MIRA
INFORM REPORT
|
Report Date : |
21.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
BAZARGAON PAPER AND PULP MILLS PRIVATE LIMITED |
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Registered
Office : |
Gala No.2, D.P.K. Compound, Behind Lucky Hotel, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.11.1983 |
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Com. Reg. No.: |
11-031398 |
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Capital
Investment / Paid-up Capital : |
Rs.8.000
millions |
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CIN No.: [Company Identification
No.] |
U21010MH1983PTC031398 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NGPB00481F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Kraft Paper. |
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No. of Employees
: |
80 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 258000 |
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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. Ramtek |
|
Designation : |
Manager |
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Contact No.: |
91-712-2523040 |
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Date : |
20.02.2012 |
LOCATIONS
|
Registered Office : |
Gala No.2, D.P.K. Compound, Behind Lucky Hotel, |
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Tel. No.: |
91-22-28525731 |
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Mobile No.: |
91-9423103527 (Mr. Shally Agarwal) |
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Fax No.: |
Not Available |
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E-Mail : |
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Area : |
1500 sq. ft. |
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Location : |
Owned |
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Factory : |
22/1, KH Mouza, Panghnori, Bazargao District, |
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Tel. No.: |
91-712-2523040 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Surajbhan Ramsarandas Agarwal |
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Designation : |
Managing Director |
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Address : |
02/005, Ashiyana, Co-operative Housing Society, Andheri (East),
Mumbai, |
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Date of Birth/Age : |
20.04.1944 |
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Date of Appointment : |
22.11.1983 |
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00116591 |
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Other Directorship :
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Name : |
Mr. Jaiprakash Narsingdas Agarwal |
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Designation : |
Director |
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Address : |
02/005, Ashiyana, Co-operative Housing Society, Andheri (East),
Mumbai, |
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Date of Birth/Age : |
02.01.1949 |
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Date of Appointment : |
22.11.1983 |
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DIN No.: |
00116632 |
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Other Directorship :
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Name : |
Mr. Sushilkumar Narsingdas Agarwal |
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Designation : |
Director |
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Address : |
02/005, Ashiyana, Co-operative Housing Society, Andheri (East),
Mumbai, |
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Date of Birth/Age : |
20.05.1963 |
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Date of Appointment : |
22.03.1993 |
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DIN No.: |
00116668 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Ramtek |
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Designation : |
Manager |
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|
Name : |
Ramanuj Asawa |
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Designation : |
Company Secretary |
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Address : |
1, Shivajinagar,
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Tel. No.: |
91-712-2221216/ 2221217 |
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Mobile No.: |
91-9422803662 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Surajbhan Agarwal |
|
153700 |
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Jaiprakash Agarwal |
|
96750 |
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Usha Kiran Agarwal |
|
19800 |
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Rajkumar Agarwal |
|
88000 |
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Sushilkumar Agarwal |
|
103250 |
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Padmadevi Agarwal |
|
49450 |
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Santoshdevi
Agarwal |
|
53550 |
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Samir
Agarwal |
|
10500 |
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Vinitadevi Agarwal |
|
14000 |
|
Ritesh Agarwal |
|
29500 |
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Ashish Agarwal |
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30500 |
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Dayabhai
Prajapati |
|
140000 |
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Shelly Agarwal |
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10000 |
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S.R. Agarwal (H.U.F.) |
|
500 |
|
J.P. Agarwal
(H.U.F.) |
|
500 |
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Total |
|
800000 |
As on 30.09.2010
|
Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
17.00 |
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Directors
or relatives of directors |
|
83.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Kraft Paper. |
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Products : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
v
v
UAE v
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
2009-2010 |
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a) Licensed Capacity |
N.A |
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b) Installed Capacity |
25000 MT* |
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c) Production - Kraft Paper (Net of Scrapping as waste) |
17052 MT |
* As certified by the management and relied upon
by them a technical matter
GENERAL INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
80 (Approximately) |
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Bankers : |
v
State Bank of v
Andhra Bank, Dharampeth, v
Kotak Mahindar Bank, 36-38A, Nariman Bhavan,
227 D, Nariman Point, Mumbai - 400 021, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gupta Sarda and Bagdia Chartered Accountants |
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Address : |
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Tel. No.: |
91-712-2437195/ 2438181 |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFG8821D |
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Related Parties : |
v
v Majestic Paper Mills v Crystal Paper Mills Limited v Apex Paper Mills v Apex Trading Company v Décor Chemicals limited v Décor paper Mills Limited v
v Apex Realities v
New |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800,000 |
Equity Shares |
Rs.10/- each |
Rs.8.000
millions |
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|
|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SHAREHOLDERS FUNDS |
|
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|
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1] Share Capital |
8.000 |
8.000 |
8.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
56.431 |
52.408 |
46.123 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
64.431 |
60.408 |
54.123 |
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LOAN FUNDS |
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1] Secured Loans |
72.267 |
70.698 |
92.924 |
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2] Unsecured Loans |
13.271 |
19.477 |
23.059 |
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TOTAL BORROWING |
85.538 |
90.175 |
115.983 |
|
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DEFERRED TAX LIABILITIES |
28.261 |
29.129 |
29.024 |
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TOTAL |
178.230 |
179.712 |
199.130 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
65.230 |
74.761 |
87.516 |
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Capital work-in-progress |
21.010 |
21.010 |
14.501 |
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INVESTMENT |
0.000 |
0.000 |
0.804 |
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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 |
45.260
|
35.552
|
40.280 |
|
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Sundry Debtors |
64.589
|
57.475
|
76.998 |
|
|
Cash & Bank Balances |
0.535
|
1.321
|
1.785 |
|
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Other Current Assets |
0.141
|
0.133
|
0.089 |
|
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Loans & Advances |
19.496
|
21.452
|
12.567 |
|
Total
Current Assets |
130.021
|
115.933
|
131.719 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
18.828
|
15.887
|
20.853 |
|
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Other Current Liabilities |
16.086
|
14.763
|
12.733 |
|
|
Provisions |
3.117
|
1.342
|
1.824 |
|
Total
Current Liabilities |
38.031
|
31.992
|
35.410 |
|
|
Net Current Assets |
91.990
|
83.941
|
96.309 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
178.230 |
179.712 |
199.130 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
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|
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Income |
298.441 |
295.991 |
274.837 |
|
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Other Income |
1.468 |
2.019 |
4.457 |
|
|
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TOTAL (A) |
299.909 |
298.010 |
279.294 |
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|
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Less |
EXPENSES |
|
|
|
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|
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|
Office Expenses |
282.899 |
277.589 |
258.031 |
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Administrative Expenses |
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Advertising Expenses |
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|
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TOTAL (B) |
282.899 |
277.589 |
258.031 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
17.010 |
20.421 |
21.363 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.775 |
12.783 |
11.674 |
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PROFIT BEFORE
TAX (E-F) (G) |
6.235 |
7.638 |
9.589 |
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TAX (H) |
2.212 |
1.356 |
4.254 |
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PROFIT AFTER TAX
(G-H) (I) |
4.023 |
6.284 |
5.233 |
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EARNINGS IN
FOREIGN CURRENCY |
0.000 |
0.000 |
0.544 |
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IMPORTS |
|
|
|
|
|
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Raw Materials |
53.503 |
65.884 |
52.164 |
|
|
|
Plant and Machinery |
0.000 |
0.691 |
0.350 |
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TOTAL IMPORTS |
53.503 |
66.575 |
52.514 |
|
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|
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Earnings Per
Share (Rs.) |
5.03 |
7.86 |
6.54 |
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
350.000 |
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|
|
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|
Expected Sales (2011-2012): Rs.450.000 millions
The above information has been parted by Mr. Ramtek (Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.34
|
2.11
|
1.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.09
|
2.58
|
3.49 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.19
|
4.01
|
4.37 |
|
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.13
|
0.18 |
|
|
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|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.92
|
2.02
|
2.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.42
|
3.62
|
3.72 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
18.828 |
15.887
|
20.853 |
|
|
|
|
|
|
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 |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
-- |
|
8) No. of
employees |
Yes |
|
9) Name of person
contacted |
Yes |
|
10) Designation
of contact person |
Yes |
|
11) Turnover of
firm for last one year |
Yes |
|
12) Profitability
for last three years |
No |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
Yes |
|
15) Capital in the
business |
Yes |
|
16) Details of
sister concerns |
No |
|
17) Major
suppliers |
No |
|
18) Major
customers |
No |
|
19) Payments
terms |
Yes |
|
20) Export /
Import details (if applicable) |
Yes |
|
21) Market
information |
-- |
|
22) Litigations that
the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
No |
|
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 |
-- |
NOTE:
Registered office of the company has been shifted from 105,
OPERATION:
The company has produced 17705 MT of Kraft paper as compared to 17052 MT of 2008-09. During the year under report, the company has achieved turnover of Rs.298.441 millions as compared to Rs.295.991 millions of previous year.
The company has achieved PAT of Rs.4.023 millions during the year as compared to Rs.6.284 millions of 2008-09.
The company has planned to move into the higher GSM market with the installation of the third wire but could not execute the same due to ongoing recession and bleak market conditions. The company has planned to start the third wire in the next financial year.
There have been measures taken to reduce the downtime and the operating costs and these have been successful. The company has taken measures to increase the yield and minimize the fresh water consumption. This has further lead to reduction in power consumption.
CONTINGENT LIABILITIES IN RESPECT OF:
|
Particular |
31.03.2010 (Rs. in millions) |
|
a) Bank
Guarantee provided to various parties |
0.050 |
|
b) Letter of
Credit and Bills Discounted with Bank |
9.517 |
|
c) Demand by
Central Excise department for Service Tax Liability for the F.Y.2005-06, Contested
by the Company in Appeal. |
0.000 |
|
D) Demand by
Excise department for wrong availment of Cenvat credit for F.Y 2008-09,
amounting to Rs.1.652 millions, Penalty thereon for Rs.1.652 millions and Evasion
of Custom duty of Rs.0.632 million and Penalty thereon for Rs.0.632 million
Contested by The Company in CESTAT (Appeal) (Rs.0.150 million deposited) |
4.570 |
FORM 8:
|
Corporate
identity number of the company |
U21010MH1983PTC031398 |
|
Name of the
company |
BAZARGAON PAPER
AND PULP MILLS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gala No.2, D.P.K. Compound, Behind Lucky Hotel, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of
charge holder |
Kotak Mahindar Bank, 36-38A, Nariman Bhavan, 227 D, Nariman Point,
Mumbai 400021, Maharashtra, India Email: john.fernandes@kotak.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation. |
|
Date of
instrument Creating the charge |
14.09.2010 |
|
Amount secured by
the charge |
Rs.0.601 million |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest 4.5% p.a. Terms of repayment Equated Monthly
Installment of Rs.0.022 million for 30 months. Equated Monthly
Installment of Rs.0.017 million for 31 months. Extent and operation of the charge First and
exclusive Charge created by way of Hypothecation in favour of Kotak Mahindra
Bank on the assets financed. |
|
Short particulars
of the property charged |
One No. of ACE_
AF30D Fork Lift. Chassis No.
F2101252V. Engine No.
10098527. Invoice No.
20783. |
FIXED ASSETS:
v Land
v Buildings (Factory)
v Buildings (Non-Factory)
v Plant and Machinery
v Vehicles
v Water Cooler and Heater
v Electrical Installation
v Furniture and Fixture
v Intercom
v Trans Receiver
v Fax Machine
v Air Conditioner
v Computer
v Goods Vehicle
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.49.21 |
|
|
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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.