MIRA
INFORM REPORT
|
Report Date : |
20.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
GRN CELLULOSE PRIVATE LIMITED |
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Registered
Office : |
Suite No-357, 3RD Floor, Aggarwal City Plaza, Mangalam
Place, Sector-3, Rohini, Delhi-110085 |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.05.2008 |
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Com. Reg. No.: |
55-177659 |
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Capital
Investment / Paid-up Capital : |
Rs. 1.610 millions |
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CIN No.: [Company Identification
No.] |
U17121DL2008PTC177659 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELG11342C |
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PAN No.: [Permanent Account No.] |
AADCG1328H |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Nitrocellulose and Nitrocellulose Solution. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 38000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
LOCATIONS
|
Registered Office : |
Suite No-357, 3RD Floor, Aggarwal City Plaza, Mangalam
Place, Sector-3, Rohini, Delhi-110085, India |
|
Tel. No.: |
91-11-27940011 / 77 |
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Mobile No : |
91-9810822258 (Mr. Vipul Passari) |
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Fax No.: |
91-11-47011611 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Vipul Pasari |
|
Designation : |
Director |
|
Address : |
14-15, Kailash Enclave, Pitampura, Delhi-110034, India |
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Date of Birth/Age : |
30.03.1981 |
|
Date of Appointment : |
02.05.2008 |
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DIN No : |
00056298 |
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|
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Name : |
Mr. Om Prakash Pasari |
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Designation : |
Director |
|
Address : |
14-15, Kailash Enclave, Pitampura, Delhi-110034, India |
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Date of Birth/Age : |
22.11.1954 |
|
Date of Appointment : |
02.05.2008 |
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DIN No : |
00044061 |
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|
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Name : |
Ms. Pulak Pasari |
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Designation : |
Director |
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Address : |
14-15, Kailash Enclave, Pitampura, Delhi-110034, India |
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Date of Birth/Age : |
08.09.1982 |
|
Date of Appointment : |
01.06.2008 |
|
DIN No : |
02212237 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Om Prakash Pasari |
6326 |
|
Vipul Pasari |
1674 |
|
Om Prakash Pasari HUF |
1992 |
|
Vipul Pasari HUF |
2100 |
|
Ojaswini Organics Private Limited, India |
4000 |
|
Mahavir Prasad Pasari |
1 |
|
Manoj Kumar Pasari |
1 |
|
Namita Pasari |
1 |
|
Nirmala Pasari |
1 |
|
Santosh Devi Pasari |
1 |
|
Santosh Kumar Pasari |
1 |
|
Sunil Kumar Pasari |
1 |
|
Vikas Pasari |
1 |
|
Total |
16100 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
24.84 |
|
Directors or relatives of Directors |
75.16 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Nitrocellulose and Nitrocellulose Solution. |
GENERAL INFORMATION
|
Bankers : |
·
Bank of Baroda, B. H. U Branch, Varanasi-221005,
Uttar Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Pratap Vikram and Associates Chartered Accountant |
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Address : |
212-213, Rajinder Jaina Tower, Wazirpur Industrial Area, Delhi-110052,
India |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Shares |
Rs.100/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16100 |
Equity Shares |
Rs.100/-
each |
Rs. 1.610
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 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
|
1.610 |
1.210 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
7.922 |
3.972 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
9.532 |
5.182 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1.478 |
0.370 |
|
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2] Unsecured Loans |
|
16.047 |
15.514 |
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TOTAL BORROWING |
|
17.525 |
15.884 |
|
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DEFERRED TAX LIABILITIES |
|
0.013 |
0.003 |
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|
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TOTAL |
|
27.070 |
21.069 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
|
10.438 |
9.564 |
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Capital work-in-progress |
|
0000 |
0.000 |
|
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|
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|
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INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
|
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Inventories |
|
6.505 |
5.606 |
|
|
Sundry Debtors |
|
21.043 |
16.481 |
|
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Cash & Bank Balances |
|
1.958 |
2.331 |
|
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Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
8.447 |
1.269 |
|
Total
Current Assets |
|
37.953 |
25.687 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
11.403 |
9.166 |
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Other Current Liabilities |
|
9.902 |
4.935 |
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|
Provisions |
|
0.061 |
0.141 |
|
Total
Current Liabilities |
|
21.366 |
14.242 |
|
|
Net Current Assets |
|
16.587 |
11.445 |
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|
MISCELLANEOUS EXPENSES |
|
0.045 |
0.060 |
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|
|
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|
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TOTAL |
|
27.070 |
21.069 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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|
SALES |
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Income |
|
61.951 |
79.614 |
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Other Income |
|
1.144 |
0.470 |
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TOTAL (A) |
|
63.095 |
80.084 |
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|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase A/C |
|
49.937 |
66.776 |
|
|
|
Increase / (Decrease) in Stock |
|
(0.899) |
1.931 |
|
|
|
Direct Expenses |
|
8.269 |
6.411 |
|
|
|
Administrative Expenses |
|
1.248 |
1.561 |
|
|
|
Selling and Distribution Expenses |
|
1.329 |
0.807 |
|
|
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Indirect Expenses |
|
0.215 |
0.015 |
|
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|
TOTAL (B) |
|
60.099 |
77.501 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
2.996 |
2.583 |
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
|
1.062 |
0.655 |
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
1.934 |
1.928 |
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|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1.510 |
1.502 |
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
|
0.424 |
0.426 |
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Less |
TAX (I) |
|
0.075 |
0.144 |
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|
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|
PROFIT AFTER TAX
(G-I) (J) |
|
0.349 |
0.282 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
0.282 |
0.000 |
|
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|
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|
BALANCE CARRIED
TO THE B/S |
|
0.631 |
0.282 |
|
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|
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|
|
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|
IMPORTS VALUE |
|
3.654 |
8.591 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
0.55 |
0.35 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.68 |
0.54 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.88 |
1.21 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.04 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
4.08 |
5.81 |
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|
Current Ratio (Current Asset/Current Liability) |
|
|
1.78 |
1.80 |
LOCAL AGENCY FURTHER INFORMATION
GENERAL REVIEW
During the year, the company achieved turnover of Rs. 61.950 millions against
the Previous year’s figures of Rs. 79.614 millions. Net Profit before
depreciation has decreased to Rs. 0.424 million as compared to previous years
figures of Rs. 0.426 million. The Directors are quite hopeful for the better
result in coming year.
FORM 8
|
Corporate
identity number of the company |
U17121DL2008PTC177659 |
|
Name of the
company |
GRN CELLULOSE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Suite No-357, 3RD Floor, Aggarwal City Plaza, Mangalam
Place, Sector-3, Rohini, Delhi-110085, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Bank of Baroda, B. H. U Branch, Varanasi-221005, Uttar Pradesh, India |
|
Nature of
instrument creating charge |
Composite
hypothecation agreement D. P. Note |
|
Date of
instrument Creating the charge |
04.02.2010 |
|
Amount secured by
the charge |
Rs. 16.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 0.50% below BPLR
i.e. at present 11.50% p.a. at monthly rests. Terms of repayment Term Loan: Rs. 6.000
millions repayable in 60 months subject to annual review. Cash Credit: Rs.
10.000 millions repayable on demand. Margin Term Loan : Plant
and Machinery : 25% Building shed
construction and equipments etc: 43% Cash Credit : 25%
on stock and book debts. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
all kind of stock, plant and machinery and book debts of the company. |
|
Charge
identification number of the charge to be modified |
10151148 |
|
Particulars of
the present modification |
Cash Credit limit
enhanced from Rs. 7.500 millions to Rs. 10.000 millions. Term Loan Rs.
6.000 millions. |
FIXED ASSETS
·
Computer and Printers
·
Car
·
Building
·
Mobile Set
·
Electric Installation
·
Office Equipment
·
Lab Equipment
·
Plant and Machinery
·
Land
WEB SITE DETAILS
HISTORY
The Industrial
Nitrocellulose division of subject. is one of the flagship company in its area
in the country today. Inspired by technology and aspired by ambition the
organization has made its footprints in its domain. Setting its own goals, the
company has left its competitors far behind and the challenge for them now is
to set standards for themselves to grow and rise higher.
Details about the management body and infrastructure and work process:-
The infrastructure needed to provide world-class services is just what they have. For better maintenance of business processes the organization has different establishments to perform these varied activities. With the dynamic team of human resources and an excellent sales force, the company is operating with optimum number of resources to get the maximum output. Their management whose prime objective is to provide wholehearted co-operation to their employees to bring out the best from them backs up the employees. The organization works as a cohesive unit to provide world-class output with skilled workers, experienced executives and dynamic management, which makes up the subject family. The innovative work process is the backbone for quality delivery of subject To add here to the commitment of delivering services in accordance to the internationally accepted standards a CRM based work process is being followed. This enables the organization to build a system where no enquiry goes unattended. Implanting the latest technology in place subject. is always online with their customers, which gives them a competitive edge in this fast moving world.
PROFILE
You would doubtless appreciate that quality of the product is
the key word to sustain growth in today's highly competitive market.
GRN is Nitrocellulose supplier in India. Over many years'
working with both Indian market and the oversea market, makes us experienced
and successful in this line. To keep their customer's one step ahead of the
competition, they continue to update their products data to share the surprise
and new opportunities with you.
Presently, they are manufacturing various grades of Nitrocellulose which is
being exported to different countries to meet the specific needs of different
industrial sectors, like Paint, Printing Ink, Wood Coating, Paper Coating,
Metal Coating, Leather Coating, Cosmetics, Lacquers, etc.
They are having the best manpower in the industry possessing
about 25 years of experience of manufacturing Nitrocellulose.
Up to date R&D facilities and a most competent team of professionals having
vast multinational experience back up the excellent product quality. This is in
order to ensure the product quality to meet the standard parameters set in the
international market.
They hope that their package consisting of the above mentioned
will be second to none and with their commitment and sincere customer focus
they will be able to deliver the best possible services to you.
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.44.93 |
|
|
1 |
Rs.72.42 |
|
Euro |
1 |
Rs.63.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.