|
Report Date : |
26.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
KARANI PAPERS |
|
|
|
|
Registered
Office : |
Shop No. 22, 20/24, Mohammed Sakar Marg Fort, Mumbai – 400 001, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
December, 1992 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.37.000 millions |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business
: |
Dealer, Distributor and Importer of Stockist Paper. |
|
|
|
|
No. of Employees
: |
12 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 28000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established partnership concern having satisfactory
track. Trade relations are reported as fair, Business is active. Payments are
reported to be usually correct and as per commitments. The concern 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Ms. Mansi |
|
Designation : |
Key Executive |
|
Contact : |
91-22-22657232 |
|
Date : |
14.03.2012 |
LOCATIONS
|
Registered Office : |
Shop No. 22, 20/24, Mohammed Sakar Marg Fort, Mumbai – 400 001, |
|
Tel. No.: |
91-22-22657232 / 66348159 / 66348158 / 22625552 |
|
Fax No.: |
91-22-66348159 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Godowns : |
Located at Navi Mumbai, Bhiwandi and Mumbai |
|
Area : |
10000 sq. ft. |
|
Location: |
All 3 Rented |
|
|
|
|
Factory 1 : |
Bhamre Compound, God.7/8, Rahnal Bus Stop, Bhiwandi. |
|
Area: |
4000 Sq. ft. |
|
Location: |
Rented |
|
|
|
|
Factory 2 : |
Bhamre Compound, God.2/3, Near |
|
Area: |
6000 Sq. ft. |
|
Location: |
Rented |
PARTNERS
|
Name : |
Mr. Laxmichand Virji Karani |
|
Designation : |
Partner |
|
Address : |
408, Mahavir Apartment, Narayan Nagar, |
|
Qualification : |
B. Com |
|
|
|
|
Name : |
Ms. Forum Rahul Shah |
|
Qualification : |
MBA |
BUSINESS DETAILS
|
Line of Business : |
Dealer, Distributor and Importer of Stockist Paper. |
|
|
|
|
Products : |
Paper Reel and Sheet · Release Paper · Coated Paper · Sticker Paper · Label Paper · Printing Paper · Metallised Paper Roll · Digital Printing Material · Packaging paper board |
|
|
|
|
Agencies Held : |
· Surya Coats Private Limited, Ahmedabad · Sharda Paper Limited, Mumbai |
|
|
|
|
Imports : |
|
|
Products : |
Paper |
|
Countries : |
·
France ·
United
Kingdom ·
USA ·
China |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers: |
Mulchand Lalji and Company |
|
|
|
|
Customers : |
· Retailers · End Users · Dodge Labelle |
|
|
|
|
No. of Employees : |
12 Approximately |
|
|
|
|
Bankers : |
·
Abhudaya Co-Operative Bank Limited, ·
ICICI Bank Limited, |
|
|
|
|
Facilities : |
LC, FCCI – Rs.10.000 millions CC Rs.5.000 millions |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V. L. Nagda and Company Chartered Accountant |
|
Address: |
34, Maruti Lane, 2nd Floor, |
|
Tel. No.: |
91-22-22623990 / 22622676 |
|
Fax No.: |
91-22-22622676 |
CAPITAL STRUCTURE
AS ON 31.03.2011
|
Capital Investment : |
|
|
Owned : |
Rs.7.000 millions |
|
Borrowed : |
-- |
|
Total : |
Rs.7.000 millions |
PARTNERS
CAPITAL ACCOUNT
LAXMICHAND
KARANI’S CAPITAL ACOOUNT
|
Particulars |
31.03.2010 Rs. In Million |
Particulars |
31.03.2010 Rs. In Million |
|
|
|
|
|
|
Withdrawals (Cash) |
0.036 |
Opening Cr. Balance |
1.514 |
|
Car Insurance |
0.003 |
Interest |
0.201 |
|
Income Tax (A.Y.2009-10) |
0.062 |
Remuneration |
1.349 |
|
Advance Tax |
0.180 |
Share of Profit |
0.733 |
|
Share of F.B.T. |
0.150 |
Capital Introduced |
0.200 |
|
Cheque |
0.070 |
|
|
|
Share of
Income Tax |
0.058 |
|
|
|
|
|
|
|
|
Closing Cr. Balance |
3.437 |
|
|
|
|
|
|
|
|
Total |
3.998 |
|
3.998 |
VALLABHJI SHIVJI
SHAH CAPITAL ACOOUNT
|
Particulars |
31.03.2010 Rs. In Million |
Particulars |
31.03.2010 Rs. In Million |
|
|
|
|
|
|
Withdrawals |
0.018 |
Operating Cr. Balance |
2.060 |
|
Share of Advance |
0.020 |
Interest |
0.123 |
|
Share of Income Tax |
0.039 |
Remuneration |
0.270 |
|
Share of F.B.T. |
0.007 |
Share of Profit |
0.213 |
|
Transfered to Loan A/C |
2.590 |
|
|
|
|
|
|
|
|
Total |
2.668 |
|
2.668 |
FROM RAHUL SHAH
CAPITAL ACOOUNT
|
Particulars |
31.03.2010 Rs. In Million |
Particulars |
31.03.2010 Rs. In Million |
|
|
|
|
|
|
Withdrawals |
0.018 |
Interest |
0.031 |
|
Share of Advance |
0.030 |
Remuneration |
0.179 |
|
Share money Charges |
0.001 |
Share of Profit |
0.103 |
|
|
|
Capital Introduced |
0.126 |
|
Closing Cr. Balance |
0.790 |
Cheque |
0.400 |
|
|
|
|
|
|
Total |
0.839 |
|
0.839 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
100.000 |
Expected Sales (2011-2012) : Rs.102.000 millions
The above information has been parted by Ms. Mansi (Key Executive)
Note : Sole Proprietory and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry
Records.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
4.228 |
3.575 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
4.228 |
3.575 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
36.827 |
31.996 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
36.827 |
31.996 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
41.055 |
35.571 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.105 |
0.077 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.189 |
0.189 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
21.777 |
15.602 |
|
|
Sundry Debtors |
|
30.328 |
26.325 |
|
|
Cash & Bank Balances |
|
0.030 |
0.921 |
|
|
Other Current Assets |
|
0.000 |
0.001 |
|
|
Loans & Advances |
|
0.425 |
0.200 |
|
Total
Current Assets |
|
52.560 |
43.049 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
11.208 |
7.215 |
|
|
Other Current Liabilities |
|
0.591 |
0.529 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
11.799 |
7.744 |
|
|
Net Current Assets |
|
40.761 |
35.305 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
41.055 |
35.571 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
96.575 |
65.155 |
|
|
|
Other Income |
|
0.716 |
0.077 |
|
|
|
TOTAL |
|
97.291 |
65.232 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Good Sold |
|
75.772 |
51.991 |
|
|
|
Customs Duty |
|
8.791 |
4.135 |
|
|
|
Advertising Expenses |
|
0.059 |
0.044 |
|
|
|
Electricity Expenses |
|
0.034 |
0.033 |
|
|
|
Salary |
|
0.486 |
0.320 |
|
|
|
Insurance Charges |
|
0.118 |
0.090 |
|
|
|
Other Expenses |
|
8.794 |
7.813 |
|
|
|
TOTAL |
|
94.054 |
64.426 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
3.237 |
0.806 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.031 |
0.025 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
|
3.206 |
0.781 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
3.30 |
1.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
3.32 |
1.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
6.09 |
1.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.76 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
11.50 |
11.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
4.45 |
5.56 |
LOCAL AGENCY FURTHER INFORMATION
|
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 two years |
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 |
-- |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
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 |
-- |
|
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 |
-- |
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.50.90 |
|
|
1 |
Rs.80.77 |
|
Euro |
1 |
Rs.67.40 |
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.