MIRA
INFORM REPORT
|
Report Date : |
13.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
AMARTARA PRIVATE
LIMITED |
|
|
|
|
Registered Office : |
|
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Country : |
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|
|
|
Financials (as on) : |
31.03.2006 |
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|
Date of Incorporation : |
29.06.1964 |
|
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|
|
Com. Reg. No.: |
11-012950 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U20290MH1964PTC012950 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA20255E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AADCA9217F |
|
|
|
|
Legal Form : |
Private Limited
Liability Company. |
|
|
|
|
Line of Business : |
Manufacturers of
Cellulose and synthetic films based adhesive tapes, cloth tapes, paper tapes,
rigid PVC film plain / coated. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 245376 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
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|
Litigation : |
Clear |
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|
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|
Comments : |
Subject is a well
established and reputed company, controlled by Sarup family, who made huge
money by disposing their precious land to Hiranandani’s for real estate
development. Market people estimate that Sarup’s sold the land of nearly Rs. 4000
millions few years back. Available
information indicates satisfactory financial responsibility of the company.
Trade relations are fair. The company was successful in wiping out its
accumulated losses during 2002-03. Payments are usually made as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions |
LOCATIONS
|
Registered
Office / Corporate Office / Factory : |
|
|
Tel. No.: |
91-22-8571092 /
28570884 / 8573784 / 28573663 (Administration)
/ 28574311 (sales) |
|
Fax No.: |
91-22-28570470 /
28570379 (Administration) / 28578837 (sales) |
|
E-Mail : |
Ø
ashwinmohan@amartaraplastics.com Ø
tarasarup@amartaraplastics.com |
|
Website : |
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|
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|
Branches : |
Located At : Ø
Ø
Chennai Ø
Ahmedabad Ø
Ø
Ø
Kolkata Ø
Ø
|
|
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|
|
Overseas Sales Offices : |
Tel : 66-22-59 4041-45 Fax : 66 22 59 4046 Emails : amartara@loxinfo.co.th Jardemon S.L. Tel : 34-93-630 6892 Fax : 34-93-650 7241 Emails : jmv@jardemon.com |
DIRECTORS
|
Name : |
Mrs. Tara Sarup |
|
Designation : |
Director |
|
Address : |
9 Sonerset House Colaba, Mumbai – 400005, |
|
Date of Birth/Age : |
02.04.1921 |
|
Date of Appointment : |
12.11.1984 |
|
|
|
|
Name : |
Mr. Arun Sarup |
|
Designation : |
Director |
|
Address : |
Powai Bungalow, |
|
Date of Birth/Age : |
27-02-1944 |
|
Date of Appointment : |
29-06-1964 |
|
|
|
|
Name : |
Mrs. Geeta A.
Sarup |
|
Designation : |
Director |
|
Address : |
Powai Bungalow, |
|
Date of Birth/Age : |
20-03-1947 |
|
Date of Appointment : |
16-08-2000 |
|
|
|
|
Name : |
Mr. Arjun Sarup |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. V.
Sahasranaman Iyer |
|
Designation : |
Company Secretary
|
|
Address : |
12 Vani, Road No.
17, Plot No. 54, Chembur, Mumbai – 400 071, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Tara Sarup |
|
3000 |
|
Arun Sarup Director |
|
43000 |
|
Geeta A. Sarup |
|
4004 |
|
Ajay Industrial Packagings Limited |
|
39,980 |
|
Arjun Sarup |
|
10005 |
|
Seema Sarup |
|
5 |
|
Aarti Sarup |
|
5 |
|
Total |
|
99,999 |
|
|
|
|
|
Category |
|
Percentage of Holding |
|
Bodies corporate |
|
40.00 % |
|
Directors or relatives of directors |
|
60.00 % |
|
Total |
|
100.00
% |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Cellulose
and synthetic films based adhesive tapes, cloth tapes, paper tapes, rigid PVC
film plain / coated. |
|
|
|
|
Products : |
v
Rigid
PVC Films v
Self
Adhesive Tapes v
Publicity
Vinyl Films v
Processing
of PVC Products |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
|
Cellulose and other Synthetic films based
Adhesive Tapes, Cloth Tapes and Paper Tapes |
Linear Mtrs. p.a. |
6,00,000 |
|
Synthetic Films
based Self Adhesive Tapes |
Million sq.mtrs. p.a. |
2.400 |
|
Rigid PVC Film Plain/Coated |
M.Tonnes p.a. |
2500 |
GENERAL INFORMATION
|
No. of Employees : |
200 |
|
|
|
|
Bankers : |
Bank of Sakinaka Branch,
Mumbai – 400 072, HDFC Limited Ramon House, HT Parekh
Marg, 169, Backbay Reclamation, HT Parekh Marg, Mumbai – 400020 Bangkok Bank
Public Co. Limited, |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Pramod H. Shah
and Company Chartered
Accountant |
|
Address : |
113, Doctors
House, Borabzaar, Fort, Mumbai -
400001, |
|
Tel. No.: |
91-22-22695403 |
|
E-Mail : |
|
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|
|
|
Associates/Subsidiaries : |
Ø
Amartara
Limited Line of Business - Manufacturers of Taxi Tapes. Ø
ICM
Plastics Private Limited Ø
ATA
Investments Private Limited and several others. |
|
|
|
|
Holding Company : |
Ajay Industrial Packaging Private Limited U28129MH1970PTC014677 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity shares |
Rs. 100/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
99999 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 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 |
10.000 |
10.000 |
9.999 |
|
|
3] Reserves &
Surplus |
51.344 |
43.193 |
48.655 |
|
|
4) (Accumulated
Loss) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
61.344 |
53.192 |
58.654 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
41.975 |
33.945 |
39.035 |
|
|
2] Unsecured
Loans |
10.563 |
3.836 |
20.531 |
|
TOTAL BORROWING
|
52.538 |
37.780 |
59.566 |
|
|
DEFERRED TAX
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
TOTAL
|
113.882 |
90.974 |
118.222 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
FIXED ASSETS [Net Block]
|
48.178 |
34.849 |
35.486 |
|
Capital work-in-progress
|
0.000 |
10.880 |
10.111 |
|
|
|
|
|
|
|
INVESTMENT
|
12.192 |
0.176 |
6.918 |
|
DEFERREX TAX ASSETS
|
3.910 |
4.415 |
4.261 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
23.420 |
24.074 |
31.303 |
|
|
Sundry Debtors
|
43.832 |
34.518 |
40.071 |
|
|
Cash & Bank Balances
|
6.282 |
3.282 |
2.096 |
|
|
Loans & Advances
|
6.611 |
17.202 |
21.802 |
Total Current Assets
|
80.145 |
79.076 |
95.272 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
28.856 |
36.076 |
30.635 |
|
|
Provisions
|
2.201 |
3.374 |
3.191 |
Total Current Liabilities
|
31.057 |
39.450 |
33.826 |
|
Net Current Assets
|
49.088 |
39.626 |
61.446 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.514 |
1.028 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
113.882 |
90.974 |
118.222 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
129.385 |
106.386 |
99.065 |
|
|
Other Income |
|
|
3.837 |
|
|
Total Income |
129.385 |
106.386 |
102.902 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
13.460 |
(5.465) |
1.912 |
|
|
Provision for Taxation |
1.141 |
0.000 |
[0.457] |
|
|
Profit/(Loss) After Tax |
12.319 |
(5.465) |
2.369 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
10.946 |
7.999 |
1.832 |
|
Total Earnings |
10.946 |
7.999 |
1.832 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
60.384 |
|
|
|
|
Finished Goods |
|
|
1.071 |
|
Total Imports |
60.384 |
52.921 |
50.015 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
|
|
|
|
Manufacturing Expenses |
|
|
17.995 |
|
|
Purchases made for re-sale |
|
|
3.382 |
|
|
Consumption of stores and spares parts |
120.067 |
111.851 |
65.184 |
|
|
Salaries, Wages, Bonus, etc. |
|
|
7.388 |
|
|
Interest |
|
|
3.076 |
|
|
Other Expenditure |
|
|
0.309 |
|
|
Depreciation & Amortization |
2.929 |
|
3.655 |
|
Total Expenditure |
122.996 |
111.851 |
100.989 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
9.52
|
[4.17] |
2.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.40
|
[4.83] |
1.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.48
|
[4.79] |
1.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
[0.10] |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.36
|
1.45 |
1.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.58
|
2.00 |
2.82 |
LOCAL AGENCY FURTHER INFORMATION
The company’s fixed
assets of important value include goodwill, land, building, plant &
machinery, motor vehicles, furniture and fixtures, air conditioners, office
equipments, computers, laboratory equipments and tube well
Bankers Charges Report as per Registry
|
Name of the
company |
AMARTARA LIMITED |
|
Presented By |
MR. KISHORE L
RAHEJA [POWER OF ATTORNEY HOLDER] |
|
1) Date and
description of instrument creating the change |
Charge has been created
by deposit of Title Documents on 02.07.2002 being on oral equitable mortgage.
No Instrument in writing has been executed.
|
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 100.000
Millions |
|
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 |
Property being
Sub divided Plot A of Survey No. 17 [part], CTS No. 4 [Part], Survey No. 16
[Part], CTS No. 26/1 part of Village Paspoli, Taluka Kurla Mumbai Suburban
District, adm 52369.22 sq. mtrs or thereabouts, and construction thereon
present and future. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Period of loan –
12 months Interest @ 13.00
% per annum |
|
5) Name and
Address and description of the person entitled to the charge. |
HDFC Limited Ramon House, HT
Parekh Marg, 169, Backbay
Reclamation, HT Parekh Marg, Mumbai – 400020 |
|
6) Date and brief description of instrument modifying
the charge |
NA |
|
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. |
NA |
|
Corporate identity
number of the company |
U20290MH1964PTC012950 |
|
Name of the
company |
AMAR TARA PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Equitable
mortgage or mortgage of property by deposition the title deeds |
|
Particular of
charge holder |
U65191TN1997PLC037415 Infrastructure Development
Finance Company Limited ITC Centre, 3rd
Floor, 760, Anna Salai, Chennai – 600002, |
|
Nature of
instrument creating charge |
Indenture of
mortgage |
|
Date of instrument
Creating the charge |
29.08.2006 |
|
Amount secured by
the charge |
Rs. 280.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Repayment Of Principal
Amount Of Loan And Interest Thereon And Other Monies Due To Lender Is Secured
By Mortgage Of Immovable Properties Of Amartara Limited As Per POA Dated
27.05.1997 And First Charge On Receivable, Revenues, Operating Cash Flow,
Book Debts, Intangible, Assignment Or Creation Of Security Interest In
Project Documents, Trust And Retention Account, Debt Service Reserve Account
And Bank Account Of Saryu Properties And Hotels Private Limited And Also
Immovable Properties Of Saryu Properties And Hotels Private Limited |
|
Description of
the property charged indicating whether it is a charged on |
Immovable
properties Plant and
Machinery Furniture and
Fixture Book Debts Intangible Assets
Others |
|
Particulars of
the property charged |
Land adm approx.
8093.64 sq. mts. Survey No. 17 situated at Paspoli as exclusive charge as per
schedule I – Part A and immovable and movable properties including fixed
assets as mentioned in the Indenture of Mortgage Deed dated 29.09.2006 |
AS PER
WEBSITE
Amartara, or ATL as they are more commonly known, is a name synonymous
with primary packaging. Their product range includes
v
Plain
& PVdC Coated Pharma & Food Grade Rigid PVC Film
v
Pharma
& Food Grade Triplex Composite Films
v
A-PET
Film
v
Cold
Form Blister
v
Rigid
PVC Film (General Purpose)
v
Vinyl
Film for Signage, and
v
Self
Adhesive PVC Tapes
Aside from the
Pharmaceutical & Food industries, these products are also used for general
purpose applications such as vacuum forming for the packaging of industrial products,
Fold Moulding for production of boxes, metalizing, printing, decoration and
lamination, and in the Signage Industry for banners, hoardings and billboards.
Their tapes are used for both stationery and packaging applications
ATL has a wide
product range, replete with world-class products at competitive prices.
They
offer a complete range of material for packaging pharmaceutical, food and
industrial products, as well as for other applications.
For
the outdoor signage industry, they offer Vinyl film for signage.
And
for general packaging applications, they manufacture Self Adhesive PVC Tape.
At ATL, they are
proud of their commitment to quality. Quality of the product design. Quality of
their manufacturing. And, quality of their after-sales service. This is the key
that enables they to meet the demanding and ever-changing needs of their
customers
A measure of this commitment to quality is their ISO9000 certification.
From a control on the quality of inputs for their production, to a firm grip on
the quality of the end products, the company’s quality assurance philosophy
involves a judicious blend of technical expertise and sophisticated
instrumentation, as also total commitment of each employee to ensure that
products that bear the mark of “ATL” stand up to the scrutiny of world quality
standards.
In their manufacturing facilities, they are well on their way to replicating
the “Clean Air” environment of their Pharma customers, by installing the most
sophisticated air filtration and air conditioning methods. Ensuring that they
are truly a part of “Pharma Culture”.
Both manufacture and use of their packaging material is complex. While they
have total control of manufacturing, it is the customer who is the ultimate
proof of the quality of the product. Therefore, they ensure a close interaction
with their customers, to allow them to tap the depth of their experience with
the usage of their products.
At one level, this customer interaction is achieved by their technical teams
visiting the customers. This allows them to see first-hand the machine settings
and the conditions of storage and usage of their material and customise their
products to meet specific requirements of the customer.
At another level, customer interaction is achieved by customers visiting their
manufacturing facilities. This allows them to tap customer experience by taking
suggestions on specific improvements in raw material, manufacturing, testing,
storage and transportation.
Quality is an ongoing process. And at Amartara, they are constantly adapting to
new requirements, innovating new solutions and adopting the best industry
practices, to bring their customers reliable products. Always!
Amartara’s
manufacturing plant at Mumbai is equipped with the latest machinery.
Modern manufacturing practices are followed in the entire production process,
right from the selection of raw materials, to the packing of finished products.
In their manufacturing facilities, they are well on their way to replicating
the “Clean Air” environment of their Pharma customers, by installing the most
sophisticated air filtration and air conditioning methods. Ensuring that they
are truly a part of “Pharma Culture”.
Environment consciousness is an integral part of the Amartara philosophy. They
ensure that their processes are pollutant free and where necessary, they have
installed waste recovery and pollution control systems.
Their Quality Control Laboratory is equipped with state-of-art instruments to
ensure high quality at every stage of production.
The products are manufactured with precisely determined characteristics through
the use of integrated process control.
Their technical expertise
enables them to offer custom made solutions.
They firmly believe that continuous product development is the path to
consistent growth. They therefore continually keep their selves abreast of new
developments in their industry world-wide, and adapt new technologies that are
best suited to their customers’ requirements.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.73 |
|
|
1 |
Rs.80.43 |
|
Euro |
1 |
Rs.54.44 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|