|
|
|
MIRA INFORM REPORT
|
Report No. : |
507742 |
|
Report Date : |
08.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
SHAH PAPER MILLS LIMITED (w.e.f. 26.09.1994) |
|
|
|
|
Formerly Known
As : |
SHAH PAPER MILLS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Office No. 209, 2nd Floor, M.L. Spaces, Dashrathalal Joshi
Road, Vile Parle (West), Mumbai – 400056, Maharashtra |
|
Tel. No.: |
91-22-26161932 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
27.07.1990 |
|
|
|
|
Com. Reg. No.: |
11-057464 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 182.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U21010MH1990PLC057464 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0392003074 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACS6438F1ZC |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS6438F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged into Manufacturer of Various Grades of Paper [Registered Activity] |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company incorporated during the year 1990
having a satisfactory track record. Management has failed to file its financials with the registrar of
companies for the FY 2017. For the financial year 2016, the company has achieved revenue growth
of 5.083% as compared to the previous year but has incurred continuous
operational loss. The rating is further constrained by moderate financial risk profile
of the company marked by eroded net worth base along with huge borrowings
recorded and unfavorable gap between its trade payables and trade
receivables. Payments seems to be slow and delayed. In view of aforesaid, the dealings are recommended on safe and secured
terms. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 08.05.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Sandeep |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-260-2400032 |
|
Date : |
04.05.2018 |
MANAGEMENT
NON-COOPERATIVE [OFFICE EXECUTIVE] (91-22-26161932)
LOCATIONS
|
Registered Office : |
Office No. 209, 2nd Floor, M.L. Spaces, Dashrathalal Joshi
Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India |
|
Tel. No.: |
91-22-26161932 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Plot No.5202, 3rd Phase, GIDC, Vapi-396195 Gujarat, India |
|
Tel No.: |
91-260-2400032 / 2400248 |
|
Fax No.: |
91-260-2400995 |
|
|
|
|
Factory 2 : |
No. 40, Shed Area, Plot No. 792/793, Vapi – 396195, Gujarat, India |
DIRECTORS
AS ON: 2018
|
Name : |
Mr. Bhanupratap Pruthviraj Singh |
|
Designation : |
Director |
|
Address : |
48, Bharuch Pritam Society, Bharuch – 392001, Gujarat, India |
|
Date of Birth/Age : |
04.08.1956 |
|
Qualification : |
MSC |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
02254985 |
|
|
CBQPS5490B |
|
|
|
|
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 |
|
PAN No.: |
AUQPS1802G |
|
DIN No.: |
00144740 |
|
|
|
|
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 : |
Commerce Under Graduate |
|
PAN No.: |
AAIPS0295H |
|
Voter ID No.: |
GJ/26/182/030286 |
|
DIN No.: |
00140411 |
|
|
|
|
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 |
|
PAN No.: |
AAFPS4375M |
|
|
|
|
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. 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 |
|
PAN No.: |
AQUPS7179N |
|
|
|
|
Name : |
Mrs. Poonam Bharat Chauhan |
|
Designation : |
Director |
|
Address : |
Solitair, A-102, Raveshia Park, Shivam Society, Morarji Circle, GIDC, Vapi Pardi- 396195, Gujarat, India |
|
Date of Appointment : |
03.03.2016 |
|
DIN No.: |
07444848 |
|
|
|
|
Name : |
Mr. Parsottam Chhagan Konkani |
|
Designation : |
Director |
|
Address : |
A/P-B/5, Satvedi Apt, Mission Colony, Valsad-396001, Gujarat, India |
|
Date of Appointment : |
03.03.2016 |
|
DIN No.: |
07444877 |
KEY EXECUTIVES
|
Name : |
Pratim Dharmendra Ramani |
|
Designation : |
Secretary |
|
Address : |
A/3, Chandramani Appt., Near Effil Tower,, L.H. Road,, Surat, 395006, Gujarat, India |
|
Date of Birth/Age : |
07.02.1989 |
|
Date of Appointment : |
16.06.2015 |
|
PAN No.: |
AKOPR6075Q |
|
|
|
|
Name : |
Mr. Girish Sarvotham Shetty |
|
Designation : |
Chief Financial Officer |
|
Address : |
306, Rajlaxmi Co. Op. Hsg. Society,Near Gunjan, Cinema, Gidc, Vapi, Valsad, 396195, Gujarat, India |
|
Date of Birth/Age : |
28.12.1973 |
|
Qualification : |
Inter CA |
|
Date of Appointment : |
01.11.2014 |
|
PAN No.: |
AUQPS1802G |
|
|
|
|
Name : |
Mr. Sandeep |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS
AS ON 31.03.2016
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON: 30.09.2016
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters-Individual/Hindu
Undivided Family-Indian |
29.51 |
|
Public/Other
than promoters-Individual/Hindu Undivided Family-Indian |
25.56 |
|
Public/Other than
promoters-Individual/Hindu Undivided Family-Non-resident Indian |
0.98 |
|
Public/Other
than promoters-Body corporate |
43.95 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into Manufacturer of Various Grades of Paper [Registered Activity] |
||||||||||||||||
|
|
|
||||||||||||||||
|
Products / Services
: |
|
||||||||||||||||
|
|
|
||||||||||||||||
|
Brand Names : |
Not Available |
||||||||||||||||
|
|
|
||||||||||||||||
|
Agencies Held : |
Not Available |
||||||||||||||||
|
|
|
||||||||||||||||
|
Exports : |
Not Divulged |
||||||||||||||||
|
|
|
||||||||||||||||
|
Imports : |
Not Divulged |
||||||||||||||||
|
|
|
||||||||||||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
Information denied by the management |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
V. K. Jakharia and Associates Chartered Accountants |
|
Address : |
6/53, Welfare Terrace, T.V. Chidambaram Marg, Sion (East),
Mumbai – 400022, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AFSPJ4108F |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Other related party : AS
ON: 31.03.2016] |
· Shah Financial Services Limited - [U67120MH1996PLC101623] |
|
|
|
|
Associates Company :
AS ON: 31.03.2016] |
· Shah Pulp and Paper Mills Limited – [U21010MH1993PLC074945] |
|
|
|
|
Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relatives: [AS ON: 31.03.2016] |
· S.G. Industries · Mahavir Packag0ing · Global Packers · Enem Marketing Private Limited [U51200MH1997PTC111680] · Natvar Properties Private Limited [U45200MH1996PTC095845] · Shah Containers Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13000000 |
Equity Shares |
INR 10/- each |
INR 130.000 Million |
|
700000 |
Preference Shares |
INR 100/- each |
INR 70.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 200.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11250000 |
Equity Shares |
INR 10/- each |
INR 112.500 Million |
|
700000 |
Preference Shares |
INR 100/- each |
INR 70.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 182.500
Million |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
182.500 |
182.500 |
182.500 |
|
(b) Reserves &
Surplus |
(313.835) |
1092.067 |
1145.313 |
|
(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) |
(131.335) |
1274.567 |
1327.813 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
663.980 |
842.668 |
334.460 |
|
(b) Deferred tax
liabilities (Net) |
187.913 |
187.913 |
195.449 |
|
(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) |
851.893 |
1030.581 |
529.909 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1474.995 |
917.938 |
944.298 |
|
(b) Trade payables |
1137.481 |
935.458 |
1059.534 |
|
(c) Other current
liabilities |
83.119 |
124.589 |
281.813 |
|
(d) Short-term provisions |
6.932 |
6.192 |
5.443 |
|
Total Current Liabilities
(4) |
2702.527 |
1984.177 |
2291.088 |
|
|
|
|
|
|
TOTAL |
3423.085 |
4289.325 |
4148.810 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1142.331 |
1261.718 |
1391.506 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.727 |
9.233 |
3.031 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
20.271 |
24.785 |
40.344 |
|
(e) Other Non-current
assets |
91.058 |
91.058 |
91.058 |
|
Total Non-Current Assets |
1254.387 |
1386.794 |
1525.939 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
933.109 |
1590.460 |
1395.921 |
|
(c) Trade receivables |
622.048 |
630.889 |
599.404 |
|
(d) Cash and cash
equivalents |
104.103 |
262.580 |
165.260 |
|
(e) Short-term loans and
advances |
509.438 |
418.602 |
462.286 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
2168.698 |
2902.531 |
2622.871 |
|
|
|
|
|
|
TOTAL |
3423.085 |
4289.325 |
4148.810 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
4742.267 |
4512.865 |
4494.790 |
|
|
Other Income |
73.137 |
94.564 |
73.642 |
|
|
TOTAL |
4815.404 |
4607.429 |
4568.432 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3373.417 |
3063.737 |
2991.944 |
|
|
Employees benefits
expense |
97.624 |
91.136 |
69.842 |
|
|
Other expenses |
2293.500 |
1067.530 |
900.914 |
|
|
Exceptional items |
(9.323) |
(9.322) |
(4.947) |
|
|
TOTAL |
5755.218 |
4213.081 |
3957.753 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
(939.814) |
394.348 |
610.679 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
329.926 |
298.994 |
298.900 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(1269.740) |
95.354 |
311.779 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
126.293 |
134.593 |
93.986 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(1396.033) |
(39.239) |
217.793 |
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
(7.536) |
78.260 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
(1396.033) |
(31.703) |
139.533 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(116.82) |
(1.74) |
7.65 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
321.044 |
(98.169) |
531.065 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
321.044 |
(147.437) |
496.202 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
47.88 |
51.03 |
48.67 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
7.62 |
7.15 |
7.50 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
123.07 |
111.45 |
129.26 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(1.01) |
0.25 |
0.44 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(0.82) |
0.31 |
0.44 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.98 |
0.66 |
0.63 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
(16.29) |
1.38 |
0.96 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
(20.58) |
1.56 |
1.73 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
(8.70) |
0.99 |
1.05 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(2.85) |
1.32 |
2.04 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(29.44) |
(0.70) |
3.10 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(40.78) |
(0.74) |
3.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
1062.96 |
(2.49) |
10.51 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.80 |
1.46 |
1.14 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.46 |
0.66 |
0.54 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
(0.04) |
0.30 |
0.32 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
11.72 |
9.65 |
7.01 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.80 |
1.46 |
1.14 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
182.500 |
182.500 |
182.500 |
|
Reserves & Surplus |
1145.313 |
1092.067 |
(313.835) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1327.813 |
1274.567 |
(131.335) |
|
|
|
|
|
|
long-term borrowings |
334.460 |
842.668 |
663.980 |
|
Short term borrowings |
944.298 |
917.938 |
1474.995 |
|
Total
borrowings |
1278.758 |
1760.606 |
2138.975 |
|
Debt/Equity
ratio |
0.963 |
1.381 |
(16.286) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
4494.790 |
4512.865 |
4742.267 |
|
|
|
0.402 |
5.083 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
4494.790 |
4512.865 |
4742.267 |
|
Profit/ (Loss) |
139.533 |
(31.703) |
(1396.033) |
|
|
3.10% |
(0.70%) |
(29.44%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
STATE OF AFFAIRS [AS
ON: 31.03.2016]
While it was predicted that the operations of the Company will bring more satisfactory rewards during financial year 2015-2016, the Company passed through unprecedented challenges during the year and the financial results have been very negative.
During the financial year 2013-2014, the Company initiated appropriate efforts to expand and improve the quality of production of the paper under an expectation that with such improvement, the Company shall generate larger surplus. The market for the news print and writing paper faced severe competition from imports due to liberalization /reduction in import duties. Import of the finished goods turned more attractive for the customers. With courage and conviction to come out of the crises, the Company adopted all possible efforts. The production during the year has been greater to the earlier year. The realization of average sales price has also been more. But the increasing costs have prevented the company from achieving required margins and part of the costs remained to be recovered. The Company suffered loss from operations.
Like adding fuel to the fire, the company suffered huge losses during the year on account of loss of value of inventory. 46594.590 MT of Indian waste paper caught up contamination and had to be disposed off at throwaway price and 23000 MT of steam coal was found to have lost its utility while in the store and has therefore been written off from the inventory during the year. Further, the chemicals and other material have also been written off to state the inventory at end of the year at the realizable value.
On account of the operational losses as well as the aforesaid loss of inventory value during the year, the net worth of the Company has been completely eroded and has turned negative. The losses have impacted on the working capital management. Despite the best attempts to meet with commitments on time, the Company has missed to pay the secured term loan instalment and interest to the banks and the account of the Company has been thereby declared NPA. The Company has represented before the banks to reschedule the terms of lending to provide opportunity to revive its financial strength. In consideration of the various attempts of the Company to recoup the strength and taking a liberal view to support the Company maintain the human resources; the Company is hopeful to receive positive approach on the proposals. The present market is also more optimistic to support a turn around. The suppliers and workforce of the Company has full heartedly supported the Company to regain its financial strength. Hence the Company is hopeful of its revival and has prepared the accounts holding a going concern concept
During the year 2014-15 the Company had decided to acquire 30.33% stake in Shah Pulp and Paper Mills Ltd at a cost of INR 88.100 million. The acquisition was completed in 2015-16. The said Company has faced financial crises during the year resulting in erosion of its net worth.
Though the Company investment has lost value in financial terms, the investment is considered beneficial on long term basis since it gives an opportunity to build further capacity to expand production of writing printing paper which is currently in good demand.
During the current financial year till 31st July, 2016, the Company produced 43848 MT of paper and has sold 43813 MT realizing sales of INR 1413.100 million as against production of 40826 MT and sale of 40905 MT with sales realization of INR 1382.700 million of the corresponding period of the previous year. With consistent efforts and realization of results as in the last four months, the Company looks forward to conduct the affairs and manage the operations satisfactorily.
UNSECURED LOAN
|
Particulars |
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
LONG TERM
BORROWING |
|
|
|
Intercorporate borrowings |
55.216 |
60.916 |
|
Loans and advances from related parties |
47.778 |
56.407 |
|
SHORT TERM
BORROWING |
|
|
|
Intercorporate borrowings |
183.013 |
76.011 |
|
Loans and advances from related parties |
41.651 |
0.982 |
|
Other loans and advances |
0.000 |
28.500 |
|
|
|
|
|
Total |
327.658 |
222.816 |
FIXED ASSETS:
- Land
- Buildings
- Office building
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
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 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
|
INR |
|
US Dollar |
1 |
INR 67.11 |
|
|
1 |
INR 90.85 |
|
Euro |
1 |
INR 80.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.