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MIRA
INFORM REPORT
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Report Date : |
01.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
ECO PULP PRODUCTS (INDIA) LIMITED |
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Registered Office : |
Plot 6, Cluster 27, Titan Township , Mathgiri, Hosur - 635110, Tamilnadu
India |
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Country : |
India |
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Financials (as on) : |
31-03-2005 |
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Date Of Incorporation: |
20-10-2003 |
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Com. Reg. No.: |
010805 |
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CIN No.: [Company
Identification No.] |
U02101TZ2003PLC010805 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEE03985C |
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PAN No.: [Permanent
Account No.] |
AAAFE5783B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Eco friendly, biodegradable products made out of waste
paper. Gift items for Christmas that can be used in christmas tree is also
manufactured and is 100% recyclible. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 19000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
The company commenced commercial operation in 2006 and incurred heavy losses.
It’s financial position can be regarded as poor. Trade relations are fair.
Payments are reported as slow and delayed. The company can be considered for any business dealings on safe and
secured trade terms and condition. |
OCATIONS
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Registered Office : |
Plot 6, Cluster 27, Titan Township , Mathgiri, Hosur - 635110,
Tamilnadu India |
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Tel. No.: |
91-4344-400333/400336 |
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Mobile No.: |
9443370026 |
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Fax No.: |
9-4344-276073 |
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E-Mail : |
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Website : |
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Factory: |
Chinna Belagondapalli , Nagondapalli, Post – Mathigiri, Hosur –
635110, Tamilnadu, India |
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Tel. No.: |
91-4344-395626 |
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Fax No.: |
91-4344-276073 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. D.Govindraj |
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Designation : |
Director |
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Address : |
Plot No. 6, Cluster 27, Titan Township, Mathigiri, Hosur-635110
Dharmapuri District. T.N. |
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Date of Appointment : |
20-10-2005 |
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Name : |
Mrs Mathavi Ravindran |
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Designation : |
Director |
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Address : |
Plot No.6, Cluster 27, Titan Township, Mathigiri, Hosur-635110
Dharamapuri district T.N. |
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Date of Appointment : |
20-10-2005 |
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Name : |
Mr. L.Balendran |
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Designation : |
Director |
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Address : |
Plot No.6 , Cluster 27, Titan Township, Mathigiri, Hosur -635110
Dharampuri District T.N. |
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Date of Appointment : |
20-10-2005 |
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Name : |
Mrs. Balendran |
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Designation : |
Director |
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Address : |
Plot No 6, Cluster 27, Titan Township, Mathgiri, Hosur-635110
Dharampuri District T.N. |
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Date of Appointment : |
20-10-2005 |
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Name : |
Mrs. Lakshmi Ramesh |
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Designation : |
Director |
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Address: |
Plot no 6, Cluster 27, Titan Township, Mathigiri, Hosur-635110,
Dharamgiri, District T.N. |
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Date of Appointment : |
20-10-2005 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Eco friendly, biodegradable products made out of waste
paper. Gift items for Christmas that can be used in christmas tree is also
manufactured and is 100% recyclible. |
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Products : |
·
Paper Pulp ·
Container ·
Paper Pulp ·
Basket ·
UPS Package ·
Gift Box ·
And other ·
Products ·
Urinal ·
Container ·
Kidney Tray ·
Mobile ·
Protection ·
Cover |
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Exports : |
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Countries : |
Western Europe |
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GENERAL
INFORMATION
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No. of Employees : |
11-50 People |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Financial
Institute: |
Electronica Finance Limited 810/A, Bilwa kunj Bhandarkar, Institute Road, Shivaji Road
Pune-411004, Maharashtra, India |
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Auditors : |
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Name : |
Krishna Subbanna Chartered Accountants |
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Address : |
A-25, Gokul, Sipcot Housing colony , Phase -1, Hosur Tamilnadu -635126
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity shares |
Rs 10 /-each |
Rs. 40.0000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
|
|
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1068000 |
Equity shares |
Rs 10/-each |
Rs 10.680
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.680 |
6.588 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(6.801) |
0.000 |
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NETWORTH |
|
3.879 |
6.588 |
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LOAN FUNDS |
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1] Secured Loans |
|
30.132 |
0.000 |
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2] Unsecured Loans |
|
18.044 |
3.333 |
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TOTAL BORROWING |
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48.176 |
3.333 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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52.055 |
9.921 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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54.886 |
3.921 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
1.011 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.104 |
0.000 |
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Sundry Debtors |
|
0.894 |
0.000 |
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Cash & Bank Balances |
|
0.435 |
0.706 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
1.344 |
4.740 |
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Total
Current Assets |
|
2.777 |
5.446 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
5.437 |
0.696 |
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Provisions |
|
0.464 |
0.000 |
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Total
Current Liabilities |
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5.901 |
0.696 |
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Net Current Assets |
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(3.124) |
4.750 |
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MISCELLANEOUS EXPENSES |
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0.293 |
0.239 |
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TOTAL |
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52.055 |
9.921 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2005 |
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Sales Turnover |
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|
1.277 |
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Other Income |
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|
0.009 |
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Total Income |
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|
1.286 |
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Profit/(Loss) Before Tax |
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|
[6.801] |
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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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[6.801] |
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Expenditures : |
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Raw Material Consumed |
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0.909 |
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Consumption of stores and spares parts |
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|
0.236 |
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Salaries, Wages, Bonus, etc. |
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|
0.458 |
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Payment to Auditors |
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|
0.038 |
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Interest |
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|
1.130 |
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Insurance Expenses |
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|
0.008 |
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Power & Fuel |
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|
0.790 |
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Depreciation & Amortization |
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|
3.482 |
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Other Expenditure |
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|
1.036 |
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Total Expenditure |
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|
8.087 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
|
[528.85] |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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[532.58] |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[11.79] |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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[1.75] |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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13.94 |
0.61 |
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Current Ratio (Current Asset/Current Liability) |
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0.47 |
7.82 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
M/s ECO PULP PRODUCTS INDIA LIMITED |
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Presented By |
M/S Sundaram
Finance Limited, No.21 Patullos Road, Chennai -600002 |
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1) Date and description of instrument creating the change |
Loan Agreement
Dated 29/09/2004.bearing Loan Cont No: WB-5901 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5,08,368/-
(Rupees Five lakhs eight thousands three hundred sixty eight only) inclusive
of finance charges of Rs.63368/- |
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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 |
On the security
of 1. No. 2004 Model Tata Indigo bearing E.
No. 475IDT12JVZP99583; Ch. No: 601144JVZPA2046 as mentioned in the 1st
schedule of the enclosed copy of the loan agreement |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The total loan
amount of Rs. 508368/- is repayable in 48 monthly installments of Rs.10638/- and
the rest of the 47 monthly installments of Rs.10590/- each. The 1st
installment falls due on 29-09-2004 |
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5) Name and Address and description of the person entitled to the charge. |
M/S. Sundaram
Finance Limited No. 21 Patullos Road Chennai.600002 |
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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 |
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Corporate
identity number of the company |
U02101TZ2003PLC010805 |
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Name of the
company |
ECO PULP PRODUCTS
INDIA LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. 6, Cluster 27, Titan Township, Mathigiri, Hosur-635110
Dharmapuri District. T.N. |
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This form is for |
Creation of
charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
810/A, Bilwa kunj
Bhandarkar, Institute Road Shivaji Road Pune-411004 Maharashtra, India |
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Nature of
instrument creating charge |
Agreement of
Hypothecation |
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Date of
instrument Creating the charge |
09/06/2006 |
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Amount secured by
the charge |
Rs 2.497 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Repayment 48
Months |
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Description of
the property charged indicating whether it is a charged on |
Plant and
Machinery |
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Particulars of
the property charged |
AMS CNC VERTICAL
MACHINE #6, CLUSTER 27, TITAN TOWNSHIP, CHINNA BELAGONDA PALI NOGONDAPALI,
MATHIGIRI, HOSUR 635110 |
WEBSITE DETAILS
PROFILE:
The
pressure is on. For reasons that are environmental and as well as economical, the
world is turning Green. The case is clear. And pressure is growing by
governments to ban unfriendly plastics and thermo Cole.
Eco Pulp is promoted as a joint venture project by the people who are in the
field of manufacturing innovative corrugated packing boxes and few non-resident
Indian Engineers and professionals working abroad for the last 25 years.
Eco pulp is located in the industrial town called Hosur, in krishnagiri
District, Tamilnadu. Factory is comfortably connected to Bangalore and Chennai.
Eco Pulp provides terrific protection and comes in an endless variety of shapes
and sizes for everything from TV packing to the video games and home product
like flower pots to waste baskets etc. It is an innovative process to recycle
waste paper into something green.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.94 |
|
UK Pound |
1 |
Rs.85.57 |
|
Euro |
1 |
Rs.67.79 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
- |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
- |
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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 |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
20 |
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 |
|