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MIRA
INFORM REPORT
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Report Date : |
10.10.2007 |
IDENTIFICATION DETAILS
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Name : |
VACMET PACKAGING ( |
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Formerly Known As : |
M. S. GEMS ( |
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Registered Office : |
24/704, Eastend Apartments, mayUr Vihar, Phase – I,
Extension, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.03.1993 |
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Com. Reg. No.: |
55-52405 |
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CIN No.: [Company
Identification No.] |
U74899DL1993PTC052405 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AGRV10053B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers and Exporters of Metallised Packaging,
Plastic Films. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1300000 |
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Status : |
Good |
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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 experience 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 : |
24/704, Eastend Apartments, Mayur Vihar, Phase – I,
Extension, |
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Tel. No.: |
91-562-2150163 |
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Fax No.: |
91-562-2151188 |
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E-Mail : |
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Website : |
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Head Office : |
4/117-B, Civil Lines, |
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Tel. No.: |
91-562-2525466 / 2525467 |
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Fax No.: |
91-562-2151188 / 2527064 |
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E-Mail : |
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Factory 1 : |
D-5, Site A,
Sikandra, |
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Tel. No.: |
91-562-2371414 / 614 / 714 |
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Factory 2 : |
Kosi, Uttar Pradesh |
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Marketing Office : |
·
1-17, Sector 12, Noida, Uttar Pradesh Tel. No.
91-11-8-541360 / 542520 ·
A-4/1, UPSIDC Industrial Area,
Ketwari, Kosi Kalan, Uttar Pradesh Tel. No.
91-5662-33003 ·
A-10, |
DIRECTORS
|
Name : |
Mr. Dinesh Chand Aggarwal |
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Designation : |
Director |
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Address : |
4/117 E, Civil Lines, |
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Date of Birth/Age : |
15.01.1949 |
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Date of Appointment : |
03.03.1993 |
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Name : |
Mr. Raj Narain Aggarwal |
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Designation : |
Director |
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Address : |
4/117 E, Civil Lines, |
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Date of Birth/Age : |
07.05.1947 |
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Date of Appointment : |
03.03.1993 |
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Name : |
Mr. Padam Chand Aggarwal |
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Designation : |
Director |
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Address : |
4/117 E, Civil Lines, |
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Date of Birth/Age : |
08.03.1944 |
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Date of Appointment : |
03.03.1993 |
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Name : |
Mr. Suresh Chandra Aggarwal |
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Designation : |
Director |
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Address : |
4/117 E, Civil Lines, |
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Date of Birth/Age : |
08.03.1942 |
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Date of Appointment : |
03.03.1993 |
KEY EXECUTIVES
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Name : |
Ms. Somina Jain |
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Designation : |
Secretary |
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Address : |
O-1/B-2, |
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Name : |
Mr. Ashish Jain |
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Designation : |
Secretary |
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Address : |
35, Ashok Nagar, |
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Date of Birth/Age : |
31.05.1981 |
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Date of Appointment : |
01.09.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Avail Financial Services Private Limited |
|
100000 |
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Betsy Growth Finance Limited |
|
100000 |
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CSB Infotel Limited |
|
100000 |
|
Dinesh Chand Agarwal |
|
2771500 |
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Hillndge Investment Limited |
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100000 |
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Karishma Industries Limited |
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100000 |
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Lehra Investments Private Limited |
|
100000 |
|
Moderate Credit Corporation Limited |
|
500000 |
|
Padam Chand Agarwal |
|
183000 |
|
Raj Narain Agarwal |
|
490000 |
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Stellar Investments Limited |
|
200000 |
|
Suresh Chand Agarwal |
|
454500 |
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Worldlink Telecom Limited |
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100000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Bodies corporate |
|
63.00 |
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Directors or relatives of directors |
|
36.00 |
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Other top fifty shareholders |
|
1.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Metallised Packaging,
Plastic Films. |
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Products : |
·
Plasma Treated
Metallized Films ·
Holographic
Paper & Holographic Board ·
Selective
Holographic Film / Selective Holographic Paper ·
Metallized Board
and Metallized Paper ·
Direct
Metallized Label Paper ·
High Refractive
Index (HRI) Film |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Cash or Credit (30-60 days) terms |
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Purchasing : |
L/C, Credit or Others (30-60 days) terms |
GENERAL INFORMATION
|
Suppliers : |
·
Flex Industries Limited, ·
Garware Polyster Limited, ·
Max India Limited, ·
SRF Limited, |
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No. of Employees : |
200 |
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Bankers : |
·
Bank of ·
ICICI Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Tandon Mittal & Associates Chartered Accountants |
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Address : |
F-5, 1st Floor, |
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Tel. No.: |
91-562-309 8751/2252 6449 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7,320,000 |
Equity Shares |
Rs. 10/- each |
Rs. 73.200
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 |
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|
|
|
|
1] Share Capital |
73.200 |
62.700 |
47.700 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
269.055 |
168.327 |
68.476 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
342.255 |
231.027 |
116.176 |
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|
LOAN FUNDS |
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1] Secured Loans |
270.458 |
208.853 |
68.638 |
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2] Unsecured Loans |
43.161 |
37.235 |
58.738 |
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TOTAL BORROWING |
313.619 |
246.088 |
127.376 |
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DEFERRED TAX LIABILITIES |
15.525 |
17.126 |
12.020 |
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TOTAL |
671.399 |
494.241 |
255.572 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
320.031 |
259.225 |
209.695 |
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Capital work-in-progress |
1.788 |
0.000 |
0.000 |
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INVESTMENT |
7.658 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
95.362
|
111.490 |
61.810 |
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Sundry Debtors |
100.120
|
62.333 |
52.769 |
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Cash & Bank Balances |
72.009
|
102.809 |
26.775 |
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Other Current Assets |
10.951
|
11.257 |
8.757 |
|
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Loans & Advances |
124.279
|
33.522 |
20.607 |
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Total
Current Assets |
402.721
|
321.411 |
170.718 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
55.517
|
84.291 |
122.849 |
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Provisions |
5.425
|
2.299 |
2.055 |
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Total
Current Liabilities |
60.942
|
86.590 |
124.904 |
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Net Current Assets |
341.779
|
234.821 |
45.814 |
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MISCELLANEOUS EXPENSES |
0.143 |
0.195 |
0.062 |
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TOTAL |
671.399 |
494.241 |
255.572 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
1548.138 |
1562.801 |
1157.385 |
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Total Income |
1548.138 |
1562.801 |
1157.385 |
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Profit/(Loss) Before Tax |
10.059 |
22.269 |
21.032 |
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Provision for Taxation |
3.246 |
7.417 |
7.197 |
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Profit/(Loss) After Tax |
6.813 |
14.852 |
13.835 |
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Earnings in Foreign Currency : |
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Total Earnings |
162.449 |
150.486 |
117.486 |
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Imports : |
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Total Imports |
NA |
NA |
829.898 |
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Expenditures : |
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Total Expenditure |
1538.079 |
1540.532 |
1103.568 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
0.44
|
0.95 |
1.20 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.64
|
1.42 |
1.82 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.39
|
3.83 |
5.53 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.09 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.09
|
1.44 |
2.17 |
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Current Ratio (Current Asset/Current Liability) |
|
6.61
|
3.71 |
1.37 |
LOCAL AGENCY FURTHER INFORMATION
The Registered Office of the company has been shifted from H-43, N.D.S.E. Part – I,
The
company is in trade terms with the following :
·
Abhilasha Industries,
·
Adarsh Flexopack
·
Ambica Enterprises
·
Sobhana Silk Mills
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
80000134 |
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Corporate
identity number of the company |
U74899DL1993PTC052405 |
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Name of the
company |
VACMET PACKAGING ( |
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Address of the
registered office or of the principal place of business in |
24/704, Eastend Apartments, mayor Vihar, Phase – I,
Extension, |
|
Type of charge |
·
Book Debts ·
Movable Property |
|
Particular of
charge holder |
Bank of International Business Branch 13, |
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Nature of description
of the instrument creating or modifying the charge |
Supplemental composite agreement of hypothecation of
goods, book debts, movable machinery and vehicles |
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Date of
instrument Creating the charge |
29.03.2007 |
|
Amount secured by
the charge |
Rs. 1368.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest On Cash and Term
Loans - @ 2.00 % below bank’s prime Lending Rate with a minimum of 10.50 % p.a.
with monthly rests. On Packing
Credit Upto 180 days : not exceeding
BPLR minus 3.50 % points i.e. 9 % p.a. with rest. Beyond 180 days to 270 days
: not exceeding BPLR plus 0.5 % points i.e. 13.00 % p.a. with monthly rests. For PCFC : USD
LIBOR + 100 pbps. Terms of
repayment As per sanction /
review of credit facilities dated 16.03.2007. Margin As per sanction /
review of credit facilities dated 16.03.2007. Extent operation
of the charge The Company’s properties
as mentioned hereunder are hypothecated to secure various credit facilities
aggregating to Rs. 1368.500 Millions granted by the bank to the borrowers. |
|
Short particulars
of the property charged |
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|
Date of latest
modification prior to the present modification |
27.07.2006 |
As Per Website
Profile
The Subject carries this inspiration to area not protected
by nature. In many cases, to protect an object from the elements themselves.
Providing Metallized & Coated Products for specialized purposes, subject
has created an unshakable niche for themselves in the market, having been one
of the pioneers with their inception over a decade ago.
Subject are one of the few companies in the world to manufacture products as
diverse as Metallized Plastic Foils, Specialized Coated Films, Hot Stamping
Foil, Selective Metallized Film, Holographic Films, Metallized paper and other
Metallized & coated products.
Imbibing
technical innovations and using the most sophisticated machinery, subject
provide value-added, quality products to meet the ever-changing needs of the
clients and their customers.
Take
for instance, the new generation K-Series Metalliser that has been obtained
from
Subject currently has three
operational units based in
Subject combines the distinct
advantage of state-of-the-art technology with their understanding of customer
needs and evolving trends. It's an attitude that has put us in good stead in
industry where competition thrives.
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.39.55 |
|
|
1 |
Rs.80.44 |
|
Euro |
1 |
Rs.55.49 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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. |
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 |
|