MIRA
INFORM REPORT
|
Report Date : |
06.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUN FINE PAPERS PRIVATE LIMITED |
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Registered
Office : |
1st Floor, Mangrol Mansion, Gunbow Street, Fort, Mumbai –
400001, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
01.03.2004 |
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Com. Reg. No.: |
11-144809 |
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Capital Investment
/ Paid-up Capital : |
Rs.5.000 Millions |
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CIN No.: [Company Identification
No.] |
U21000MH2004PTC144809 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Importer of Fine Papers. |
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No. of Employees
: |
18 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 80000 |
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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 an 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
|
Name : |
Mr. Bharat |
|
Designation : |
Director |
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Contact No.: |
91-22-22615421 |
|
Date : |
04.02.2012 |
LOCATIONS
|
Registered Office : |
1st Floor, Mangrol Mansion, Gunbow Street, Fort, Mumbai –
400001, Maharashtra, India |
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Tel. No.: |
91-22-22615444 / 2261 5421 |
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Fax No.: |
91-22-22615444 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft |
|
Location : |
Rented |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Bharat Devshi Shah |
|
Designation : |
Whole Time Director |
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Address : |
Boman House, 2, Homji Street, 4th Floor, Room No.14, Fort,
Mumbai – 400001, Maharashtra, India |
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Date of Birth/Age : |
10.05.1974 |
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Date of Appointment : |
01.03.2004 |
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DIN No.: |
00920595 |
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Name : |
Mr. Pratik Devshi Shah |
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Designation : |
Whole Time Director |
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Address : |
Boman House, 2, |
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Date of Birth/Age : |
28.06.1982 |
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Date of Appointment : |
01.03.2004 |
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DIN No.: |
00920650 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Bharat Devshi Shah |
53000 |
|
Pratik Devshi Shah |
46960 |
|
Chandrika Shah |
55010 |
|
Amrutben M Nisar |
10 |
|
Jayesh M Nisar |
10 |
|
Manilal G Nisar |
10 |
|
Mamta P Shah |
85000 |
|
Bharat Shah – Karta of Bharat Shah HUF |
95000 |
|
Pratik Shah - Karta of Pratik Shah HUF |
95000 |
|
Manjula Shah |
70000 |
|
Total |
500000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Importer of Fine Papers. |
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Imports : |
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Products : |
Fine Papers |
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Countries : |
·
UK ·
Germany ·
China |
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Terms : |
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Selling : |
Cash/ Credit |
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Purchasing : |
Cash/ Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers |
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No. of Employees : |
18 (Approximately) |
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Bankers : |
Union Bank of India,Bazargate Street Branch, 266, Perin Nariman
Street, Mumbai – 400001, Maharashtra, India |
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Facilities : |
Cash Credit – Rs.25.000 Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Pasad and Shah Chartered Accountants |
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Address : |
3, Rajhans, Naigaon Cross Road, Opposite Hotel Avon Ruby, Behind Parsi
Agiary, Dadar (East), Mumbai – 400014, Maharashtra, India |
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Tel No.: |
91-22-24112623/24112625 |
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Fax No.: |
91-22-24112625 |
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Email : |
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PAN.: |
AAJFP5471H |
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Enterprise in
which Key Managerial Personnel has significant influence : |
·
Sun Enterprises ·
Prakash Stores |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
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 |
16.942 |
10.358 |
6.978 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.942 |
15.358 |
11.978 |
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LOAN FUNDS |
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1] Secured Loans |
21.957 |
13.265 |
10.239 |
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2] Unsecured Loans |
23.706 |
23.421 |
18.843 |
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TOTAL BORROWING |
45.663 |
36.686 |
29.082 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
67.605 |
52.044 |
41.060 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.916 |
1.056 |
0.546 |
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Capital work-in-progress |
02.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.053 |
0.038 |
0.029 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
59.561
|
45.701
|
6.217 |
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Sundry Debtors |
12.141
|
10.025
|
42.087 |
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Cash & Bank Balances |
1.637
|
1.328
|
1.205 |
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Other Current Assets |
0.040
|
0.170
|
0.976 |
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Loans & Advances |
7.976
|
5.073
|
3.534 |
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Total
Current Assets |
81.355
|
62.297
|
54.019 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
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|
Sundry Creditors |
5.848
|
5.874
|
9.673 |
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Other Current Liabilities |
0.017
|
0.015
|
0.006 |
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Provisions |
8.854
|
5.458
|
3.855 |
|
Total
Current Liabilities |
14.719
|
11.347
|
13.534 |
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Net Current Assets |
66.636
|
50.950
|
40.485 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
67.605 |
52.044 |
41.060 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
72.107 |
51.279 |
58.733 |
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Other Income |
59.855 |
45.803 |
0.047 |
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TOTAL (A) |
131.962 |
97.082 |
58.780 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
116.682 |
87.438 |
49.505 |
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Advertising Expenses |
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TOTAL (B) |
116.682 |
87.438 |
49.505 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
15.280 |
9.644 |
9.275 |
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Less |
FINANCIAL
EXPENSES (D) |
5.190 |
4.405 |
3.680 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.090 |
5.239 |
5.595 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.261 |
0.269 |
0.210 |
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PROFIT BEFORE
TAX (E-F) (G) |
9.829 |
4.970 |
5.385 |
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Less |
TAX (H) |
3.245 |
1.591 |
1.687 |
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PROFIT AFTER TAX
(G-H) (I) |
6.584 |
3.379 |
3.698 |
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|
Earnings Per
Share (Rs.) |
13.17 |
6.76 |
10.77 |
|
Expected Sales (2011-12): Rs.105.000 Millions
The above information has been parted by Mr. Bharat.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.99
|
3.48
|
6.9 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
13.63
|
9.69
|
9.16 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.95
|
7.84
|
9.86 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.32
|
0.44 |
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.75
|
3.12
|
3.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.53
|
5.49
|
3.99 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS:
(Rs.
in Millions)
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
For Goods Expenses |
3.233 |
4.884 |
8.766 |
|
For Expenses |
2.615 |
0.990 |
0.907 |
|
Total |
5.848
|
5.874
|
9.673 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
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6) Line of Business |
Yes |
|
7) Promoter’s background |
-- |
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8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
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11) Turnover of firm for last two years |
No |
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12) Profitability for last three years |
No |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
OPERATIONS
During the year, the sales revenue has
increased by 40.62% over the last year’s operation i.e. from Gross Rs.51.300
Millions in 2009-2010 to Rs.72.100 Millions in 2010-11.
The company has earned Net Profit of Rs.9.829
Millions as compared to the last years Profit of Rs.4.970 Millions. The
profitability has been increased due to increase in Sales.
FORM 8
|
Corporate
identity number of the company |
U21000MH2004PTC144809 |
|
Name of the
company |
SUN FINE PAPERS
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
1st Floor Mangrol Mansion, Gunbow, Street, Fort,
Mumbai – 400001, Maharashtra, India Email Id : sunfinepapers@rediffmail.com |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10106393 |
|
Type of charge |
Book debts |
|
Particular of
charge holder |
Union Bank of India,Bazargate Street Branch, 266, Perin Nariman
Street, Mumbai – 400001, Maharashtra, India Email Id : cbsbazargate@unionbankofindia.com |
|
Nature of
instrument creating charge |
Supplementary
Agreement to Hypothecation Agreement of Goods and Debts |
|
Date of
instrument Creating the charge |
17.01.2011 |
|
Amount secured by
the charge |
Rs.20.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest BR+6.25% per
annum with monthly rests for CC Hypothecation and for LC Usual Terms of
repayment On Demand Margin As per sanction
terms Extent and
operation of the charge To secure Revised
Cash Credit (Hypothecation) under Union Trade facility of Rs.20.000 Millions
W/W Inland/Import. L/C facility DP/DA 180 days facility of (Rs.5.000
Millions) granted by the Bank to the Company |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
That the
Hypothecated Goods, Book-Debts and Movable Property covered by the Principal
Hypothecation Agreement shall continue to be a security for the Bank for the
enhanced Cash Credit (Hypothecation)
under Union Trade facility of Rs.20.000 Millions W/W Inland/Import. L/C
facility DP/DA 180 days facility of (Rs.5.000 Millions) granted by the Bank to the Company |
|
Date of
instrument modifying the charge |
21.01.2010 |
|
Particulars of
the present modification |
Vide this
modification an additional sum of Rs.5.000 Millions has been granted by the
Bank thereby enhancing the CC (Hypothecation) facility from Rs.15.000
Millions to Rs.20.000 Millions and That the Hypothecated Goods, Book-Debts
and Movable Property covered by the Principal Hypothecation Agreement shall
continue to be a security for the Bank for the enhanced C C (Hypothecation)
under Union Trade facility of Rs.20.000 Millions W/W Inland/Import. L/C facility
DP/DA 180 days facility of (Rs.5.000 Millions) granted by the Bank to the Company |
TRADE REFERENCES
·
Jak Printer Private
Limited
·
Vintor and Company
·
Trans Asia Fine Private
Limited
FIXED ASSETS
- Telephone System
- Car
- Computer
- Furniture
- Air Purifier
- Cutting Machine
- Fan
- Honda Splendor
- Vaccum Cleanner
- Honda Activa
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.48.96 |
|
|
1 |
Rs.77.46 |
|
Euro |
1 |
Rs.64.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.