MIRA
INFORM REPORT
|
Report Date : |
20.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHIMANLAL FEIN PAPER PRIVATE LIMITED (w.e.f. 03.06.1999) |
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Formerly Known
As : |
THE |
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Registered
Office : |
40/42, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.11.1946 |
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Com. Reg. No.: |
11-006886 |
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Capital
Investment / Paid-up Capital : |
Rs.4.900
millions |
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CIN No.: [Company Identification
No.] |
U51396MH1946PTC006886 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMC10457G |
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PAN No.: [Permanent Account No.] |
AAACT1599E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Paper and all kind of Paper Boards. |
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No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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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 116000 |
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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 a well 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.
INFORMATION PARTED BY (General Details)
|
Name : |
Ms. Sita |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-22661943 |
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Date : |
19.07.2011 |
LOCATIONS
|
Registered Office : |
40/42, |
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Tel. No.: |
91-22-22661943 |
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Fax No.: |
91-22-22623186/ 22662842 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Hasit Hasmukh Shah |
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Designation : |
Managing Director |
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Address : |
C-4, Alaknanda, 16A, |
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Date of Birth/Age : |
03.06.1965 |
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Date of Appointment : |
28.07.1995 |
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DIN No.: |
00079204 |
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Name : |
Mrs. Indu Hasmukh Shah |
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Designation : |
Joint Managing Director |
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Address : |
C-4, Alaknanda, 16A, |
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Date of Birth/Age : |
27.11.1934 |
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Date of Appointment : |
12.02.2007 |
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DIN No.: |
00079164 |
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Name : |
Mr. Rajesh Madhvan |
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Designation : |
Joint Managing Director |
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Address : |
905/906, |
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Date of Birth/Age : |
04.04.1964 |
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Date of Appointment : |
12.02.2007 |
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DIN No.: |
00998479 |
KEY EXECUTIVES
|
Name : |
Ms. Sita |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Indu H. Shah |
|
9121 |
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Indu H Shah Jointly With Hasit H. Shah |
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4628 |
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Indu H. Shah Jointly With Hasit H Shah |
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10861 |
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Hasit H. Shah Jointly With Indu H. Shah |
|
7299 |
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Bhupali R. Madhavan Jointly With Rajesh Madhavan |
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2678 |
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Rajesh Madhavan Jointly With Bhupali R. Madhavan |
|
211 |
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Sharad Sawant |
|
100 |
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Usha Sawant |
|
100 |
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Indu H. Shah Jointly With Hasit H. Shah |
|
7750 |
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Indu H. Shah Jointly With Hasit H. Shah |
|
6250 |
|
Zain Akbarli Jawadwala |
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1 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Paper and all kind of Paper Boards. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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No. of Employees : |
25 (Approximately) |
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Bankers : |
v
Corporation Bank, 68/72, v
ICICI Bank Limited |
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Facilities : |
* Secured against book debt, hypothecation of goods. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V.C. Shah and Associates Chartered Accountants |
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Address : |
F-6, Jethwanagar, |
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Income-tax PAN of
auditor or auditor’s firm : |
AAEPS6422L |
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Associates/Subsidiaries : |
Chimanlal P. Shah and Company |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
49000 |
Equity Shares |
Rs.100/- each |
Rs.4.900
millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
4.900 |
4.900 |
4.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
24.101 |
21.252 |
19.468 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
29.001 |
26.152 |
24.368 |
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LOAN FUNDS |
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1] Secured Loans |
125.951 |
107.613 |
122.528 |
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2] Unsecured Loans |
26.268 |
11.414 |
11.247 |
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TOTAL BORROWING |
152.219 |
119.027 |
133.775 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
181.220 |
145.179 |
158.143 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.949 |
16.858 |
17.366 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.350 |
1.350 |
1.350 |
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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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|
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Inventories |
66.123
|
29.139 |
48.107 |
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Sundry Debtors |
79.913
|
67.598 |
72.017 |
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Cash & Bank Balances |
0.382
|
3.113 |
17.920 |
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Other Current Assets (Deposits) |
15.226
|
13.663 |
14.084 |
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Loans & Advances |
38.101
|
32.360 |
18.067 |
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Total
Current Assets |
199.745
|
145.873 |
170.195 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
33.429
|
15.872 |
28.818 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
4.395
|
3.030 |
1.950 |
|
Total
Current Liabilities |
37.824
|
18.902 |
30.768 |
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Net Current Assets |
161.921
|
126.971 |
139.427 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
181.220 |
145.179 |
158.143 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
445.200 |
390.300 |
NA |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
19.270 |
18.427 |
15.595 |
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Less |
INTEREST |
14.377 |
14.936 |
12.663 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.893 |
3.491 |
2.932 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.680 |
0.628 |
0.714 |
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PROFIT BEFORE
TAX |
4.213 |
2.863 |
2.218 |
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Less |
TAX |
1.365 |
1.080 |
0.750 |
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PROFIT AFTER TAX
|
2.848 |
1.783 |
1.468 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.486 |
4.003 |
2.886 |
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Previous
Year’s Adjustment |
0.000 |
0.000 |
0.051 |
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Less |
APPROPRIATIONS |
|
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Transfer to General Reserve |
0.300 |
0.300 |
0.300 |
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BALANCE CARRIED
TO THE B/S |
8.034 |
5.486 |
4.003 |
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|
Earnings Per
Share (Rs.) |
58.12 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
0.95
|
0.46 |
NA |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.94
|
1.76 |
1.18 |
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.11 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.55
|
5.27 |
6.75 |
|
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
5.28
|
7.72 |
5.53 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors: |
|
|
|
|
a) For Purchases |
23.456 |
7.223 |
18.194 |
|
Less: Provision
for claims |
|
0.649 |
0.008 |
|
|
23.456 |
6.574 |
18.186 |
|
b) For Expenses |
5.442 |
3.108 |
4.982 |
|
c) For Others |
4.531 |
6.190 |
5.650 |
|
|
33.429 |
15.872 |
28.818 |
FINANCIAL RESULTS:
The economy slow
down and tough business conditions seen world over in 2008 - 2009 have unfortunately
carried over in the year 2009 - 2010. Despite extreme adverse condition
prevailing in the domestic market the company's performance has been on the
upper trend both in terms of volume sales as well as profitability. Humbly
speaking such a performance particularly against the background of a national
economy slow down has been commendable. On the financial front the company has
achieved a substantial increase in profit by 47.14%, Rs.2.863 millions in the
previous to Rs.4.213 millions during the year. The sales too have clocked an
increase by 27.2% from Rs.390.300 millions in the previous year to Rs.445.200
millions in 2009 - 2010.
April to August
2010 the first current five months has also seen a further improvement in sales
when compared during the same period during 2009 - 2010. As on August 2009 the
company's sale was Rs.263.300 millions when compared with the current year the
sale is Rs.330.200 millions. The company will try and maintain this trend
despite tough market condition continuing.
FORM 8:
|
Corporate
identity number of the company |
U51396MH1946PTC006886 |
|
Name of the
company |
CHIMANLAL FEIN PAPER PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
40/42, E-Mail: chimpaper@eth.net |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80002589 |
|
Type of charge |
Immovable
Property Book Debts Movable Property Others (Current
and Fixed Assets) |
|
Particular of
charge holder |
Corporation Bank, 68/72, E-Mail: info@ca-adlalwani.com |
|
Nature of
description of the instrument creating or modifying the charge |
1. Supplemental
common deed of hypothecation of movables/assets/debts 2. Continuity
letter (All the above agreement
constitute a single charge) |
|
Date of
instrument Creating the charge |
25.10.2010 |
|
Amount secured by
the charge |
Rs.200.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As stipulated by
Bank from time to time Terms of
Repayment: As stipulated by
Bank from time to time Margin: As stipulated by
Bank from time to time Extent and
Operation of the charge: First charge
(present and future) = Total Limit Rs.200.000 millions ((1) cash credit cum
WCDL = Rs.180.000 millions, import L/C cum Bank guarantee = Rs.20.000
millions) and/or as stipulated by bank from time to time Others: As stipulated by
bank from time to time and as per agreement and as per sanction letter of the
bank |
|
Short particulars
of the property charged |
First charge
(present and future on following assets)-(1) Hypothecation of all stock/
goods/ inventories/ products kept at borrower place/ premises/ factories/
godowns etc or whereeverelse or in transit (2) Hypothecation
of all book debts and receivables of the company (3) Hypothecation
of all current and movable assets of the company (4)EMG of Flat
No.203 and 204 at 2nd floor in Building No.10, Type C of the complex
known as west end situated at land bearing Survey No.316-B, Village Bolinj,
Taluka-Vasai, District-Thane (5) EMG of Flat
No.905 and 906 at 9th Floor in the building known as |
|
Particulars of
the present modification |
By this
modification limit stand enhanced from Rs.150.000 millions Rs.200.000
millions ((1) Cash Credit cum WCDL = Rs.180.000 millions, import L/C cum bank
guarantee = Rs.20.000 millions), securities are continued as given by
original charge as well as by modifications, terms and conditions as per
agreement and as per sanction letter of the Bank |
TRADE REFERENCES:
v West Coast Paper Mills
FIXED ASSETS:
v
Shredder Machine (Aditya)
v
Air Conditioners
v
Celluler Phones
v
Celluler Phones (
v
Computer System
v
Computer System (
v
Contech Electronic Balance
v
Dehumidfier
v
Electrical Installation
v
Fax Machine (Cannon)
v
Flat at Shivalaya (Kandivali)
v
Flat at Virar
v
Furniture and Fixtures
v
Telephone System (Panasonic)
v
Motar Car -Santro (Zip Plus)
v
Motar Car -Skoda Octavia
v
Motar Car -Baleno
v
Motar Car -Swift VXI
v
Refrigerator (Daewoo)
v
Sony Television
v
UPS (
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.44.59 |
|
|
1 |
Rs.71.62 |
|
Euro |
1 |
Rs.62.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
|
48 |
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.