MIRA
INFORM REPORT
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Report Date : |
21.01.2011 |
IDENTIFICATION DETAILS
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Name : |
SUN FINE PAPERS PRIVATE LIMITED |
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Registered
Office : |
1st Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.03.2004 |
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Com. Reg. No.: |
11-144809 |
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CIN No.: [Company Identification
No.] |
U21000MH2004PTC144809 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Importer of Fine Papers. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 61000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Mayuresh |
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Designation : |
Accountant |
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Date : |
21.01.2011 |
LOCATIONS
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Registered Office : |
1st Floor, |
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Tel. No.: |
91-22-22615444 / 2261 5421 |
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Fax No.: |
91-22-22615444 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft |
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Location : |
Rented |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Bharat D Shah |
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Designation : |
Whole Time Director |
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Address : |
Boman House, 2, |
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Date of Birth/Age : |
10.05.1974 |
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Date of Appointment : |
01.03.2004 |
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Name : |
Mr. Shah Devshi Pratik |
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Designation : |
Whole Time Director |
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Address : |
Boman House, 2, |
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Date of Birth/Age : |
28.06.1982 |
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Date of Appointment : |
01.03.2004 |
KEY EXECUTIVES
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Name : |
Mr. Mayuresh |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
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Bharat D Shah |
53000 |
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Pratik D Shah |
46960 |
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Chandrika Shah |
55010 |
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Amrutben M Nisar |
10 |
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Jayesh M Nisar |
10 |
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Manilal G Nisar |
10 |
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Mamta P Shah |
85000 |
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Bharat Shah – Karta of Bharat Shah HUF |
95000 |
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Pratik Shah - Karta of Pratik Shah HUF |
95000 |
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Manjula Shah |
70000 |
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Total |
500000 |
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AS ON 30.09.2009
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Other top fifty shareholders |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Importer of Fine Papers. |
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Products : |
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Imports : |
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Products : |
Fine Paper |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit and L/C |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers |
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No. of Employees : |
10 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 : |
Pasad and Shah Chartered Accountant |
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Address : |
3, Rajhans Naigaon Cross Road, Opposite Hotel Avon Ruby, Bhehind Parsi
Agiary, Dadar (East), Mumbai 400014, Maharashtra, India |
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Tel. No.: |
91-22-24112623/24112625 |
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Fax No.: |
91-22-24112625 |
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E-Mail : |
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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500000 |
Equity Shares |
Rs. 10 each |
Rs.5.000
millions |
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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 |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.358 |
6.978 |
3.280 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.358 |
11.978 |
8.280 |
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LOAN FUNDS |
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1] Secured Loans |
13.265 |
10.239 |
7.957 |
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2] Unsecured Loans |
23.421 |
18.843 |
15.837 |
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TOTAL BORROWING |
36.686 |
29.082 |
23.794 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
52.044 |
41.060 |
32.074 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.056 |
0.546 |
0.733 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.002 |
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DEFERREX TAX ASSETS |
0.038 |
0.029 |
0.022 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
45.701
|
6.217 |
32.799 |
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Sundry Debtors |
10.025
|
42.087 |
9.216 |
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Cash & Bank Balances |
0.423
|
1.205 |
0.859 |
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Other Current Assets |
1.075
|
0.976 |
0.260 |
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Loans & Advances |
5.073
|
3.534 |
1.967 |
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Total
Current Assets |
62.297
|
54.019 |
45.101 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
5.874
|
9.673 |
11.416 |
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Other Current Liabilities |
0.015
|
0.006 |
0.337 |
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Provisions |
5.458
|
3.855 |
2.031 |
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Total
Current Liabilities |
11.347
|
13.534 |
13.784 |
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Net Current Assets |
50.950
|
40.485 |
31.317 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
52.044 |
41.060 |
32.074 |
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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 |
51.279 |
58.733 |
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Other Income |
45.803 |
0.047 |
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TOTAL (A) |
97.082 |
58.780 |
53.030 |
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Less |
EXPENSES |
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Cost of Goods Sold |
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36.171 |
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Administrative Expenses |
87.438 |
49.505 |
11.899 |
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Advertising Expenses |
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|
0.064 |
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TOTAL (B) |
87.438 |
49.505 |
48.134 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9.644 |
9.275 |
4.896 |
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Less |
FINANCIAL
EXPENSES (D) |
4.405 |
3.680 |
0.080 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.239 |
5.595 |
4.816 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.269 |
0.210 |
0.195 |
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PROFIT BEFORE
TAX (E-F) (G) |
4.970 |
5.385 |
4.621 |
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Less |
TAX (H) |
1.591 |
1.687 |
NA |
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PROFIT AFTER TAX
(G-H) (I) |
3.379 |
3.698 |
NA |
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Earnings Per
Share (Rs.) |
6.76 |
10.77 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.48
|
6.9 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
9.69
|
9.16 |
8.71 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.84
|
9.86 |
10.08 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.44 |
0.55 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.12
|
3.55 |
4.53 |
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Current Ratio (Current Asset/Current Liability) |
|
5.49
|
3.99 |
3.27 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS AVAILABLE FOR
(Rs.
in millions)
|
PARTICLARS |
AS ON 31.03.2010 |
AS ON 31.03.2009 |
AS ON 31.03.2008 |
|
Sundry Creditors |
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For Goods Expenses |
4.883 |
8.766 |
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For Expenses |
0.990 |
0.907 |
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OPERATIONS
During the year, the Sales Revenue has decreased by 12.69% over the last
year’s operations i.e from Gross 58.700 millions in 2008-09 to Rs.51.300
millions in 2009.2010
The Company has earned Net Profit of Rs.4.970 millions as compared to
the last year’s Profit of Rs.5.385 millions. The profitability has been
decreased due to fall in Sales.
FORM 8
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Corporate
identity number of the company |
U21000MH2004PTC144809 |
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Name of the
company |
SUN FINE PAPERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
1st Floor, |
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This form is for |
Modification of
charge |
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Type of charge |
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Particular of
charge holder |
Union Bank of Address: 266, |
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Nature of
instrument creating charge |
Supplemental
Agreement to Hypothecation Agreement of Goods and Debts. |
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Date of instrument
Creating the charge |
21.01.2010 |
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Amount secured by
the charge |
Rs. 15.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest BPLR + 1.5 per
annum with monthly rests or such other rate as may be revised by the Bank
from time to time depending on the change in PLR of the Bank or directives of
RBI or policy of the Bank. Terms of repayment On Demand. Margin As per sanction
terms. Extent and operation of the charge To secure Revised
Cash Credit (Hypothecation) facility of Rs.15.000 millions W/W Inland/Import
L/C (DP/DA 180 days) facility of (Rs.3.000 millions) granted by the Bank to
the Company. |
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Short particulars
of the property charged (Including location of the property) |
That the
Hypothecated Goods, Book-Debts, Movable Property covered by the Principal
Hypothecation Agreement shall continue to be a security for the Bank for the
Bank for enhanced Cash Credit (Hypothecation) facility of Rs.15.000 millions
W/W Inland/Import L/C (DP/DA 180 days) facility of (Rs.3.000 millions)
granted by the Bank to the Company. |
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Date of
instrument modifying the charge |
19.01.2010 |
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Particulars of
the present modification |
Vide this modification
an additional sum of Rs.5.000 millions
has been granted by the Bank thereby enhancing the Cash Credit
(Hypothecation) facility from Rs.10.000 millions to Rs.15.000 millions and
That the Hypothecated Goods, Book-Debts, Movable Property covered by the
Principal Hypothecation Agreement shall continue to be a security for the
Bank for the Bank for enhanced Cash Credit (Hyp) facility of Rs.15.000
millions W/W Inland/Import L/C (DP/DA 180 days) facility of (Rs.3.000
millions) granted by the Bank |
FIXED ASSETS :
- Telephone System
- Car
- Computer
- Furniture
- Air Purifier
- Cutting Machine
- Fan
- Honda Splendor
- Vaccum Cleanner
- Honda Activa
TRADE REFERENCE:
- Jack Printers Private Limited
WEBSITE DETAILS
PROFILE
Subject ranks among the leading multi brand fine and
special, paper and board company in
A high degree of professionalism, business integrity and deep insight into the
paper-making process have enabled Mr Shah to carve a unique niche - based on
quality, variety, availability and customer concern.
Over a short span of time, thanks to his efforts, Subject has built a
reputation for stocking the widest variety in Internationally acclaimed
speciality fine papers / boards and Indian handmade papers and ready to use
products. Our company in Mumbai, is strategically located to lend accessibility
to any corner of
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.45.58 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.61.45 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.