MIRA INFORM REPORT
|
Report Date : |
22.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
NAINI PAPERS LIMITED |
|
|
|
|
Registered
Office : |
Station Road, Opposite Radhey Shyam Building, Kashipur – 244713,
Uttarakhand |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
03.05.1995 |
|
|
|
|
Com. Reg. No.: |
20-033469 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.150.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U21090UR1995PLC033469 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN3805D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged
primarily in two businesses, Writing and Printing Paper (W and P Paper) and
in Soda Ash. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3100000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
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|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a good track record. The
company is progressing well. Financial position of the company is good. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 : |
Station Road, Opposite Radhey Shyam Building, Kashipur – 244713,
Uttarakhand, India |
|
Tel. No.: |
91-5947-275972/ 279331 |
|
Fax No.: |
91-5947-275872 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
7th Km Stone, Moradabad Road, Kashipur – 244713,
Uttarakhand, India |
|
Tel. No.: |
91-5947-275913/14/15 |
|
Fax No.: |
91-5947-260831 |
|
E-Mail : |
DIRECTORS
(AS ON 29.09.2012)
|
Name : |
Mr. Naveen Agarwal |
|
Designation : |
Whole-time Director |
|
Address : |
Mata Mandir Road, Opposite Punjabi Sabha, Kashipur, U S Nagar - 244713, Uttarakhand, India |
|
Date of Birth/Age : |
22.10.1971 |
|
Date of Appointment : |
29.09.2007 |
|
DIN No.: |
00481953 |
|
|
|
|
Name : |
Mr. Pramod Kumar Agarwal |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Mata Mandir Road, Opposite Punjabi Sabha, Kashipur, U S Nagar - 244713, Uttarakhand, India |
|
Date of Birth/Age : |
21.01.1945 |
|
Date of Appointment : |
27.08.2004 |
|
DIN No.: |
00485745 |
|
|
|
|
Name : |
Mr. Pawan Agarwal |
|
Designation : |
Whole-time Director |
|
Address : |
Mata Mandir Road, Opposite Punjabi Sabha, Kashipur, U S Nagar - 244713, Uttarakhand, India |
|
Date of Birth/Age : |
27.05.1971 |
|
Date of Appointment : |
27.08.2004 |
|
DIN No.: |
00481900 |
|
|
|
|
Name : |
Mr. Mayank Agarwal |
|
Designation : |
Director |
|
Address : |
Mata Mandir Road, Opposite Punjabi Sabha, Kashipur, U S Nagar - 244713, Uttarakhand, India |
|
Date of Birth/Age : |
21.05.1980 |
|
Date of Appointment : |
30.09.2006 |
|
DIN No.: |
00505839 |
|
|
|
|
Name : |
Mr. Vimal Kumar Agarwal |
|
Designation : |
Director |
|
Address : |
Station Road, Opposite Radhey Shyam Building, Kashipur, U S Nagar –
244713, Uttarakhand, India |
|
Date of Birth/Age : |
26.02.1958 |
|
Date of Appointment : |
27.09.2001 |
|
DIN No.: |
00707993 |
|
|
|
|
Name : |
Mr. Satya Prakash Gupta |
|
Designation : |
Director |
|
Address : |
Station Road, Opposite Radhey Shyam Building, Kashipur, U S Nagar –
244713, Uttarakhand, India |
|
Date of Birth/Age : |
10.03.1939 |
|
Date of Appointment : |
29.09.2001 |
|
DIN No.: |
00642421 |
|
|
|
|
Name : |
Mr. Madan Pal Verma |
|
Designation : |
Whole-time Director |
|
Address : |
416, Arya Nagar, Kashipur, U S Nagar – 244713, Uttarakhand, India |
|
Date of Birth/Age : |
18.07.1962 |
|
Date of Appointment : |
08.08.2006 |
|
DIN No.: |
00614335 |
KEY EXECUTIVES
|
Name : |
Mr. Shyam Raj Singh |
|
Designation : |
Company Secretary |
|
Address : |
425, Arya Nagar, Kashipur, U S Nagar – 244713, Uttarakhand, India |
|
Date of Birth/Age : |
20.02.1965 |
|
Date of Appointment : |
27.09.1996 |
|
PAN No.: |
ADWPS3558E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 29.09.2012)
Shareholding details file attached.
(AS ON 30.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
53.00 |
|
Directors or relatives of directors |
|
35.00 |
|
Other top fifty shareholders |
|
10.00 |
|
Others |
|
2.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged
primarily in two businesses, Writing and Printing Paper (W and P Paper) and
in Soda Ash. |
||||
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|
||||
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Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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||||||||||||||||||
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Bankers : |
·
State Bank of India Main Branch,
Station Road, Kashipur – 244713, Uttarakhand, India |
||||||||||||||||||
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||||||||||||||||||
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Facilities : |
|
||||||||||||||||||
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Agarwal Gulati and Company Chartered Accountant |
|
Address : |
A-11, Front Basement, Chitranjan Park, New Delhi – 110019, India |
|
PAN No.: |
AABFA4196L |
CAPITAL STRUCTURE
(AS ON 29.09.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
150.000 |
150.000 |
150.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
628.919 |
481.694 |
384.805 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
778.919 |
631.694 |
534.805 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.406 |
33.318 |
47.442 |
|
|
2] Unsecured Loans |
18.353 |
13.464 |
95.506 |
|
|
TOTAL BORROWING |
25.759 |
46.782 |
142.948 |
|
|
DEFERRED TAX LIABILITIES |
68.627 |
64.961 |
62.198 |
|
|
|
|
|
|
|
|
TOTAL |
873.305 |
743.437 |
739.951 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
526.732 |
543.114 |
446.528 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
98.961 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.011 |
0.011 |
0.011 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
130.975
|
106.091 |
94.820 |
|
|
Sundry Debtors |
127.744
|
118.524 |
90.795 |
|
|
Cash & Bank Balances |
59.134
|
17.174 |
9.592 |
|
|
Other Current Assets |
1.929
|
0.447 |
0.859 |
|
|
Loans & Advances |
89.791
|
79.584 |
62.613 |
|
Total
Current Assets |
409.573
|
321.820 |
258.679 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
39.152
|
93.097 |
31.912 |
|
|
Other Current Liabilities |
18.483
|
25.431 |
29.771 |
|
|
Provisions |
5.376
|
2.980 |
2.545 |
|
Total
Current Liabilities |
63.011
|
121.508 |
64.228 |
|
|
Net Current Assets |
346.562
|
200.312 |
194.451 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
873.305 |
743.437 |
739.951 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
1412.010 |
1036.411 |
878.603 |
|
|
|
Other Income |
8.357 |
2.119 |
2.418 |
|
|
|
TOTAL (A) |
1420.367 |
1038.530 |
881.021 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
602.537 |
411.307 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(8.152) |
(3.634) |
738.522 |
|
|
|
Employee benefit expense |
24.231 |
22.455 |
|
|
|
|
Other expenses |
573.825 |
474.628 |
|
|
|
|
TOTAL (B) |
1192.441 |
904.756 |
738.522 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
227.926 |
133.773 |
142.499 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.171 |
1.012 |
0.950 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
226.755 |
132.761 |
141.549 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
37.573 |
32.972 |
30.975 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
189.182 |
99.789 |
110.574 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
41.611 |
22.651 |
23.728 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
147.571 |
77.138 |
86.846 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.84 |
5.14 |
5.79 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
10.39
|
7.43 |
9.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.40
|
9.63 |
12.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.21
|
11.54 |
15.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.16 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.03
|
0.07 |
0.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.50
|
2.65 |
4.03 |
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 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 |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
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 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Loans and Advances from Directors |
2.106 |
2.697 |
|
Loans and Advances from Others |
16.247 |
10.767 |
|
|
|
|
|
Total |
18.353 |
13.464 |
CORPORATE OVERVIEW
The company is
engaged primarily in two businesses, Writing and Printing Paper (W and P Paper)
and in Soda Ash. The manufacturing plants of the Company are located in Kashipur,
US Nagar, Uttarakhand. The Company is a public limited unlisted company.
FIXED ASSETS:
· Land
· Building
· Factory Building
· Plant and Equipment
· Furniture and Fixture
· Vehicles
· Computer Equipment
· Other Equipment
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.54.28 |
|
UK Pound |
1 |
Rs.82.06 |
|
Euro |
1 |
Rs.70.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.