MIRA
INFORM REPORT
|
Report Date : |
13.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUN FINE PAPERS PRIVATE LIMITED |
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|
|
|
Registered
Office : |
1st Floor, |
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Country : |
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|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
01.03.2004 |
|
|
|
|
Com. Reg. No.: |
11-144809 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 5.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U21000MH2004PTC144809 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader and Importer of Fine Papers. |
|
|
|
|
No. of Employees
: |
15 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 178000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
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|
Comments : |
Subject is an established company having satisfactory track record. There appears slight dip in profit of the company over a previous
year. However, trade relations are as fair. Business is active. Payments are
reported to be usually correct and as per commitment. The company can be considered normal for business dealing 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.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Dhanaji |
|
Designation : |
Office Executive |
|
Contact No.: |
91-22-67754444 |
|
Date : |
12.08.2013 |
LOCATIONS
|
Registered Office : |
1st Floor, |
|
Tel. No.: |
91-22-22615444 / 22615421 / 22666405 / 67754444 |
|
Fax No.: |
91-22-22615444 / 67754450 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 sq. ft |
|
Location : |
Rented |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Bharat Devshi Shah |
|
Designation : |
Whole Time Director |
|
Address : |
Boman House, 2, |
|
Date of Birth/Age : |
10.05.1974 |
|
Date of Appointment : |
01.03.2004 |
|
DIN No.: |
00920595 |
|
|
|
|
Name : |
Mr. Pratik Devshi Shah |
|
Designation : |
Whole Time Director |
|
Address : |
Boman House, 2, |
|
Date of Birth/Age : |
28.06.1982 |
|
Date of Appointment : |
01.03.2004 |
|
DIN No.: |
00920650 |
KEY EXECUTIVES
|
Name : |
Mr. Dhanaji |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS
As on 29.09.2012
|
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 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
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 : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers |
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No. of Employees : |
15 (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 : |
Note :
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|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Pasad and Shah Chartered Accountants |
|
Address : |
3, Rajhans, Naigaon Cross Road, Opposite Hotel Avon Ruby, Behind Parsi
Agiary, Dadar (East), Mumbai – 400014, Maharashtra, India |
|
Tel No.: |
91-22-24112623/24112625 |
|
Fax No.: |
91-22-24112625 |
|
Email : |
|
|
PAN No.: |
AAJFP5471H |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
5.000 |
5.000 |
|
(b) Reserves & Surplus |
|
21.985 |
16.942 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
0 |
0 |
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
26.985 |
21.942 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
29.175 |
23.775 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
29.175 |
23.775 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
24.827 |
21.689 |
|
(b) Trade payables |
|
6.594 |
8.727 |
|
(c) Other current liabilities |
|
3.098 |
9.071 |
|
(d) Short-term provisions |
|
0.000 |
0.000 |
|
Total Current Liabilities (4) |
|
34.519 |
39.487 |
|
|
|
|
|
|
TOTAL |
|
90.679 |
85.204 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
0.891 |
0.907 |
|
(ii) Intangible Assets |
|
0.007 |
0.009 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.042 |
0.054 |
|
(d) Long-term Loan and Advances |
|
0.040 |
0.040 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
0.980 |
1.010 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
68.780 |
59.561 |
|
(c) Trade receivables |
|
14.223 |
12.141 |
|
(d) Cash and cash
equivalents |
|
3.240 |
1.637 |
|
(e) Short-term loans and
advances |
|
3.456 |
10.855 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
89.699 |
84.194 |
|
|
|
|
|
|
TOTAL |
|
90.679 |
85.204 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
5.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
10.358 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
15.358 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
13.265 |
|
|
2] Unsecured Loans |
|
|
23.421 |
|
|
TOTAL BORROWING |
|
|
36.686 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
52.044 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
1.056 |
|
|
FIXED ASSETS [Net Block] |
|
|
0.000 |
|
|
Capital work-in-progress |
|
|
|
|
|
|
|
|
0.000 |
|
|
INVESTMENT |
|
|
0.038 |
|
|
DEFERRED TAX ASSETS |
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
45.701
|
|
|
Sundry Debtors |
|
|
10.025
|
|
|
Cash & Bank Balances |
|
|
1.328
|
|
|
Other Current Assets |
|
|
0.170
|
|
|
Loans & Advances |
|
|
5.073
|
|
Total
Current Assets |
|
|
62.297 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
5.874
|
|
|
Other Current Liabilities |
|
|
0.015
|
|
|
Provisions |
|
|
5.458
|
|
Total
Current Liabilities |
|
|
11.347 |
|
|
Net Current Assets |
|
|
50.950
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
52.044 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
73.742 (Gross) |
72.107 |
51.279 |
|
|
|
Other Income |
NA |
59.855 |
45.803 |
|
|
|
TOTAL (A) |
NA |
131.962 |
97.082 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
NA |
116.682 |
87.438 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
14.822 |
15.280 |
9.644 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.866 |
5.190 |
4.405 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.656 |
10.090 |
5.239 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.250 |
0.261 |
0.269 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7.705 |
9.829 |
4.970 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.662 |
3.245 |
1.591 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5.043 |
6.584 |
3.379 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
16.942 |
10.358 |
6.979 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
21.985 |
16.942 |
10.358 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
NA |
23.682 |
9.102 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.08 |
13.17 |
6.76 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
4.99
|
3.48
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.45
|
13.63
|
9.69
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.59
|
11.95
|
7.84
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.45
|
0.32
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.00
|
2.07
|
2.38
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.60
|
2.13
|
5.49
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
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 |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2012 Rs. In Millions |
31.03.2011 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
From Directors
and Shareholders |
29.175 |
23.707 |
|
Total |
29.175 |
23.707 |
NOTE: CURRENT MATURITY
OF LONG TERM BORROWINGS DETAIL: NOT AVAILABLE
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10118696 |
30/06/2008 |
2,300,000.00 |
UNION BANK OF |
|
A43865724 |
|
2 |
10106393 |
24/01/2012 * |
25,000,000.00 |
UNION BANK OF |
|
B32304057 |
* Date of charge modification
OPERATIONS:
During the year, the sales revenue has increased by 6.88% over the last year’s
operation i.e. from gross Rs. 69.00 Millions in 2010-2011 to Rs. 73.700
Millions in 2011-2012.
The company has earned net profit of Rs. 7.705 Millions as compared to
the last year’s profit of Rs. 9.829 Millions. However the profitability has
been decreased due to forex loss and increase in financial cost.
FIXED ASSETS:
- Telephone System
- Motor Car
- Computer
- Furniture
- Air Purifier
- Cutting Machine
- HP Printer
- Nido Hand Pallet Truck
- Fan
- Honda Splendor
- Vacuum Cleaner
- Honda Active
- Camera
- Trade Mark
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 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 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. 60.80 |
|
|
1 |
Rs. 94.21 |
|
Euro |
1 |
Rs. 81.03 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLV |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.