MIRA
INFORM REPORT
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Report Date : |
18.01.2011 |
IDENTIFICATION DETAILS
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Name : |
NEWS PRINT TRADING AND DISTRIBUTING CORPORATION LIMITED |
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Registered Office : |
229-231, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
08.09.1958 |
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Com. Reg. No.: |
11-11171 |
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CIN No.: [Company
Identification No.] |
U51900MH1958PLC011171 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT09646A MUMT10876F |
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PAN No.: [Permanent
Account No.] |
AAACT1786B |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Importer and Exporter of Printing Papers. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 50000 |
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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
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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 DECLINED BY
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Name : |
Ms. Priti |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-22627299 |
LOCATIONS
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Registered Office : |
229-231, |
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Tel. No.: |
91-22-22617272, 22617878, 22617299 |
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Fax No.: |
91-22-22611207 |
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E-Mail : |
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Website : |
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Area : |
2500 sq. ft |
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Location : |
Owned |
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Factory : |
Gala No.5/6, Tantia Industrial Estate, Sitaram Mill Compound, Lower Parel, Mambai, Maharashtra, India. |
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Tel. No.: |
91-22-23098182 |
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Area : |
1500 sq. ft. |
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Location : |
Owned |
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Branch 1 : |
203, Bora Bazar Street, 1st Floor, Fort, Mumbai
– 400001, |
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Tel. No.: |
91-22-22617299 |
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Fax No.: |
91-22-22611207 |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
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Branch 2 : |
Ground Floor, Mapla House, 202, Bora Bazar Street, Fort, Mumbai – 400001, Maharashtra, India |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
DIRECTORS
As On 27.09.2010
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Name |
Mr. Mulchand L. Shah |
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Designation |
Chairman |
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Address |
203, Bora Bazar Street, 1/F, Fort, Mumbai – 400 001, |
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Date of Birth |
05.07.1944 |
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Date of Appointment |
27.09.1990 |
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DIN No.: |
00134479 |
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Name |
Mr. Jayesh Mulchand Shah |
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Designation |
Whole-time Director |
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Address |
203, Bora Bazar Street, 1/F, Fort, Mumbai – 400 001, |
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Date of Birth |
18.05.1968 |
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Qualification |
B. Com. |
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Date of Appointment : |
01.04.2010 |
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DIN No.: |
00228868 |
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Name |
Mr. Hitesh Mulchand Shah |
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Designation |
Managing Director |
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Address |
203, Bora Bazar Street, 1/F, Fort, Mumbai – 400 001, |
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Date of Birth |
08.06.1970 |
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Qualification |
B. Com. |
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Date of Appointment |
01.04.2010 |
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DIN No.: |
00154753 |
KEY EXECUTIVES
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Name : |
Ms.Priti |
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Designation : |
Accounts Manager |
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Name : |
Mr. Manish L Ghia |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 27.09.2010
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Names of Shareholders |
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No. of Shares |
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Mulchand L. Shah and Manjula M. Shah |
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102000 |
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Manjula M. Shah and Mulchand L. Shah |
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18000 |
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Jayesh Mulchand Shah and Mulchand L. Shah |
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10700 |
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Jayesh Mulchand Shah |
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10000 |
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Bijal Jayesh Shah |
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200 |
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Hitesh Mulchand Shah and Mulchand Lalji Shah |
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34000 |
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Rajesh Mulchand Shah and Mulchand Lalji Shah |
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20000 |
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Vasant Samji Savla |
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50 |
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Manekchand S Bengani |
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100 |
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Manilal Jayantilal Shah and Jayantilal Yagnesh Shah |
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500 |
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Anilkumar Babulal Shah |
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50 |
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Swaldas Kishanchand Munyal and Vishindas K. Munyal and Asha V. Munyal |
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100 |
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Sakina Mohammedaram Hawa |
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50 |
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J.P. Patel (BOM) Private Limited |
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100 |
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Kantilal Mohanlal Parikh |
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50 |
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Dhiraj A. Shah and Meena D. Shah |
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100 |
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Arzoo Hitesh Shah and Hitesh Mulchand Shah |
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50 |
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Shantilal S. Shah |
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50 |
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Abdullabhai F. Kagalwala |
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400 |
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Girdharilal Damodar Private Limited |
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100 |
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Indravadan M. Parikh |
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50 |
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Krishnakumar L. Ganantra |
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50 |
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Mukesh K. Sheth |
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100 |
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Ramanand Kapoor |
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100 |
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Ramesh P. Chugani and Gauri R. Chugani |
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50 |
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Ramesh T. Chiklikar |
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50 |
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Vinod S. Shah |
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50 |
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Arzoo H. Shah |
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100 |
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Sheetal R. Shah |
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200 |
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Total |
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197350 |
As On 27.09.2010
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Category |
Percentage |
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Bodies corporate |
0.10 |
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Directors or relatives of Directors |
99.04 |
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Other top fifty shareholders |
0.86 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer and Exporter of Printing Papers. |
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Products : |
§ Newsprint Paper § Mechanical Printing Paper
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Agencies Held : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Cash or Credit (30-90 days) terms |
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Purchasing : |
L/C or Cash (60-90 days) terms |
GENERAL INFORMATION
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Suppliers : |
Some of the Major Suppliers of the company are :
v
v Shah Pulp and Paper Mills Limited v Jacob Juggerson Paper v
Daman v Sun Export Corporation v Amrita Paper Centre |
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Customers : |
Its major types of customers are End Users.
Some of the Major Customers of the company are :
v
Capital Market Publishers ( v Courier Publications Private Limited v CRISIL v
Express Publications ( v Laxmi Prakashan Private Limited v Rana Newsprint and Papers Limited v Sakal Papers Limited v Mumbai Grahak Panchayat v Radine Graphische Papier GMBH v Special Audience Publication Private Limited v
Indian National Press v Shatkar Prakashan Private Limited v Sumangal Press Private Limited |
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No. of Employees : |
Around 21 |
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Bankers : |
v
Union Bank of v
v
Bank of v Citi Co-operative Bank Limited v Dena Bank v Cosmos Co-Operative Bank |
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Facilities : |
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Banking Relations
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-- |
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Auditors : |
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Name : |
Rajeev Shah and Company Chartered Accountants |
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Address : |
3/4, Behramji Mansion, 1st Floor, 18, Homji Street, Sir P. M. Road, Fort, Mumbai – 400 001, Maharashtra, India |
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Tel. No.: |
91-22-22665425 |
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E-Mail : |
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Pan No. : |
AAAFR0196C |
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Associates/Subsidiaries : |
Address: 203, Line of Business: Paper Merchants
Address: 203, Line of Business: Construction |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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197350 |
Equity Shares |
Rs.10/- each |
Rs.1.974 millions |
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239 |
Equity Shares Add: Forfeited Shares |
Rs.35/- each |
Rs.0.008 million |
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Total |
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Rs.1.982 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 |
1.982 |
1.982 |
1.982 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.609 |
9.345 |
7.728 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.591 |
11.327 |
9.710 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
4.000 |
7.581 |
14.029 |
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TOTAL BORROWING |
4.000 |
7.581 |
14.029 |
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DEFERRED TAX LIABILITIES |
0.053 |
0.047 |
0.039 |
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TOTAL |
16.644 |
18.955 |
23.778 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.331 |
2.312 |
2.586 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.173 |
0.173 |
0.178 |
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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 |
0.930
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2.396 |
5.308 |
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Sundry Debtors |
6.661
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9.777 |
11.820 |
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Cash & Bank Balances |
2.461
|
0.845 |
0.941 |
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Other Current Assets |
0.509
|
4.600 |
0.000 |
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Loans & Advances |
4.600
|
1.857 |
6.262 |
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Total
Current Assets |
15.161
|
19.475 |
24.331 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.667
|
2.112 |
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Other Current Liabilities |
0.101
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0.117 |
2.508 |
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Provisions |
0.253
|
0.776 |
0.809 |
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Total
Current Liabilities |
1.021
|
3.005
|
3.317
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Net Current Assets |
14.140
|
16.470 |
21.014 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
16.644 |
18.955 |
23.778 |
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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 |
|
54.991 |
32.600 |
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Other Income |
|
6.691 |
4.715 |
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TOTAL (A) |
30.935 |
61.682 |
37.315 |
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Less |
EXPENSES |
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Cost of Goods sold |
24.617 |
52.364 |
30.838 |
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Operating and other expenses |
2.943 |
4.202 |
3.175 |
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TOTAL (B) |
27.560 |
56.566 |
34.013 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.375 |
5.116 |
3.302 |
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Less |
FINANCIAL
EXPENSES (D) |
1.197 |
2.438 |
2.355 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.178 |
2.678 |
0.947 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.243 |
0.277 |
0.377 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.935 |
2.401 |
0.570 |
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Less |
TAX (I) |
0.671 |
0.784 |
0.220 |
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PROFIT AFTER TAX
(G-I) (J) |
1.264 |
1.617 |
0.350 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.149 |
7.532 |
7.182 |
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BALANCE CARRIED
TO THE B/S |
10.413 |
9.149 |
7.532 |
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EARNINGS IN
FOREIGN CURRENCY |
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Commission Received |
2.647 |
5.973 |
2.490 |
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TOTAL EARNINGS |
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Earnings Per
Share (Rs.) |
6.40 |
8.19 |
1.78 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
4.09 |
2.62
|
0.94 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
4.37
|
1.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.06
|
11.02
|
2.12 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.21
|
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.40
|
0.93
|
1.79 |
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Current Ratio (Current Asset/Current Liability) |
|
14.85
|
6.48
|
7.34 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
· Radine Graphische Papier GMBH
· Jacob Jurgenen Papier
· Zellstoff GMBH
Operations:
During the year, the company has earned total income of Rs. 30.935 millions as compared to Rs. 61.681 millions in the previous year. After providing for depreciation, interest and tax, the net profit of the company stood at Rs. 1.264 millions as against Rs. 1.617 millions in the previous year. The surplus carried to balance sheet, including brought forward balance from the previous years, during the year was Rs. 9.149 millions.
|
Name of the company |
THE NEWSPRINT
TRADING AND DISTRIBUTING CORPORATION LIMITED |
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Presented By |
Mr. A G A K
Solanki, Chief Officer |
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1) Date and description of instrument creating the change |
Deed of hypothecation
of goods dated 04.11.1993 and copy of resolution passed. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.600 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 |
Again stock of
Newsprint paper and Newsglaze paper |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Import letter of
credit limit of Rs. 4.600 Millions and 60/90 D/A basis with 25 % Margin for
which the security details in Column No. 3 is hypothecated to the bank. |
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5) Name and Address and description of the person entitled to the charge. |
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6) Date and brief description of instrument modifying the charge |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
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FIXED ASSETS
- Motor Car
- Office Equipment
- Motor Bike
- Fax Machine
- Air Conditioner
- Computer
- Cellular Phone
- Furniture and Fixture
- Printer and Scanner
- Tempo
- Gala Non 25
WEB DETAILS
Profile
Subject
was incorporated in 1958 and is the oldest and the first agent registered
with Registrar of Newspapers in
Subject mainly deals in Newsprint paper, SC Paper and Light Weight
Coated paper and their client list includes all the leading Newspapers and
Magazines in
Subject are leading indentors for Glassine Base Paper,
Silicon coated bleached kraft and Self Adhesive paper.
Subject also import and indent all other kinds of paper
namely, Woodfree Coated and Uncoated, Ivory Board, All kinds of Kraft paper,
Digital Paper, Inject Paper, Tissue paper etc.
Subject buy paper from all over the world from different
producers, and they sell paper to end users in
This enables them to fulfill most
orders from their stocks within 24 hours.
The company has earned an impeccable and enviable
reputation over it's fair and professional dealings over it's long years of
dependable business in the industry. A company looked up to and respected for
their commitment to their customers.
Driving Force
The Directors of NTDC are a group of dynamic personalities
hailing from the predominantly business clan of the Kutchi Jain Community.
Having imbibed the business blood from their forefathers, they are a god
fearing community, who believe in the progress of society and humanity in
general.
They form a pool of various abilities, spanning over
generations.. combining the experience that comes through sheer hard work and
experience.. having the fathers who worked through their grit and determination
for the betterment of their lot, and built an empire today from the ashes of
nothing... passing on the torch to the young blood who bring in their dynamism
to the business today.. ready to take on the challenge of the new technology
changes.. today's generation.. which is techno savvy.. embracing the values of
their forefathers and the advent of the globalisation of the businesses all in
one step.
Mr. Mulchand Shah is the Chairman of the company. He
is 61 and has a large and rich experience of more than 44 years in this trade.
He started his business at the very tender age of 15. His own company M/s
Mulchand Lalji and Company, Mumbai has the goodwill of delivering paper on
demand no matter what the circumstances. His long years in the trade have
afforded him an impeccable reputation which only the most fair and professional
dealings with a humane touch can be earned by a business person. A personality
looked up to in the industry.
Mr. Kalyanji Shah is Director since 1986 and is also
partner in Mulchand Lalji and Company. He also started his business career at
the age of 15 and has always done business under the patronship of his elder
brother, Mulchandji Shah. He is 56 with the experience of 41 years in this
trade, and shares the qualities of his brother.
Mr. Jayesh Shah
is 38 and has an experience of 16 years in this business. He is an
expert in the technical aspects of paper and also looks after the Sales of the
company.
Mr. Hitesh Shah is 36 and is the Managing Director of
the Company. Purchases and Administration are under the ambit of his
portfolios. A live wire personality always on the move, he inspires the will to
work amongst the all and sundry who come in contact with him.
Apart from a team of two experienced and two young energetic Directors, the
company has the staff of 9 skilled members with not just business expertise but
also flexibility and a determination to make the seemingly impossible,
possible.
Strategic Partners
Subject are the agents for Damanganga - Damanganga group has varied interests in the
production of Paper Board, Paper Cores and Tubes, Paper Cones, Fibre Drums.
The group has three paper and board plants located in Vapi,
South Gujarat, India and Union Territory of DNH. It has four paper
conversion plants in Vapi as well.
The latest addition to the paper making business is a state
of art Newprint producing facility at Ambethi,
The core business of the group is centered at paper
production. The Group has this experience since the last 15 years in
The promoters have invested over Rs. 500.000 million in the
recent years in the country and sales turnover exceeds Rs. 850.000 million. The
group exports its various products to East African Countries, Middle East
Countries, and Neighbouring Countries.
The newsprint facility is one of the largest in the private
sector employing state of art technology to control all equipment. The online
quality control systems comprise of nuclear and x-ray sensors and scanners
supplied by "Honeywell Measurex",
The company manufactures world class 100% Recycled Newsprint and also employes the latest technology in water treatment. The company is now a totally closed water mill. As the company has extensively used electronics and computer controlled systems thereby eliminating chances of quality variations. The company's products are highly reliable and the clientele list of the company comprises of the leading newspaper publications. The group also offers, apart from Newsprint, excellent quality packaging papers, Boards, and total paper packaging solutions with wide applications.
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.45.59 |
|
|
1 |
Rs.72.31 |
|
Euro |
1 |
Rs.60.73 |
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 |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.