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MIRA
INFORM REPORT
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Report Date : |
03.07.2007 |
IDENTIFICATION DETAILS
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Name : |
PACKRAFT CONTAINER (INIDA) PRIVATE LIMITED |
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Registered Office : |
184, Krishna |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.05.2001 |
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Com. Reg. No.: |
034674 |
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CIN No.: [Company
Identification No.] |
U74950HR2001PTC034674 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKP03157A |
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PAN No.: [Permanent
Account No.] |
RTKPO1628E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Packing Materials. |
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 40952 |
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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
records. 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
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Registered Office : |
184, |
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Tel. No.: |
91-129-2440841 |
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Fax No.: |
91-129-2443437 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Pawan Vashishta |
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Designation : |
Director |
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Address : |
House No. 1136, Sector – 14, |
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Date of Birth/Age : |
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Date of Appointment : |
11.05.2001 |
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Name : |
Mr. Vijay Kumar Vashishth |
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Designation : |
Director |
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Address : |
House No. 1136, Sector – 14, |
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Date of Birth/Age : |
04.02.1940 |
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Date of Appointment : |
11.05.2001 |
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Name : |
Mr. Vikram Vashishta |
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Designation : |
Director |
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Address : |
House No. 1136, Sector – 14, |
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Date of Birth/Age : |
23.12.1972 |
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Date of Appointment : |
11.05.2001 |
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KEY EXECUTIVES
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Name : |
Ms. K K Malhotra and Company |
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Designation : |
Company Secretary |
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Address : |
C-2/4, Pragati Market, Ashok Vihar, Phase II, |
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Tel No.: |
91-11-27211409 |
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Mobile No.: |
91-9810153573 |
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E-Mail: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Vikram Vashistha |
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387441 |
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Mr. Pawan Vashishta |
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105529 |
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Mr. V K Vashishta |
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7000 |
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Smt. Nirmala Devi |
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10 |
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Smt. Romila Khosla |
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10 |
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Smt. Saroj Bala |
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10 |
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Category |
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Percentage of
Holding |
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Directors or Relatives of Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Packing Materials |
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GENERAL INFORMATION
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Bankers : |
Canara Bank 8 A, Nehru
Ground, NIIT, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sunil K Khanna and Company Chartered Accountants |
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Address : |
43, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
5.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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5.238 |
3.766 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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10.238 |
8.766 |
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LOAN FUNDS |
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1] Secured Loans |
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11.608 |
9.709 |
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2] Unsecured Loans |
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3.348 |
1.883 |
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TOTAL BORROWING |
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14.956 |
11.592 |
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DEFERRED TAX LIABILITIES |
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2.122 |
1.799 |
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TOTAL |
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27.316 |
22.157 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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23.525 |
21.060 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.788 |
5.840 |
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Sundry Debtors |
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8.239 |
6.111 |
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Cash & Bank Balances |
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1.007 |
0.208 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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2.389 |
1.129 |
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Total
Current Assets |
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16.423 |
13.288 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.975 |
11.191 |
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Provisions |
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2.657 |
1.000 |
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Total
Current Liabilities |
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12.632 |
12.191 |
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Net Current Assets |
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3.791 |
1.097 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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27.316 |
22.157 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover(including Other Income) |
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N.A. |
N.A. |
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Profit/(Loss) Before Tax |
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4.185 |
2.483 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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4.185 |
2.483 |
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Total Expenditure |
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N.A. |
N.A. |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.23 |
1.39 |
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Current Ratio (Current Asset/Current Liability) |
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1.30 |
1.08 |
LOCAL AGENCY FURTHER INFORMATION
Website Details
Attached:
Company Details:
They are manufacturer of high class packaging materials.
They have in-house printing and corrugation machines along with other machines
and equipments. They make corrugated boxes, printed and un-printed master
and mono cartons as per customer's design and specifications.
Established
in 1996 they have expanded well over the years. They have now a modern factory
in Krishna Nagar industrial area in
They
have some ISO companies including mid-scale and large-scale organizations as
their clients. They meet their need of packaging material for their national
and international markets.
Their
entry into SAFEPACK a new world of specialized packaging products came
as a result of studying the needs of packaging in the near future.
The SAFEPACK range of products is to meet the needs
of emerging export market also. The first diversified item is edge protector.
These meet the growing need of industry to transport safely its finished
products to inland destinations and also to distant locations around the world.
Corrugated carton boxes coupled with edge protectors can give many advantages in the transportation and storage, which "wood", till very recently used material, cannot.
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Name of the company |
M/S.PACKRAFT
CONTAINER ( |
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Presented By |
M/S.PACKRAFT
CONTAINER ( |
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1) Date and description of instrument creating the change |
Guarantee agreement
dated 19.09.2001 registered on 19.10.2001. Charge modified on 28.11.2002
registered on 03.01.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.536 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 |
Corporate
guarantee given by the company in favour of Canara Bank. 8A, Nehru Ground,
NIT, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The company
stands as one of the guarantee for securing machinery Term Loan of Rs.1.536 millions granted to M/s.
Mikrofine Tooling Private Limited |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank 8 A, Nehru
Ground, |
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6) Date and brief description of instrument modifying the charge |
Guarantee
Agreement Dated 23.03.2005 |
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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. |
The charge
secured by corporate Guarantee of the company stands enhanced from Rs.5.786
millions to Rs.7.145 millions on granting of additional terms loan of
Rs.1.359 millions to M/s. Mikrofine Tooling Private Limited Other terms and
conditions remain the same |
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Corporate identity
number (CIN) Foreign company registration number |
U74950HR2001PTC034674 |
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Name of the
Company |
PACKRAFT
CONTAINER INDIA PRIVATE LIMITED |
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Address |
184, Sector – 25,
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This form is for |
Creation of Charge |
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Type of Charge |
Equitable
mortgage or mortgage of property by depositing the title deeds, Hypothecation |
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Particulars of
the charge holder |
Canara Bank 8 A, Nehru
Ground, NIIT, |
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Amount secured by
the charge |
RS.19.500
millions |
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Brief of the
principal terms and conditions |
First Charge on
assets to secure term loan of Rs.19.500 millions. The term loan shall be repaid
in 60 monthly installments of Rs.0.325 millions each beginning from May 2007.
Interest shall be charged @10.25%p.a. compound monthly. |
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Description of
the property charged indicating |
Landed properties
of the company situated at Mauja Gaunchi, Faridabad, Tehsil Ballabgarh being
and forming part of Rect. No.81, Killa No. 1,2,3 admeasuring 18 Marlas i.e.
530 sq. yards and Plot No. 184, Mauza Gaunchi, Ballabhgarh, Faridabad
measuring 4 Kanals, 9 marlas including all building thereon and all machineries
therein or to be brought therein |
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Brif description
of the instrument creating the charge under section |
Term Loan
Agreement. Deed of Hypothecation re: Machinery. Supplemental Common Hypothecation
Agreement Letters evidencing deposit of title deeds dated 18.07.2006 |
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Date of
Instrument |
18.07.2006 |
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.40.66 |
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1 |
Rs.81.70 |
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Euro |
1 |
Rs.55.05 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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/normal. |
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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