MIRA INFORM REPORT

 

 

Report Date :

05.02.2007

 

IDENTIFICATION DETAILS

 

Name :

JALPAC INDIA LIMITED

 

 

Registered Office :

Village Tularampur, P. O. Mota Haldu, Tehsil Haldwani, District Nainital, Uttar Pradesh

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

01.07.1986

 

 

Com. Reg. No.:

20-8002

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALJ02135A

 

 

PAN No.:

[Permanent Account No.]

AAACJ7938F

 

 

Legal Form :

Public limited liability company. The company’s shares are listed on the Stock Exchanges

 

 

Line of Business :

Manufacturing and sale of Polyester Film and Metallized Film.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

 

Maximum Credit Limit :

 

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow by average 30 days

 

 

Litigation :

Clear

 

 

Comments :

Financial position is poor. Payments are reported as slow and delayed.

 

The company can be considered for your proposed business dealings on safe and secured trade terms and conditions, only.

 

LOCATIONS

 

Registered Office :

Village Tularampur, P. O. Mota Haldu, Tehsil Haldwani, District Nainital, Uttar Pradesh, INDIA

Tel. No.:

91-5946-224538 / 224513 / 224584

Fax No.:

91-5946-222336 / 222469

E-Mail :

jalpac@vsnl.com

Website :

http://www.jalpacindia.com

 

 

Corporate Office :

903/911, Tolstoy House, 15 Tolstoy Marg, New Delhi - 110 001

Tel. No.:

91-11-23712242 /43/23731131/23721553

Fax No.:

91-11-23723251

E-Mail :

jalpac@vsnl.com

 

 

Factory :
  • Village Tularampur, P. O. Mota Haldu, Tehsil Haldwani, District Nainital, Uttar Pradesh

 

  • Gala No. 238/1(4) & 238/1 (9), Plot No. 449/3, Industrial Estate Masat, Silvassa, Union Territory of Dadra & Nagar Haveli

 

  • B-45, Sector 57, Noida - 201 301, Uttar Pradesh

 

 

Branches :

C/o. Jalan Chemical Industries Private Limited

Malhotra House, 1st Floor, Opposite G. P. O., Mumbai, Maharashtra

 

C/o. R. N. Enterprises

27 AB, Royd Street, Kolkata-700016, West Bengal

 

307, River Palace, Wing B, Opposite Bahumali (Old Court), Nanpura Building, Surat - 395 001, Gujarat

 

DIRECTORS

 

Name :

Mr. Madhukar Jalan

Designation :

Managing Director

 

 

Name :

Mr. Anil Sharma

Designation :

Chairman  (Nominee of PICUP)

 

 

Name :

Mr. Devinder  Gupta

Designation :

Director (Nominee of ICICI)

 

 

Name :

Mr. S. S. Jain

Designation :

Director

 

 

Name :

Mr. R. R. Malhotra

Designation :

Executive Director

 

 

Name :

Mr. K. K. Shukla

Designation :

Director (Nominee of PICUP)

 

 

Name :

Mr. R. K. Gupta

Designation :

Director (Nominee of PICUP)

 

 

Name :

Mr. Yogesh Rastogi

Designation :

Director (Nominee of ICICI Bank Limited)

 

KEY EXECUTIVES

 

Name :

Mr. P. C.  Joshi

Designation :

Company Secretary

 

MAJOR SHAREHOLDERS

 

Names of Shareholders

No. of Shares

Percentage of Holding

Promotes

4113422

59.701

Nationalized Banks

300

0.004

Non Resident Indians

10422

0.151

Mutual Funds and Flls

4100

0.060

Domestic Companies

188103

2.730

General Public

2573369

37.350

Others

284

0.004

Total

68,90,000

100.00

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and sale of Polyester Film and Metallized Film.

 

 

Products :

Item Code No. (ITC Code)

Product Description

39206909

Metallized Films, Metallized 

       

Coated Films

48109900

Metallized Paper

56050000

                    Metallized Yarn

 
PRODUCTION STATUS

 

Class of Goods

Licensed Capacity

Metallized Paper and Metallized Film

4500 TPA

 

Class of Goods

Installed Capacity

Metallized Film

8240 TPA or 490 million Sq. Mtrs./year

Metallized Paper

660 TPA or 11 million Sq. Mtrs./year

 

Class of Goods

Actual Production

Metallized Film

5411.037 MT

Metallized Paper

681.189 MT

Yarn

70.784 MT

 

GENERAL INFORMATION

 

No. of Employees :

120

 

 

Bankers :

Ø       State Bank of India, 25, Ballygunge Circular Road, Kolkata, West Bengal

 

Ø       State Bank of Bikaner & Jaipur

 

 

Facilities :

SECURED LOANS

From Banks - Rupee Term Loans

187.379

- Foreign Currency Term Loan

37.952

- Deferred Payment Guarantee

18.053

Interest Accrued & Due on Term Loan

0.308

From Banks - Cash Credit

84.929

From Banks - Car Loan

1.360

Total

329.981

 

Note :

 

Term Loans from Bank, outstanding Rs. 148.708 millions ( Previous Yr. Rs. 156.162 Millions) are secured by a first mortgage of all the company's immovable properties both present and future ranking pari-passu intor-se and first charge by way of hypothecation of all the company's movables including movable plant & machinery, machinery spares, tools and 'accessories and other movables both present & future subject to prior charges created in favour of the company's bankers on inventories, book debts and other specified movables to secure borrowings for 'working capital requirements, and also secured by personal guarantees of a Director of the company.

 

Term Loans from Banks outstanding Rs. 48.763 millions ( Previous Yr. Rs. 3.6850 Millions ) are secured by pari-passu first charge on the fixed assets and pari-passu second charge on entire current assets comprising stock of raw materials, stock - in -process, stores etc. in factory, godown and in - transit and book - debts / 'receivable, both present and future .

 

Term Loan from banks outstanding Rs. 28.168 Millions ( Previous Yr. Rs.28.548 ) and Deferred Payment Guarantee are secured by first charge on fixed assests created out of bank finance and extention of charge on current assets.

 

Cash Credit and other facilities from the Company's bankers are secured by first hypothecation of entire current assets comprising stock of raw materials, stocks-in-procoss, stores etc , in the factory, godown and in transit and book debts/ receivables, both present and future and second charge on entire fixed assets.

 

Loan at sr. no. 2,3 and 4 is also secured by personal guarantees of two directors and charge on third parties immovable properties.

 

In case of Loans at sr. no. 1,2,3 and 4, promoters shareholding to the extent of Rs 350 millions is to be secured by pledge of share. Further, lenders have the right to convert the entire outstanding dues into Equity Shares of the Company in case of default.

 

Car Loans are secured by hypothecation of cars purchased under hire purchase agreements.

 

Installment of term loans due within one year Rs. 22.907 millions ( Previous year Rs. nil millions)

 

Installment of hire purchase loans due within one year Rs. 0.588 millions ( Previous year Rs.0.433 millions)

 

Unsecured Loans

 

Interest Free Loan From Promoter Company

9.936

Others - From Body Corporate - Short Term

[Including Interest Accrued And Due Rs. 0.088 millions)

4.288

Total

14.224

 

 

 

Banking Relations :

Unknown

 

 

Auditors :

Lodha & Company

Chartered Accountants

 

 

Subsidiaries :

Jalpac Americas Inc

1313, Laurel Street, Suite # 212

San Carlos, CA 94070

Tel No. : 650-6542034

Email : jalpac-americas@attbi.com

 

Americas Jil, Inc

 

 

Associates :

Navila Sobagu Color Printers Private Limited

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

11750000

Equity Shares

Rs. 10/- each

Rs. 117.500 millions

825000

Preference Shares

Rs. 100/- each

Rs. 82.500 millions

 

Total

 

Rs. 200.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

6890000

Equity Shares

Rs. 10/- each

Rs. 68.900 millions

300000

3% Redeemable Cumulative Preference Shares

Rs. 100/- each

Rs. 30.000 millions

505000

0.10% Redeemable Cumulative Preference Shares

Rs.100/- each

Rs.50.500 millions

 

Total

 

Rs. 149.400 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2006

31.03.2005

31.03.2004

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

149.400

98.900

98.900

2] Reserves & Surplus

7.156

7.156

7.158

3) (Accumulated Loss)

(197.617)

(156.951)

(113.601)
NETWORTH

(41.061)

(50.895)

(7.543)

 

 

 

 

LOAN FUNDS

 

 

 

1] Secured Loans

329.981

304.435

311.079

2] Unsecured Loans

14.223

68.823

52.130

TOTAL BORROWING

344.204

373.258

363.209

 

 

 

 
GRAND TOTAL

303.143

322.363

355.660

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

313.535

346.194

364.228

Capital work-in-progress

0.000

0.106

0.203

INVESTMENTS

0.460

2.943

2.943

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

Inventories

79.180

68.296

82.248

Sundry Debtors

75.536

80.394

75.998

Cash & Bank Balances

7.873

9.082

13.372

Other Current Assets

0.000

0.00

0.00

Loans & Advances

30.584

27.436

23.657

Total Current Assets

193.173

185.208

195.275

Less :

 

 

 

Current Liabilities

198.863

207.450

202.952
Provisions

5.162

4.638

4.096
Total Current Liabilities

204.025

212.088

207.048
Net Current Assets

(10.852)

(26.880)

(11.773)

 

 

 

 

Deferred Tax Assets

0.000

0.000

0.000

MISCELLANEOUS EXPENSES

0.000

0.000

0.059

 

 

 

 
 

 

 

 
GRAND TOTAL

303.143

322.363

355.660

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2006

31.03.2005

31.03.2004
Sales Turnover [including other income]

667.388

770.876

718.745
 

 

 

 
Profit/(Loss) Before Tax

(49.626)

43.349

61.649
Provision for Taxation

 

--

(12.967)
Profit/(Loss) After Tax

(40.666)

43.349

74.616
 

 

 

 
Export Value

310.575

311.122

220.684
 

 

 

 
Import Value

21.245

15.714

135.792
 

 

 

 
Total Expenditure

645.670

755.306

728.327

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

30.06.2006

(1st Quarter)

30.09.2006

(2nd Quarter)

 Sales Turnover

 

 115.400

 131.700

 Other Income

 

 0.300

 0.400

 Total Income

 

 115.700

 132.100

 Total Expenditure

 

 114.800

 130.700

 Operating Profit

 

 0.900

 1.400

 Interest

 

 08.300

 10.000

 Gross Profit

 

 (7.400)

 (8.600)

 Depreciation

 

 06.700

 06.700

 Tax

 

 00.100

 0.100

 Reported PAT

 

 (14.200)

 (15.400)

 

200606 Quarter 1

 

Notes

 

Expenditure Includes (Increase)/Decrease in stocks Rs 3.854 million Consumption of Raw Material Rs 79.197 million Staff Cost Rs 8.423 million Other Expenses Rs 23.395 million Tax indicates Provision for Fringe Benefit Tax EPS is Basic & Diluted Status of Investor Complaints for the quarter ended June 30, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter Nil Complaints disposed off during the quarter Nil Complaints unresolved at the end of the quarter Nil 1. Certain product segment have become unremunerative hence not being participated in this has resulted in Lower level of operation / turnover in the current quarter compared to the corresponding quarter of the previous year. The product mix is in the process of being altered with alternate profitable products. 2. The effect of Deferred Tax Assets / liabilities if any will be considered at the end of the year. 3. Auditors Qualification & Management Comments on accounts for the year ended on March 31, 2006 are as under: a) Provision against certain doubtful debts and loans & advances amounting to Rs 6.969 million has not been made (impact unascertainable). The Company has initiated legal & necessary steps for the recovery of these debts / advances. b) Non reconciliation / confirmation of balances of certain debtors, creditors, loans & advances and advance from customers, impact of which can not be commented. These accounts are been reconciled in the course of business. c) Non provision of impairment on assets; considering overall value of assets and business prospects thereto, no provision is required for impairment. There is no significant change in these qualifications in the current quarter 4. The accumulated losses of the Company had exceeded its entire net worth as on March 31, 2004 and the Company had filed a reference before BIFR as a Sick Company with in the meaning of section 3(I) (o) of the Sick industrial Companies (Special Provisions) Act 1985 Debit Balance in Profit and Loss as on March 31, 2006 amounting to Rs 197.617 million. 5. Exceptional and Non-recurring Items (Net) in pervious year include a write back of differential interest amounting to Rs 16.346 million and Loss of Rs. 6.899 million on the sale of assets. 6. The business activity of the Company falls in a single business segment i.e. Aluminum & Lacquer Coating. 7. Figures of the previous year have been regrouped and reclassified wherever necessary. 8. The above unaudited results were taken on record by the Board of Directors in their meeting held on July 27, 2006. 9. The above result has been reviewed by Auditors.

 

200609 Quarter 2

 

Notes

 

Expenditure Includes (Increase)/Decrease in stocks Rs (0.813)million Consumption of Raw Material Rs 99.729 million Staff Cost Rs 8.076 million Other Expenses Rs 23.705 million Tax indicates Provision for Fringe Benefit Tax EPS is Basic & Diluted Status of Investor Complaints for the quarter ended September 30, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter Nil Complaints disposed off during the quarter Nil Complaints unresolved at the end of the quarter Nil 1. Certain product segment have become unremunerative hence not being participated in this has resulted in Lower level of operation / turnover in the current quarter compared to the corresponding quarter of the previous year. The product mix is in the process of being altered with alternate profitable products. 2. The effect of Deferred Tax Assets / liabilities if any will be considered at the end of the year. 3. Auditors Qualification & Management Comments on accounts for the year ended on March 31, 2006 are as under: a) Provision against certain doubtful debts and loans & advances amounting to Rs 6.969 million has not been made (impact unascertainable). The Company has initiated legal & necessary steps for the recovery of these debts / advances. b) Non reconciliation / confirmation of balances of certain debtors, creditors, loans & advances and advance from customers, impact of which can not be commented. These accounts are been reconciled in the course of business. c) Non provision of impairment on assets; considering overall value of assets and business prospects thereto, no provision is required for impairment. There is no significant change in these qualifications in the current quarter 4. The accumulated losses of the Company had exceeded its entire net worth as on March 31, 2004 and the Company had filed a reference before BIFR as a Sick Company with in the meaning of section 3(I) (o) of the Sick industrial Companies (Special Provisions) Act 1985 Debit Balance in Profit and Loss as on March 31, 2006 amounting to Rs 197.617 million. 5. The business activity of the Company falls in a single business segment i.e. Aluminum & Lacquer Coating. 6. Figures of the previous year have been regrouped and reclassified wherever necessary. 7. The results were reviewed by the Audit Committee and have been approved by the Board in its meeting held on October 31, 2006. 8. The above results have been reviewed by the Auditors.

 
KEY RATIOS

 

PARTICULARS

 

31.03.2005

31.03.2004

31.03.2003

Debt-Equity Ratio

0.00

0.00

11.03

Long Term Debt-Equity Ratio

0.00

0.00

8.37

Current Ratio

0.61

0.64

0.82

TURNOVER RATIOS

 

 

 

Fixed Assets

1.25

1.49

1.65

Inventory

9.17

10.70

8.89

Debtors

8.68

10.29

9.87

Interest Cover Ratio

(0.16)

 (0.06)

(0.69)

Operating Profit Margin(%)

2.97

3.02

(0.29)

Profit Before Interest And Tax Margin(%)

(0.99)

(0.32)

(3.18)

Cash Profit Margin(%)

(3.46)

(2.04)

(6.55)

Adjusted Net Profit Margin(%)

(7.42)

(5.38)

(9.44)

Return On Capital Employed(%)

0.00

0.00

0.00

Return On Net Worth(%)

0.00

0.00

0.00

 

 

LOCAL AGENCY FURTHER INFORMATION

 

History

 

The company was promoted by Jalan Industries. It went public in November, 1988 to set up a project in Nainital, Uttar Pradesh and commercial production commenced in 1989.

 

The company, in 1995, became the first metallising and coating company in India to get the ISO-9002 Certificate from Bureau Veritas Quality International (BVQI)

 

The company has installed Metallizer in plant at Haldwani with General Vacumn Equipment, U. K. in January, 1999 but it took longer time due to machines are not accordance with the contracted technical parameters. As a results project is still in trial run until all defect has been rectified. The company's another Metallic Yarn project is more-or-less in place and desired capacity of 10 tones should be achieved shortly.

 

During the year 1999-2000, due to the incurred net loss, which has exceeded 50% of the peak net worth, the company has become a potentially sick company though the installation of the new metallizer resulted in a substantial growth in production and sales.

 

The company has utilized capacity to the extent of 88% and this has doubled when compared to the last two years. The company is exploring to further expansion in both the metallizing and costing areas

 

It is in trade terms with:

 

Ø       Cosmic Aluminium Wires (Private) Limited

Ø       Board & Paper Laminators

Ø       M. D. Packaging Limited

 

Company’s fixed assets include Freehold Land, Building, Plant and Machinery, Office Equipments, Furniture and Fixtures, Electrical Installation and Vehicles.

 

OPERATIONS

 

Despite the financial restructuring the financial performance was far from satisfactory. The main reason continues to be constant pressure on margins because of further additions of capacity by polyester film manufacturers who have forward integrated into the metallizing business during the last 3-4 years. In November 2006, metallizing capacity of 15000 tons per annum was added by film producers.

 

As a result of this, the growth in sales was very subdued at 3% in quantity terms. Value of sales declined by 16% mainly because of a sharp compression in polyester film (our major raw material) prices.

 

While these threats were identified earlier, it was believed that the focus on exports where margins are better and the shift towards value added (coated) products would be able to counter this threat. However, this response does not appear to be sufficient to mitigate this threat. It now appears that a radical shift in product mix is required entailing a major shift from polyester based products to paper based products in which product segment polyester film manufacturers would enjoy no competitive advantage. Various product development initiatives have been taken on non polyester based products which if successful would help the company reduce its dependence on polyester based products where film manufacturers with metallizers have a tremendous strategic and competitive advantage.

 

The company already has a presence in the metallized paper segment. However volumes in this segment will have to be driven up to improve value addition. Additionally, fresh investments will be required in areas like holography. Also some forward integration areas have been identified that would help add value as also give a competitive edge in select niche product segments. Investment avenues are being explored.

EXPORTS

 

Stiff competition was encountered from Indian film suppliers with metallizers who enjoy both a competitive and locational advantage now because of their location in Thailand, Turkey and UAE and are closer to the markets. Also for the first time, cheaper offerings from China herald future competition in this area.

 

Despite this, exports in quantity terms grew by 13%, though there was no growth in value terms because of a sharp compression in raw material prices. During this financial year, the company was awarded:

 

Ø       The "Top Exporter award" in the newly created Metallized Polyester Film Category, for the year 2003-04 by the "Plastics Export Promotion Council of India", the apex body, co-ordinating plastics exports from India.

Ø       The Plasticon "Winner's award" for an 'Outstanding export performance' for the year 2004-05.

 

OUTLOOK

 

Despite having strengths of an excellent plant facility, a product quality that meets international standards, access to international markets and a continuous growth in exports, the financial performance has been far from satisfactory because of their strategic vulnerability.

 

Margins have been eroded in the high volume and growing domestic packaging segment - earlier because of backward integration by large printing converters (their customers) into the metallizing business and in the last three years a massive capacity addition by polyester film producers (their raw material suppliers) into this business.

 

There is, therefore, an imperative need for reducing this strategic disadvantage by forward or backward integration. Backward integration into film production entails a large financial outlay. Hence, investment options are being seriously explored for forward integrating in select niche segments.

 

This change, along with a major shift to paper based products and a radical change of product mix will reduce the strategic vulnerability and if successful will put the company on the path of financial recovery. If investment options come through, it should take about two years to implement this plan.

 

FINANCIAL RESTRUCTURING

 

During this year, the debt restructuring was executed by the working capital bankers, State Bank of India and State Bank of Bikaner & Jaipur in July 05 and November 2005 respectively in line as envisaged in the last year's Director's Report. The salient features of the debt restructuring are as under:

 

Ø       Reduction of interest rate to 8.25%

Ø       Repayment of WCTL and TL to commence from 2007-2008

Ø       Enhancement of working capital limits: Fund based Rs. 43.5 millions and Non fund based by Rs. 12.2 millions

 

The directors wish to place on record their sincere appreciation and gratitude to ICICI, SBI and SBBJ banks for their continuous support to the company.

 

CHANGE IN THE CAPITAL STRUCTURE

 

In order to augment the capital base of the company, the authorized capital of the company was increased during the year from Rs. 150 millions to Rs. 200 millions divided into 11750000 Equity Shares of Rs. 10/- each and 825000 Preference Shares of Rs. 100/-

 

ISSUE OF PREFERENCE SHARES

 

In terms of the debt restructuring granted by the banks, the directors issued 0.1%, 505000 Cumulative Redeemable Preference shares of Rs 10O/- each for an aggregate value of Rs 50.5 millions to the promoters against their interest free unsecured loans as approved in their meeting held on 28th October, 2005.

 

DISPOSAL OF LAND

 

In terms of the debt restructuring granted by the banks, industrial land at Silvassa measuring 4770 square meters was sold by the company to generate funds to meet the requirement for debt restructuring.

 

STATUS OF REFERENCE TO BIFR

 

As reported last year, the company is a Sick Industrial Company within the section 3(1) (o) of the Sick Industrial Companies (Special Provisions) Act, 1985. A reference was filed with BIFR under Section 15(1) of the said Act by the company on 7th June, 2004 and registered by BIFR on 21.06.2004. The company has not received any communication from the Honourable BIFR regarding further proceedings in the matter.

 

Website Details :

 

LEADERSHIP IN PACKAGING & YARN        

 


Subject is the cutting edge of the well diversified eighty five year old Jalan Group's ambitious diversification efforts into the fast growing packaging and yarn sectors.


Subject was founded in 1986 and has over the years grown into a $15 million company thus emerging as one of India’s largest manufacturers and exporter of metallized and coated films, paper, board and metallic yarn.


Being the first metallizing and coating company in India to be accredited with ISO-9001: 2000 certification, its focus on quality and customer service has never been in question.

 

Subject, by virtue of its belief in partnership and long term relationship with customers, has emerged as a reliable and trustworthy company committed to provide value for money both in terms of product quality and service.

 

Subject sees customer-support as the cornerstone of its business philosophy. Whether it is the development of new shades or the development of new grades for specific applications, Subject's technical team strives to find the right solutions.


Subject today commands a world wide presence by exporting over 45% of its production to countries like USA, UK, Australia, New Zealand, France,  Italy, South  Africa,  Ethiopia,  Morocco, Kenya, Spain, Bangladesh, Sri Lanka and many more.


Subject at present employs a staff of 200 personnel at its production facility located in clean environmental conditions in the Himalayan foothills at Haldwani (Uttaranchal), approx. 300 kms away from New Delhi.


The foundation of the company is based on a dedicated and committed work force headed by a dynamic management team, working together in perfect harmony and coordination with the sole objective of providing quality products. 

 

Subject is an active member of the following organizations and councils :

INDIA

 

 

USA

 

 

Technology :

 

THE TECHNOLOGICAL EDGE

 

 

Looking at the ever-increasing international competition and hunger for quality, the company has continuously upgraded its work environment and modernized its equipment and technology.

Subject India has added its fourth metallizer to its metallizing armoury which includes the Free Span Delta from Valmet General, UK.

 

 

The addition of latest metallizing concept is designed for :

 

           

 

Subject's technical edge also comes from its state-of-the-art coating equipment acquired from Pagendarm, Germany, world leaders in the coating technology.             

 

 

Equipment

Equipment Supplier

Country of Origin

Width  
(mm)

Production

Capacities

(tpa)

Metallizers

Weinert

W. Germany

1250

1250

          

General Engineering.

U.K

1650

1650

               

Valmet General

U.K

1650

2400

               

Valmet General

U.K

2450

3600

                    

                    

      

   

 

Coaters and Laminators

Pagendarm

W. Germany

1250

1400

               

 Pagendarm

W. Germany

1250

900

            

Lapra

India

1250

750

 

Lapra

India

1700

950

 

Lapra

India

2450

1650

 

Lapra

India

1500

900

          

          

 

 

    

Slitters

Kampf

W. Germany

1650

900

  

Nicely

Taiwan

1650

1200

          

Print & Paper

India

1650

1200

          

Print & Paper

India

1700

1200

          

Print & Paper

India

1700

1200

          

Geco

India

1650

900

          

Valmet Atlas

UK

2450

3600

 

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 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. 44.11

UK Pound

1

Rs. 86.58

Euro

1

Rs. 57.04

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

30

 

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

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

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions