MIRA INFORM REPORT
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Report Date : |
15th May, 2006. |
IDENTIFICATION DETAILS
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Name : |
HI- PACK |
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Registered Office : |
Survey
No. 485/A, Near Dhabel Check Post, Behind Reliance Petrol Pump, Dhabel, Daman – 296 210, Union Territory, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
2004 |
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Legal Form : |
Sole
Proprietory Concern |
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Line of Business : |
The
company is engaged in manufacture of Aerosol Tin Containers. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 40000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established concern having satisfactory track. Trade relations are
fair. Payments are reported as slow but correct. The
concern can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
Survey
No. 485/A, Near Dhabel Check Post, Behind Reliance Petrol Pump, Dhabel, Daman – 296 210, Union Territory, India |
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Tel. No.: |
91-260-2243071 |
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Mobile No.: |
91-9377017911. |
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Area : |
300
sq. mtrs. |
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Location : |
Owned |
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Head Office : |
228,
Pragati Industrial Estate, N. M. Joshi Marg, Lower Parel, Mumbai – 400 011. |
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Tel. No.: |
91-22-23003232/
33/ 34 |
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Fax No.: |
91-22-23070618 |
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Godown : |
Survey
No. 485/A, Near Dhabel Check Post, Behind Reliance Petrol Pump, Dhabel, Daman – 296 210, Union Territory, India |
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Factory : |
Survey
No. 485/A, Near Dhabel Check Post, Behind Reliance Petrol Pump, Dhabel, Daman – 296 210, Union Territory, India |
|
Area : |
300
sq. mtrs. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr.
Bhogilal Patel |
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Designation : |
Proprietor |
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Name : |
Mr.
Shashank Maroji |
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Designation : |
Chief
Executive Officer – Manager (Works) |
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Mobile No. : |
91-9377017911 |
BUSINESS DETAILS
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Line of Business : |
The
company is engaged in manufacture of Aerosol Tin Containers. |
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Imports from : |
Italy,
U. S. A, and Japan |
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Terms : |
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Selling : |
Cash
& Credit – (60 Days) |
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Purchasing : |
L/C,
DP/DA – (60 Days) / Bank Through |
PRODUCTION STATUS
|
Particulars |
Installed Capacity |
Actual Production |
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Aerosol Tin Containers. |
2.000 Million Nos. p.a. |
30000 Pcs. Per day
. (2 -Shifts) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
33 |
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Bankers : |
State
Bank of India, Dhabel Branch, daman – 396 210 |
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Facilities : |
Credit
Limit : Rs. 2.000 Millions |
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Banking Relations : |
Satisfactory |
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Associates: |
Aero
Industries, Vapi |
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Address; |
Plot
No. 654/1, 100 Shed Area, GIDC, Vapi |
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Line of Business: |
Manufacturing
Aerosol Products Insecticide Spray |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.
10.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs.
10.000 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
50.000 |
45.000 |
40.000 |
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Profit/Loss for the year |
5.000 |
4.500 |
4.000 |
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Import Value |
30.000 |
N.A. |
N.A. |
Subjected
is expected to achieve a turnover of Rs. 75.000 Millions for the coming year.
Average
Stock maintained : Rs. 1.000 Millions per month.
LOCAL AGENCY FURTHER INFORMATION
Subject
imports Tin Plates, Aromatic Chemicals, etc. from reputed manufacturer and
suppliers in Italy, U.S.A and Japan.
Aero
Industries, Vapi (Associate) place orders to the subject for Aerosol tin
containers, and then make the finishing works and Filling job at Vapi and send
to the customers, thus Aero industries is the direct customer of the subject.
Subject
was having its manufacturing unit at Somnath Industrial Estate in daman for the
last two years. This new manufacture facility was set up this year only and the
commercial production started in February, 2006 from here.
Proprietor
is well experienced and qualified, financially sound, enjoys better credits and
reputation in the market.
Subject
seems to be progressive.
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records 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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.39 |
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UK
Pound |
1 |
Rs.85.88 |
|
Euro |
1 |
Rs.58.55 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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
|
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 |
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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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |