MIRA
INFORM REPORT
|
Report Date : |
06.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SETH BANKATLAL MALU INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
1186 Radha Niwas, Bhavsar Chowk, Gandhibag, |
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Country : |
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|
Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.07.2000 |
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Com. Reg. No.: |
11-127707 |
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Capital
Investment / Paid-up Capital : |
Rs.12.500 millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U51900MH2000PTC127707 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NGPS05672C |
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PAN No.: [Permanent Account No.] |
AAFCS5692E |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturer and Supplier of Kraft Paper |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 330000 |
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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 nor mal for business dealings at usual
tarde 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Karva |
|
Designation : |
Accounts Manager |
|
Date : |
04.07.2011 |
LOCATIONS
|
Registered Office : |
1186 Radha Niwas, Bhavsar Chowk, Gandhibag, |
|
Tel. No.: |
91-712-2760407 / 2767151 / 2774170 / 2730656 |
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Fax No.: |
91-712-2730657 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Satyanrayan B Malu |
|
Designation : |
Managing Director |
|
Address : |
1186 Radha Niwas, Bhavsar Chowk, Gandhibagh, |
|
Date of Birth/Age : |
13.07.1952 |
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Date of Appointment : |
14.07.2000 |
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DIN No. : |
00444841 |
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|
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|
Name : |
Mr. Ramesh S Malu |
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Designation : |
Director |
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Address : |
1186 Radha Niwas, Bhavsar Chowk, Gandhibagh, |
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Date of Birth/Age : |
24.03.1980 |
|
Date of Appointment : |
26.12.2001 |
|
DIN No. : |
00690290 |
KEY EXECUTIVES
|
Name : |
Dr. V K Jain |
|
Designation : |
Practicing Company Secretary |
|
Address : |
S-13, “Saburi”, Bharat Nagar, |
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Tel No. : |
91-712-2541739 |
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Mobile No. : |
91-9422807726 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Satyanrayan B Malu |
|
1050000 |
|
Ramesh S Malu |
|
199999 |
|
Sunil S Agrawal |
|
1 |
|
|
|
|
|
Total |
|
1250000 |
List of Allotment as on 28.03.2011
|
Names of Allottees |
|
No. of Shares |
|
Satyanarayan Malu |
|
1050000 |
|
Ramesh Malu |
|
200000 |
|
Total |
|
1250000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Kraft Paper |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
M. G. Kraft Paper |
N.A. |
50 TPD |
12302.694 M.T. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
·
Allahabad Bank Tiwari Sadan, Opp. Hotel Skylark,
Gandhibagh, ·
Bank of ·
Oriental Bank of Commerce |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
A S Daga and Company Chartered Accountant |
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Address : |
301, 602-‘B’ Wing, 6th Floor, Lokmat Bhawan, Ramdaspeth, |
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Tel. No.: |
91-712-2461971 / 6617971 |
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Mobile No.: |
91-9373114747 |
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Fax No.: |
91-712-2461971 |
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E-Mail : |
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|
Website : |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500
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 |
12.500 |
12.500 |
12.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
70.813 |
68.822 |
66.985 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
83.313 |
81.322 |
79.485 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
61.582 |
61.859 |
39.597 |
|
|
2] Unsecured Loans |
5.288 |
10.844 |
11.669 |
|
|
TOTAL BORROWING |
66.870 |
72.703 |
51.266 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
150.183 |
154.025 |
130.751 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
91.646 |
89.557 |
88.659 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
61.773
|
53.505 |
37.008 |
|
|
Sundry Debtors |
17.607
|
19.091 |
23.894 |
|
|
Cash & Bank Balances |
7.809
|
6.091 |
3.567 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
4.269
|
3.585 |
3.418 |
|
|
Deposits |
12.605
|
14.517 |
9.425 |
|
Total
Current Assets |
104.063
|
96.789 |
77.312 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
44.021
|
30.003 |
30.897 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
1.742
|
2.634 |
4.718 |
|
Total
Current Liabilities |
45.763
|
32.637 |
35.615 |
|
|
Net Current Assets |
58.300
|
64.152 |
41.697 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.237 |
0.316 |
0.395 |
|
|
|
|
|
|
|
|
TOTAL |
150.183 |
154.025 |
130.751 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Other Income |
247.153 |
306.553 |
277.982 |
|
|
|
TOTAL (A) |
247.153 |
306.553 |
277.982 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
232.487 |
291.995 |
263.424 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
14.666 |
14.558 |
14.558 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
7.617 |
7.240 |
5.690 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.049 |
7.318 |
8.868 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.919 |
3.668 |
3.807 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3.130 |
3.650 |
5.061 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.770 |
1.400 |
1.714 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.360 |
2.250 |
3.347 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
63.129 |
33.227 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.89 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.95
|
0.73 |
1.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.60
|
1.96 |
3.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.04 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.35
|
1.30 |
1.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.27
|
2.97 |
2.17 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
As
on 31.03.2010 Rs.
in millions |
As
on 31.03.2009 Rs.
in millions |
As
on 31.03.2008 Rs.
in millions |
|
Sundry Creditors for Indian Raw Material |
19.489 |
6.244 |
4.356 |
|
Sundry Creditors for Imported Raw Material |
20.361 |
22.449 |
23.814 |
|
Sundry Creditors for Other than Raw Material |
4.171 |
1.310 |
2.727 |
|
Total |
44.021 |
30.003 |
30.897 |
PARTIAL DETAILS OF
SUNDRY CREDITORS
|
Particulars |
As
on 31.03.2010 Rs.
in millions |
As
on 31.03.2009 Rs.
in millions |
As
on 31.03.2008 Rs.
in millions |
|
Jejani Waste Paper Supplier |
NA |
0.201 |
NA |
|
Sujata Waste Paper |
NA |
0.276 |
NA |
|
Sunil Khetan |
NA |
1.069 |
NA |
|
Velan Kraft House Private Limited |
NA |
3.295 |
NA |
|
Vijay Kumar Agrawal and Company |
NA |
0.584 |
NA |
|
Harmon Associates |
NA |
2.852 |
NA |
|
Harmon International Limited |
NA |
4.224 |
NA |
|
Namma Trading Company Limited |
NA |
4.508 |
NA |
|
Orient Trading Enterprises |
NA |
3.109 |
NA |
|
Paper Chase International |
NA |
6.688 |
NA |
|
Bhavesh Trading |
NA |
0.017 |
NA |
|
Banarasi Golden Wood Plug |
NA |
0.014 |
NA |
|
|
NA |
0.037 |
NA |
|
Metro Electrical and Industrial |
NA |
0.070 |
NA |
|
Tilakraj Inderpal |
NA |
0.089 |
NA |
|
Saurashtra Specialities (Private) |
NA |
0.591 |
NA |
FINANCIAL
HIGHLIGHTS
The company posted another year of impressive results testifying to the robustness of the corporate strategy of creating multiple drivers of growth. The company recorded a Net Profit after tax Rs.2.360 millions during the year as against a Net Profit of Rs.2.250 millions during the previous financial year. In the years to come the company is looking forward to give to its valuable shareholders continued growth and profits.
CONTINGENT LIABILITIES
|
Particulars |
As on 31.03.2010 Rs. in millions |
As on 31.03.2009 Rs. in millions |
|
Bank Guarantees given by the Company’s
Bankers in the normal course of business |
4.585 |
4.100 |
|
LC Outstanding |
46.058 |
2.059 |
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U51900MH2000PTC127707 |
|
Name of the company |
SETH BANKATLAL MALU INDUSTRIES PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
1186 Radha Niwas, Bhavsar Chowk, Gandhibag, |
|
This form is for |
Modification of
charge |
|
Charge identification (ID) number of the charge to be modified |
10238332 |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
Allahabad Bank Tiwari Sadan, Opp. Hotel Skylark, Gandhibagh, |
|
Nature of instrument creating charge |
1) Letter of mortgagor confirming deposit of title deeds. 2) Sanction letter. |
|
Date of instrument Creating the charge |
30.03.2011 |
|
Amount secured by the charge |
Rs.288.586 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Cash Credit : 3% above base rate, present eff. Rate 9.50% p.a. Term Loan I : 4% above br,
present eff. Rate 10.50% p.a. Term Loan II: 3% above br, present eff. Rate 9.50% p.a. All with
monthly rests. Terms of Repayment Cash Credit: On demand. Term Loan I: As existing. Term Loan II: repayable in 72 monthly installment of Rs.0.625 millions
after moratorium period of 14 months (moratorium period upto march 2012). Margin Cash Credit: 25%. Term Loan I: As existing. Term Loan II: 26.23%. Bank Guarantee: 20%. Letter of Credit: 10%. Extent and Operation of the charge The charge operates as security over the properties of the company. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
1) All that piece and parcel of agricultural land bearing survey no.
145, admeasuring 3.39 hr, P.H.No. 51, situated at mouza bhendala, land
revenue Rs.1.455 millions, occupancy Class-I, Khate Kramank 226,
Grampanchayat Patansaongi, Tahsil Saoner and District Nagpur. 2) All that piece and parcel of non agricultural land bearing survey
no. 115, admeasuring 3.92 hr, P.H.No. 51, situated at Mouza Patansaongi, land
along with the factory standing thereon, Occupancy Class-I, Grampanchayat
Patansaongi, Tahsil Saoner and District Nagpur. |
|
Particulars of the present modification |
Extention of equitable mortgage of immovable properties of the company
(as per point no. 15) to cover the total credit facilities of Rs.288.586
millions. The bifurcation of credit facilities are as under: 1) Cash Cedit: Rs.110.000 millions. 2) Tl I Existing: Rs.16.086 millions. 3) Tl II New: Rs.45.000 millions. 4) BG: Rs.7.500 millions. 5) LC: Rs.110.000 millions. Total: Rs.288.586 millions. |
FIXED ASSETS
·
Land
·
·
Plant and Machinery
·
Electrification
·
Furniture and Fixture
·
Office Equipment
·
Vehicles
·
Boilers
·
Live Stock
·
Computer Software WIP
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.44.50 |
|
|
1 |
Rs.71.25 |
|
Euro |
1 |
Rs.64.40 |
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.