MIRA
INFORM REPORT
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Report Date : |
02.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
FINE PAPER SOURCE PRIVATE LIMITED |
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Registered Office : |
No. 17/ 9, Baker Street, Chennai – 600001, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.06.2003 |
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Com. Reg. No.: |
18-50958 |
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CIN No.: [Company
Identification No.] |
U21015TN2003PTC050958 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEF03082C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Converter and distributor of paper, paperboard and Exporter of paper,
paperboard, paper products and stationery. |
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 67000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can considered normal for business dealings at usual trade
terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr.Mohan |
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Designation : |
Senior Manager in Finance |
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Contact No.: |
91-9940134409 |
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Date : |
01.08.2008 |
LOCATIONS
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Registered Office : |
No. 17/ 9, Baker Street, Chennai – 600001, Tamilnadu, India |
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Tel. No.: |
91-44-25384409/ 25363577/ 25363902 |
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Mobile No.: |
91-9940134409 |
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Fax No.: |
91-44-25383289 |
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E-Mail : |
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Website : |
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Location: |
2 Ground ( Owned) |
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Factory: |
Survey No. 99/4 and 99/5 Siruniyam Road, Sembulivaram Village, Ponneri
Taluk, Thiruvallur District, Chennai-600067, Tamilnadu, India |
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Tel / Fax No.: |
91-44-26330912 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. M. A. Murugan |
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Designation : |
Managing Director |
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Address : |
No. 97, V.M. Street, Mylapore, Chennai – 600004 |
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Qualification: |
MBA Finance |
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Date of Appointment : |
03.06.2003 |
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Name : |
Mrs. Devasena Murugan |
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Designation : |
Director |
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Address : |
No. 97, V.M. Street, Mylapore, Chennai – 600004 |
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Qualification: |
B.F |
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Date of Appointment : |
03.06.2003 |
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Name : |
Mr. D. Llango |
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Designation : |
Director |
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Address : |
No. 7, Ujjaini Street, Aynavaram, Chennai – 600023 |
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Mobile No.: |
91-9840083215 |
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Date of Appointment : |
01.07.2003 |
KEY EXECUTIVES
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Name : |
Mr. I B Harikrishna |
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Designation : |
Company Secretary |
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Address: |
Flat No. 1, Komal Apartments, 18 Jagdeswaran Street, T Nagar,
Chennai-0600017, Tamilnadu, India |
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Tel. No.: |
91-44-42128225 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. A. A. Murugan |
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539995 |
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Mrs. Devasena Murugan |
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180000 |
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Mr. Rabi Krishna Patra |
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1 |
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Mr. S. Vasantharaman |
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1 |
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Mr. C. Muthukumar |
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1 |
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Mr. L. Sathappan |
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1 |
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Mr. R.M. Ramalingam |
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1 |
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Total |
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720000 |
Equity Share Breakup (Percentage of total equity)
As on 30.09.2007
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Category |
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Percentage of
Holding |
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Director of Relatives of Director |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Converter and distributor of paper, paperboard and Exporter of paper,
paperboard, paper products and stationery. |
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Products : |
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Exports : |
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Countries : |
·
Sri Lanka ·
USA ·
Australia |
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Imports : |
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Countries : |
USA |
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Terms : |
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Selling : |
Cash and Credit ( 60 Days) |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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No. of Employees : |
26 ( Factory 21, Office 5) |
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Bankers : |
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Facilities: |
CC Rs. 6.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. S. Viswanathan Chartered Accountants |
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Address : |
17, Bishop Wallers Avenue (West), Mylapore, Chennai – 600004,
Tamilnadu |
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Tel No.: |
91-44-24994423 |
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Fax No.: |
91-44-24994510 |
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Associates/
Subsidiary: |
Farm Print Address: No. 17/ 9, Baker Street, Chennai – 600001, Tamilnadu, India Line of Business : they are dealer of paper |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
720000 |
Equity Shares |
Rs.10/- each |
Rs.7.200
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.200 |
7.200 |
7.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.218 |
2.628 |
0.731 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.418 |
9.828 |
7.931 |
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LOAN FUNDS |
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1] Secured Loans |
0.224 |
1.802 |
3.180 |
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2] Unsecured Loans |
0.169 |
2.195 |
0.431 |
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TOTAL BORROWING |
0.393 |
3.997 |
3.611 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.011 |
0.080 |
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TOTAL |
13.811 |
13.836 |
11.622 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.615 |
5.322 |
5.612 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.071 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.153
|
4.790 |
2.688 |
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Sundry Debtors |
2.343
|
9.906 |
7.673 |
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Cash & Bank Balances |
5.374
|
2.081 |
0.317 |
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Other Current Assets |
0.199
|
0.217 |
0.224 |
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Loans & Advances |
3.078
|
2.446 |
0.102 |
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Total
Current Assets |
15.147
|
19.440 |
11.004 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.923
|
9.688 |
5.104 |
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Provisions |
2.136
|
1.311 |
0.000 |
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Total
Current Liabilities |
6.059
|
10.999 |
5.104 |
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Net Current Assets |
9.088
|
8.441 |
5.900 |
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MISCELLANEOUS EXPENSES |
0.037 |
0.073 |
0.110 |
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TOTAL |
13.812 |
13.836 |
11.622 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
41.508 |
40.226 |
26.144 |
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Other Income |
0.000 |
0.639 |
0.012 |
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Total Income |
41.508 |
40.865 |
26.156 |
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Profit/(Loss) Before Tax |
5.571 |
3.001 |
0.733 |
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Provision for Taxation |
1.981 |
1.104 |
0.299 |
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Profit/(Loss) After Tax |
3.590 |
1.897 |
0.434 |
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Expenditures : |
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Financial Charges |
|
0.391 |
0.501 |
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Increase or decrease in stock |
35.937 |
2.101 |
0.537 |
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Depreciation & Amortization |
|
0.715 |
0.823 |
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Other Expenditure |
|
34.657 |
23.562 |
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Total Expenditure |
35.937 |
37.864 |
25.423 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
8.65
|
4.64 |
1.66 |
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Net Profit Margin (PBT/Sales) |
(%) |
13.42
|
7.46 |
0.03 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
28.19
|
12.12 |
4.41 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.31 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.48
|
1.53 |
11.54 |
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Current Ratio (Current Asset/Current Liability) |
|
2.49
|
1.77 |
2.16 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Jagdish Paper
Cutting Works, Chennai
- Sirgas
International, Holland
Fixed Assets:
♦
Computer and Printer
♦
Core Cutting Machine
♦
GSM Testing Machine
♦
Heat Sealing Machine
♦
Over Head Crane
♦
Pallet Track
♦
Pinning Machine
♦
Punching Machine
♦
Roll Saver Mark
♦
Shrink Wrapping – CP 1520
♦
Slitter Rewinder
♦
Spine Taping Machine
♦
Stabilizer
♦
Ubique Burster Strength M/C
♦
Weighing Machie 150 and 300 Kgs
♦
Trimmer – 3 Knife
♦
Energy Meter
♦
Encoder for computer console
♦
Forklift
♦
Cell Phone – Nokia - 1315
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Name of the company |
FINE PAPER SOURCE PRIVATE LIMITED |
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Presented
By |
Fine Paper Source Private Limited AND City
Union Bank Limited, Mandaveli, Chennai – 600028 |
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1) Date and description of instrument creating the change |
Composite
Hypothecation Agreement dated 29.05.2005 executed by M/s Fine Paper Source
Private Limited ( Hereinafter referred to as “ the company”) in favour of Citibank
N.A. ( therein and hereinafter referred to as “the Lender”) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Total working
capital credit Facilities of Rs. 30.000 Millions |
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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 |
The whole of
movable assets both present and future, stocks of raw materials, goods in
process of manufacturer, semi-finished goods and finished goods and all
finished and manufactured goods and articles together with all stores,
components and spares which now belongs to and pertains to, or may hereafter
from time to time during the continuance of this security belong to and
pertains to, The borrower and which are or shall or may be brought into
stored or be in or upon or about The Borrower’s factory, godowns and /or
their premises wherever else the same may be situated, or lying or being
including any such raw materials, inventories, article or goods, any stores
spares and components or other similar moveable assets in course of transit
or delivery to The Borrower and all of The borrower’s present and future book
debts, outstanding Monies, receivables, claims, bills, investments, rights to
or on moveable propertities and movable assets forming part of current and
movable fixed assets forming part of current and movable fixed assets which
are now due owing or payable or belonging to or pertaining to the borrower or
which may at any time hereafter during the continuance of this pertaining ot
the Borrower in the course of its business and Together with all benefits,
advantages and legal incidence thereof. All present and
future fixed assets of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In the
Consideration of the lender having agreed to lend advance to the company,
said credit facilities under agreement and declaration by the company, inter
alia, as follows. 1. Government by the
company to repay the facility at (2) above and pay interest and all other
monies in the manner set out in the said agreement between the company and
the lender and to comply with the terms and conditions of the said Agreement. 2. the said
current assets and Fixed assets hypothecated to the Lender by way of first
charge created in favour of the bank, as security for and be charged with the
repayment of the loan with all interest, liquidated, damages, premia on
repayment or on redemption, costs, charges, and other expenses payable by the
company to the lender in respect therof. Margin – 36% for
stocks and 44% for book debts 3. The company to
keep the said assets in marketable and good condition and also insured as
provided therein. 4. Power of
entry, power to take charge and / or possesin of, seize, recover, receive,
appoint and sell, contact, dispatch for realization or otherwise dispose of
or deal with all or any part of the said goods etc. as provided therin. |
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5) Name and Address and description of the person entitled to the charge. |
Citi Bank N.A,
No.2, Clubhouse Road, Anna Salai, Chennai-600002 |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U21015TN2003PTC050958 |
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Name of the
company |
FINE PAPER SOURCE PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No. 17/ 9, Baker Street, Chennai – 600001, Tamilnadu, India |
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Type of charge |
Immovable
Property |
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Particular of charge
holder |
Citi Bank N.A., No. 2, Clubhouse Road, Anna Salai,
Chennai – 600002, Tamilnadu, India |
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Nature of
description of the instrument creating or modifying the charge |
Loan Agreement |
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Date of
instrument Creating the charge |
28.03.2008 |
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Amount secured by
the charge |
Rs. 20.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1.25% less than
the applicable citi bak PLR which is currently 13.75% p.a. ( applicable rate
– 12.50%) Terms of
Repayment Rs. 8.000
Millions repayable at EMI of Rs. 0.378 Millions in 24 Months Rs, 12.000
Millions repayable at EMI of RS. 0.215 Millions in 84 Months Margin As per agreement. Extent and
Operation of the charge Industrial / Commercial
property situated at Survey No. 995/ 5, Village no. 115, Siryuniyam Road,
Smbullivaram Vilage, Ponneri Taluka, Karnodai, Chennai-67, Personal gurantee
of partners/ directors personal guarantee of he proeperty owners. |
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Short particulars
of the property charged |
Industrial /
commercial property situated at Survey no. 99/5 , Village No.115, Siruniyam
Road, Sembuilvaram Village, Ponneri Taluk, Karnodai, Chennai-67, Personal
Guarantee of Partners/ Directors, Personal guarantee of the proeperty owner. |
AS PER WEBSITE
Profile:
Subjectare Paper Converters and Importers /
Exporters / Distributors / Indentors of Paper, Paper Board, School/Office
Supplies.
FPS belongs to “Pandiyan Exports” Group of companies established By Shri Annamalai
Chettiar in 1956. For more than five decades, the Group has been distributors
for several paper mills in India serving consumers of Paper not only in India
but also Srilanka, Far East and Africa
FPS is a service-oriented organization involved in marketing a diverse range of
products to facilitate the ever-changing climate of the paper industry and to
provide innovative and cost efficient solutions for their clients. FPS takes
pride in the service provided to each and every one of the customers and
suppliers. FPS has a team of highly motivated professionals with an extensive
understanding of the industry and the commitment to satisfy the needs of their
clients.
FPS functions as part of the team, striving to maximize the company's market
visibility while minimizing the costs.
The client base of FPS is continuously expanding.
FPS is constantly adapting to satisfy the needs of producers and end-users
alike.
Corporate Profile:
Subject is a Converter and distributor of paper, paperboard and Exporter
of paper, paperboard, paper products and stationery. Founded in 2003, FPS is
now one of India’s Privately owned Converter, distributor, Importer and
Exporter of paper and paperboards. FPS has the following business divisions.
- 100% Export
oriented Free Trade Zone Unit ( EOU ) catering to Exports from India and
supply to other 100% EOU / Special Economic Zone ( SEZ ) units who in turn
export their finished products out of India.
- Domestic
Division wherein they supply paper sourced from Around the world and from
India to Importers and end users in the Indian Market.
- Indenting
division catering to the need of large importers for sourcing their
requirement. FPS continues to partner with mills, converters, distributors
/ agents and end users in India and users around the world.
- Converting
division has state of the art facility. There are the sheeters that give
Mill quality sheeting, Slitter rewinders, Guillotines and paper binding
machineries with complete material handling equipments including forklifts
with roll clamps. Job work for conversion is also undertaken
Environment:
FPS adopts a conscientious approach to environmental issues and
regularly reviews the working practices to ensure that the company is fully
compliant with all relevant environmental legislation for the type of business.
As a paper converter / merchant the company does not manufacture any products
and therefore the impact on the environment is as limited as that of any
purpose built office.
Waste Management :
Waste paper is recovered from the converted paper and boards. The waste
generated is only roll damages and trims. All the process waste generated in
paper conversion is properly segregated and baled in house and dispatched to
paper mills for repulping. Any packaging waste generated is also baled and send
to paper mills for repulping.
Energy Efficiency Including conservation by energy saving measures
The premises are purpose built modern buildings which meet high standards for
energy efficiency having own parking area and maintained grounds that are
clean, well kept and sympathetic to the local environment. The heating,
lighting and water supplies are all maintained in order to ensure maximum
efficiency. Employees are actively encouraged to ensure that all lights and
other electrical equipment are powered off when not in use.
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.40.75 |
|
UK Pound |
1 |
Rs.81.17 |
|
Euro |
1 |
Rs.54.59 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
|
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
|
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/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 |
|