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MIRA
INFORM REPORT
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Report Date : |
17.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
PACKAGING WAREHOUSE (INDIA) LIMITED |
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Formerly Known As : |
PACKAGING WAREHOUSE (INDIA) PRIVATE LIMITED |
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Registered Office : |
207, Shanti Industrial Estate, S N Road, Mulund West, Mumbai-400080,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01-11-1990 |
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Com. Reg. No.: |
11-58775 |
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CIN No.: [Company
Identification No.] |
U74950MH1990PLC058775 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP06190C |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturers of Packing Products of Plastics. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 400000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
207, Shanti Industrial Estate, S N Road, Mulund West, Mumbai-400080,
Maharashtra, India |
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Tel. No.: |
91-22-25907080 |
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Fax No.: |
91-22-67973895 |
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E-Mail : |
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Administrative/ Marketing Office : |
65, Shanti Industrial Estate, Sarojini Naidu Road, Mulund (West), Mumbai-400080,
Maharashtra, India |
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Tel. No.: |
91-22-25907080 (5 lines) |
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Fax No.: |
91-22-25647285 |
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E-Mail : |
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Plants : |
Located at : Mumbai Chennai Karur Bangladesh Ludhiana Daman Uttar Pradesh (Noida) Delhi Bangalore Tirupur |
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Sales Offices : |
SALES OFFICES IN INDIA
OVERSEAS SALES
OFFICE
|
DIRECTORS
|
Name : |
Mr. Shailesh G Sheth |
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Designation : |
Director |
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Address : |
Tara Tower, 77th Floor, S N Road, Mulund (West),
Mumbai-400080, Maharashtra, India |
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Date of Birth/Age : |
12.01.1960 |
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Date of Appointment : |
19.05.1992 |
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Name : |
Mrs. Varsha S Sheth |
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Designation : |
Director |
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Address : |
Tara Tower, 77th Floor, S N Road, Mulund (West),
Mumbai-400080, Maharashtra, India |
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Date of Birth/Age : |
20.06.1963 |
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Date of Appointment : |
27.03.2000 |
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Name : |
Mr. Gulabchand R Sheth |
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Designation : |
Director |
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Address : |
Tara Tower, 77th Floor, S N Road, Mulund (West),
Mumbai-400080, Maharashtra, India |
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Date of Appointment : |
27.12.2004 |
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|
|
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Name : |
Ms. Reema S Sheth |
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Designation : |
Director |
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Address : |
Tara Tower, 77th Floor, S N Road, Mulund (West),
Mumbai-400080, Maharashtra, India |
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Date of Appointment : |
15.07.2004 |
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Date of Ceasing : |
28.12.2004 |
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Name : |
Mr. Viresh G Sheth |
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Designation : |
Director |
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Name : |
Ms. Arti R Sheth |
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Designation : |
Director |
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Name : |
Mr. Vinod Z Shah |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
Percentage of
Holding |
|
Directors and their relatives |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Packing Products of Plastics. |
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Products : |
v Poly Bag v Tube Sheet v Hangers v PVC Pakaging |
GENERAL
INFORMATION
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No. of Employees : |
150 |
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Bankers : |
The Saraswat Co-operative Bank Limited Mulund (West) Branch, Eknath Apartment, anch Rasta, M G Road, Mulund
(West), Mumbai-400080, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K A Gandhi & Company Chartered Accountants |
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Address : |
14B, Vaibhav, 1st Floor, Corner of M G & S L Road,
Mulund (West), Mumbai-400080, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
55000 |
Equity Shares |
Rs.10/- each |
Rs.0.550
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
0.550 |
0.500 |
|
|
2] Share Application Money |
|
87.374 |
18.431 |
|
|
3] Reserves & Surplus |
|
18.291 |
4.357 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
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NETWORTH |
|
106.215 |
23.288 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
43.260 |
31.946 |
|
|
2] Unsecured Loans |
|
0.000 |
12.675 |
|
|
TOTAL BORROWING |
|
43.260 |
44.621 |
|
|
DEFERRED TAX LIABILITIES |
|
3.330 |
0.020 |
|
|
|
|
|
|
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TOTAL |
|
152.805 |
67.929 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
85.545 |
43.588 |
|
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Capital work-in-progress |
|
10.484 |
0.000 |
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|
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INVESTMENT |
|
0.035 |
0.035 |
|
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
17.183 |
7.623 |
|
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Sundry Debtors |
|
40.501 |
31.239 |
|
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Cash & Bank Balances |
|
7.895 |
6.099 |
|
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Other Current Assets |
|
0.000 |
0.000 |
|
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Loans & Advances |
|
4.028 |
1.315 |
|
Total
Current Assets |
|
69.607 |
46.276 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
12.514 |
22.423 |
|
|
Provisions |
|
0.691 |
0.000 |
|
Total
Current Liabilities |
|
13.205 |
22.423 |
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|
Net Current Assets |
|
56.402 |
23.853 |
|
|
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MISCELLANEOUS EXPENSES |
|
0.339 |
0.453 |
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|
|
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TOTAL |
|
152.805 |
67.929 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
117.373 |
75.050 |
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Other Income |
|
3.505 |
0.158 |
|
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Total Income |
|
120.878 |
75.208 |
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|
|
|
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Profit/(Loss) Before Tax |
|
13.083 |
3.600 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
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|
Profit/(Loss) After Tax |
|
13.083 |
3.600 |
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|
|
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Expenditures : |
|
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|
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Raw Material Consumed |
|
73.532 |
53.673 |
|
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Salaries, Wages, Bonus, etc. |
|
3.032 |
0.912 |
|
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Managerial Remuneration |
|
0.280 |
0.480 |
|
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Payment to Auditors |
|
0.009 |
0.015 |
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Interest |
|
5.413 |
1.590 |
|
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Insurance Expenses |
|
0.319 |
0.131 |
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Depreciation & Amortization |
|
3.485 |
2.408 |
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Other Expenditure |
|
21.724 |
12.398 |
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Total Expenditure |
|
107.795 |
71.608 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
10.82 |
4.79 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
10.82 |
4.79 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
8.43 |
4.01 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.12 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.53 |
2.88 |
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Current Ratio (Current Asset/Current Liability) |
|
|
5.27 |
2.06 |
LOCAL AGENCY FURTHER
INFORMATION
Form 8 Particular for creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U74950MH1990PLC058775 |
|
Name of the company |
PACKAGING WAREHOUSE (INDIA) LIMITED |
|
Address |
207, Shanti Industrial Estate, S N Road, Mulund West, Mumbai-400080,
Maharashtra, India |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Movable property (not being pledge ) |
|
Particular of the charge holder |
The Saraswat Co-operative Bank Limited Mulund (West) Branch, Mulund, Mumbai-400080, Maharashtra, India |
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Nature or description of the instrument creating charge |
Agreement of hypothecation of movable property |
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Date of the instrument creating charge |
29.09.2006 |
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Amount Secure by the charge |
Rs.34.500 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest Interest @10.50% p.a. Terms of repayment Repayment any time to the bank on demand Extent and operation of the charge The charge as operated to the extent ofloan amount of Rs.34.500 millions on security of plant and machinery offered by the borrower. |
|
Particulars of the Property charged |
The Borrowers both do hereby hypothecate to and in favour of the Bank all the plant and machinery tangible movable property belonging to the borrower lying and being at the Borrowers place of business at or at the Borrower’s place or residence at and more particularly prescribed I the schedule hereto annexed whether now lying at Special Economic zone, Noida. |
|
Name of the company |
PACKAGING
WAREHOUSE LIMITED |
|
Presented By |
THE SARASWAT CO-OPERATIVE
BANK LIMITED, MULUND BRANCH, MUMBAI |
|
1) Date and description of instrument creating the change |
Agreement of hypothecation of movable property dated 10.02.2006. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.9.700 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of all the plant and machinery, tangible movable property belonging to the borrower and lying and being at the Borrowers place of business or any other place of business. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
ROI : 10.50% or such other percentage as the babj may from time to time fix. This is a term loan facility |
|
5) Name and Address and description of the person entitled to the charge. |
The Saraswat Co-operative Bank Limited Mulund (West) Branch, Eknath Apartment, Panch Rasta, M G Road, Mulund
(West), Mumbai-400080, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
Website Details :
Established in 1983, Subject has perfected the process of
manufacturing Polybags, Hangers, PVC Products and Shopping bags to a fine art.
With the latest machinery in place and subsequently the state-of-the-art
manufacturing units produce up to 30 million Polybags, 15 million Hangers,
1500 tons of LDPE and HMHDPE polyrolls every month.
The humble beginning was made by three young enterprising "Sheth
brothers”, Shailesh Sheth, Rajesh Sheth and Viresh Sheth.
Subject enjoys excellent relationship with its customers. This is primarily
because the management places great emphasis on 'total customer satisfaction'
by way of providing innovative and quality products, with high degree of
services.
MISSION
The mission of Subject is to continue challenging their own standards and to
serve their esteemed customers with best of their products always.
QUALITY POLICY
Subject is committed to manufacture and market quality products of
international standards at competitive prices in the plastic field. Consistent
effort are made by the company to meet international safety standards and
Regulations.
Subject’s obsession with quality and good service has driven them to
build manufacturing and sales infrastructure at different locations in
India.
Manufacturing
Given that enduring reliability is the hallmark of Subject’s products,
understandably they are manufactured using the most stringent quality controls
backed by years of research and development. SUBJECT factories at different
locations in India employ the latest in technology and the best of raw
materials to grant to their products the quality, so ingrained in their product
development philosophy.
Facilities:
Mumbai Corporate office has besides control of the all India operations,
a robust marketing team and huge manufacturing facilities.
Following Mumbai, considering huge potential for garment apparel accessories in
South India, the second manufacturing / marketing unit was set up in 'Tirupur'
the sta te of Tamil Nadu in the year 1991. This unit has, for backing up a
large highly professional marketing team, a wide range of 'Bag printing' and
'Bag making' machines to produce 2 million polybags a month.
Immediately following Tirupur, yet another office / manufacturing unit was set
up in 'Bangalore', a highly potential market for garment accessories in the
state of Karnataka in South India, in the year 1994. To support the trendy
marketing team of Bangalore, 'Bag printing' and 'Bag making' machines were
installed to manufacture 2 million polybags a month, in addition to facilitate
for fabricating 1.5 million shirt supporters, and other garment related
accessories.
Considering growing market potential in South India, yet another branch was
opened in the year 1997, in Chennai, the State capital of Tamil Nadu, in South
India. To augment the efforts of marketing team of Chennai, 2 million pieces of
polybags are being produced a month on the facilities developed, besides 1.5
million pieces of shirt supporters.
After conquering South India, M/s. Packaging Warehouse India Limited went to
North India, with their first branch office in Delhi in the year 1998. Then,
besides the marketing team, within a year a manufacturing unit was established
to make 2 million polybags a month to support the young team of marketing
officers.
With most advances and one of the largest manufacturing unit of subject was started
in the Union Territory of Daman near the state of Gujarat. In this unit a large
number of extrusion machines, printing, bag making machines and hanger moulding
machines were installed to manufacture polyrolls, printed Polybags and also
plastic hangers. In Daman, today the manufacturing capacity per month is to 8
million pieces of polybags, 5 million pieces of hangers and 1 million pieces of
PVC packaging products.
Their Daman unit, which is on the west of India caters to the
requirements of Bombay, Vapi, Ahmedabad and Nhava sheva Seaport and Mumbai
Airport to export the goods immediately to the Global clients.
Their other manufacturing unit was commissioned in the year 2003 in the state
of Pondicherry near Tamil Nadu, in South India. This is the most modern
manufacturing unit, which has a capacity to manufacture 10 million Polybags a
month, 5 million plastic moulded hangers a month and 5 million PVC products a
month.
Their Pondicherry unit supplies to the major garment export centers like
Tirupur, Bangalore and Chennai to name a few. Being in close proximity It also
helps them to cater needs of their neighboring countries like Sri Lanka and
other Asian Countries
their unit at Himachal Pradesh, in North India, set up in the year 2004. This
unit has a monthly manufacturing capacity of 12 million pieces of Polybags, 5
million pieces of hangers, 1 million pieces of PVC products and 2 million
pieces of shirt supporters.
The recent addition to their wide network is their unit at Himachal
Pradesh in the North of India, supplying to the exporters based at New Delhi,
Ludhiana, Panipat and also the Pakistan and Bangladesh markets. They can
cater to the Nepal market also from North.
Their New Development is entering into manufacturing of VICS approved hanger at
UTTER PRADESH (NOIDA), in north India, set up in the year 2006. This unit has a
monthly capacity of 1 million pieces of K-RESIN Hangers
SALES OFFICES :
Their large manufacturing capacity at 4 locations across India is backed
by an impressive sales office, which ensures that their products find their
way to their customers in India and overseas.
MARKETING OFFICES
Today Packaging Warehouse India Limited has its marketing offices all across
India, starting from, Mumbai, Tirupur and Karur, Bangalore, Chennai, New Delhi,
Panipat and Ludhiana, Dhaka (Bangladesh) Overall in all the above marketing
offices there are more than 150 marketing executives / officers, supported by
the administrative staff of 50.
MANUFACTURING
CENTERS
To support the huge team of 150 marketing executives / officers, starting from
Mumbai, M/s. Packaging Warehouse India Limited has manufacturing facilities at:
Tirupur, Bangalore, Chennai, New Delhi, Daman (UT), Pondicherry and Himachal
Pradesh.
Soon the Dhaka (Bangladesh) factory would also commence. In all the above
facilities, M/s. Packaging Warehouse India Limited can manufacture in a month
the following products.
v
Polyrolls
v
polybags 30 million pcs
v
Hangers 15 million pcs
v
PVC products 5 million pcs
v
Shirt supporters 5 million pcs
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.41.99 |
|
UK Pound |
1 |
Rs.84.22 |
|
Euro |
1 |
Rs.57.22 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|