MIRA
INFORM REPORT
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Report Date : |
22.06.2007 |
IDENTIFICATION DETAILS
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Name : |
21ST CENTURY PACKAGING |
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Registered Office : |
B – 7 / 1, 70 Rama Raod, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1967 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Exporter and Supplier of plastic Bags, plastic Garbage
Bags, Plain / printed Plastic Bags, Carry Bags, Polythene Bags, Packaging
Bags, BOP Bags and Bio-degradable Films |
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 20000 |
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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 concern having satisfactory
track. Proprietor is reported as experienced and respectable businessman.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
B – 7 / 1, 70 Rama Raod, |
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Tel. No.: |
91-11-25931022 / 25930229 / 25153313 / 65399961 |
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Mobile No.: |
91-9810287007 |
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Fax No.: |
91-11-25930229 |
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E-Mail : |
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Area : |
3500sq.fts |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
Mr. Manish Jain |
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Designation : |
Proprietor |
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Date of Birth/Age : |
32 Years |
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Qualification : |
Graduate |
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Experience : |
10 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Supplier of plastic Bags, plastic Garbage
Bags, Plain / printed Plastic Bags, Carry Bags, Polythene Bags, Packaging
Bags, BOP Bags and Bio-degradable Films |
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Products : |
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Terms : |
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Selling : |
Cash and 30 – 45 days credit |
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Purchasing : |
Cash and 30 days credit |
GENERAL INFORMATION
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Suppliers : |
Purchase of raw material form open market |
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Customers : |
©
R. P. Group ©
Subiksha ©
Auto Industries Oil Seal, Control Cable ©
Hosiery Socks, Handkerchiefs ©
Food Packaging ©
Confectionery (Bread, Biscuit, Rusk) ©
Garments (Shirts) ©
Seeds and Grains ©
Artificial Jewelry, Aggarbatti, Washing Powder |
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No. of Employees : |
25 |
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Bankers : |
Bank of |
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Banking
Relations : |
Satisfactory |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.5.000 millions |
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Borrowed : |
- |
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Total : |
Rs.5.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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40.000 |
33.000 |
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Profit/Loss for the year |
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11% |
11% |
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Expected Sales (2007-08) : Rs.50.000 millions
LOCAL AGENCY FURTHER INFORMATION
Company Details:
Subject is
one of the primordial manufacturer, exporter and supplier of Plastic Bags,
Plastic Garbage Bags, Plain/Printed Plastic Bags, Carry Bags, Polythene Bags,
Packaging Bags, BOPP Bags and Bio-degradable Films, across
Established in 1967, the company is a well-renowned manufacturer
and supplier of a wide range of Packaging products to their customer's. Relying
on excellent professionals and production experts, their strong research and
development force is capable of providing innovative products to customers from
across the world so as to better fulfill their specifications by satisfying the
changing needs.
They provide incredible and innovative designs in the arena
of Plastic Bags products like Plastic Garbage Bags, Plain/Printed Plastic
Bags, Carry Bags, Polythene Bags, Packaging Bags, BOPP Bags and Bio-degradable
Films. Each of their Bags are carefully crafted and undergo
stringent quality checks from conceptualization till the final stage of
production. All this procedure ensures that what their customers get the best
products. They have a dedicated, skilled and qualified workforce which works
with efficiency to produce the best quality products. All the products that are
manufactured by them have an inevitable appeal and are absolutely unique in
appearance. They use quality raw materials to create unique collection of
products.
Their
Their bags give their customer products a clean and crisp
look and provide superb moisture and atmosphere barriers. They offer a broad
array of film construction and their packaging solutions can be utilized in a
wide range of applications
Quality
Assurance
They are reputed for producing bags of highest quality standards using
hi-tech and modern machines under a dedicated and highly skilled team. They use
branded packing material that is transparent, tough, non-toxic, chemically
inert and impermeable to moisture. It is highly used as a packing material in
food packing, textile and other chemical industries. They are also involved in
the production of flexible packaging material with logo or marketing message
printed on them.
Infrastructural
Set-up
They have a well-equipped manufacturing unit with all the latest
facilities. They endeavor to maintain the quality and uniqueness of their
products keep their prices low and deliver it on schedule. They keep upgrading
their technology which is proved by their latest side lock technology that has
been adopted to give extra sealing of 4mm x 16mm on edges to strengthen the bag
and remove the initial tear off from the edges to retain the product for longer
time period.
Their Specialty
They are known for delivering the best products, i.e., premium quality
Biaxially Oriented Polypropylene (BOPP) bags and other photo printed poly bags.
They make poly bags from glossy & transparent branded material. In the
medley of poly bags their products stand out for their strength and clarity.
They are having a MONOPOLY in Photo printed poly bags & quality of these
bags is upto the mark, which is highly appreciated by end users. So they give
qualitative products and emphasis on customer satisfaction.
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.40.71 |
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1 |
Rs.81.24 |
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Euro |
1 |
Rs.54.63 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
NO |
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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 |
NO |
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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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50 |
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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