MIRA
INFORM REPORT
|
Report Date : |
16.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
STAY – ON PAPERS PRIVATE LIMITED |
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Registered Office : |
4B, Type – 1, Applic Industrial Estate, Kukatpally, Hyderabad –
500072, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.04.1984 |
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Com. Reg. No.: |
004615 |
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CIN No.: [Company
Identification No.] |
U21012AP1984PTC004615 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS00184C |
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PAN No.: [Permanent
Account No.] |
AADCS4122M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Hot Melt Pressure Sensitive Label Stock and Self Adhesive Tapes. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 21896 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Profit margin is under severe pressure. General financial position is satisfactory. Payments are reported as slow by 30/45 days. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
4B, Type – 1, Applic Industrial Estate, Kukatpally, Hyderabad –
500072, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23078443/ 23078453/ 2307844 |
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Fax No.: |
91-40-23078463 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Ananth Rao K. |
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Designation : |
Chairman and Managing Director |
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Address : |
Sagari, C 1 Vikrampuri Colony, Secunderabad – 500009, Andhra Pradesh,
India |
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Date of Birth/Age : |
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Date of Appointment : |
07.04.1984 |
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Name : |
Mr. Rahul Rao |
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Designation : |
Director |
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Address : |
C 1 Vikrampuri Colony, Secunderabad – 500009, Andhra Pradesh, India |
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Date of Birth/Age : |
20.10.1978 |
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Date of Appointment : |
30.12.1996 |
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Name : |
Mr. Gajasimha Rao |
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Designation : |
Director |
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Address : |
C 1 Vikrampuri Colony, Secunderabad – 500009, Andhra Pradesh, India |
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Date of Birth/Age : |
23.09.1923 |
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Date of Appointment : |
15.03.1994 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Ananth Rao |
|
15940 |
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Mr. Gajasimha Rao |
|
850 |
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Mr. Rahul Rao |
|
15169 |
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Mr. Srilekha Rao |
|
10810 |
|
Mrs. Sridevi |
|
1 |
|
Miss Sagarika Rao |
|
1528 |
|
Mr. E. Narasimhulu |
|
1 |
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Mr. B. Ramachandra |
|
1 |
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Total |
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44300 |
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Category |
|
Percentage |
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|
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Hot Melt Pressure Sensitive Label Stock and Self Adhesive Tapes. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
100 |
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Bankers : |
Canara Bank, Kundanbagh Branch |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
K. K. Chowdhary And Associates Chartered Accountant |
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Address : |
No.37, LB Stadium, Hyderabad – 500001, Andhra Pradesh, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Share |
Rs.100/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
44300 |
Equity Share |
Rs.100/- each |
Rs.4.430 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
4.430 |
4.430 |
4.430 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.044 |
1.044 |
1.044 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.474 |
5.474 |
5.474 |
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LOAN FUNDS |
|
|
|
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1] Secured Loans |
28.402 |
16.849 |
11.607 |
|
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2] Unsecured Loans |
7.490 |
7.890 |
6.485 |
|
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TOTAL BORROWING |
35.892 |
24.739 |
18.092 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
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Profit and Loss Account |
4.012 |
3.467 |
2.912 |
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TOTAL |
45.378 |
33.680 |
26.478 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
16.487 |
6.721 |
5.966 |
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Capital work-in-progress |
0.000 |
4.270 |
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 |
24.617 |
13.511 |
0.000 |
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Sundry Debtors |
10.357
|
11.118 |
0.000 |
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Cash & Bank Balances |
0.756
|
0.442 |
0.000 |
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Other Current Assets |
1.608
|
3.311 |
0.000 |
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Loans & Advances |
0.000
|
0.000 |
23.944 |
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Total
Current Assets |
37.338
|
28.382
|
23.944 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
7.465
|
5.001 |
2.813 |
|
|
Provisions |
0.982
|
0.692 |
0.619 |
|
Total
Current Liabilities |
8.447
|
5.693 |
3.432 |
|
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Net Current Assets |
28.891
|
22.689 |
20.512 |
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MISCELLANEOUS EXPENSES |
00000 |
0.000 |
0.000 |
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TOTAL |
45.378 |
33.680 |
26.477 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2005 |
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Sales Turnover |
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|
39.348 |
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Other Income |
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|
0.000 |
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Total Income |
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|
39.348 |
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Profit/(Loss) Before Tax |
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|
0.583 |
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Provision for Taxation |
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|
0.000 |
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Profit/(Loss) After Tax |
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|
0.583 |
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Expenditures : |
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Material Consumed |
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|
25.573 |
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Power & Fuel |
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|
0.000 |
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Depreciation & Amortization |
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|
1.141 |
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Other Expenditure |
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|
12.051 |
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Total Expenditure |
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|
38.765 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
N.A.
|
N.A.
|
1.48 |
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Net Profit Margin (PBT/Sales) |
(%) |
N.A.
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N.A.
|
1.48 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
N.A.
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N.A.
|
1.95 |
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Return on Investment (ROI) (PBT/Networth) |
|
N.A.
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N.A.
|
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
|
8.10
|
5.56 |
3.93 |
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Current Ratio (Current Asset/Current Liability) |
|
4.42
|
4.98 |
6.98 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U21012AP1984PTC004615 |
|
Name of the
Company |
STAY – ON PAPERS PRIVATE LIMITED |
|
Address |
4B, Type – 1, Applic Industrial Estate, Kukatpally, Hyderabad –
500072, Andhra Pradesh, India |
|
This form is for |
Creation of
Charges |
|
Type of Charge |
Immovable
Property Movable Property
(Not being pledge) |
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Particulars of
the charge holder |
Andhra Pradesh
State Financial Corporation 5-9-194, Chirag
Ali Lane, P B No. 165, Hyderabad – 500001, Andhra Pradesh, India |
|
Nature or description
of the instrument(s) creating or modifying the charge |
Deed of
Hypothecation Memorandum of
Deposit of Title Deeds. |
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Date of the
instrument creating or modifying the charge |
10.09.2007 |
|
Amount secured by
the charge |
Rs.3.450 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: 16.5% p.a. Terms of
repayment: The working
capital term loan of Rs.3.450 Millions shall be repaid in 36 monthly
installments with a mostarium of 1 months as under First 35
installment @ Rs.0.096 Million and The installment @ Rs.0.090 Million Repayment shall
commence after 1 month from the date of disbursement of any part of the
working capital term loan. Margin : Nil Extent and
operation of the charge: First charge on
the land admeasuring 641.96 sq. yds. Covered by Plot No.386 and Building
thereon bearing shed No.48 Situated at Kukatpally, RR District and site
admeasuring 715.45 sq. yds in Sy. No. 386 and building thereon Shed No.11A
situated Industrial Estate, Kukatpally and Lease hold interest in the land
admeasuring 364 sq. yds. In Sy. No 386 and Freehold interest in the building
constructed thereon Shed No.10B Situated Kukatpally, R R District and Plant
and Machinery and Other Equipment. |
|
Short particulars
of the property charged (including location of the property) |
First charge on
the land admeasuring 641.96 sq. yds. Covered by Plot No.386 and Building
thereon bearing shed No.48 Situated at Kukatpally, RR District and site admeasuring
715.45 sq. yds in Sy. No. 386 and building thereon Shed No.11A situated
Industrial Estate, Kukatpally and Lease hold interest in the land admeasuring
364 sq. yds. In Sy. No 386 and Freehold interest in the building constructed
thereon Shed No.10B Situated Kukatpally, R R District and Plant and Machinery
and Other Equipment. |
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Particular of the
present modification |
Nil |
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Name of the company |
STAY – ON PAPERS PRIVATE LIMITED |
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Presented By |
Mr. Ananth Rao Kishan Chairman and Managing Director |
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1) Date and description of instrument creating the change |
Memorandum of
deposit of title deeds and Deeds of Hypothecation Dated 16th
February, 2005. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Working Capital
Term Loan of Rs.3.000 Millions Sanctioned on February, 10th 2005,
vide letter No.AFC/RRBW/75805562/PROJ/2004-2005/2842 |
|
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 |
Primary Security: The working
capital term loan shall be secured by continuation of equitable mortgage of
land and building situated at-
Located at APIIC
Industrial Estate, Kukatpally, Hyderabad – 500072. Ranga Reddy district and
Hypothecation of Plant and Machinery and all future acquisitions Fixed assets
in nature. Collateral Security: The surplus value
of primary security of land and building situated at cubical 2, 4B, 10B and
11A, type 1, APIIC Industrial Estate, Kukatpally, Hyderabad – 500072. Ranga
Reddy district shall be considerd in lieu of collateral security for the
proposed working capital term loan. The value of land and building covering
the above (4) properties shall not be less than Rs.4.722 Millions as per
corporation valuation. All other term and conditions as per sanctioned letter
dated 10.02.2005. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The working
capital term loan of Rs.3.000 Millions shall be repaid in 34 monthly
installments with a moratorium of 3 months as under. First monthly
installment @ Rs.0.030 Million and The subsequent 33 monthly installment @
Rs.0.090 Millions Repayment shall
commence after 3 month from the date of disbursement of any part of the
working capital term loan. Rate of Interest: Interest shall be
paid every quarter year ending 31st January. 30th
April. 31st July and 31 October, at following retest. The rate of
interest applicable for the sanctioned amount is @15.00 % p.a. Default Clause: The Penal/
Additional interests will be levied in the loan accounts per the policy of
corporation from time to time for default in repayment of dues. The present
penal interest rate is 2% p.a. on the defaulted amount for the defaulted
period. Special Interest Rebate: The special
interest rebate @3% p.a. including super entire premier scheme will be allowed
as per the rules of the corporation for each quarter subject to the loan
account being regular at the quarter for which the interest de mand is made.
All other terms and conditions as per sanctioned letter dated 10.02.005 The
Present interest-tax rate is Nil |
|
5) Name and Address and description of the person entitled to the charge. |
Andhra Pradesh
State Financial Corporation 5-9-194, Chirag
Ali Lane, P B No. 165, Hyderabad – 500001, Andhra Pradesh, India |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
Fixed Assets
- Plant and Machinery
- Furniture and Office Equipment
- Electrification
- Vehicles
- Land and Building
- Computer
- Dot Matrix Printer
- Type Writer
- Weighing Scales
- Land
- Lazer Jet Printer
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.39.66 |
|
UK Pound |
1 |
Rs.78.16 |
|
Euro |
1 |
Rs.58.09 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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 |
|