MIRA
INFORM REPORT
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Report Date : |
28.04.2011 |
IDENTIFICATION DETAILS
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Name : |
GALAXY PAPER PRIVATE LIMITED |
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Registered
Office : |
113-B, New Mandi, Muzaffarnagar – 251001, Uttar Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.10.1988 |
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Com. Reg. No.: |
20-10118 |
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CIN No.: [Company Identification No.] |
U21011UP1988PTC010118 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Kraft Paper, Grey Board and Kraft Board. |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 110000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are fair. Business is active. Payments are reported to be slow but
correct. The company can be considered 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
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Name : |
Mr. Prateek |
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Designation : |
Director |
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Contact No.: |
91-9837804605 |
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Date : |
20.04.2011 |
LOCATIONS
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Registered Office : |
113-B, New Mandi, Muzaffarnagar – 251001, |
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Tel. No.: |
91-131-2605372 |
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Mobile No.: |
91-9837804605 (Mr. Prateek Bhatia) |
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Fax No.: |
91-131-2602699 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Vasu Dev Bhatia |
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Designation : |
Director |
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Address : |
107, |
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Date of Birth/Age : |
17.11.1936 |
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Date of Appointment : |
21.05.2009 |
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Name : |
Mr. Gyan Prakash Bhatia |
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Designation : |
Director |
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Address : |
113-B, |
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Date of Appointment : |
11.10.1988 |
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Name : |
Mr. Prateek Bhatia |
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Designation : |
Director |
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Address : |
113-B, |
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Date of Appointment : |
24.04.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
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Reeta Bhatia |
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208650 |
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Shubhra Bhatia |
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80600 |
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Prateek Bhatia |
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185750 |
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Sugan Chand Bhatia |
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17000 |
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J.P. Khanna |
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5000 |
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Usha Agarwal |
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10000 |
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Pawan Kabra |
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10100 |
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Neeraj Kabra |
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10000 |
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Shiv Pyari Devi |
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36000 |
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Manoj Kabra |
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10000 |
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Rajendra Kumar Kabra |
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10000 |
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Bijendra Kumar Kabra |
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10000 |
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Jagdish Chand Bhatia |
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28680 |
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Gyan Prakash Bhatia |
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245510 |
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Vasu Dev Bhatia |
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2900 |
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Pradeep Sharma |
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2400 |
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Lalit Prasad Sharma |
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25010 |
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Gori Dutt Sharma |
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4100 |
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Ram Bahadur Bhardwaj |
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100000 |
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Deepali Gupta |
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254800 |
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Total |
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1256500 |
List of Allotees as on 23.11.2010
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Names of Shareholders |
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No. of Shares |
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Quest Compusoft Private Limited ( |
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145000 |
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Boost Adtech Private Limited ( |
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90000 |
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JA Gang Plastic ( |
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130000 |
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D and S Ferrochem International Private Limited ( |
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70000 |
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Reeta Bhatia |
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40000 |
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Shubhra Bhatia |
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50000 |
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Deepali Gupta |
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25800 |
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Manish Bhatia |
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50000 |
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Gyan Prakash Bhatia |
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116000 |
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Prateek Bhatia |
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100700 |
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Deoinder Brothers ( |
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85000 |
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Total |
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902500 |
As on 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
81.00 |
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Other top fifty shareholders |
19.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Kraft Paper, Grey Board and Kraft Board. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Paper Board, Kraft Paper |
M.T. |
NA |
11000 |
4899.4910 |
GENERAL INFORMATION
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Customers : |
End users |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Arora Pahiya and Company Chartered Accountant |
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Address : |
188, North Gandhi Colony, Street No. 11, Muzaffarnagar – 251001, |
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Tel. No.: |
91-131-2411938 |
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Mobile No.: |
91-9760009865 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1300000 |
Equity Shares |
Rs.10/- each |
Rs.13.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
1256500 |
Equity Shares |
Rs.10/- each |
Rs.12.565
Millions |
After 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2300000 |
Equity Shares |
Rs.10/- each |
Rs.23.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2159000 |
Equity Shares |
Rs.10/- each |
Rs.21.590
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
12.565 |
12.565 |
4.300 |
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2] Share Application Money |
4.025 |
0.850 |
7.230 |
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3] Reserves & Surplus |
10.894 |
9.716 |
6.651 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
27.484 |
23.131 |
18.181 |
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LOAN FUNDS |
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1] Secured Loans |
31.016 |
27.356 |
24.504 |
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2] Unsecured Loans |
10.883 |
10.881 |
8.546 |
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TOTAL BORROWING |
41.899 |
38.237 |
33.050 |
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DEFERRED TAX LIABILITIES |
3.802 |
3.363 |
2.769 |
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TOTAL |
73.185 |
64.731 |
54.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
38.580 |
39.611 |
40.844 |
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Capital work-in-progress |
12.141 |
4.892 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.796
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11.361 |
8.497 |
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Sundry Debtors |
11.888
|
13.149 |
10.473 |
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Cash & Bank Balances |
1.176
|
1.398 |
1.584 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
3.972
|
6.245 |
2.245 |
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Total
Current Assets |
31.832
|
32.153 |
22.799 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
6.876
|
9.633 |
6.394 |
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Other Current Liabilities |
0.399
|
0.529 |
1.888 |
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Provisions |
2.093
|
1.763 |
1.361 |
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Total
Current Liabilities |
9.368
|
11.925 |
9.643 |
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Net Current Assets |
22.464
|
20.228 |
13.156 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
73.185 |
64.731 |
54.000 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
73.262 |
87.902 |
66.831 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
64.809 |
77.202 |
64.808 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.453 |
10.700 |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
3.537 |
3.643 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.916 |
7.057 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.002 |
2.777 |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
1.914 |
4.280 |
2.023 |
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Less |
TAX (I) |
0.735 |
1.216 |
0.847 |
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PROFIT AFTER TAX
(G-I) (J) |
1.179 |
3.064 |
1.176 |
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IMPORTS |
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Raw Materials |
1.866 |
1.733 |
0.000 |
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Stores & Spares |
0.230 |
0.615 |
0.286 |
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Capital Goods |
0.000 |
0.000 |
0.654 |
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TOTAL IMPORTS |
2.096 |
2.348 |
0.940 |
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Earnings Per
Share (Rs.) |
0.94 |
2.44 |
2.74 |
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Particulars |
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31.03.2011 |
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Sales Turnover |
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130.000 |
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Expected Sales (2011-2012) : Rs.180.000 Millions
KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
1.61
|
3.48 |
1.76 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.72
|
5.96 |
3.18 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.18 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.86
|
2.17 |
2.35 |
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Current Ratio (Current Asset/Current Liability) |
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3.40
|
2.70 |
2.36 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :
The production during the year was 4899.49 M.T. Paper as against 5565.92
M.T. Paper during the previous year. The company achieved a turnover of
Rs.74.171 Millions during the year as against Rs.90.004 Millions during the
previous year. The Directors expect better results in coming year.
FORM 8 :
|
Corporate
identity number of the company |
U21011UP1988PTC010118 |
|
Name of the
company |
GALAXY PAPER PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
113-B, New Mandi, Muzaffarnagar – 251001, |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
80028571 |
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Type of charge |
Immovable
property Any interest in
immovable property Book debts Movable property |
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Particular of charge
holder |
Allahabad Bank, 36-A, New Mandi, Muzaffarnagar – 251001, |
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Nature of
instrument creating charge |
Second
supplementary general letter of hypothecation SD-02 dated 08-12-2010 |
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Date of
instrument Creating the charge |
08.12.2010 |
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Amount secured by
the charge |
Rs.10.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: Base Rate + 3.50%
(Present Base Rate is 8.5%) Terms of
repayment : Term Loan -II of
Rs.10.000 millions shall be repayable in quarterly installments of Rs.0.400
million in the first year after moratorium of three months from the date of
first disbursement .Thereafter, quarterly installments will increase to
Rs.0.450 million for next two years. The quarterly installment will increase
to Rs.0.600 million in final two years. Besides monthly interest will be
repaid as and when it falls due on regular basis. Margin : as per agreement Extent and
operation of the charge : as per agreement |
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Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
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Date of
instrument modifying the charge |
11.04.2007 |
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Particulars of
the present modification |
Term Loan-I-Rs.
6.190 millions has been satisfy so balance of Term Loan-II -Rs.10.000 millions is pending. |
FIXED ASSETS :
- Land
- Building
- Plant and Machinery
- Generator
- Office Equipment
- Furniture
- Cycle
- Effeluent Treatment Plant
- Scooter
- Commercial Vehicle
- Car
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.44.40 |
|
|
1 |
Rs.73.26 |
|
Euro |
1 |
Rs.65.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.