MIRA
INFORM REPORT
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Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
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Name : |
HASSIA PACKAGING PRIVATE LIMITED |
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Registered Office : |
Gat 768/3, Sanaswadi, Taluka
Shirur, Pune – 412 207, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.07.1997 |
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Com. Reg. No.: |
11-108901 |
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CIN No.: [Company
Identification No.] |
U29195MH1997PTC108901 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEH00824F |
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PAN No.: [Permanent
Account No.] |
AAACH4374D |
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Legal Form : |
A Private Limited Liability Company. |
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Line of Business : |
The company is engaged in manufacturing, importing, exporting and dealing in all types of packaging machinery, all allied systems and accessories. |
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 : |
USD140000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a Subsidiary of IWTA PACUNION GMBH Germany. It’s trade relations are fair. Financial Positions is gradually improving. Payments are usually correct and as per commitments. The company can be considered for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Gat No. 768/3, Sanaswadi, Taluka
Shirur, Koregaon Bhima, Pune – 412 207, |
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Tel. No.: |
91-2137-253210 |
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Fax No.: |
91-2137-253206 |
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E-Mail : |
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Website : |
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Administrative Office : |
15/A, Kondhwa Budruk, Pune – 411
04, |
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Tel. No.: |
91-2137-253210 |
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Fax No.: |
91-2137-253206 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Merk Gorge Roland |
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Designation : |
Chairman |
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Address : |
Edith, Stein-Weg-3a, D-76327, Pfinztal |
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Date of Birth/Age : |
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Date of Appointment : |
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Name : |
Mr. Bippus Golthilf Walter |
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Designation : |
Director |
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Address : |
Erlerstrasse 2, 76275 |
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Date of Birth/Age : |
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Date of Appointment : |
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Name : |
Mr. Krishnamachari Ravi |
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Designation : |
Managing Director |
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Address : |
10/10 Kumar city, Kalyani Nagar, Pune-411014, |
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Date of Birth/Age : |
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Date of Appointment : |
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Name : |
Mr. Baumann Wolf-Dieter |
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Designation : |
Director |
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Address : |
Isestrasse 121, 20249 |
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Date of Birth/Age : |
17.09.1957 |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr. Geurts Paul Heini Andreas |
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Designation : |
Director |
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Address : |
Bilker Allee 22, 40219 |
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Date of Birth/Age : |
31.01.1963 |
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Date of Appointment : |
01.04.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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IWK Pacunion GmbH |
419999 |
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Mr. Merk George Roland |
1 |
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Total |
420000 |
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BUSINESS DETAILS
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Line of Business : |
The company is engaged in manufacturing, importing, exporting and dealing in all types of packaging machinery, all allied systems and accessories. |
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Products : |
Packing Machinery |
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Packaging Machinery |
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45 |
9 |
GENERAL INFORMATION
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No. of Employees : |
150 |
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Bankers : |
Canara Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. K. Khare & Company Chartered Accountant |
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Address : |
11, Venu Madhav, 104/7, Off Lane
No. 14, |
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Tel. No.: |
91-20-25433704/ 22000607/ 6360/ |
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Fax No.: |
91-20-5430212 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4,20,000 |
Equity Shares |
Rs.100/- each |
Rs. 42.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4,20,000 |
Equity Shares |
Rs.100/- each |
Rs. 42.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
42.000 |
42.000 |
42.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
(6.870) |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(6.905) |
(13.808) |
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NETWORTH |
35.130 |
35.095 |
28.192 |
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LOAN FUNDS |
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1] Secured Loans |
5.231 |
1.626 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
6.561 |
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TOTAL BORROWING |
5.231 |
1.626 |
6.561 |
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DEFERRED TAX LIABILITIES |
1.187 |
1.187 |
2.379 |
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TOTAL |
41.548 |
37.908 |
36.222 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.610 |
23.546 |
21.452 |
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Capital work-in-progress |
0.500 |
0.005 |
0.050 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.809 |
0.911 |
0.330 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
17.236
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13.475 |
9.411 |
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Sundry Debtors |
11.618
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9.258 |
12.514 |
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Cash & Bank Balances |
4.682
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3.430 |
1.335 |
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Other Current Assets |
0.005
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0.000 |
0.103 |
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Loans & Advances |
2.446
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2.372 |
1.846 |
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Total
Current Assets |
35.987
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28.535 |
25.209 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
16.808
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13.024 |
9.600 |
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Provisions |
2.550
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2.070 |
1.225 |
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Total
Current Liabilities |
19.358
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15.094 |
10.825 |
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Net Current Assets |
16.629
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13.441 |
14.384 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.003 |
0.006 |
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TOTAL |
41.548 |
37.908 |
36.222 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover(including Other Income) |
57.332 |
71.056 |
30.847 |
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Profit/(Loss) Before Tax |
0.577 |
6.182 |
(4.477) |
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Provision for Taxation |
0.542 |
(0.721) |
(0.035) |
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Profit/(Loss) After Tax |
0.035 |
6.903 |
(4.512) |
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Export Value |
14.283 |
36.471 |
7.211 |
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Imports Value |
10.211 |
3.165 |
0.000 |
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Total Expenditure |
54.810 |
64.973 |
35.325 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.06
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9.71
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(14.63) |
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Net Profit Margin (PBT/Sales) |
(%) |
1.01
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8.70
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(14.51) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.95
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11.66
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(9.52) |
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Return on Investment (ROI) (PBT/Networth) |
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0.02
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0.18
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(0.16) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.70
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0.48
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0.62 |
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Current Ratio (Current Asset/Current Liability) |
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1.86
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1.89
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2.33 |
LOCAL AGENCY FURTHER INFORMATION
Subject is a Registered Small
Scale Industry
It manufactures packaging
machinery in technical and financial collaboration with IWK Verpackungstechnik.
FIXED ASSETS:
Land,
It Trade Terms With:
v
Harihar Enterprises
v
J. B. Industries
v
Trimurty Engineering
& Welding Works
v
Gurudatta Engineering
Works.
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Name of the company |
HASSIA REDATRON PACKAGING MACHINERY PRIVATE LIMITED |
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Presented By |
Canara Bank,IFB Branch, Pune |
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1) Date and description of instrument creating the change |
Hypothecation Agreement of Goods and Book Debts. Hypothecation Agreement for Packing Credit Advances Both the agreement are dated 06.12.2004 and executed for the creation of single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Foreign Letter of Credit Limit – Rs. 10.000 Millions Packing Credit – Rs. 3.000 Millions TOTAL:- Rs. 13.000 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 |
Ishida and multihead weigher, Cross Feeder, and spare parts for MHW and other raw materials, work in progress and finished goods stored/being at Gat No. 768/3, Sanaswadi, Taluka Shirur, District – Pune Book Debts and Receivable. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest 15.60% |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, IFB Branch, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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 |
AS
PER WEBSITE:
Deals In Export Of :
Flexibag series VFFS machines to pack powders, granules, candies and snacks in
three side seal pouches
Deals In Services :
Packaging
Email: Send Mail
Gat No 768/3, Taluka Shirur
Sanaswadi
Pune 412207
Contact Person: M.Mukundan
REVOLUTIONIZING THE WAY YOU PACK
v
Incorporated in 1997,
Hassia Redatron Packaging Machinery Pvt. Ltd., India (HRI) is at the forefront of
providing Innovative and Complete packaging solutions.
v
HRI is a 100 % fully owned
subsidiary of IWKA Germany
(HQ:
v
Involved in the manufacture
of the FlexiBag Series Vertical Form Fill Seal machine /Pouch Packaging Machine
at our world class manufacturing facility located at
v
HRI is involved in
providing specialized Flexible Pouch Packaging Solutions for a wide variety of
different products and applications (Any Solid.) from 50 g to 2 kgs. In special
case offer 5 kgs.
Company Profile:
v
Hassia Redatron Packaging Machinery Private Limited.,
v HRI is a manufacturer of High Speed,
High Quality “VFFS ( Vertical Form Fill & Seal Machines) “ (Pouch Packaging
Machines) and is located at a Modern Facility in “
v With a Highly Innovative Approach,
Comprehensive Technical Expertise and Local Market Knowledge, We are a complete
packaging solutions provider and offer solutions for difficult and complex
packaging problems (Only for Solids at present) for the benefit of our
customers. Please read “Our Capabilities” section to know more.
v As part of the Pacunion family, HRI
is aggressively leveraging the Superior Technological competence and ready
access to the latest innovations from its group companies to provide complete
packaging solutions at competitive prices. HRI like other IWKA companies
worldwide is consistently oriented to IWKA’s competitive edge in the market.
Our products and services are tailored to the demands of the market.
IWKA GROUP
HASSIA REDATRON PACKAGING MACHINERY Pvt. Ltd. - (An IWKA
GROUP COMPANY)
IWKA PACUNION GMBH, has set up Hassia Redatron Packaging machinery
Pvt. Ltd, (HRI) as a project in
HRI therefore focuses on its markets in
HRI has already successfully penetrated a number of new
markets including the
How to Select
the Right Packaging Machine :
Hassia Redatron Packaging Machinery Pvt.
Ltd. Prides itself as a superior technology packaging solutions partner for
your packaging needs. To help you select the right packaging machine, we need
to understand holistically your “Packaging Need
Services :
Hassia Redatron Packaging Machinery Pvt. Ltd.
takes great pride in the level of service it offers to its customers.
Packaging Partners of Choice
Hassia Redatron
Today’s market requires innovative packaging machines and
systems of the highest performance and flexibility. Saving time and money are
vital to our customers, who are more and more deciding on turnkey packaging
lines from a single supplier. Being part of the technologically advanced IWKA
pacunion helps HRI achieve this.
For complex packaging lines, we co-operate closely with our customers in the
development of partnership systems. Combining the expertise of our staff with
that of our customer has proven to be the way forward to optimize processes and
increase efficiency. Thanks to our innovative products designed with a close
focus on the cost factors and our expertise in the field of simultaneous
engineering, we are the partners of choice for providing the ideal packaging
solution for our customers.
After Sales Service
Every new machine sold by
Products :
Advanced Packaging Technology
The Core Products of HRI are Customized & Technically Advanced Machines for
Pouch Form Fill & Sealing Machines Also Known as Vertical Form Fill Seal
machines (VFFS).
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.75 |
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1 |
Rs.81.63 |
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Euro |
1 |
Rs.54.79 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
3 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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43 |
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 |
|
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 |
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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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