MIRA
INFORM REPORT
|
Report Date : |
23.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHAH PAPER MILLS LIMITED |
|
|
|
|
Registered
Office : |
Angiline Apartment, B/202, 2nd Floor, Vile
Parle (West), Mumbai – 400056, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.07.1990 |
|
|
|
|
Com. Reg. No.: |
11-057464 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.162.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U21010MH1990PLC057464 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS6438F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company engaged in the Manufacturing of Paper and
generation of Power |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject an established company having satisfactory track record. The ratings reflects the strength from Shah Paper Mills Limited’s
(SPML’s) established market position, long track record of the promoters,
diversified product portfolio and optimum plant capacity. Profitability of
the company seems to be decent. Trade relations are reported to be fair. Business is active. Payment
terms are usually correct. The company can be considered 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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of Investigation
books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facility = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
31.12.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facility = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
31.12.2013 |
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Girish |
|
Designation : |
Account Head |
|
Contact No.: |
91-9825064403 |
|
Date : |
20.09.2012 |
LOCATIONS
|
Registered Office : |
Angiline Apartment, B/202, 2nd Floor, Vile
Parle (West), Mumbai – 400056, Maharashtra, India |
|
Tel. No.: |
91-22-26161932 |
|
Mobile No.: |
91-9825064403 (Mr. Girish) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No.5202, 3rd Phase, GIDC, Vapi Gujarat, India |
|
Tel No.: |
91-260-2400032 / 2400248 |
|
Fax No.: |
91-260-2400995 |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Hirji Tejshi Shah |
|
Designation : |
Director |
|
Address : |
Plot no 279, Residential Area, Opposite Gyandham School, Vapi, Valsad - 396195, Gujarat, India |
|
Date of Birth/Age : |
23.08.1938 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
16.09.1999 |
|
PAN No.: |
ACIPS0068E |
|
DIN No.: |
00140063 |
|
|
|
|
Name : |
Mr. Amritlal Khimji Shah |
|
Designation : |
Director |
|
Address : |
Haria, Plot No 207, Residential Area GIDC, Vapi, Valsad – 396195, Gujarat, India |
|
Date of Birth/Age : |
22.11.1944 |
|
Date of Appointment : |
08.08.1990 |
|
Qualification : |
B. Com |
|
PAN No.: |
AAIPS0295H |
|
Voter ID No.: |
GJ/26/182/030286 |
|
DIN No.: |
00140411 |
|
|
|
|
Name : |
Mr. Girish Sarvotham Shetty |
|
Designation : |
Whole-time director |
|
Address : |
306, Rajlaxmi Co-Operative Housing Society, Near Gunjan Cinema, GIDC, Vapi, Valsad – 396195, Gujarat, India |
|
Date of Birth/Age : |
28.12.1973 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
01.04.2005 |
|
DIN No.: |
00144740 |
|
|
|
|
Name : |
Mr. Hemant Gamanlal Modi |
|
Designation : |
Director |
|
Address : |
B-103, Amardham Apartment, Tithal Road, Tithal, Valsad – 396001, Gujarat, India |
|
Date of Birth/Age : |
15.09.1963 |
|
Qualification : |
B. Com, MBA, E. MBA |
|
Date of Appointment : |
07.10.2002 |
|
DIN No.: |
00145130 |
|
|
|
|
Name : |
Mr. Shailendra Raichand Shah |
|
Designation : |
Director |
|
Address : |
14, Swaminarayan Darshan, Dr. R. P. Road. Mulund (West), Mumbai – 400080, Maharashtra, India |
|
Date of Birth/Age : |
06.07.1957 |
|
Qualification : |
B. Sc. |
|
Date of Appointment : |
01.04.2007 |
|
DIN No.: |
00145201 |
|
|
|
|
Name : |
Mr. Mahesh Khetshi Maru |
|
Designation : |
Director |
|
Address : |
A/204, 2nd Suyog Mandir CHS Limited, Ram Mandir Road, Borivali (West), Mumbai – 400092, Maharashtra, India |
|
Date of Birth/Age : |
24.06.1966 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
16.08.1999 |
|
DIN No.: |
00145681 |
|
|
|
|
Name : |
Mr. Ashok Zaverchand Shah |
|
Designation : |
Whole-time director |
|
Address : |
S-2 Paras Apartment, Residential Area, GIDC, Vapi, Valsad – 396195, Gujarat, India |
|
Date of Birth/Age : |
25.09.1963 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
13.02.1991 |
|
Voter ID No.: |
GJ/26/182/024599 |
|
DIN No.: |
00146132 |
|
|
|
|
Name : |
Mr. Mahendra Hirji Shah |
|
Designation : |
Managing director |
|
Address : |
202. Ashwamedh, Sarojini Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India |
|
Date of Birth/Age : |
16.05.1959 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
27.07.1990 |
|
PAN No.: |
ACTPS9864K |
|
Voter ID No.: |
GJ/26/182/096311 |
|
DIN No.: |
00190008 |
|
|
|
|
Name : |
Mr. Parsottam Mohanbhai Gadhesria |
|
Designation : |
Director |
|
Address : |
RCF 14/160, Chanod Colony, GIDC, Vapi, Valsad – 396195, Gujarat, India |
|
Date of Birth/Age : |
03.02.1954 |
|
Qualification : |
BE. Chem. |
|
Date of Appointment : |
29.11.2007 |
|
DIN No.: |
01885419 |
|
|
|
|
Name : |
Mr. Shantilal Khimji Shah |
|
Designation : |
Director |
|
Address : |
209/ 211., Hsg Sector, GIDC Vapi, Valsad - 396195, Gujarat, India |
|
Date of Birth/Age : |
19.02.1948 |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
06497544 |
|
|
|
|
Name : |
Mr. Yogesh Valjibhai Kabaria |
|
Designation : |
Director |
|
Address : |
Resident Plot No. 199, Saurabh Society Housing Sector-1, Behind. Gunjan Cinema, GIDC, Vapi – 396195, Gujarat, India |
|
Date of Birth/Age : |
23.06.1964 |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
03265992 |
|
|
|
|
Name : |
Mr. Bhanupratap Pruthviraj Singh |
|
Designation : |
Director |
|
Address : |
48, Bharuch Pritam Society, Bharuch – 392001, Gujarat, India |
|
Date of Birth/Age : |
04.08.1956 |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
02254985 |
KEY EXECUTIVES
|
Name : |
Mr. Girish |
|
Designation : |
Account Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
SHAREHOLDING DETAILS FILE ATTACHED
As on 28.09.2012
Equity Share Break up (Percentage of Total Equity)
|
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 |
1.00 |
|
Bodies corporate |
44.00 |
|
Directors or relatives of Directors |
52.00 |
|
Other top fifty shareholders |
3.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company engaged in the Manufacturing of Paper and
generation of Power |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India, MIS Corporate Branch, 1st Floor, Shanti Complex, GIDC, Vapi, Vapi - 396194, Gujarat, India · Indusind Bank Limite, 2401 Gen Thimmayyaroad Cantonment, Pune - 411001, Maharashtra, India ·
Cosmos Co-Operative Bank Limited, Cosmos
Heights, 269/270, Shaniwar Peth, Pune - 411030, Maharashtra, India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
R.R. Muni and Company Chartered Accountants |
|
Address : |
2543, Gokul, Building No. 55, Gandhi Nagar, Bandra (East).
Mumbai – 400051, Maharashtra, India |
|
PAN No.: |
AAAFR2711F |
|
|
|
|
Associate : |
· Shah Financial Services Limited · S. G. Industries · Shah Pulp And Paper Mills Limited · Enem Marketing Private Limited · Shah Containers Private Limited · Pushpam Containers Private Limited · Just Pack Private Limited · Natvar Properties Private Limited · Venkateshvara Texfab Private Limited · Avion Paper Impex Private Limited ·
Your Home Developers Private Limited |
CAPITAL STRUCTURE
As on 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
500000 |
Preference Shares |
Rs.100/- each |
Rs.50.000 Millions |
|
|
Total |
|
Rs.200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11250000 |
Equity Shares |
Rs.10/- each |
Rs.112.500
Millions |
|
500000 |
Preference Shares |
Rs.100/- each |
Rs.50.000
Millions |
|
|
Total |
|
Rs.162.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
162.500 |
162.500 |
162.500 |
|
(b) Reserves & Surplus |
1010.727 |
888.976 |
766.907 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1173.227 |
1051.476 |
929.407 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
461.837 |
250.787 |
323.136 |
|
(b) Deferred tax liabilities (Net) |
162.190 |
135.039 |
123.165 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
624.027 |
385.826 |
446.301 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
912.896 |
826.232 |
608.967 |
|
(b) Trade payables |
670.486 |
687.574 |
643.300 |
|
(c) Other current
liabilities |
208.961 |
170.186 |
117.174 |
|
(d) Short-term provisions |
5.078 |
4.397 |
4.255 |
|
Total Current Liabilities (4) |
1797.421 |
1688.389 |
1373.696 |
|
|
|
|
|
|
TOTAL |
3594.675 |
3125.691 |
2749.404 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1283.755 |
1020.548 |
977.205 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
13.511 |
20.593 |
2.345 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2.915 |
2.941 |
3.019 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
42.348 |
36.737 |
32.012 |
|
(e) Other Non-current assets |
90.929 |
90.009 |
94.809 |
|
Total Non-Current Assets |
1433.458 |
1170.828 |
1109.390 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1027.405 |
925.336 |
758.641 |
|
(c) Trade receivables |
616.190 |
617.034 |
575.113 |
|
(d) Cash and cash
equivalents |
168.821 |
115.425 |
117.899 |
|
(e) Short-term loans and
advances |
348.801 |
297.068 |
188.328 |
|
(f) Other current assets |
0.000 |
0.000 |
0.033 |
|
Total Current Assets |
2161.217 |
1954.863 |
1640.014 |
|
|
|
|
|
|
TOTAL |
3594.675 |
3125.691 |
2749.404 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4029.734 |
3668.240 |
3313.165 |
|
|
|
Other Income |
74.859 |
57.895 |
26.082 |
|
|
|
TOTAL (A) |
4104.593 |
3726.135 |
3339.247 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2571.577 |
2395.607 |
2159.319 |
|
|
|
Purchases of stock-in-trade |
19.971 |
6.852 |
69.689 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
2.755 |
0.000 |
(9.842) |
|
|
|
Employee benefit expense |
67.500 |
58.194 |
51.021 |
|
|
|
Other expenses |
920.061 |
794.825 |
645.081 |
|
|
|
Exceptional items |
(4.946) |
(4.946) |
(4.947) |
|
|
|
TOTAL (B) |
3576.918 |
3250.532 |
2910.321 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
527.675 |
475.603 |
428.926 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
253.751 |
216.412 |
170.003 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
273.924 |
259.191 |
258.923 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
78.576 |
68.779 |
64.520 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
195.348 |
190.412 |
194.403 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
68.651 |
61.873 |
58.204 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
126.697 |
128.539 |
136.199 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
72.478 |
3.186 |
|
|
|
Stores & Spares |
NA |
5.606 |
5.244 |
|
|
TOTAL IMPORTS |
NA |
78.084 |
8.430 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.26 |
11.43 |
12.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.09
|
3.45 |
4.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.85
|
5.19 |
5.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.46
|
6.14 |
7.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.18 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.17
|
1.02 |
1.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20
|
1.16 |
1.19 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
162.500 |
162.500 |
162.500 |
|
Reserves & Surplus |
766.907 |
888.976 |
1010.727 |
|
Net worth |
929.407 |
1051.476 |
1173.227 |
|
|
|
|
|
|
long-term borrowings |
323.136 |
250.787 |
461.837 |
|
Short term borrowings |
608.967 |
826.232 |
912.896 |
|
Total borrowings |
932.103 |
1077.019 |
1374.733 |
|
Debt/Equity ratio |
1.003 |
1.024 |
1.172 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
3313.165 |
3668.240 |
4029.734 |
|
|
|
10.717 |
9.855 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
3313.165 |
3668.240 |
4029.734 |
|
Profit |
136.199 |
128.539 |
126.697 |
|
|
4.11% |
3.50% |
3.14% |
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 |
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 |
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 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONS
The Company has again posted a 10% increase in Turnover with a marginal increase in Profit before tax. The production is updated with the market requirements to ensure optimum utilization of capacity and avoidance of dead stock. To meet with the market demands, arrangements are made to have paper produced on job work assignment. An increase in demand for locally produced writing printing paper is anticipated, to combat the recent increase in price of imported newsprint and the effect of Rupee depreciation. The government’s programmes for improving literacy with increased outlays and efficient targeting will lead to better performance in the writing printing paper segment. The increase in circulation of newspaper/journals/ magazines is due to higher literacy rates, greater focus on print media companies on regional content, improved demand traction from corporate sector is due to higher advertisement spending. Though there has been an increase in bent towards use of social media v/s newspaper, in a large part of the world, the consumers are still interested for feature story telling and expert comment, rather than being updated on newsflash and hence a sustained growth of newspaper industry. The thrust on industrialization, rising income levels and improvement in demography have contributed to the increase in use of kraft paper.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long-term
borrowings |
|
|
|
Intercorporate deposits |
113.302 |
33.723 |
|
Loans and advances from directors |
2.816 |
0.900 |
|
Loans and advances from others |
19.239 |
11.367 |
|
Other loans and advances, others |
82.461 |
30.189 |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand |
0.000 |
175.000 |
|
Intercorporate deposits |
25.678 |
32.678 |
|
Loans and advances from related parties |
0.000 |
0.567 |
|
Other loans and advances |
1.000 |
2.500 |
|
Total |
244.496 |
286.924 |
|
|
|
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10456600 |
18/10/2013 |
300,000,000.00 |
DBS BANK LIMITED |
221, FORT HOUSE, 3RD FLOOR, D.N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B88031406 |
|
2 |
10399966 |
29/12/2012 |
150,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B66781261 |
|
3 |
90186649 |
28/03/2013 * |
1,931,100,000.00 |
STATE BANK OF INDIA |
MID CORPORATE BRANCH, 1ST FLOOR, SHANTI COMPLEX, |
B72458714 |
* Date of charge modification
FIXED ASSETS
· Land and Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office 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.60.79 |
|
|
1 |
Rs.99.30 |
|
Euro |
1 |
Rs.78.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
HEN |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.