MIRA
INFORM REPORT
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Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
MILLENIUM PAPIER INDIA PRIVATE LIMITED |
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Registered Office : |
83/2, G N T Road, Near Moolakadai J Erukencherry, Chennai – 600 079, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
20.12.1999 |
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Com. Reg. No.: |
18-43797 |
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CIN No.: [Company
Identification No.] |
U21093TN1999PTC043797 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEM06611D |
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PAN No.: [Permanent
Account No.] |
AAACM0047Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer and Exporter of all kinds of Paper and Paper Boards. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 75000 |
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Status : |
Small Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade relations
are reported as fair. Business is active. Payments are however reported as
usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered/Head Office/Factory : |
83/2, G N T Road, Near Moolakadai J Erukencherry, Chennai – 600 079, Tamilnadu, India |
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Tel. No.: |
91-44-25387443 / 25593682 / 83 / 85 |
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Fax No.: |
91-44-25368536 / 25595573 / 25248851 / 5 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Praveen Kumar |
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Designation : |
Director |
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Address : |
32, Perumal Mudali Street, Sowarpet, Chennai – 600079, Tamilnadu |
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Date of Appointment : |
20.12.1999 |
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DIN or Income-tax PAN : |
02037556 |
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Name : |
Ms. Anjana D. Kumar |
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Designation : |
Director |
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Address : |
32, Perumal Mudali Street, Sowarpet, Chennai – 600079, Tamilnadu |
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Date of Appointment : |
20.12.1999 |
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DIN or Income-tax PAN : |
02037510 |
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Name : |
Mr. Madhu Kirankumar |
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Designation : |
Director |
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Address : |
32, Perumal Mudali Street, Sowarpet, Chennai – 600079, Tamilnadu |
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Date of Appointment : |
20.12.1999 |
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DIN or Income-tax PAN : |
01894464 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2008
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Names of Shareholders |
No. of Shares |
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M Dinesh Kumar |
4000 |
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M Pinky Kumari |
2080 |
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M Praveen Kumar |
12130 |
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D Anjana |
9760 |
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K Madhu |
24260 |
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V Mohanlal Jain |
4000 |
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V Mohanlal Jain HUF |
4000 |
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K.S.T. Sarees Private Limited |
10000 |
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Simpro Vanijya Private Limited |
10000 |
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Hopewell Distributors Private Limited |
10000 |
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MSV Fiscal Services Private Limited |
10000 |
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Slow and Sound Electronics Private Limited |
10000 |
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Dingo Commodeal Private Limited |
10000 |
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Ramdhani Agencies Private Limited |
10000 |
As on 30.09.2008
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of all kinds of Paper and Paper Boards. |
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Products : |
v All kinds of Coated paper v Coated Paper Board v Packaging Board v Label Stock Products v Platinum Solventless Release Liner v Self Adhesive Labels v Bar Code Ribbon v Business Cards v Visiting Cards v Taffeta and Satin Ribbon v Bar Code Labels and Accessories |
GENERAL
INFORMATION
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No. of Employees |
About 40 |
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Bankers : |
v The South Indian Bank Limited, George Town Branch, 64 Armenian Street, Chennai – 600001, Tamilnadu v ICICI Bank v Citi Bank N.A., No.2, Clubhouse Road, Anna Salai, Chennai – 600 002, Tamilnadu, India v Indian Overseas Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Khicha and Prabu Kesavan Chartered Accountants Address 1: 82 Audippa Naicken Street, 2nd Floor, Sowcarpet,
Chennai – 600079, Tamilnadu, India Address 2: 6FF, 1st Floor, Golden Enclave, 184, Poonamalee
High Road, Kilpauk, Chennai – 600 010, Tamilnadu, India Tel. No.: 91-44-26611252/ 25298803 |
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Associates/Subsidiaries : |
Million Papier Private Limited, Chennai 56, Narayana Mudali Street, Chennai - 600 079. India. Phone - 91-44-25387443, 25382461 Fax - 91-44-25368536 E-Mail - million@vsnl.com Mr. M. Kiran - Managing Director Million Exports, Chennai 32, Ist Floor, Perumal Mudali Street, Chennai - 600 079. Phone - 91-44-25382316, 25381158 Fax - 91-44-25368536 E-Mail - million@vsnl.com Mr. D. Natarajan - Export Executive |
CAPITAL STRUCTURE
Authorised 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 |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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180100 |
Equity Shares |
Rs.10/- Each |
Rs.1.801 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.801 |
0.801 |
0.800 |
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2] Share Application Money |
0.001 |
2.000 |
4.000 |
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3] Reserves & Surplus |
13.119 |
3.502 |
3.491 |
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4] (Accumulated Losses) |
0.000 |
(0.074) |
(0.516) |
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NETWORTH |
14.921 |
6.229 |
7.775 |
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LOAN FUNDS |
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1] Secured Loans |
3.945 |
6.761 |
3.477 |
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2] Unsecured Loans |
14.598 |
21.581 |
16.113 |
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TOTAL BORROWING |
18.543 |
28.342 |
19.590 |
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DEFERRED TAX LIABILITIES |
0.139 |
0.086 |
0.000 |
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TOTAL |
33.603 |
34.657 |
27.365 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.358 |
9.650 |
6.559 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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30.161 |
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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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39.811 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.681
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13.588 |
12.035 |
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Sundry Debtors |
12.654
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12.113 |
7.834 |
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Cash & Bank Balances |
0.811
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0.950 |
1.895 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
4.172
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3.510 |
2.318 |
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Total
Current Assets |
29.318
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30.161 |
24.082 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7.930
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5.022 |
3.205 |
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Provisions |
0.143
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0.132 |
0.071 |
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Total
Current Liabilities |
8.073
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5.154 |
3.276 |
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Net Current Assets |
21.245
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25.007 |
20.806 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
33.603 |
34.657 |
27.365 |
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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 |
43.938 |
40.791 |
34.253 |
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Total Income |
43.938 |
40.791 |
34.253 |
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Profit/(Loss) Before Tax |
0.856 |
0.626 |
0.548 |
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Provision for Taxation |
0.166 |
0.184 |
0.071 |
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Profit/(Loss) After Tax |
0.690 |
0.442 |
0.477 |
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Earnings in Foreign Currency : |
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Export Earnings |
0.569 |
0.578 |
NA |
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Total Earnings |
0.569 |
0.578 |
NA |
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Imports : |
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Raw Materials |
23.842 |
18.820 |
NA |
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Capital Goods |
1.288 |
0.086 |
NA |
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Others |
0.000 |
0.000 |
20.810 |
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Total Imports |
25.130 |
18.906 |
20.810 |
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Total Expenditure |
43.671 |
NA |
33.705 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
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1.57 |
1.08 |
1.39 |
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Net Profit Margin (PBT/Sales) |
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1.95 |
1.53 |
1.59 |
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Return on Total Assets (PBT/Total Assets} |
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2.05 |
1.57 |
1.79 |
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Return on Investment (ROI) (PBT/Networth) |
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0.06 |
0.10 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.78
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5.38 |
2.94 |
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Current Ratio (Current Asset/Current Liability) |
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3.63
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5.85 |
7.35 |
LOCAL AGENCY
FURTHER INFORMATION
Note: The registered office of the company has been shifted from No.32,
Perumal Mudali Street, Sowcorpet, Chennai – 600 079, Tamilnadu to the present
address w.e.f. 15.02.2005.
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Corporate
identity number (CIN) Foreign company registration number |
U21093TN1999PTC043797 |
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Name of the
Company |
MILLENIUM PAPIER INDIA PRIVATE LIMITED |
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Address |
83/2, G N T Road, Near Moolakadai J Erukencherry, Chennai – 600 118, Tamilnadu, India |
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Type of Charge |
Book Debts,
Movable Property and Floating Charge |
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Particulars of
the charge holder |
The South Indian Bank Limited, George Town Branch, 64 Armenian Street,
Chennai – 600001, Tamilnadu |
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Nature or
description of the instrument |
Agreement of hypothecation |
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Date of the
instrument creating or modifying |
16.11.2006 |
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Amount secured by
the charge |
Rs.11.000
Millions |
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Brief of the principal
terms and conditions |
Rate of Interest
– BPLR – 2.5% with monthly rests. Presently 11% Term of Repayment
– Repayable on demand Margin –
Inland/Foreign LC Limit – 15% Extent and operation
of the charge – as per the agreement executed on 16.11.2006 Others – all
other terms and conditions – 16.11.2006 |
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Short particulars
of the property charged |
Hypothecation by
way of first charge in favour of the bank All fixed assets
of the company including present and future All current
assets of the company including stocks and book debts both present and
future |
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Particular of the
present modification |
By the
modification The credit
facilities enjoyed by the company has been modified from Rs.11.900 to
Rs.11.000 Millions |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U21093TN1999PTC043797 |
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Name of the
company |
MILLENIUM PAPIER INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
83/2, G N T Road, Near Moolakadai J Erukencherry, Chennai – 600 079, Tamilnadu, India |
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Type of charge |
Book Debts Others (Stocks) |
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Particular of
charge holder |
Citi Bank N.A., No.2, Clubhouse Road, Anna Salai, Chennai – 600 002, Tamilnadu, India E-Mail: anirban.sen@citi.com |
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Nature of
description of the instrument creating or modifying the charge |
Goods Security Agreement |
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Date of
instrument Creating the charge |
06.02.2008 |
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Amount secured by
the charge |
Rs.12.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
As may be stipulated by the Bank from time to time Terms of
Repayment: All facilities are repayable on demand Margin: 25% Extent and
Operation of the charge: First exclusive charge on present and future
currents assets including stocks and book debts. |
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Short particulars
of the property charged |
First exclusive
charge on present and future currents assets including stocks and book debts. |
WORKING RESULTS:
The Company’s turnover for the period ended 31.03.2008 is to the tune of Rs.43.938 millions, whereas in the previous year the turnover was Rs.40.791 millions. The company is making all efforts to increase the turnover for the current year.
The company has made a Profit of Rs.0.691 million during the financial year, whereas the previous year it had a profit of Rs.0.442 million. The company expects to increase the bottom line in the current year also adopting various business strategies.
FIXED ASSETS:
v Computers
v Electrical Fittings
v Plant and Machinery
v Furniture and Fittings
v Office Equipments
v Vehicles
v Land
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 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
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Indian Rupees |
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US Dollar |
1 |
Rs.47.94 |
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UK Pound |
1 |
Rs.72.07 |
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Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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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 |
|
31 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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