MIRA
INFORM REPORT
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Report Date : |
18.10.2007 |
IDENTIFICATION DETAILS
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Name : |
E C PACKAGING PRIVATE LIMITED |
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Registered Office : |
179, Pocket - E, Phase – II, Mayur Vihar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.10.1995 |
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Com. Reg. No.: |
55-073054 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PTC073054 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKE00663F |
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PAN No.: [Permanent
Account No.] |
AAACE8214D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Packaging Machinery. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
---- |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Subject is small company having moderate track. Profit margin is insufficient.
The company’s networth has been eroded. Subject can be considered for any business dealings on safe and
secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
179, Pocket - E, Phase – II, Mayur Vihar, |
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E-Mail : |
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Website : |
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Factory: |
14/7 Mile Stone, |
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Tel. No.: |
91-129-2277796 / 2277698 / 2277407 |
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Fax No.: |
91-129-2255602 |
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E-Mail : |
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Websites: |
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Branches : |
D – 1, Plot No. 9, SVP Nagar, Madha, 4th Bungalow, Andheri
(west), Mumbai – 400 053, Maharashtra |
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Tel. No.: |
91-22-26396744 / 26393745 |
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Fax No.: |
91-22-26396746 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Sunjay Nayyar |
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Designation : |
Director |
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Address : |
785, sector -14, |
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Date of Birth/Age : |
26.02.1966 |
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Date of Appointment : |
10.10.1995 |
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Name : |
Ms. Neena Nayyar |
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Designation : |
Director |
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Address : |
785, sector -14, |
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Date of Birth/Age : |
23.01.1940 |
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Date of Appointment : |
10.10.1995 |
KEY EXECUTIVES
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Name : |
M/s Chandak Mundhra and Associates |
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Designation : |
Company Secretary |
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Address : |
102 Sector 7, Huda Market Market, |
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Tel No: |
91-129-4105564 |
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Mobile No: |
91-9313775563 |
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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. Sunjay Nayyar |
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83053 |
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Ms. Vibha Miglani |
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83053 |
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Ms. Neena Nayyar |
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41527 |
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Total
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207633 |
Equity Share Break – up (Percentage of Total Equity)
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Sr.
No. |
Category |
Percentage |
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1 |
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Packaging Machinery |
GENERAL INFORMATION
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Suppliers : |
· Aisha Enterprises · B G Industries ·
Anuken Machine ( · G K tools · Festo Controls Private limited · Capricon Excersion Private limited · Guru Ram Dass Machine Tools · Kushwaha Engineering Products · Panorama Industries · Puri Bearing Company · Ideal Enterprises · Impec Packaging Industries |
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Customers : |
· Neelima Packed Oil Mills · Pacrite Limited · Bharat Vedic Sansthan · Eastern Meddkit Limited · Kabisco Food Industries · Kedar Spices Limited · Canditi Foods Private limited · Garden Namkeen Private Limited · Danway LIC · Arun Oil And Dal Mills · BMF Belting Limited · Som Tobacco India Limited · Vishnu Foods and Flavours · Vishnu Pouches Private limited |
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No. of Employees : |
12 |
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Bankers : |
· Standard Chartered Bank · CITI Bank · Allahabad Bank ·
Canara Bank, ·
Bank of |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
· JSVP and Company Chartered
Accountants Address: B -20 and 21, Fruit Garden,
Railway Road, NH 5, NIT, Faridabad -121 001, Haryana, India · Bhatia Vinay and Associates Chartered Accountants |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity shares |
Rs.10/- each |
Rs. 3.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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207633 |
Equity shares |
Rs. 10/-
each |
Rs.2.076
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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2.076 |
2.076 |
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2] Share Application Money |
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0.150 |
0.150 |
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3] Reserves & Surplus |
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[2.425] |
0.159 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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[0.199] |
2.385 |
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LOAN FUNDS |
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1] Secured Loans |
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0.591 |
1.131 |
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2] Unsecured Loans |
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0.591 |
0.790 |
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TOTAL BORROWING |
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1.182 |
1.921 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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0.983 |
4.306 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.533 |
2.036 |
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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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0.198 |
0.055 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.686 |
5.690 |
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Sundry Debtors |
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1.674 |
6.035 |
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Cash & Bank Balances |
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1.411 |
1.391 |
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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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4.063 |
5.396 |
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Total
Current Assets |
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12.834 |
18.512 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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5.703 |
7.309 |
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Provisions |
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7.887 |
9.112 |
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Total
Current Liabilities |
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13.590 |
16.421 |
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Net Current Assets |
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[0.756] |
[2.091] |
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MISCELLANEOUS EXPENSES |
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0.008 |
0.124 |
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TOTAL |
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0.983 |
4.306 |
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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 |
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14.441 |
19.812 |
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Other Income |
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0.056 |
0.398 |
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Total Income |
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14.497 |
20.210 |
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Profit/(Loss) Before Tax |
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[0.614] |
0.094 |
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Provision for Taxation |
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1.971 |
0.034 |
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Profit/(Loss) After Tax |
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[2.585] |
0.060 |
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Expenditures : |
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Depreciation |
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0.519 |
0.526 |
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Financial Charges |
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0.107 |
0.080 |
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Other Expenditure |
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13.859 |
18.904 |
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Total Expenditure |
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14.485 |
19.510 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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[17.83] |
0.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
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[4.25] |
0.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[4.27] |
0.45 |
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Return on Investment (ROI) (PBT/Networth) |
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[3.08] |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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[74.23] |
7.69 |
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Current Ratio (Current Asset/Current Liability) |
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0.94 |
1.12 |
LOCAL AGENCY FURTHER INFORMATION
WEBSITE DETAILS:
Background
Subject was established by young, educated and dynamic third generation
entrepreneurs in Nov’ 1987. However, the very first company (parent
company) was founded way back during
1945 in
SUBJECT has vastly benefited from more than 50 years of tool room experience of its worthy
predecessors. Thus, the business of
capital goods /machinery is not new to us.
Location
The company is operating the spacious, well laid out, well equipped and
modern factory located at
Objective
The objective of company is to delight the customers by meeting their
specified requirements through supply of high quality packing machines in
stipulated time to the utmost satisfaction of customers. To achieve this; they shall keep on striving
to touch new heights of technical knowledge and skills pertaining to quality of
machines as well as overall management.
Management
Top Management team of SUBJECT comprises of hard core technocrats and
managers (alumni of premier Engg. Colleges and management institutes) having
previous experience in reputed Indian companies and European collaboration
companies.
I.S.O. 9001: 2000
Certification
Subject was awarded ISO 9002 certification on 7th April
1999 and then received ISO 9001 : 2000 certification on 25th
Jan,2005. In view of demands of ISO 9001 : 2000 system the; SUBJECT has been
maintaining high standard of overall management.
Range of
products being packed
Their machines are being utilized to pack more than 200 types of materials e.g. Powdered food and non-food
items, granular consumables and chemicals, free flowing liquids (e.g. Mineral
Water, Milk, Edible Oil, Cosmetic Oil, Juice, Arrack etc.) sticky and hygroscopic powders ( eg. Ground
spices, Indigo, Besan/Gram-Fltheir, Myrtle/Henna, pharmaceutical powder etc.)
concentrated liquids (e.g Face cream,Shampoo,tomato sauce,chutneys etc.).
Trust of Customers
in ECPPL
Their customers have been very happy with the quality of their machines
as well as excellent after sales services.
Consequently, their more than 30% business is " repeat business
" i.e. comes from their old customers.
Export of Packing
Machines
SUBJECT has been exporting machines to
Future Plans
SUBJECT has plans : to introduce more models of user friendly
packing machines, to up-grade the quality of machines even further and to
strive for may be some other highly reputed international certifications
; collaboration with reputed manufacturers located in Europe / U.S.A. At a later stage they may like to set-up
manufacturing unit abroad as joint venture.
Automatic Pouch Packing Machines
Machines for Liquid and Dry Products (AFFS)
These single track machines can be used to pack dry and liquid products
such as Powder, Granules, Tea dust, Grounded Coffee, Shampoo, Hair oils, Liquid
detergent, Liquid hair dye, Shaving cream, Beauty cream, etc. in small
quantities ie upto 200g dry items or 200 ml Liquids..
Machines
for Dry Products (CTAPP)
These machines can be used to pack only dry items such as Rice
,Tea, Pulses, Detergents, Cereals, Dry Fruits, Candies etc. in relatively
bigger quantities eg. 500g,1000g.2000g......
Multi Track Machine for packing of Liquid and Dry
Products
These multi track machines can be used to pack dry and liquid products
such as Tea Dust, Pan Masala, Detergent powder, ORS, Shampoo, Hair oils, Liquid
detergent, Liquid hair dye, Shaving cream etc. in smaller quantities eg..
5g,10g, 20g,30g or 5ml, 10ml, 20ml and 30 ml.
Machine
for Packing of Mineral Water and Edible Oils ( AMWP and AEOP)
These machines can be used to Pack free Flowing Liquids such as Mineral
Water, Country Liquor, Diluted Juice etc in centre sealed Pouches made of LDPE
films.
Machine
for Packing of Biscuits, Chocolates, Soaps,
etc ( AHFW)
These machines can be used to Pack Biscuits, Chocolates, Soaps, Cakes,
Ball-Bearings, stick ice cream bars, Disposable syringes, Auto Components etc.
Machine for Packing of Individual Candies
Fully Automatic, Compact and Robust Machine for packing of individual
Candies of Different Length, Height, Width in centre sealed Pouches made of
Laminated Film.
CLIENTS:
· Bharat Lubes Limited
· Brook Bond Lipton India Limited
· Bikano
· Britania Industries Limited
· Castrol India Limited
· Colgate Palmolive
· Escorts Limited
· Fenner India Limited
· Gujrat Surgico Limited
· Godrej Soaps Limited
· Hindustan Aeronautics Limited
· Hindustan Lever Limited
· J. Thomas and company
· Johnsons and Johnsons Limited
· Kothari Products Limited
· Kwality Wall's Icecream
· Larsen and Toubro Limited
· Marico Industries Limited
· Modi Revlon Private Limited
· Nestle India Limited
· PepsiCo Foods.
· Procter and Gamble India Limited
· Romsons Junior Limited
· Rasna Limited
· Reckit Colman India Limited
· Tata Oil Mill Company Limited
· Tata Tea Limited
· Tata Chemicals Limited
· Wipro Limited
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.39.47 |
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1 |
Rs.80.59 |
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Euro |
1 |
Rs.56.18 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
1 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
1 |
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--RESERVES |
1~10 |
-- |
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--CREDIT LINES |
1~10 |
2 |
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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 |
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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14 |
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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