MIRA
INFORM REPORT
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Report Date : |
16.08.2007 |
IDENTIFICATION DETAILS
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Name : |
FRIENDS PACKAGING |
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Registered Office : |
Plot No. 31, Sector – 20, Friends Colony, Old |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1993 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers and Exporters of Pause Packing Machines. |
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 3200 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed concern having satisfactory
track. Proprietor is reported as experienced and respectable businessman. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory 1: |
Plot No. 31, Sector – 20, Friends Colony, Old |
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Tel. No.: |
91-129-2262317 |
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Mobile No.: |
91-9891971863 |
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Fax No.: |
91-129-2262317 |
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E-Mail : |
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Area : |
500 Sq. mtrs. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Sudhir Kumar Rawat |
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Designation : |
Proprietor |
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Address : |
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Mobile No.: |
91-9891971863 |
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Date of Birth/Age : |
35 years |
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Qualification : |
Graduate |
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Experience : |
9 years |
KEY EXECUTIVES
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Name : |
Mr. Ishwar Chander |
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Designation : |
Key Executive |
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Mobile No. : |
91-9811461864 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Pause Packing Machines. |
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Products : |
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Exports : |
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Products : |
Pause Packaging Machine |
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Countries : |
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Terms : |
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Selling : |
Cash or Credit (30 days) |
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Purchasing : |
L/C, Cash or Credit (30 days), Sight |
PRODUCTION STATUS
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Products |
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Actual
Production |
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Pause Packaging Machine |
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As Per Demand |
GENERAL INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
27 (Office: 7; Factory: 20) |
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Bankers : |
ICICI Bank 21 C, |
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Banking
Relations : |
- |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 0.800 million |
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Borrowed : |
- |
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Total : |
Rs. 0.800 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
3.800 |
3.600 |
3.259 |
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Profit/Loss for the year |
0.350 |
0.295 |
0.171 |
Group Turnover: Over Rs. 800.000 millions
Expected Sales (2007-08): Over Rs. 4.500 millions
LOCAL AGENCY FURTHER INFORMATION
Subject has 3 units admeasuring 1acre each and 1 unit is of 50000 Sq.
mtrs.
Trade References
v
Mega Packers,
v
Goldi Masala
Website details attached:
Profile
Their consistent growth has spanned the period of 15 years, during
which they have unveiled a number of leading-edge innovations, and acquired the
distinguished expertise in their field. Friends
Packaging was established in the year 1993, and through its
unmatched quality products and customer centric approaches has established
itself as the most prominent manufacturer and exporter of
an extensive range of Food Packaging Machinery such as Automatic FFS Machine, Candy
Packing Machine, Horizontal Pillow Wrapping Machine, Form Seal and Seal Machine, Pneumatic
Machine, etc.
They, through their innovative ideas and strict adherence to internationally
acclaimed industry norms, maintain supreme grade quality standard with all
these products. At the manufacturing unit of their company, their technocrats
extend the boundaries of what technology can help to achieve and thus, bring
into existence a fantastic range of sophisticated packaging machinery which are
beyond comparison in terms of reliability, durability and performance.
As a result of their passion for perfection and innovation, the market base of
Friends Packaging has expanded all over the country. Some of their highly
reputed clients include Goldy Masala, Megga Biscuits, Sonia Food Products, etc.
They have also created a niche for theirselves in the international market,
exporting almost 20-25% of their total products to their clients spread all
over the world
With their reputation as the most reliable source for cutting edge Food Packaging Machinery at highly affordable prices, Friends Packaging is an industrial leader in its field. They are the manufacturer and exporter of the following range of products-
- Automatic FFS Machine (FP-CS-003)
- Automatic FFS Machine (FP-TS-004)
- Automatic FFS Machine for Liquid
- Candy Packing Machine/Candy Pillow Wrap Machine
- Horizontal Pillow Wrapping Machine/Horizontal Pillow Pack Machine
- Form Seal and Seal Machine
- Naked Biscuit Packaging Machine
- Family Pack Biscuit Packaging Machine
- Pneumatic Machine.
All the above stated packaging machinery are used for
packing various powders, granules, detergent powder, seeds, tea, tables,
coffee, spices, snuff powder, pan masala, gutkha, dhana dal, mehandi powder,
supari, salt, sugar, hair dye powder, various types of liquids and pastes, etc.
Quality
Friends Packaging, which endeavors to earn complete satisfaction of the customers, has lived up to its motto of quality, value for money and extensive choice. To ensure that their highly esteemed clients rely on us as the one and only reliable source for superlative quality products, they maintain a quality management policy which gives a focal point for promoting the best practices and continuous improvement. Their prime concern has always been the same - to understand the exact requirements, to satisfy them beyond the expectation, and to continually improve upon the quality of their products and services. To ensure all these, they emphasize upon thorough quality checking system right from the procurement of raw materials (iron, steel, bearings, paints, etc.) to the final production, and also engage theirselves in constant research. The company is facilitated with in-house quality checking and R&D units which enable us to minimize the production cost and thus, to avail their products at highly competitive price.
Infrastructure
In their mission for further development of their successful product series, they are empowered by a highly motivated and experienced team of workers. Their company is staffed by technocrats with extensive and varied industrial experience, who remain committed to achieve and sustain the company's success in the industry. Besides this strong workforce, Friends Packaging is also equipped with a sound infrastructural base primarily comprising of their advance manufacturing unit, highly captive quality control and R&D facilities.
Primary Competitive Advantages
International
quality products
Timely delivery
Competitive price
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.69 |
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1 |
Rs. 81.87 |
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Euro |
1 |
Rs. 55.42 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
YES |
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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 |
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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 EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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