MIRA
INFORM REPORT
|
Report Date : |
06.05.2011 |
IDENTIFICATION DETAILS
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Name : |
ASPHA BOARD PRIVATE LIMITED |
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Registered
Office : |
Gut No. 708, Tardobawadi, Taluka Shirur, District Pune – 412210, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.04.1986 |
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Com. Reg. No.: |
25-39422 |
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Capital
Investment / Paid-up Capital : |
Rs.5.000 Millions |
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CIN No.: [Company Identification
No.] |
U21011PN1986PTC039422 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of High Value added Speciality Paper. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (15) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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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. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow and
delayed. The company can be considered for business dealings on secured 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
|
Name : |
Mr. Dhiren Mehta |
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Designation : |
Director |
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Contact No.: |
91-9820068201 |
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Date : |
05.05.2011 |
LOCATIONS
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Registered Office/Factory : |
Gut No. 708, Tardobawadi, Taluka Shirur, District Pune – 412210, |
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Tel. No.: |
91-2138-222614 |
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Mobile No.: |
91-9820068201 (Mr. Dhiren Mehta) |
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E-Mail : |
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Website : |
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Area : |
10000 Sq. ft. |
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Location : |
Owned |
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Mumbai Office : |
16, Surti Chambers, 1st Floor, 2nd |
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Tel. No.: |
91-22-22068201 / 22091681 / 22072342 |
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Fax No.: |
91-22-22082046 |
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Pune Office : |
B-1, Amar Enclave, Opp. A.S.P.T., |
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Tel. No.: |
91-20-26872015 / 56221855 |
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Fax No.: |
91-20-26816294 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Dhiren Ishwarlal Mehta |
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Designation : |
Director |
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Address : |
A-1, Chandrabhaga Apartments, A.V. Nagvekar Marg, Prabhadevi, Mumbai –
400025, |
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Date of Birth/Age : |
23.05.1962 |
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Date of Appointment : |
20.06.2002 |
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DIN No. : |
00523880 |
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Name : |
Mrs. Neeta Dhiren Mehta |
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Designation : |
Director |
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Address : |
A-1, Chandrabhaga Apartments, A.V. Nagvekar Marg, Prabhadevi, Mumbai –
400025, |
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Date of Birth/Age : |
25.09.1963 |
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Date of Appointment : |
01.08.2010 |
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DIN No. : |
03210722 |
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Name : |
Ms. Anjana Ishwarlal Mehta |
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Designation : |
Director |
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Address : |
8/A, |
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Date of Birth/Age : |
11.03.1951 |
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Date of Appointment : |
01.08.2010 |
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DIN No. : |
03302246 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Ishwarlal Shantilal Mehta |
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1480 |
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Makarand Shriniwas Kharadkar |
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670 |
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Makarand Shriniwas Kharadkar J/W Anjali M. Kharadkar |
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10089 |
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Amol Narayan Chandekar J/W Makarand Shriniwas Kharadkar |
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690 |
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Anjali M. Kharadkar J/W Makarand Shriniwas Kharadkar |
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4610 |
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Ishwarlal Shantilal Mehta J/W Anajana Ishwarlal Mehta |
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7297 |
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Anajana Ishwarlal Mehta J/W Ishwarlal Shantilal Mehta |
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1540 |
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Dhiren Ishwarlal Mehta J/W Neeta Dhiren Mehta |
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6803 |
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Shridhar Waman Kulkarni |
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660 |
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Emco Papers Private Limited ( |
|
3250 |
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Aspha Packaging Private Limited ( |
|
5150 |
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Ishwarlal Shantilal Mehta J/W Dhiren Ishwarlal Mehta |
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3050 |
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Ashitosh Makarand Kharadkar J/W Makarand Shriniwas Kharadkar |
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2931 |
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
16.80 |
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Directors or relatives of Directors |
41.60 |
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Other top fifty shareholders |
41.60 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of High Value added Speciality Paper. |
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Products : |
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Exports : |
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Products : |
Speciality Paper |
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Countries : |
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Imports : |
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Products : |
Waste Paper |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 / 60 / 90 days) |
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Purchasing : |
L/C, Cash and Credit (30 / 60 / 90 days) |
GENERAL INFORMATION
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Customers : |
End users and OEM’s |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Facilities : |
Notes :-
a)
Secured by hypothecation of Stocks of Finished
Goods and Raw Materials, Book Debts and Stock of Consumables Spares b)
Secured by hypothecation of Stock of Fuel
(Baggasse/Coal/Wood pieces)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Fatehi and Associates Chartered Accountant |
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Address : |
16, Surti Chambers, 2nd |
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Tel. No.: |
91-22-22077952 / 22077953 |
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Fax No.: |
91-22-22077951 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
50000 |
Equity Shares |
Rs.100/-each |
Rs.5.000
Millions |
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 |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.782 |
4.189 |
4.596 |
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4] (Accumulated Losses) |
(15.137) |
(16.039) |
(15.514) |
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NETWORTH |
(6.355) |
(6.850) |
(5.918) |
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LOAN FUNDS |
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1] Secured Loans |
17.669 |
13.213 |
13.289 |
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2] Unsecured Loans |
6.169 |
7.110 |
9.499 |
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TOTAL BORROWING |
23.838 |
20.323 |
22.788 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.483 |
13.473 |
16.870 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.712 |
13.427 |
15.583 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.304 |
0.304 |
0.304 |
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DEFERREX TAX ASSETS |
5.828 |
5.451 |
4.658 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
19.251
|
17.636 |
16.738 |
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Sundry Debtors |
2.034
|
2.049 |
3.682 |
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Cash & Bank Balances |
0.053
|
0.394 |
0.308 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.297
|
3.601 |
4.325 |
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Total
Current Assets |
24.635
|
23.680 |
25.053 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
26.355
|
26.517 |
27.685 |
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Other Current Liabilities |
1.233
|
2.473 |
0.690 |
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Provisions |
0.408
|
0.399 |
0.353 |
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Total
Current Liabilities |
27.996
|
29.389 |
28.728 |
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Net Current Assets |
(3.361)
|
(5.709) |
(3.675) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.483 |
13.473 |
16.870 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL |
|
47.113 |
37.183 |
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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 |
|
46.493 |
38.457 |
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PROFIT BEFORE
TAX |
|
0.620 |
(1.274) |
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Less |
TAX |
|
(0.282) |
(0.749) |
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PROFIT AFTER TAX |
|
0.902 |
(0.525) |
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Earnings Per
Share (Rs.) |
|
18.04 |
(10.50) |
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Particulars |
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|
31.03.2011 |
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Sales Turnover |
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|
55.000 (Approximately) |
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Expected Sales ( 2011-2012 ) : Rs.70.000 Millions
The above information has been parted by Mr. Dhiren Mehta
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.91
|
(1.41) |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.57
|
(3.43) |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.09)
|
0.18 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
(8.16)
|
(7.26) |
(8.70) |
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Current Ratio (Current Asset/Current Liability) |
|
0.88
|
0.80 |
0.87 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
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|
Creditors for Goods |
8.911 |
9.591 |
8.155 |
|
Creditors for Expenses and Services |
17.444 |
16.926 |
19.530 |
|
Total |
26.355 |
26.517 |
27.685 |
OPERATIONS AND
RESULTS :
During the year, the Sales of the Company have increased by around 23.82% as compared to the
previous year's sales. Current year sales
are Rs.46.555 Millions (Rs.37.599 Millions Previous Year). As compared
to a loss of Rs.1.273 in the last year, the Company has earned a profit of Rs.0.620 Million in the current year. Above profit for the year
includes depreciation of Rs.1.260
Million (Previous Year Rs.1.204
Million) on Straight-Line basis.
FORM 8 :
|
Corporate
identity number of the company |
U21011PN1986PTC039422 |
|
Name of the
company |
ASPHA BOARD PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Gut No. 708, Tardobawadi, Taluka Shirur, District Pune – 412210, |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
90089347 |
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Type of charge |
Book debts Movable property |
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Particular of
charge holder |
Bank of |
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Nature of instrument
creating charge |
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Date of
instrument Creating the charge |
27.08.2009 |
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Amount secured by
the charge |
Rs.39.620 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: TL I and II :
Minimum 12% or notified by the Bank from time to time. Terms of
repayment : For TL I and II each
: Monthly installment of Rs.28409/- commencing from 27/01/2010 till closer of the accounts. Interest
during moratorium period at actual to be serviced separately in both the
accounts. Facilities other than TLs : On Demand Margin : As required by
the Bank from time to time. Extent and
operation of the charge : Security by way
of first charge for due repayment to the Bank at any time on demand where the
accommodation is by way of Loan the said sum of Rs.39.620 Millions or the
balance thereof for the time being outstanding and where by way of CC of
balance of the CC account, with interest in either case at the rate herein
after and all costs, charges and expenses incurred by Bank for preservation,
protection, defense and perfection of this security. Others : Attempted or
actual realisation thereof , and also for due repayment of all present and
future indebtedness and liabilities of Borrower to Bank of any kind in any
manner whether solely or jointly, primary or collateral , accrued or accruing
with all relative interest, charge, costs, and expenses. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All tangible
movable assets including in particular all stocks of RM such as pasic papers and
polyester films and finished goods such as press pann and leather art
direlectric paper , stock in process , movable machinery , stores and spare
parts, chemicals , furniture etc. wheresoever situated or/and in transit . |
|
Date of
instrument modifying the charge |
31.03.2009 |
|
Particulars of
the present modification |
21st
Modification. The principal charge amount on the hypothecated assets is
increased from Rs.34.620 Millions to Rs.39.620 Millions. |
TRADE REFERENCES :
- Emco Papers
Private Limited
- Ellofic
Industries Limited
- Seva
Engineering Works Private Limited
FIXED ASSETS :
- Land
- Well
- Plant and
Machinery
- Vehicle
- Office
Equipment
- Laboratory
- Computer
- Furniture and
Fixture
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.44.57 |
|
|
1 |
Rs.73.58 |
|
Euro |
1 |
Rs.66.23 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
15 |
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.