MIRA
INFORM REPORT
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Report Date : |
20.03.2012 |
IDENTIFICATION DETAILS
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Name : |
STAY-ON PAPERS PRIVATE LIMITED |
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Registered Office : |
Plot No. 31 and 32, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
07.04.1984 |
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Com. Reg. No.: |
21-004615 |
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Capital Investment / Paid-up Capital : |
Rs.4.430 Millions |
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CIN No.: [Company
Identification No.] |
U21012AP1984PTC004615 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS00184C |
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PAN No.: [Permanent
Account No.] |
AADCS4122M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Hot Melt Pressure Sensitive, Label Stock and Self Adhesive Tapes. |
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No. of Employees : |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (33) |
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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 21896 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
position of the company appears to be low. However, trade relations are fair.
Business is active. Payments are reported to be slow but correct. The company can be considered 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.
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/ Factory 1 : |
Plot No. 31 and 32, |
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Tel No.: |
91-40-23792220, 23792221 |
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Fax No.: |
91-40-23792320 |
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E-Mail : |
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Website : |
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Corporate Office : |
G–11, Minerva Complex, |
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Tel No.: |
91-40-27848345, 27848333 |
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Fax No.: |
91-40-27819933 |
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Email: |
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Factory 2 : |
Shed No. 4-B, 10-B and 11-A, Type – 1, APIIC Industrial Estate,
Kukatpally, |
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Tel. No.: |
91-40-23078443/ 23078453/ 2307844 |
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Fax No.: |
91-40-23078463 |
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E-Mail : |
DIRECTORS
AS ON 29.09.2011
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Name : |
Mr. Ananth Kishen Rao |
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Designation : |
Chairman and Managing Director |
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Address : |
Sagari, C 1, Vikrampuri Colony, Secunderabad – 500 009, |
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Date of Birth/ Age : |
16.05.1953 |
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Date of Appointment : |
07.04.1984 |
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DIN No.: |
01718621 |
Other Directorship:
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S.No. |
CIN |
Name of the Company |
Current designation of the
director |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
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1 |
U21012AP1984PTC004615 |
STAY-ON PAPERS PVT LTD |
Managing director |
07/04/1984 |
07/04/1984 |
- |
Active |
NO |
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2 |
U55100AP1991PTC012917 |
LINGAPUR HOTELS AND
INVESTMENTS PRIVATE LIMITED |
Managing director |
08/07/1991 |
08/07/1991 |
- |
Active |
NO |
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3 |
U29142AP1968PTC001204 |
ELECTRICAL ACCESSORIES
(HYDERABAD) PVT LTD |
Director |
17/06/1992 |
17/06/1992 |
- |
Active |
NO |
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4 |
U92411AP1971NPL001403 |
HYDERABAD RACE CLUB |
Director |
29/09/2010 |
27/09/2000 |
- |
Active |
NO |
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Name : |
Mr. Rahul Rao |
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Designation : |
Director |
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Address : |
Sagari, C 1, Vikrampuri Colony, Secunderabad – 500 009, |
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Date of Birth/Age : |
20.10.1978 |
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Date of Appointment : |
30.12.1996 |
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DIN No.: |
01780480 |
Other Directorship:
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S.No. |
CIN |
Name of the Company |
Current designation of the
director |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
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1 |
U21012AP1984PTC004615 |
STAY-ON PAPERS PVT LTD |
Director |
30/12/1996 |
30/12/1996 |
- |
Active |
NO |
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2 |
U55100AP1991PTC012917 |
LINGAPUR HOTELS AND
INVESTMENTS PRIVATE LIMITED |
Director |
04/11/2003 |
04/11/2003 |
- |
Active |
NO |
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Name : |
Mr. Gajasimha Rao |
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Designation : |
Director |
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Address : |
Sagari, C 1, Vikrampuri Colony, Secunderabad – 500 009, |
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Date of Birth/Age : |
23.09.1923 |
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Date of Appointment : |
15.03.1994 |
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DIN No.: |
02809918 |
Other Directorship:
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S.No. |
CIN |
Name of the Company |
Current designation of the
director |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
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1 |
U21012AP1984PTC004615 |
STAY-ON PAPERS PVT LTD |
Director |
15/03/1994 |
15/03/1994 |
- |
Active |
NO |
KEY EXECUTIVES
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Name : |
Ms. Shalini Deen Dayal |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
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Names of Shareholders |
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No. of Shares |
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Gajasimha Rao |
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850 |
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Ananth Rao |
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15940 |
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Srilekha Rao |
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10810 |
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Rahul Rao |
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15169 |
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Sagarika Rao |
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1528 |
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Ellandua Narasimhulu |
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1 |
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Baira Ramachandra |
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1 |
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Rajam |
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1 |
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Total |
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44300 |
AS ON 29.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Hot Melt Pressure Sensitive Label Stock and Self Adhesive Tapes. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
100 (Approximately) |
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Bankers : |
Canara Bank, Kundan Bagh Branch, Begumpet, Hyderabad – 500060, Andhra Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institution : |
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Auditors : |
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Name : |
K.K. Chowdary Associates Chartered Accountants |
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Address : |
No.37, L.B. Stadium, |
CAPITAL STRUCTURE
AS ON 29.09.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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44300 |
Equity Shares |
Rs.100/- each |
Rs.4.430 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.430 |
4.430 |
4.430 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.044 |
1.044 |
1.044 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.474 |
5.474 |
5.474 |
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LOAN FUNDS |
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1] Secured Loans |
12.618 |
10.878 |
24.940 |
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2] Unsecured Loans |
8.190 |
8.190 |
7.490 |
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TOTAL BORROWING |
20.808 |
19.068 |
32.430 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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Miscellaneous Income (Profit and Loss Account) |
11.045 |
10.035 |
9.664 |
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TOTAL |
37.327 |
34.577 |
47.568 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.485 |
15.640 |
18.380 |
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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 |
1.278 |
0.978 |
0.520 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
16.070
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21.236
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24.741
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Sundry Debtors |
10.566
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9.993
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9.632
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Cash & Bank Balances |
0.299
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0.640
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0.213
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Other Current Assets |
0.000
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0.000
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0.000
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Loans , Advances and Deposits |
1.957
|
0.584
|
11.765
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Total
Current Assets |
28.892
|
32.453
|
46.351
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
5.418
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9.343
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10.713
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Other Current Liabilities |
0.000
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0.000
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0.000
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Provisions |
1.910
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5.151
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6.970
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Total
Current Liabilities |
7.328
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14.494
|
17.683
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Net Current Assets |
21.564
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17.959
|
28.668
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
37.327 |
34.577 |
47.568 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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48.256 |
42.398 |
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Other Income |
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2.240 |
23.463 |
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TOTAL |
51.331 |
50.496 |
65.861 |
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Less |
EXPENSES |
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Raw Material Consumed |
|
33.276 |
38.062 |
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Other Expenses |
|
14.325 |
20.037 |
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TOTAL |
50.620 |
47.601 |
58.099 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
2.895 |
7.762 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
2.739 |
3.014 |
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PROFIT BEFORE
TAX |
0.711 |
0.156 |
4.748 |
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Less |
TAX |
NA |
(0.458) |
(0.477) |
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PROFIT AFTER TAX
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NA |
0.614 |
5.225 |
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Less: Prior
Period Taxes |
NA |
0.243 |
0.000 |
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Net Profit for
the year |
NA |
0.370 |
5.225 |
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Earnings Per
Share (Rs.) |
NA |
13.86 |
117.95 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
NA
|
1.22
|
7.93
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Net Profit Margin (PBT/Sales) |
(%) |
1.38
|
0.32
|
11.20
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.64
|
0.32
|
7.33
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Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.03
|
0.87
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Debt Equity Ratio (Total Liability/Networth) |
|
5.14 |
6.13
|
9.15
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Current Ratio (Current Asset/Current Liability) |
|
3.94
|
2.24
|
2.62
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LOCAL AGENCY FURTHER INFORMATION
Note:
Registered office of the company has been shifted from
4B-Type-1APIIC (Industrial Estate), Kukatpally,
FORM 8:
|
Corporate identity
number of the company |
U21012AP1984PTC004615 |
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Name of the
company |
STAY-ON PAPERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Plot No. 31 and 32, E-Mail: stayon123@rediffmail.com |
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
80052022 |
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Type of charge |
Immovable Property Any interest in immovable property |
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Particular of
charge holder |
E-Mail: rrwest@apsfc.com |
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Nature of
description of the instrument creating or modifying the charge |
Letter No.
AFC/RRW/LGL/SA/75805570/2010-11/2503, dated 14th December, 2010. |
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Date of
instrument Creating the charge |
14/12/2010 |
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Amount secured by
the charge |
Rs.11.500
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
No Change Terms of
Repayment: As per the original agreement Margin: As per
the original agreement Extent and
Operation of the charge: The properties mortgaged/ hypothecated shall operate
as security for the due repayment of loan and interest and penalties if any. |
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Short particulars
of the property charged |
Land covered by
Plot No.31 and 32 together with buildings constructed thereon situated at
Apparel Export Park, Gundla Pochampally, R.R. District, Andhra Pradesh shall
be continued as secufrity. |
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Date of latest
modification prior to the present modification |
09/02/2009 |
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Particulars of
the present modification |
The present
modification is being filed for release of the property situated at Shed No.
4-B, Industrial Estate, Kukatpally, Ranga Reddy District. |
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Name of the company |
STAY – ON PAPERS PRIVATE LIMITED |
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Presented By |
Mr. Ananth Rao Kishan Chairman and Managing Director |
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1) Date and description of
instrument creating the change |
Memorandum of
deposit of title deeds and Deeds of Hypothecation Dated 15th November,
2005. |
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2) Amount secured by the
charge/amount owing on the securities of charge |
Additional Term
Loan of Rs.11.500 Millions Sanctioned on February 10th 2005, vide
letter No.AFC/PROJS/T-IV/75805554/PROJ/2004-2005. |
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3) Short particular of the
property charged. If the property acquired is subject to charge, date of the
acquired of the property should be given |
Primary Security: (i)The working
capital term loan shall be secured by extention of equitable mortgage of land
and Building at 4B. IIA and 10B, Tybe -1, E, and cubical 2 Kukatpally, Ranga
Reddy District and Hypothecation of Plant and Machinery, testing equipments,
existing and as proposed in the scheme and all future acquisitions Fixed
assets in nature. (ii) The Corporation’s
additional additional term shall be secured by equitable mortgage of land
admeasuring 5719.13 Sq. M. bearing Plot No.31 and 32, |
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4) Gist of the terms and
conditions and extent and operation of the charge. |
Additional Term Loan
of Rs.11.500 Millions Payable in 25 quarterly installments @Rs.0.460
Million each on 1st march, 1st June, 1st
September and 1st December as under. Period of term
loam 8 years, repayment shall commence 2 (Two) years from the disbursement of
any part of the loan. Rate of Interest: Interest shall be
paid every quarter year ending 31st January. 30th
April. 31st July and 31 October, at following retest. The rate of
interest applicable for the sanctioned amount is @13.75% p.a., interest rate
concession under SES is @0.25% thereon the interest rate chargeable is @
13.50%p. a. Default Clause: The Penal/
Additional interests will be levied on the borrower as per the Policy of
Corporation from time to time for default in repayment of dues. The present
penal interest rate is 2% p.a. on the defaulted amount for the defaulted
period. Special Interest Rebate: The special
interest rebate @3% p.a. will be allowed as per the rules of the Corporation
for each quarter subject to the loan account being regular at the end of the
quarter for which the interest demand is made. All other terms
and conditions as per sanctioned letter dated 10.02.005. |
|
5) Name and Address and
description of the person entitled to the charge. |
5-9-194, |
|
6) Date and brief description of instrument
modifying the charge |
N.A. |
|
7) Particulars of modifications specifying
the terms and conditions or the extent of operations of the charge in which
modification is made and the details of the modification. |
N.A. |
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
80052022 |
|
Corporate
identity number (CIN) Foreign company registration number |
U21012AP1984PTC004615 |
|
Name of the
Company |
STAY – ON PAPERS PRIVATE LIMITED |
|
Address |
Plot No. 31 and 32, |
|
Type of Charge |
Immovable Property Any interest in immovable property Book debts Movable Property (Not being pledge) Floating charge |
|
Particulars of
the charge holder |
5-9-194, |
|
Nature or description
of the instrument(s) creating or modifying the charge |
Letter No.
AFC/RRWB/LEGAL/758055/2008-2009/ 2552, dated 9th February,2009
releasing the primary security and the security documents pertaining to the
property covered by Plot No.10-B and 11-A, Situated at Industrial Estate, Kukatpally, Ranga Reddy District Of
M/S. Stay-On Papers Private Limited |
|
Date of the
instrument creating or modifying the charge |
09/02/2009 |
|
Amount secured by
the charge |
Rs.11.500
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest:
No Change Terms of
Repayment: As per the Original Agreement Margin: As per
the Original Agreement Extent and
Operation of the charge: As per the original charge except the property which
is releasing as per this modification.
i.e., land an extent of covered by Plot
No.4b, situated at APIIC, i.e., Kukatpally, Hyderabad and land
admeasuring
covered by Plot No.31 and 32 Together With Buildings Constructed
Thereon Situated at AEP, Gundlapochampally, Rangareddy District. |
|
Short particulars
of the property charged (including location of the property) |
As per the
original charges except the property which is releasing as per this
modification. i.e., land covered by Plot No.4B, Situated at APIIC,
i.e., Kukatpally, Hyderabad and Land covered by Plot No.31 and 32 together
with Buildings constructed thereon Situated at AEP, Gundlapochampally,
Rangareddy District. |
|
Particular of the
present modification |
This form is
being filed for releasing the primary security pertaining to the property covered by Plot
No. 10- B And 11-A, situated at Industrial Estate, Kukatpally, Ranga Reddy
District of Stay-On Papers Private Limited |
FIXED ASSETS
·
Plant and Machinery
·
Furniture and Office
Equipment
·
Electrification
·
Vehicles
·
Land and Building
·
Computer
·
Dot Matrix Printer
·
Type Writer
·
Weighing Scales
·
Land
·
Lazer Jet Printer
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.50.12 |
|
|
1 |
Rs.79.37 |
|
Euro |
1 |
Rs.66.00 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.