0.304 |
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Income tax (A.Y. 2006-2007) |
0.019 |
Share of Profit |
0.313 |
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Advance Tax (A.Y.2008-2009) |
0.010 |
Capital Introduced |
0.100 |
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Gas bill |
0.001 |
Cash |
0.050 |
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Share of F.B.T |
0.005 |
Share of IT Refund |
0.004 |
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Share of Advance Tax |
0.036 |
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Share of TDS |
0.001 |
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Share of Income Tax |
0.023 |
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Closing Cr. Balance |
1.523 |
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Total |
1.747 |
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1.747 |
VALLABHJI SHIVJI
SHA’S CAPITAL ACCOUNT
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Particulars |
Rs. In Million |
Particulars |
Rs. In Million |
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Drawings |
0.521 |
Opening Cr. Balance |
1.586 |
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Share of income tax |
0.015 |
Interest |
0.156 |
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Share of F.B.T |
0.003 |
Remuneration |
0.131 |
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Share of advance tax |
0.024 |
Share of profit |
0.209 |
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Share of TDS |
0.001 |
Cash |
0.003 |
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Share of IT Refund |
0.003 |
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Closing Cr. Balance |
1.524 |
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Total |
2.088 |
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2.088 |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Partner Capital |
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3.048 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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3.048 |
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LOAN FUNDS |
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1] Secured Loans |
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22.699 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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22.699 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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26.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.271 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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18.988 |
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Sundry Debtors |
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25.901 |
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Cash & Bank Balances |
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0.827 |
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Other Current Assets |
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0.253 |
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Loans & Advances |
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0.120 |
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Total
Current Assets |
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46.089 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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20.360 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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20.360 |
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Net Current Assets |
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25.729 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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26.000 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
70.126 |
55.000 |
38.000 |
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Other Income |
0.027 |
NA |
NA |
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Total Income |
70.153 |
55.000 |
38.000 |
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Gross Profit |
6.014 |
NA |
NA |
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Import Value |
NA |
NA |
15.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
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PAT / Total Income |
(%) |
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NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
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Debt Equity Ratio (Total Liability/Networth) |
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14.12 |
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Current Ratio (Current Asset/Current Liability) |
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2.26 |
LOCAL AGENCY
FURTHER INFORMATION
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Additional
Requirement of Indiamart for Trust-Seal |
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Excise Registration No.:AAAFK7154K
XD001 |
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VAT / TIN : 27080006403V
Dated :- 01.04.2006 |
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IEC Code : 0394032772
Dated :- 24.04.1994 |
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PAN / TAN : AAAFK7154K |
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Bank Name : Abhydaya Co-Operative Bank Limited |
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Bank Address : Fort Branch |
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Bank A/c. No.: 470 |
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Account Since : 1992 |
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In case of any affiliations / memberships / certifications
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Name : Paper
Trader Association, Bombay All India Fedration of paper Trader Association |
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The concern imports paper
and Board.
The concern is in
trade terms with:
Ø Reliable Paper Stores [Supplier]
90, Khadilkar Road, Mumbai – 400004
Tel No. : 91-22-23865175 Mr. Jayesh
Ø Mulachand Lalji and Company [Supplier]
202, Bora Bazar, Fort Mumbai- 400001
Mobile : 91-9820027299
Mr. Hitesh
Ø
Shri Upendra paper Corporation
Tel. No.:- 91-22-77042/43 - Kalbadevi
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 49.79 |
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UK Pound |
1 |
Rs. 73.37 |
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Euro |
1 |
Rs. 63.08 |
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 |
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 |
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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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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
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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