MIRA INFORM REPORT

 

 

Report Date :

25.04.2011

 

IDENTIFICATION DETAILS

 

Name :

MAHAVIR PAPER AND BOARDS

 

 

Registered Office :

B-73, Savita Govind Plaza, Judges Bunglow Char Rasta, Bodakdev, Ahmedabad-380015, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011 (Provisional)

 

 

Year of Establishment :

January 2007

 

 

Legal Form :

Sole Proprietory Concern.

 

 

Line of Business :

Trader of Paper and Boards.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

Comments :

Subject seems to be an established concern in its field. Trade relations are reported as fair. The valuation report has not been provided. The networth statement provided seems to be acceptable. No complaints have been heard from indirect or market sources.

 

It would be advisable to take adequate securities while dealing with the subject.

 

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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Sanjay Sakhidas

Designation :

Proprietor

Contact No.:

91-9825607414

Date :

22.04.20114

 

 

LOCATIONS

 

Registered Office :

B-73, Savita Govind Plaza, Judges Bunglow Char Rasta, Bodakdev, Ahmedabad-380015, Gujarat, India

Tel. No.:

91-79-26872291

Mobile No.:

91-9825007414 (Mr. Sanjay Sakhidas)

Fax No.:

91-79-3018601

Area :

Owned

 

 

SOLE PROPRIETOR

 

Name :

Mr. Sanjay N Sakhindas

Designation :

Proprietor

Address :

B-73, Savita Govind Plaza, Judges Bunglow Char Rasta, Bodakdev, Ahmedabad-380015, Gujarat, India

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of Paper and Boards.

 

 

Terms :

 

Selling :

Cash and Credit (30-60-90 Days)

 

 

Purchasing :

Cash and Credit (30-60-90 Days)

 

 

 

GENERAL INFORMATION

 

Customers :

End Users and OEM’s

 

 

No. of Employees :

Approximately 10

 

 

Bankers :
  • Kotak Mahindra Bank, Ahmedabad- Ghantakarna Market
  • Bank of Baroda
  • Corporation Bank, Ahmedabad Branch

 

 

Facilities :

Particulars

31.03.2011

(Provisional)

(Rs. in Millions)

31.03.2010

(Rs. in Millions)

Loans from Relatives

 

 

Koshaben Sanjaykumar Sakhidas

0.494

0.006

K S Sakhidas Enterprises (SARAFI)

6.021

4.709

Nareshchandran Manilal Sakhidas Industries

3.768

3.476

Nareshchandra Manilal HUF A/C

0.172

0.186

Subhadraben Nareshchandra Sakhidas

0.107

0.031

Total

10.562

8.408

 

 

 

Banking Relations :

 

 

 

Auditors :

 

Name :

 Parikh Shah and Company

Chartered Accountant

Address :

C.G. Road, Ahmedabad-380007, Gujarat, India

Tel. No.:

91-79-26633316/ 26426365

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Capital Investment :

 

Owned :

RS. 3.788 Millions

Borrowed :

Rs. 10.562 Million

Total :

RS. 14.350 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

(Provisional)

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

3.788

4.519

3.889

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

1.291

0.000

0.000

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

5.079

4.519

3.889

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

10.562

8.408

1.080

TOTAL BORROWING

10.562

8.408

1.080

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

15.641

12.927

4.969

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

0.483

0.481

0.562

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
4.358

2.210

0.520

 

Sundry Debtors
17.784

12.096

9.642

 

Cash & Bank Balances
[1.126]

0.876

0.335

 

Other Current Assets
0.001

0.001

0.000

 

Loans & Advances
0.012

0.007

0.010

Total Current Assets
21.029

15.190

10.507

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
5.797

2.568

6.027

 

Other Current Liabilities
0.075

0.158

0.057

 

Provisions
[0.001]

0.018

0.016

Total Current Liabilities
5.871

2.744

6.100

Net Current Assets
15.158

12.446

4.407

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

15.641

12.927

4.969

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

(Provisional)

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

53.129

35.346

30.163

 

 

Other Income

0.306

0.533

0.816

 

 

TOTAL                                     (A)

53.435

35.879

30.979

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods Sold

49.359

32.584

28.385

 

 

Angadia Expenses

0.015

0.014

0.011

 

 

Auto Expenses

0.023

0.026

0.025

 

 

Salary Expenses

0.026

0.041

0.056

 

 

Boni Account

0.021

0.016

0.015

 

 

Other Expenses

1.091

0.801

0.570

 

 

TOTAL                                     (B)

50.535

33.482

29.062

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

2.900

2.397

1.917

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

1.609

1.037

0.416

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

1.291

1.360

1.501

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.000

0.090

0.063

 

 

 

 

 

 

NET PROFIT (E-F)                                             (G)

1.291

1.270

1.438

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

(Provisional)

31.03.2010

31.03.2009

PAT / Total Income

(%)
2.42

3.54

4.64

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
2.43

3.59

4.77

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
6.00

8.10

12.99

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.25

0.28

0.37

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
3.24

2.47

1.85

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
3.58

5.54

1.72

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

 

VALUE OF FRINGE BENEFITS IN TERMS OF SECTION 115 WC READ WITH SECTION 115WB FOR THE ASSESMENT YEAR 2009-10

 

 

 

(Rs. In Millions)

Section under which chargeable to Fringe Benefit Tax

Name

Amount of expenditure incurred or payment made

Percentage  expenditure/ Payment being fringe benefits

Value of fringe benefits
  1. 115WB(1)(b)

Free or concessional ticket provided by the employer for private journeys of this employees or their family members

Nil

100%

Nil
  1. 115WB(1)(c)

Any contribution by the employer to any approved Superannuation fund for employees

(see Note1)

Nil

100%

Nil
  1. 115WB(2)(A)

Entertainment

Nil

20%

Nil
  1. 115WB(2)(B)

Provision of Hospitality of every kind by the employer to  any person

(see Note 2)

Nil

20%

 

Nil
  1. 115WB(2)(C)

Conference

(Other than fee for participation by the employees in any conference)

(See Note 4)

Nil

20%

Nil
  1. 115WB(2)(D)

Sales promotion including publicity

(see Note 5)

Nil

20%

Nil
  1. 115WB(2)(E)

Employees’ Welfare

(see Note 6)

Nil

20%

Nil
  1. 115WB(2)(F)

Conveyance,

(see Note 7)

Nil

20%

 

Nil
  1. 115WB(2)(G)

Use of hotel, boarding and lodging facilities

Nil

20%

 

Nil
  1. 115WB(2)(H)

Repair, Running

(including fuel), maintenance of motor cars and the amount of depreciation thereon

Nil

20%

 

Nil
  1. 115WB(2)(I)

Repair, Running ( Including Fuel) and maintenance of aircraft and the amount of depreciation thereon

Nil

20%

 

Nil
  1. 115WB(2)(J)

Use of Telephone (Including mobile phone) other than expenditure on leased telephone lines

Nil

20%

Nil
  1. 115WB(2)(K)

Maintenance of any accommodation in the nature of guest house other than accommodation used for training purpose

Nil

20%

Nil
  1. 115WB(2)(L)

Festival Celebrations

Nil

50%

Nil
  1. 115WB(2)(M)

Use of health club and similar facilities

Nil

50%

Nil
  1. 115WB(2)(N)

Use of any other club facilities

Nil

50%

Nil
  1. 115WB(2)(O)

Gifts

Nil

50%

Nil
  1. 115WB(2)(P)

Scholarships

Nil

50%

Nil
  1. 115WB(2)(Q)

Tour and Travel (Including foreign travel)

(see Note 12)

Nil

5%

N.A

Total

 

Nil

 

Nil

 

 

DETAILS OF STOCK

 

 

 

SR. No.

 

 

DETAILS OF PACKETS

 

PACKETS

1.

Opening Stock

525.50

Add

Purchase

54100.00

 

Total

54625.50

Less

Sales

50095.00

 

Balance

4530.50

 

Surplus/ Deficit

Nil

 

 

DETAILS OF KILOGRAMS

 

 

 

SR.NO

 

 

DETAILS OF KILOGRAM

 

KILOGRAM

1.

Opening Stock

4424.700

Add

Purchase

351613.050

 

Total

356037.750

Less

Sales

354678.250

 

Balance

1359.500

 

Surplus/ Deficit

Nil

 

 

STATEMENT OF ASSETS AND LIABILITIES

 

MR. SANJAY SAKHIDAS

(PROPRIETOR)

 

 

 

IMMOVABLE PROPERTIES

 

 

APPLICANT

 

 

Address of the property with survey No./ Door No etc.

B-73, Savita Govind Plaza, Judges Bunglow Char Rasta, Bodakdev, Ahmedabad-380015, Gujarat, India

 

 

Description: Land/ Site/ Building

Flat

 

 

Whether free hold/ Lease hold

Freehold

 

 

Type of Property commercial/ Residential/ Agricultural

Residential

 

 

Area/ Extent of Land

200 sq. yards Approximately

 

 

 

PRESENT MARKET/ ASSESS VALUE

 

 

RS. 7.000 MILLIONS (APPROXIMATELY)

 

INVESTMENT IN BUSINESS CAPITAL

 

 

PRESENT VALUE OF INVESTMENT

 

 

RS. 4.519 MILLIONS

 

GOVERNMENT SECURITIES/ NSC/ PPE

 

Description

PPE: Rs. 0.750 Millions

NSC: Rs. 0.750 Millions

 

 

 

PRESENT VALUE OF SECURITIES

 

 

RS. 1.500 MILLIONS (APPROXIMATELY)

 

 

 

SHARES/ DEBENTURES/ MUTUAL FUNDS/ UNITS ETC.

 

 

PRESENT VALUE

 

 

RS. 1.800 MILLIONS (APPROXIMATELY)

 

 

 

VEHICLES OWNED

 

Model/ Make

Swift Desire

 

 

Date of Purchase

20.10.2008

 

 

Whether Hypothecated for loan

Rs. 0.450 Millions / P.R. Balance Rs. 0.229 Million

 

 

 

PRESENT MARKET VALUE

 

 

RS. 0.450 MILLION

 

 

 

LIABILITIES

 

Name of the Bank/ Institute

Kotam Mahindra Bank

 

 

 

AMOUNT OUTSTANDING

 

 

RS. 1.500 MILLIONS

 

Trade References:

 

·         Beam Offset Private  Limited

·         Jayram Corru Box Private Limited

·         Navjavan Printers, Ankleshwar

 

 

Fixed Assets:

 

·         Air- Condition

·         Comptuer

·         Cycle

·         Fax Machine

·         Motor Car

·         Telephone

 

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.44.30

UK Pound

1

Rs.72.92

Euro

1

Rs.64.90

 

 

 

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.