MIRA
INFORM REPORT
|
Report Date : |
09.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
BAGPET PAPER PRIVATE LIMITED |
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Registered
Office : |
B/1002,Titanium Square, Behind Sarveshwar Tower, Opposite BMW Showroom, Thaltej, Ahmedabad – 380015, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
10.08.2010 |
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Com. Reg. No.: |
55-061942 |
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Capital Investment
/ Paid-up Capital : |
Rs. 18.079 Millions |
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|
CIN No.: [Company Identification
No.] |
U21093GJ2010PTC061942 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Papers, Boards and Pulps. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Project under implementation |
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Payment Behavior : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Even though the company was incorporated in the year August 2010. But
they are yet to commence its business activities. Our Executives were unable to contact the company. So no information
could be made available. Payment terms are unknown. The company can be considered for business dealings on a safe and
secured trade terms and condition. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
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.
LOCATIONS
|
Registered Office : |
B/1002,Titanium Square, Behind Sarveshwar Tower, Opposite
BMW Showroom, Thaltej, Ahmedabad – 380015, Gujarat |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Factory : |
Survey No. 276, Village Kochariya, Off Rajkot, Taluka Bavla, District,
Ahmedabad – 382220, Gujarat, India |
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Branch Office: |
B-43, Shaligram-3, Off 100 Ft Road, Prahladnagar, Ahmedabad – 380015,
Gujarat, India |
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Tel. No.: |
91-79-40025687 |
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Email : |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Krishna Awtar Sharma |
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Designation : |
Director |
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Address : |
B-194, Yojana Vihar, Delhi - 110092, India |
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Date of Birth/Age : |
03.03.1948 |
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Date of Appointment : |
10.08.2010 |
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DIN No.: |
00409874 |
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Other Directorship:
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Name : |
Mr. Vijay Sharma |
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Designation : |
Director |
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Address : |
B-194, Yojana Vihar, Delhi - 110092, India |
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Date of Birth/Age : |
16.10.1977 |
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Date of Appointment : |
05.12.2011 |
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DIN No.: |
02931618 |
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Other Directorship:
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Name : |
Ms. Kusum Lata Sharma |
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Designation : |
Director |
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Address : |
B-194, Yojana Vihar, Delhi-110092, India |
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Date of Birth/Age : |
01.01.1950 |
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Date of Appointment : |
10.08.2010 |
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DIN No.: |
00410213 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Krishna Awtar Sharma |
|
465900 |
|
Kusum Lata Sharma |
|
245000 |
|
Arun Sharma |
|
100000 |
|
AVB Global Ventures Private Limited, India |
|
830000 |
|
Chinmay Patel |
|
1000 |
|
K.A. Sharma and Sons |
|
124000 |
|
Vandana Sharma |
|
32000 |
|
Vijay Sharma |
|
5000 |
|
Vijay Sharma and Sons |
|
5000 |
|
Total |
|
1807900 |
As on: 26.12.2012
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Vijay Sharma |
|
2760000 |
|
Vandana Sharma |
|
2600000 |
|
K.A. Sharma |
|
3970000 |
|
K. L. Sharma |
|
1150000 |
|
Arun Sharma |
|
1000000 |
|
Vijay Sharma (HUF) |
|
50000 |
|
K.A. Sharma and Sons |
|
300000 |
|
AVB Global Ventures Private Limited, India |
|
10900000 |
|
Total |
|
22730000 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
|
|
Bodies corporate |
45.91 |
|
Directors or relatives of Directors |
54.03 |
|
Other top fifty shareholders |
0.06 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Papers, Boards and Pulps. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Kumar Chopra and Associates Chartered Accountant |
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Address : |
Jagjot Singh Street, Baraut – 250611, Uttar Pradesh, India |
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Tel No.: |
91-1234-262897 |
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PAN.: |
AAAFK3534D |
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|
|
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Entities in which
Key Management Personnel have control or
significant influence |
AVB Global Venture Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,807,900 |
Equity Shares |
Rs.10/- each |
Rs. 18.079
Millions |
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|
|
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Details of
Shareholders holding more than 5%
|
Particular |
Number of Shares |
% of holding |
|
K.A. Sharma |
465900 |
25.77 |
|
Kusum Lata Sharma |
245000 |
13.55 |
|
Arun Sharma |
100000 |
5.53 |
|
AVB Global Ventures Private Limited |
830000 |
45.91 |
|
K.A. Sharma and Sons |
124000 |
6.86 |
The reconciliation of
the number of shares outstanding is set out below:
|
Equity Shares at the beginning of the year |
10000 |
|
Add: Shares issued during the year |
1797900 |
|
Equity Shares at the end of the year |
1807900 |
Share application money pending allotment 0.630
The shares will be allotted before 31st March, 2013.
Share application money of Rs. 0.630 Million has been received for the allotment of shares @ Rs.10/- per share.
The Company has sufficient Authorised Capital to cover the pending allotment of share Application Money.
After : 29.09.2012
Authorised Capital: Rs. 50.000 Millions
Issued, Subscribed and Paid-up Capital: Rs. 18.079 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
18.079 |
0.100 |
|
|
2] Share Application Money |
|
0.630 |
7.379 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
18.709 |
7.479 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
11.430 |
6.800 |
|
|
TOTAL BORROWING |
|
11.430 |
6.800 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
30.139 |
14.279 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
3.548 |
1.230 |
|
|
Capital work-in-progress |
|
15.917 |
5.084 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000
|
0.000 |
|
|
Sundry Debtors |
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
|
0.147
|
1.675 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
14.707
|
9.209 |
|
Total
Current Assets |
|
14.854
|
10.884 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
0.000
|
0.000 |
|
|
Other Current Liabilities |
|
4.180
|
2.919 |
|
|
Provisions |
|
0.000
|
0.000 |
|
Total
Current Liabilities |
|
4.180
|
2.919 |
|
|
Net Current Assets |
|
10.674
|
7.965 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
30.139 |
14.279 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
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|
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|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
NIL |
NIL |
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|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
NIL |
NIL |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
NIL |
NIL |
|
|
|
|
|
|
|
|
|
|
TAX |
|
NIL |
NIL |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
|
NIL |
NIL |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.83 |
1.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.55 |
3.73 |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last two 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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
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 |
FINANCIAL RESULTS
The Company has NIL profit this year. The Company has purchased the land and started construction to set up manufacture machines for Pulp and Board industry. The directors are hopeful that the future of the company seems to be bright.
FIXED ASSETS
· Furniture and Fixture
· Computer
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. 55.33 |
|
|
1 |
Rs. 89.05 |
|
Euro |
1 |
Rs. 72.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
18 |
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.