MIRA
INFORM REPORT
|
Report Date : |
17.01.2011 |
Note: The
registered office of the company has been shifted from 58, GIDC Estate 1,
IDENTIFICATION DETAILS
|
Name : |
GUJARAT PRINT PACK PUBLICATION LIMITED |
|
|
|
|
Registered Office : |
201, Harsh Avenue, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
10.06.1994 |
|
|
|
|
Com. Reg. No.: |
04-22238 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U22210GJ1994PLC022238 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability company. |
|
|
|
|
Line of Business : |
Manufacturing and Marketing of Printing Packing Materials like Printed
Cartons, Printed Corrugated Boxes, Universal Corrugated Boxes, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 120000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
& Marketing Head Office : |
201, Harsh Avenue, 2nd Floor, Navjivan Press
Road, Sattat Taluka
Society, Ashram Road, Ahmedabad, Gujarat, India |
|
Tel.
No.: |
91-79-27545314/27545414 |
|
Fax
No.: |
91-79-27545914 |
|
Email
: |
|
|
Website
: |
|
|
Area : |
200 Sq. ft |
|
Location: |
Owned |
|
|
|
|
Factory
1 : |
308-9,
G.I.D.C., Phase II, Dediyasan, Mehsana - 384 002 Gujarat, |
|
Tel
No.: |
91-2762-224014/224214 |
|
Fax
No.: |
91-2762-224914 |
|
Location: |
Owned |
|
|
|
|
Factory
2 : |
Khasra, 278/26, Opposite Black Mango Hotel, |
|
Email
: |
|
|
Location: |
Owned |
|
|
|
|
Overseas
Office : |
|
|
Tel.
No.: |
+97-104-3514456 |
|
Mobile
No.: |
+91-150-4216030. |
|
E-Mail
: |
|
|
|
|
|
Branches
: |
Located
At :
|
DIRECTORS
As on 30.09.2010
|
Name : |
Mr.
Ambubhai V. Patel |
|
Designation : |
Chairman and Managing Director |
|
Address : |
31-B Vinaynagar Society, Mahsana – 384002, |
|
Date of Birth/Age : |
11.04.1929 |
|
Date of Appointment : |
10.08.1994 |
|
|
|
|
Name : |
Mr. Ashish A. Patel |
|
Designation : |
Whole Time Director |
|
Address : |
31-B Vinaynagar Society, Mahsana – 384002, |
|
Date of Birth/Age : |
29.12.1965 |
|
Date of Appointment : |
10.06.1994 |
|
|
|
|
Name : |
Mrs. Kamlaben A. Patel |
|
Designation : |
Director |
|
Address : |
31-B Vinaynagar Society, Mahsana – 384002, |
|
Date of Birth/Age : |
10.05.1937 |
|
Date of Appointment : |
01.10.1996 |
|
|
|
|
Name : |
Mr. Ugrabhai V. Patel |
|
Designation : |
Director |
|
Address : |
Shrusshti, 10 and 11, Mantri Kishor Park, Range Hill Road, Bhosle
Nagar, Pune – 411007, Maharashtra, India |
|
Date of Birth/Age : |
19.03.1941 |
|
Date of Appointment : |
11.03.2007 |
|
Other Directorship : |
Gold Leaf Investments Private Limited U65993PN2005PTC021688 Advent Software Limited U74200PN1999PLC013555 Sterling Premises Private Limited U45201PN2004PTC019297 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Akshat Patel |
|
222571 |
|
Ashish A. Patel |
|
165993 |
|
Ambubhai V. Patel |
|
336401 |
|
Bharti Chimanlal Patel |
|
1143 |
|
Bharatkumar Dwarkadas Patel |
|
1143 |
|
Chimanlal Khodidas Patel |
|
1143 |
|
Dwarkadas Vanarashidas Patel |
|
2286 |
|
H.V. Patel (HUF) |
|
2286 |
|
Harjivanbhai Patel |
|
58043 |
|
Jayshree Akshat Patel |
|
330572 |
|
Kirti Harjivanbhai Patel |
|
2286 |
|
Maniben Ugarchandbhai Patel |
|
11429 |
|
Ramaben Harjivandas Patel |
|
2286 |
|
Sankuben Khodidas Patel |
|
1143 |
|
Ugarchand Vanasharidas Patel |
|
22857 |
|
Pragnya A. Patel |
|
110856 |
|
Ashish Ambubhai Patel (HUF) |
|
114286 |
|
Ambubhai Vanarashidas Patel |
|
45714 |
|
Ketan S. Patel |
|
10000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
94.00 |
|
Other
top fifty shareholders |
|
6.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Printing Packing Materials like Printed
Cartons, Printed Corrugated Boxes, Universal Corrugated Boxes, etc. |
GENERAL INFORMATION
|
Bankers : |
Bank of |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Virendra Chinubhai and Company Chartered Accountants |
|
Address : |
1-2-3, First Floor, Vyapar Bhawan, Visnagar, |
|
Mobile No.: |
91-98250 21438 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1495000 |
Equity Shares |
Rs.10/- each |
Rs.14.950
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
14.950 |
14.950 |
14.950 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
17.336 |
14.947 |
12.074 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
32.286 |
29.897 |
27.024 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
27.836 |
34.278 |
43.085 |
|
|
2] Unsecured Loans |
38.315 |
39.043 |
32.478 |
|
|
TOTAL BORROWING |
66.151 |
73.321 |
75.563 |
|
|
DEFERRED TAX LIABILITIES |
11.438 |
10.857 |
10.291 |
|
|
|
|
|
|
|
|
TOTAL |
109.875 |
114.075 |
112.878 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
81.863 |
84.363 |
81.461 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
3.240 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
18.310
|
23.503 |
19.474 |
|
|
Sundry Debtors |
61.490
|
50.215 |
58.092 |
|
|
Cash & Bank Balances |
0.920
|
0.769 |
0.952 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
10.560
|
5.349 |
9.077 |
|
Total
Current Assets |
91.280
|
79.836 |
87.595 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
57.654
|
46.616 |
|
|
|
Other Current Liabilities |
0.519
|
0.592 |
57.291 |
|
|
Provisions |
5.095
|
2.916 |
2.127 |
|
Total
Current Liabilities |
63.268
|
50.124 |
59.418 |
|
|
Net Current Assets |
28.012
|
29.712 |
28.177 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
109.875 |
114.075 |
112.878 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
174.791 |
144.082 |
128.968 |
|
|
|
Other Income |
0.912 |
0.038 |
0.001 |
|
|
|
TOTAL (A) |
175.703 |
144.120 |
128.969 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material and other consumption |
113.010 |
99.307 |
85.107 |
|
|
|
Personnel related expenses |
13.766 |
10.662 |
7.098 |
|
|
|
Manufacturing and other expenses |
23.875 |
21.227 |
18.385 |
|
|
|
Increase / decrease in inventories |
3.424 |
(6.550) |
0.109 |
|
|
|
TOTAL (B) |
154.075 |
124.646 |
110.699 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
21.628 |
19.474 |
18.270 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10.404 |
11.228 |
9.858 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11.224 |
8.246 |
8.412 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.810 |
5.423 |
5.347 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5.414 |
2.823 |
3.065 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.392 |
0.717 |
2.061 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4.022 |
2.106 |
1.004 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13.615 |
11.492 |
11.144 |
|
|
|
PRIOR PERIOD
ADJUSTMENT |
(0.391) |
0.017 |
(0.656) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend and Tax |
1.742 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
15.504 |
13.615 |
11.492 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
2.115 |
1.229 |
4.910 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.69 |
1.22 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.29
|
1.46 |
0.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.10
|
1.96 |
2.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.13
|
1.72 |
1.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.09 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.00
|
4.13 |
4.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44
|
1.59 |
1.47 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
During the year the total turn over has increased by 22% in comparison
over previous year however continuous efforts for improvement in the quality of
the existing products in the existing markets and launching of new products the
results are hopeful.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U22210GJ1994PLC022238 |
|
Name of the
company |
GUJARAT
PRINT-PACK PUBLICATIONS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
201, Harsh Avenue, 2nd Floor, Navjivan Press
Road, Sattat
Taluka Society, Ashram Road, Ahmedabad, Gujarat, India |
|
Type of charge |
Movable Property
(not being pledge) |
|
Particular of
charge holder |
Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Instrument of
Hypothecation of Vehicle dt. 23/11/2010 |
|
Date of
instrument Creating the charge |
23.11.2010 |
|
Amount secured by
the charge |
Rs.0.940 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1.75% above Base
rate i.e. 10.25% Terms of
Repayment 60 monthly
instalments each of Rs. 20,302/- starting from 31st December, 2010 Margin 15% Extent and Operation
of the charge The said charge
shall stand and operate in favour of Bank of Baroda on first charge basis |
|
Short particulars
of the property charged |
|
Fixed Assets
- GIDC Resident
Plot
- Building
- Plant and
Machinery
- Electric
Fitting
- Furniture
Fixture
- Scooter/Cycle
- Tata Truck
- Motor Car
- Office
Equipment
- Lab
Equipments
- Generator
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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.