MIRA INFORM REPORT
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Report Date : |
14.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
JYOTI PAPER UDYOG LIMITED |
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Registered
Office : |
Plot No. B - 67, NICE., Satpur, Nashik – 422007, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.03.1996 |
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Com. Reg. No.: |
098240 |
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CIN No.: [Company Identification
No.] |
U21010MH1996PLC098240 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKJ00559G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Stationery |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 400536 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Sushil |
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Designation : |
Accounts Department |
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Date : |
22.04.2011 |
LOCATIONS
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Registered Office/Factory : |
Plot No. B - 67, NICE., Satpur, Nashik – 422007, |
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Tel. No.: |
91-253-2306706 |
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Fax No.: |
91-253-2350896 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
AS ON 21.09.2010
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Name : |
Mr. Jayant Degadu Khairnar |
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Designation : |
Director |
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Address : |
Flat No. 2,Jeevan Chayya, Murkute Colony, |
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Date of Birth/Age : |
03.12.1963 |
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Date of Appointment : |
18.03.1996 |
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Name : |
Mr. Daji Chindu Patil |
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Designation : |
Director |
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Address : |
Plot no.4,5 Sai Nagar, |
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Date of Birth/Age : |
01.06.1942 |
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Date of Appointment : |
31.03.1997 |
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Name : |
Mr. Ramlal Shankar Savale |
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Designation : |
Director |
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Address : |
Rhn-9, Sn-102, Pn-15, Bn-15, Room No. 158,Jadhav Sankul, Satpur, Chunchale, Nashik, 422010. |
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Date of Birth/Age : |
04.06.1968 |
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Date of Appointment : |
03.05.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Sushil |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 21.09.2010
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Names of Shareholders |
|
No. of Shares |
|
Degadu Khairnar |
|
74000 |
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Jayant Degadu Khairnar |
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422002 |
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Degadu Khairnar |
|
85000 |
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Jayant Degadu Khairnar |
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40000 |
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Total |
|
621002 |
AS ON
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Category |
Percentage |
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Directors or relatives of Directors |
98.25 |
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Other top fifty shareholders |
1.75 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Stationery |
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Exports : |
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Products : |
Stationery |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit (45 days) |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
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Actual
Production ** |
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Note Books |
Nos. |
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|
4366671 |
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Files |
Nos. |
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(11009) |
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Papers |
Nos. |
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|
1377533 |
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MISC Items |
Nos. |
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140.362 |
Note: Installed Capacity depends upon human labour, skill and aptitude and hence cannot be determined
* Items being voluminous in nature of varying size, nature and grade. Since these items do not individually account for 10% or more of the total consumption, separate disclosure is not made.
* These figures also include the items in which the company trades. However, these have not been identified and disclosed separately for the want of details, hence could not be verified but the auditors.
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
45 |
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Bankers : |
Abhyudaya Co. Op. Bank Limited, Administrative Office, |
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Facilities : |
# (Security in the form of Fixed Deposit Receipts provided by Directors and their relatives) |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shashank Manerikar Company Chartered Accountant |
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Address : |
1st Floor, |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5418665 |
Equity Shares |
Rs.10/- each |
Rs.54.186
Millions |
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Note:
Of the above 300,000 Shares are allotted as fully paid-up persuant to a contract without payments being received in a cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
54.186 |
54.186 |
54.186 |
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2] Share Application Money |
0.849 |
0.849 |
0.849 |
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3] Reserves & Surplus |
45.099 |
33.548 |
26.133 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
100.134 |
88.583 |
81.168 |
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LOAN FUNDS |
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1] Secured Loans |
42.224 |
30.901 |
34.344 |
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2] Unsecured Loans |
15.395 |
14.054 |
13.338 |
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TOTAL BORROWING |
57.619 |
44.955 |
47.682 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
157.753 |
133.538 |
128.850 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
72.826 |
76.161 |
79.119 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.637 |
0.631 |
0.635 |
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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 |
41.375
|
43.194 |
41.138 |
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Sundry Debtors |
68.308
|
38.110 |
27.914 |
|
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Cash & Bank Balances |
1.810
|
1.407 |
1.135 |
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Other Current Assets |
0.205
|
0.143 |
0.090 |
|
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Loans & Advances |
7.192
|
3.829 |
6.943 |
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Total
Current Assets |
118.890
|
86.683 |
77.220 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
0.000
|
0.000 |
0.000 |
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Other Current Liabilities |
33.731
|
29.909 |
28.066 |
|
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Provisions |
0.869
|
0.028 |
0.058 |
|
Total
Current Liabilities |
34.600
|
29.937 |
28.124 |
|
|
Net Current Assets |
84.290
|
56.746 |
49.096 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
157.753 |
133.538 |
128.850 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
328.977 |
180.746 |
149.436 |
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Job Work Charges Received |
0.075 |
0.067 |
2.079 |
|
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Other Income |
0.232 |
0.404 |
0.239 |
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|
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TOTAL (A) |
329.284 |
181.217 |
151.754 |
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Less |
EXPENSES |
|
|
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|
|
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Cost of Materials Consumed / Sold |
296.539 |
156.974 |
129.701 |
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Personnel Cost |
4.191 |
3.452 |
4.476 |
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Works Expenditure |
1.083 |
0.881 |
1.490 |
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Other Expenses |
3.085 |
4.547 |
4.075 |
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Increased / (Decreased) In Stock |
1.916 |
(1.728) |
(2.250) |
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TOTAL (B) |
306.814 |
164.126 |
137.492 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
22.470 |
17.091 |
14.262 |
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Less |
FINANCIAL
EXPENSES (D) |
7.381 |
6.738 |
4.606 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.089 |
10.353 |
9.656 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.669 |
2.908 |
3.019 |
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PROFIT BEFORE
TAX (E-F) (G) |
12.420 |
7.445 |
6.637 |
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Less |
TAX (I) |
0.870 |
0.029 |
0.059 |
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PROFIT AFTER TAX
(G-I) (J) |
11.550 |
7.416 |
6.578 |
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|
Earnings Per
Share (Rs.) |
2.13 |
1.37 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.51
|
4.09 |
4.33 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.77
|
4.12 |
4.40 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.48
|
4.57 |
4.25 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.08 |
0.08 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.92
|
0.85 |
0.93 |
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
3.43
|
2.89 |
2.75 |
LOCAL AGENCY FURTHER INFORMATION
BUSSINESS PERFORMANCE
The achieved improvements in the working of the company can be ascribed to increase process efficiency. The company was able to sustain the extend to which the performance upturn was achieved during the year, all through the year, building up mainly on the increase in Production, Improved Sales realization and lower finance charges.
The company’s overall performance was highly satisfactory during the financial year 2009-10. The company achieved the targeted aggregate turnover for the year was to Rs.328.977 Millions as against Rs.180.746 Millions for the previous year. The total Income from operation is Rs.327.368 Millions as against previous year Rs.182.944 Millions. The Profit after Tax during the current year is Rs.11.550 Millions as against profit of Rs.7.416 Millions in the previous year. The directors expect that increase in turnover in the ensuing years will lead to better profits. Efforts of the Company in the area of marketing and distribution networking are gradually showing their results.
FUTURE OUTLOOK
The Company has widened its horizon by entering into markets
beyond the state of
FORM 8:
|
Corporate
identity number of the company |
U21010MH1996PLC098240 |
|
Name of the
company |
JYOTI PAPER UDYOG
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No B 67
Nicesatpur, |
|
This form is for |
Creation of
charge Modification of
charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Abhyudaya
Co-operative Bank Limited |
|
Nature of
instrument creating charge |
Hypothecation of
Stock and Book-Debts Agreement |
|
Date of
instrument Creating the charge |
30/10/2010 |
|
Amount secured by
the charge |
Rs.1.000 Million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As may be decided
by the Bank, from time to time. Margin As may be decided
by the Bank, from time to time. Extent and
Operation of the charge To secure the due
repayment of Cash Credit facility of Rs.1.000 Million, together with
Interest, all costs, charges and expenses and all other monies thereon,
granted by the Bank to the Company. |
|
Short particulars
of the property charged |
All, present and
future, Goods/Stock such as Wrappers, Corers, Tiltles, Duplex boards, Straw
boards, File boards in various sizes, etc., as more particulaly described to
the said Agreement. All, Present & future, Book-Debts of the Company. |
FIXED ASSETS:
- Goodwill
- Plant and Machinery
- Electrical Installation
- Office Equipments
- Furniture and Fixtures
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.48 |
|
|
1 |
Rs.72.36 |
|
Euro |
1 |
Rs.64.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.