MIRA
INFORM REPORT
|
Report Date : |
15.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
MPI PAPERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Military Road, Marol, Andheri
(East), Mumbai – 400 059, |
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2010 |
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|
|
|
Date of
Incorporation : |
25.03.1996 |
|
|
|
|
Com. Reg. No.: |
11-098408 |
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|
|
Capital Investment
/ Paid-up Capital : |
Rs.0.110
million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U21010MH1996PTC098408 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM10578B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
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|
Line of Business
: |
Manufacturing of Paper Products. |
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|
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|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2000 |
|
|
|
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. The company
has been successful in wiping off the accumulated losses of the previous
year. Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Shabbir M. |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-29209251 |
|
Date : |
15.07.2011 |
LOCATIONS
|
Registered Office/ Factory : |
Military Road, Marol, Andheri
(East), Mumbai – 400 059, |
|
Tel. No.: |
91-22-28505068/ 29209251/ 29209252/
29209253 |
|
Mobile No.: |
91-9820031741, 9821303341 (Mr. Mufaddal D. Ezzi) |
|
Fax No.: |
91-22-28505226/ 29209256 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Shabbir Abdulhusein Ezzi |
|
Designation : |
Director |
|
Address : |
95 A, |
|
Date of Birth/Age : |
23.10.1963 |
|
Date of Appointment : |
25.03.1996 |
|
DIN No.: |
01268781 |
|
|
|
|
Name : |
Mr. Saifuddin Abdulhusein Ezzi |
|
Designation : |
Director |
|
Address : |
95 A, |
|
Date of Birth/Age : |
12.10.1960 |
|
Date of Appointment : |
25.03.1996 |
|
DIN No.: |
01268991 |
|
|
|
|
Name : |
Mr. Yusuf Dawood Shaikhadam Ezzi |
|
Designation : |
Director |
|
Address : |
95 A, |
|
Date of Birth/Age : |
11.11.1967 |
|
Date of Appointment : |
25.03.1996 |
|
DIN No.: |
02844162 |
|
|
|
|
Name : |
Mr. Mufaddal Dawood Ezzi |
|
Designation : |
Director |
|
Address : |
95 A, |
|
Date of Birth/Age : |
16.04.1971 |
|
Date of Appointment : |
25.03.1996 |
|
DIN No.: |
01268865 |
|
|
|
|
Name : |
Mrs. Jamila Saifuddin Ezzi |
|
Designation : |
Director |
|
Address : |
95 A, |
|
Date of Birth/Age : |
05.04.1963 |
|
Date of Appointment : |
01.04.1998 |
|
DIN No.: |
02682658 |
|
|
|
|
Name : |
Mrs. Tasneem Yusuf Ezzi |
|
Designation : |
Director |
|
Address : |
95 A, |
|
Date of Birth/Age : |
27.02.1972 |
|
Date of Appointment : |
01.04.1998 |
|
DIN No.: |
01269042 |
KEY EXECUTIVES
|
Name : |
Mr. Shabbir M. |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ezzi Abdulhusein Shabbir |
|
275 |
|
Ezzi Abdulhusein Saifuddin |
|
275 |
|
Ezzi Dawood Yusuf |
|
275 |
|
Ezzi Dawood Mufaddal |
|
275 |
|
Total |
|
1100 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Paper Products. |
|
|
|
|
Products : |
v
Colored Coated Paper v
Fluorescent Coated Paper v
Metallic Coated Paper v
Coated Packaging Paper |
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|
|
|
Exports : |
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|
Products : |
Colour Coated Paper |
|
Countries : |
v
v
v
v
v
v
|
|
|
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Terms : |
|
|
Selling : |
L/C, Cash and Credit (30 days) |
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|
|
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Purchasing : |
Cash and Credit (30 days) |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Basis |
Installed
Capacity |
Actual
Production |
|
Coloured Paper/ Board |
MT |
Single Shift |
600.000 |
735.000 |
|
|
|
|
|
|
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
v ICICI Bank, Andheri (East) v The Saraswat Co-Operative Bank Limited, Marol Branch |
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Facilities : |
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Banking Relations
: |
-- |
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|
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Auditors : |
|
|
Name : |
Pankaj J. Jhamar Chartered Accountants |
|
Address : |
7/E-2, Kalpita Enclave, |
|
Tel. No.: |
91-22-23804290 |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEPJ5398L |
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|
|
|
Memberships : |
CAPEXIL |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000 |
Equity Shares |
Rs.100/- each |
Rs.0.200 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1100 |
Equity Shares |
Rs.100/- each |
Rs.0.110
million |
|
|
|
|
|
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 |
0.110 |
0.110 |
0.110 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.350 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(0.556) |
(1.928) |
|
|
NETWORTH |
0.460 |
(0.446) |
(1.818) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
21.153 |
23.120 |
23.156 |
|
|
TOTAL BORROWING |
21.153 |
23.120 |
23.156 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.048 |
0.043 |
|
|
|
|
|
|
|
|
TOTAL |
21.613 |
22.722 |
21.381 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6.982 |
8.301 |
8.711 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.003 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5.706
|
6.786 |
7.422 |
|
|
Sundry Debtors |
3.705
|
9.963 |
1.806 |
|
|
Cash & Bank Balances |
9.119
|
0.332 |
6.118 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans, Advances & Deposits |
4.691
|
4.324 |
4.351 |
|
Total
Current Assets |
23.221
|
21.405 |
19.697 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3.316
|
2.448 |
2.055 |
|
|
Other Current Liabilities & Provisions |
5.277
|
4.536 |
4.972 |
|
Total
Current Liabilities |
8.593
|
6.984 |
7.027 |
|
|
Net Current Assets |
14.628
|
14.421 |
12.670 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
21.613 |
22.722 |
21.381 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales Less Return |
65.141 |
72.437 |
61.617 |
|
|
|
Other Income |
0.000 |
0.012 |
0.007 |
|
|
|
Foreign Exchange Gain |
0.000 |
0.891 |
0.031 |
|
|
|
TOTAL |
65.141 |
73.340 |
61.655 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
47.598 |
54.936 |
39.277 |
|
|
|
Manufacturing Expenses |
7.456 |
7.977 |
10.214 |
|
|
|
Export Expenses |
0.766 |
0.630 |
1.547 |
|
|
|
Directors Remuneration |
2.040 |
2.040 |
0.882 |
|
|
|
Audit Fees |
0.070 |
0.011 |
0.011 |
|
|
|
Administrative Expenses |
4.039 |
3.528 |
2.578 |
|
|
|
Selling & Distribution Expenses |
0.424 |
0.292 |
0.928 |
|
|
|
Bank Charges |
0.108 |
0.080 |
0.072 |
|
|
|
Balance Write Off / Write Back |
(0.043) |
0.077 |
(0.002) |
|
|
|
TOTAL |
62.458 |
69.571 |
55.507 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.683 |
3.769 |
6.148 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.378 |
1.498 |
1.360 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.305 |
2.271 |
4.788 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.399 |
0.899 |
1.817 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.906 |
1.372 |
2.971 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.556) |
(1.928) |
(4.899) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
0.350 |
(0.556) |
(1.928) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
30.761 |
42.814 |
NA |
|
|
TOTAL EARNINGS |
30.761 |
42.814 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material – Paper |
0.000 |
0.700 |
NA |
|
|
TOTAL IMPORTS |
0.000 |
0.700 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
823.64 |
NA |
NA |
|
|
Particulars |
|
|
31.03.2011 (Approximately) |
|
Sales Turnover |
|
|
55.000 |
|
|
|
|
|
Expected Sales (2011-2012): Rs.100.000 millions
The above information has been parted by Mr. Shabbir M. (Accountant).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.39
|
1.87 |
4.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.00
|
3.14 |
7.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.32
|
7.64 |
16.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
2.84
|
(5.09) |
(2.64) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
64.67
|
(67.50) |
(16.60) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.70
|
3.06 |
2.80 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
The Operation of
the Company for the Accounting Year Ended 31/03/2010 shows a Profit of Rs.0.906
million (previous year Rs.1.372 millions.)
PERFORMANCE AND
PROSPECT
During the period
the products in which the company is dealing are continued to be well accepted
in the market. The company is creating a range of products and expecting a very
good response from the Market.
TRADE REFERENCES:
v
Navneet Publication
v
Plus Corporation
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
a. Claims against the Company not acknowledged as Debts |
Nil |
|
b. Guarantees given by bank on behalf of the Company |
Nil |
|
c. Letters of Credit given by Bank on behalf of the Company |
Nil |
|
d. Legal Suits filed against the Company (having monetary implication) |
0.018 |
FIXED ASSETS
v Furniture and Fixtures
v Plant and
Machinery
v Motor Car
v Computer and
Printer
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.44.53 |
|
|
1 |
Rs.71.80 |
|
Euro |
1 |
Rs.63.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.