MIRA
INFORM REPORT
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Report Date : |
03.03.2011 |
IDENTIFICATION DETAILS
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Name : |
AADITIYA ASWIN PAPER MILLS PRIVATE LIMITED |
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Registered
Office : |
Gurupriya, New No. 23, Old No. 19, Bharathi Park Main Road, Coimbatore
– 641043, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
17.11.2006 |
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Com. Reg. No.: |
18-13219 |
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CIN No.: [Company Identification
No.] |
U21012TZ2006PTC013219 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CMBA05689F |
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PAN No.: [Permanent Account No.] |
AAGCA1984Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Writing and Printing Papers. |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 216000 |
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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 a company having moderate track. 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
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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 |
LOCATIONS
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Registered Office : |
Gurupriya, New No. 23, Old No. 19, Bharathi Park Main Road, Coimbatore
– 641043, Tamilnadu, India |
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Tel. No.: |
91-422-2431412 / 2431538 / 2431539 |
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E-Mail : |
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Factory : |
SF No. 65, Ikkarathathapally, Kothamangalam Post, Sathyamangalam –
638451, |
DIRECTORS
As on 29.09.2009
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Name : |
Mr. Megalingam Balasubramaniam |
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Designation : |
Director |
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Address : |
25-117-1, |
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Date of Birth/Age : |
06.02.1962 |
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Date of Appointment : |
17.11.2006 |
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Name : |
Mr. Mahalingam Kumar |
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Designation : |
Director |
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Address : |
58, Navalar Nagar, |
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Date of Birth/Age : |
04.12.1968 |
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Date of Appointment : |
17.11.2006 |
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Name : |
Mr. Meghalingam Ravindran |
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Designation : |
Director |
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Address : |
Apartment No. 5A, |
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Date of Birth/Age : |
25.05.1974 |
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Date of Appointment : |
17.11.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2009
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Names of Shareholders |
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No. of Shares |
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Mr. Megalingam Balasubramaniam |
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300000 |
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Mr. Mahalingam Kumar |
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22001 |
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Mr. Meghalingam Ravindran |
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52001 |
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Mr. B. Anbuselvi |
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125998 |
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Total |
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500000 |
As on 29.09.2009
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Writing and Printing Papers. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
State Bank of Travancore, Coimbatore Main Branch, No. 15, SNV
Ashirvad, Bank Road, Coimbatore – 641018, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. Chinnaswamy Chartered Accountant |
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Address : |
B-9, 3rd Floor, Andavar Complex, 752, |
CAPITAL STRUCTURE
As on 29.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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600000 |
Equity Shares |
Rs.100/- each |
Rs.60.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
50.000 |
30.600 |
0.600 |
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2] Share Application Money |
0.000 |
12.214 |
17.176 |
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3] Reserves & Surplus |
3.923 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
53.923 |
42.814 |
17.776 |
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LOAN FUNDS |
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1] Secured Loans |
86.002 |
50.498 |
0.000 |
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2] Unsecured Loans |
0.050 |
0.000 |
0.000 |
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TOTAL BORROWING |
86.052 |
50.498 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.558 |
0.000 |
0.000 |
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TOTAL |
140.533 |
93.312 |
17.776 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
98.011 |
69.189 |
0.303 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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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Inventories |
28.253
|
0.000 |
0.000 |
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Sundry Debtors |
12.669
|
0.000 |
0.000 |
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Cash & Bank Balances |
0.489
|
2.056 |
0.366 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
16.084
|
17.132 |
20.000 |
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Total
Current Assets |
57.495
|
19.188 |
20.366 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.965
|
2.289 |
3.320 |
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Provisions |
3.008
|
0.000 |
0.000 |
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Total
Current Liabilities |
14.973
|
2.289 |
3.320 |
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Net Current Assets |
42.522
|
16.899 |
17.046 |
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MISCELLANEOUS EXPENSES |
0.000 |
7.224 |
0.427 |
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TOTAL |
140.533 |
93.312 |
17.776 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2009 |
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SALES |
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Income |
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198.367 |
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Other Income |
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0.859 |
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TOTAL (A) |
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199.226 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
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194.198 |
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PROFIT BEFORE
TAX (A-B) (C) |
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5.028 |
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Less |
TAX (D) |
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0.547 |
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PROFIT AFTER TAX
(C-D) (E) |
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4.481 |
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IMPORTS |
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Raw Materials |
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12.657 |
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Stores & Spares |
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0.034 |
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Capital Goods |
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2.116 |
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TOTAL IMPORTS |
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14.807 |
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Earnings Per
Share (Rs.) |
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8.96 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
2.25
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-- |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
2.53
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-- |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.23
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-- |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.09
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-- |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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1.87
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1.23 |
0.19 |
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Current Ratio (Current Asset/Current Liability) |
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3.84
|
8.38 |
6.13 |
LOCAL AGENCY FURTHER INFORMATION
CHANGE OF ADDRESS
:
Registered office of the company has been shifted from No.25-B, 1st
Floor,
OPERATIONS :
The company has commenced the business on 23.04.2008. The company have
made a turnover of Rs.198.367 Millions during the year. The company’s products
are well accepted in the market. The directors have taken steps to further
improve the business.
FORM 8 :
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10085810 |
|
Corporate
identity number of the company |
U21012TZ2006PTC013219 |
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Name of the
company |
AADITIYA ASWIN PAPER MILLS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Gurupriya, New No. 23, Old No. 19, Bharathi Park Main Road, Coimbatore
– 641043, Tamilnadu, India |
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Type of charge |
Book Debts Movable Property Immovable Property
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Particular of
charge holder |
State Bank of Travancore, Coimbatore Main Branch, No. 15, SNV
Ashirvad, Bank Road, Coimbatore – 641018, Tamilnadu, India |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
01.12.2010 |
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Amount secured by
the charge |
Rs.135.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Cash Credit
Hypothecation : At 600BPS above SBT’s Rate. Letter of Credit,
Bank Guarantee, IUBD Limit, Medium Term Loan : As applicable from time to
time. Terms of
Repayment : Cash Credit
Hypothecation, Letter of Credit, Bank Guarantee, IUBD Limit : On demand, Medium Term Loan
: As per existing Terms. Margin : Margin 30 % for
stock and book debts (cover period 60 days) Letter of credit
and bank guarantee : 10 % cash margin. Extent and
Operation of the charge : The charge
operates as a security for the due repayment of total credit limits of
Rs.135.000 Millions including interest, further interest, liquidated damages,
charges, costs and other expenses that may become due and payable by the
borrower from time to time. |
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Short particulars
of the property charged |
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Date of latest
modification prior to the present modification |
15.04.2009 |
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Particulars of
the present modification |
Cash Credit Limit
revised as 45.000 Millions. Medium Term Loan Rs.75.000 Millions and Bank
Guarantee Rs.5.000 Millions continued. Stand by line of credit Rs.4.500
Millions closed. Letter of Credit revised as Rs.5.000 Millions. IUBD Limit
Rs.5.000 Millions sanctioned. Total Credit Limits increased from Rs.124.500
Millions to Rs.135.000 Millions and secured by movable and immovable
properties of the company. |
FIXED ASSETS :
- Land
- Machinery (Imported and Indigenous)
- Electrical Equipment
- Boiler
- Generator
- Effluent treatment plant
- Furniture and Fittings
- Computer
- Vehicles
- Tractor
- Water Tank
- Electric Weigh Machine
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.45.12 |
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|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.62.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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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.