MIRA INFORM REPORT

 

 

Report Date :

05.09.2007

 

IDENTIFICATION DETAILS

 

Name :

WESTERN CANS PRIVATE LIMITED

 

 

Registered Office :

Flat No. 110, 1st Floor, The Sangeet Plaza, Marol Maroshi Road, Andheri (East), Mumbai- 400 059, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

19.01.1984

 

 

Com. Reg. No.:

11-31866

 

 

CIN No.:

[Company Identification No.]

U29150MH1984PTC031866

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMW00984E/MUMW02202E

 

 

PAN No.:

[Permanent Account No.]

AAACW0563D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers and Exporters of Containers, drums, cylinders and boxes of various shapes and sizes.

 

 

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 200000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established company having satisfactory track. Financials position is satisfactory. Trade relations are fair. Payments are correct and as per commitments.

 

The company can be considered good for normal business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

Flat No. 110, 1st Floor, The Sangeet Plaza, Marol Maroshi Road, Andheri (East), Mumbai- 400 059, Maharashtra, India

Tel. No.:

91-22-28560909/56926766

Fax No.:

91-22-28513622

E-Mail :

westerncans@vsnl.net

kashmira_sutaria@rediffmail.com

Website :

http://www.westerncans.com

 

 

Head Office :

5, Shashi Niwas, Jawahar Nagar, Khar (East), Mumbai- 400 051, Maharashtra, India

 

 

Factory :

Plot No. W-87/D, Tarapur Industrial Estate, Village- Kolwade, Palghar, District Thane, Maharashtra, India

 

 

DIRECTORS

 

Name :

Mr. Gajanan Timanna  Kuchinad

Designation :

Managing Director

Address :

Flat No. 204, ‘A’ Wing, Rushi Tower, Plot No. 114, Lokhandwala Complex, Andheri (West), Mumbai- 400 053, India 

Date of Birth/Age :

24.05.1952

Date of Appointment :

19.01.1984

 

 

Name :

Mr. Bala Timanna Kuchinad

Designation :

Chairman

Address :

Flat No. 204, ‘A’ Wing, Rushi Tower, Plot No. 114, Lokhandwala Complex, Andheri (West), Mumbai- 400 053, India 

Date of Birth/Age :

09.08.1946

Date of Appointment :

29.08.1998

 

 

Name :

Ms. Savita Ashok Naik

Designation :

Director

Address :

106, ‘A’ Wing, Glengate, A. S. Marg, Hiranandani Gardens, Powai, Mumbai- 400 076, India

Date of Birth/Age :

03.01.1956

Date of Appointment :

17.10.1994

 

 

Name :

Mr. Maruti Timmanna Kuchinad

Designation :

Director

Address :

Annapurneshwari, Hariyan Road, Dharwad- 580 004, Karnataka, India

Date of Birth/Age :

07.06.1954

Date of Appointment :

1.01.2003

 

 

KEY EXECUTIVES

 

Name :

Kashmira A. Sutaria

Designation :

Company Secretary

Address :

Mumbai- 400 014, Maharashtra, India

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Mr. Ravindra V. Palekar

 

3

Mrs. Vijaya R. Palekar

 

2

Ms. Lata B. Ailsingnan

 

3

Ms. Lajjadevi R. Verma

 

2

Mr. Bittianda Subbayya

 

3

Ms. Sajani S. Kanchan

 

12

Mr. Timmanna H. Kuchinad

 

10575

Coastan Packagings Private Limited

 

15200

Kaynad Packaging Private Limited

 

15625

Mr. Gajanan T. Kuchinad

 

64975

 

Category

 

Percentage of Holding

Directors or relatives of directors

 

100.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers and Exporters of Containers, drums, cylinders and boxes of various shapes and sizes.

 

 

Products :

·         Metal Containers

·         Metal Components

·         Metal Sheets- Lacayered/ Printed

·         PP/ Ropp Caps

·         Flip Top Caps

 

PRODUCTION STATUS

 

Particulars

Unit

 

Installed Capacity

Actual Production

Metal Containers

Nos

 

44000000

17242260

Metal Components

Nos

 

 

23000

Metal components

Mt

 

 

189.893

Printed / Lacquared Sheets

Mt

 

 

383.650

PP/Ropp Caps

Nos

 

 

21853662

HDPE Containers

Nos

 

 

1922200

 

GENERAL INFORMATION

 

No. of Employees :

 

 

 

Bankers :

Shamrao Vithal Co-Operative Bank Limited

Matunga (West) Branch, Mumbai- 400 016, India

 

 

Facilities :

Secured Loan

31.03.2005

Term Loan

31.818

Cash Credit

24.112

From Consumer Finance Companies

0.449

Total

56.380

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

K Sudhir & Associates

Chartered Accounts

Address :

C-16, 2nd Road, Satnan House, 19, Sahar Road, Andheri (East), Mumbai- 400 099, India 

Tel. No.:

91-22-28351971/28248612

Fax No.:

91-22-56926675

E-Mail :

s_kanchan@vsnl.com

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

120000

Equity Shares

Rs. 100.00 each

Rs. 12.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

116400

Equity Shares

Rs. 100.00 each

Rs. 11.640 million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

11.640

10.640

10.640

2] Share Application Money

2.000

3.000

3.000

3] Reserves & Surplus

36.408

33.673

33.056

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

50.048

47.313

46.696

LOAN FUNDS

 

 

 

1] Secured Loans

51.118

56.380

56.606

2] Unsecured Loans

11.844

11.347

6.136

TOTAL BORROWING

62.962

67.727

62.742

DEFERRED TAX LIABILITIES

5.037

5.668

7.239

 

 

 

 

TOTAL

118.048

120.708

116.677

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

47.602

55.059

55.875

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.055

0.064

0.064

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
49.126

42.408

0.000

 

Sundry Debtors
43.776

43.054

0.000

 

Cash & Bank Balances
7.622

7.926

80.017

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
9.815

13.651

10.883

Total Current Assets
110.339

107.039

90.900

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
36.671

39.731

27.067

 

Provisions
3.277

1.724

3.095

Total Current Liabilities
39.948

41.455

30.162

Net Current Assets
70.391

65.585

60.738

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

118.048

120.708

116.677

 

 

 

 

 

 

 

 

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2006

31.03.2005

31.03.2004

Sales Turnover

NA

189.316

171.177

Other Income

NA

0.000

0.000

Total Income

NA

189.316

171.177

 

 

 

 

Profit/(Loss) Before Tax

NA

3.517

4.811

Provision for Taxation

NA

0.475

1.070

Profit/(Loss) After Tax

NA

3.042

3.741

 

 

 

 
Export Value

NA

0.360

0.706
 

 

 

 
Import Value

NA

68.218

26.904

 

 

 

 

Total Expenditure

NA

185.798

166.365

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2006

31.03.2005

31.03.2004

PAT / Total Income

(%)
NA

1.61

2.18

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
NA

1.86

2.81

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
NA

2.17

3.27

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
NA

0.07

0.10

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.06

2.31

1.98

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.76

2.58

3.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

The company’s Fixed Assets of important value include:

 

·         Land

·         Factory Shed

·         Office Equipments

·         Motor Car

·         Furniture and Fixture

·         Plant and Machinery

·         Computer and Accessories

 

 

Name of the Company

Western Cans Private Limited

Presented By

Matunga Branch

1) Date and description of instrument creating the change

No instrument was executed. However the equitable Mortgage has been created by way of deposit of title deeds on 14-09-1999

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 55.200 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

All that piece and parcel of land being Units No. 105, 106, 107, 108, 109, and 110, admeasuring 530 sq. ft, 545 sq. ft, 260 sq. ft, 220 sq. ft, and 245 sq. ft, respectable and more particularly lying being and situate on Plot bearing Survey No. 69, Hissa No. 3 of Village Marol, Taluka Andheri, District – Mumbai and also situate at Aarey Road 1st Floor of the building known as Sangeeta Plaza, Andheri (East) Mumbai, belonging of the company  

4) Gist of the terms and conditions and extent and operation of the charge.

To Secure the following credit facilities with all interest, Costs, Charge and expenses

 

 

Rs. Millions

Term Loan

6.800

WCTL

5.900

Cash Credit

10.000

Temporary Cash Credit

3.000

Bills (Under L/C)

15.000

Import L/C 

14.500

Total

55.200

 

5) Name and Address and description of the person entitled to the charge.

The Shamrao Vithal Cooperative Bank Limited, Matunga (West) Branch, Mumbai – 400016

6) Date  and brief description of instrument modifying the charge

No instrument was executed however the Equitable Mortgage has been extended inter alia over the immovable on 15-09.2004

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.

Modification No 1

 

Dated 29.04.2002 the charged had been from Rs. 55.200 Millions to Rs. 84.000 Millions against the immovable properties mentioned in the and also the additional security of the following the various credit facilities Rs. 84.000 Millions

 

  All that piece and parcel of land being Gala No. 12 to 15, and 16, admeasuring 1450 sq. ft, 1450sq. ft, 1450 sq. ft, 1335 sq. ft, and 245 sq. ft, ground floor of the building known as Dattani Industrial Estate, Western Express Highway, Vasai (East), Thane and also

 

All those piece and parcel of the land plot No. W- 87/D, admeasuring 1100 Sq. ft sited at Tatapur Industrial Estate, Village Kolwade Palghar District – Thane

 

Modification No 2

 

Dated 3.12.2002

 

Immovable properties mentioned in column No. 3 herring above and further as mortgaged on 29.04.2002 had been extended Rs. 144.175 Millions granted by the bank to the company and Rs. 60.175 Millions granted by the bank to the Garden Polymers private Limited

 

Modification No 3

 

Dated 30.5.2003

 

Immovable properties mentioned in column No. 3 herring above and further as mortgaged on 29.04.2002 had been extended Rs. 144.175 Millions granted by the bank to the company and Rs. 146.875 Millions granted by the bank to the Graden Polymers private Limited on 30.06.2003 undre Document

 

Modification No 4

 

Dated 24.11.2003

 

Immovable properties mentioned in column No. 3 herring above and further as mortgaged on 29.04.2002 had been extended Rs. 146.875  Millions granted by the bank to the company and Rs. 158.875 Millions granted by the bank to the Graden Polymers private Limited on 13.01.2004 undre Document

 

 

Granted to company

Granted to Garden polymers Private Limited

Term Loan

2.200

3.795

Term Loan

6.800

3.000

Cash Credit

25.000

25.000

Bill Discounting

7.500

 

L/C Import

20.000

 

Co – Acceptance

20.000

 

WCTL

7.500

 

Term Loan

 

45.375

Term Loan

 

0.600

`Term Loan

 

0.225

Term Loan

 

2.700

Term Loan

 

1.350

Term Loan

 

5.205

Term Loan

 

24.025

Letter of Credit 

 

34.700

L/C and Co acceptance

 

14.000

Total

89.000

160.155

 

 

Name of the Company

Western Cans Private Limited

Presented By

The Shamrao Vithal Cooperative Bank Limited

 

 

1) Date and description of instrument creating the change

No instrument was executed. However the equitable Mortgage has been created by way of deposit of title deeds on 14-09-1999

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 55.200 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

All that piece and parcel of land being Units No. 105, 106, 107, 108, 109, and 110, admeasuring 530 sq. ft, 545 sq. ft, 260 sq. ft, 220 sq. ft, and 245 sq. ft, respectable and more particularly lying being and situate on Plot bearing Survey No. 69, Hissa No. 3 of Village Marol, Taluka Andheri, District – Mumbai and also situate at Aarey Road 1st Floor of the building known as Sangeeta Plaza, Andheri (East) Mumbai, belonging of the company  

4) Gist of the terms and conditions and extent and operation of the charge.

To Secure the following credit facilities with all interest, Costs, Charge and expenses

 

 

Rs. Millions

Term Loan

6.800

WCTL

5.900

Cash Credit

10.000

Temporary Cash Credit

3.000

Bills (Under L/C)

15.000

Import L/C 

14.500

Total

55.200

 

5) Name and Address and description of the person entitled to the charge.

The Shamrao Vithal Cooperative Bank Limited, Matunga (West) Branch, Mumbai – 400016

6) Date  and brief description of instrument modifying the charge

No instrument was executed however the Equitable Mortgage has been extended inter alia over the immovable on 15-09.2004

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.

Modification No 1

 

Dated 29.04.2002 the charged had been from Rs. 55.200 Millions to Rs. 84.000 Millions against the immovable properties mentioned in the and also the additional security of the following the various credit facilities Rs. 84.000 Millions

 

  All that piece and parcel of land being Gala No. 12 to 15, and 16, admeasuring 1450 sq. ft, 1450sq. ft, 1450 sq. ft, 1335 sq. ft, and 245 sq. ft, ground floor of the building known as Dattani Industrial Estate, Western Express Highway, Vasai (East), Thane and also

 

All those piece and parcel of the land plot No. W- 87/D, admeasuring 1100 Sq. ft sited at Tatapur Industrial Estate, Village Kolwade Palghar District – Thane

 

Modification No 2

 

Dated 3.12.2002

 

Immovable properties mentioned in column No. 3 herring above and further as mortgaged on 29.04.2002 had been extended Rs. 144.175 Millions granted by the bank to the company and Rs. 60.175 Millions granted by the bank to the Garden Polymers private Limited

 

Modification No 3

 

Dated 30.5.2003

 

Immovable properties mentioned in column No. 3 herring above and further as mortgaged on 29.04.2002 had been extended Rs. 144.175 Millions granted by the bank to the company and Rs. 146.875 Millions granted by the bank to the Graden Polymers private Limited on 30.06.2003 undre Document

 

Modification No 4

 

Dated 24.11.2003

 

Immovable properties mentioned in column No. 3 herring above and further as mortgaged on 29.04.2002 had been extended Rs. 146.875  Millions granted by the bank to the company and Rs. 158.875 Millions granted by the bank to the Garden Polymers private Limited on 13.01.2004 under Document

 

Modification No 5

 

Dated 15.09.2004

 

Immovable properties mentioned in column No. 3 herring above and further as mortgaged on 15.09.2004 had been extended Rs. 158.875  Millions granted by the bank to the company and Rs. 249.155Millions granted by the bank to the Garden Polymers private Limited on 3.11.2004 under Document

 

 

Granted to company

Granted to Garden polymers Private Limited

Cash Credit

25.000

40.000

Bill Discounting

7.500

 

L/C Import

20.000

 

Co – Acceptance

20.000

 

WCTL

7.500

 

Term Loan

 

3.000

Term Loan

 

3.975

`Term Loan

 

45.375

Term Loan

 

0.600

Term Loan

 

0.225

Term Loan

 

2.700

Term Loan

 

1.350

Term Loan

 

5.205

Term Loan

 

24.025

Term Loan

 

10.000

Term Loan

 

9.975

Letter of Credit 

 

8.345

L/C and Co acceptance

 

34.700

L/C and Co acceptance

 

20.000

Total

89.000

299.475

 

 

Name of the Company

Western Cans Private Limited

Presented By

The Shamrao Vithal Cooperative Bank Limited

1) Date and description of instrument creating the change

Agreement of Hypothecation pf Plant & Machinery dated 27.01.2005

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 14.470 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

All the Plant & Machinery of the Borrows 

4) Gist of the terms and conditions and extent and operation of the charge.

To secured the due repayment of Term Loan

 

Repayment by way monthly instilments of Rs. 0.398 Millions each commencing from 26th February, 2005 and ending on or 26th February, 2008

 

Rate of Interest 14.25%  

5) Name and Address and description of the person entitled to the charge.

The Shamrao Vithal Cooperative Bank Limited, Matunga (West) Branch, Mumbai – 400016

 

 

Name of the Company

Western Cans Private Limited

Presented By

The Shamrao Vithal Cooperative Bank Limited

Matunga Branch, Mumbai – 400 016

1) Date and description of instrument creating the change

Agreement dated 21.05.1999

1)       Hypothecation of Tangible Movable Property

2)       Charge and Hypothecation of Book Debts

3)       Invoice, Trade Bills for Discounting

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 10.000 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

1)       All goods and commodities such as stock and every tangible movable property of the borrower

2)       All present and future book debts outstanding, money receivables, claims and bills due to the Borrower.

3)       All invoices, Trade Bills, Supply Bills and Goods thereby represented of the Borrower 

4) Gist of the terms and conditions and extent and operation of the charge.

To secure Cash Credit Facility granted by the Bank to the Borrower

1)       Rate of Interest – 15.75%

2)       Margin – 25%

5) Name and Address and description of the person entitled to the charge.

The Shamrao Vithal Cooperative Bank Limited, Matunga (West) Branch, Mumbai – 400016

6) Date  and brief description of instrument modifying the charge

Supplementary deed of hypothecation for additional dated 27.01.2005 

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.

Modification No 1

 

Dated 12.10.2000

 

The charged had been from Rs. 10.000 Millions to Rs. 17.500 Millions  (duly registered 8.11.2000 under documentary serial No. 69)

 

Modification No 2

 

Dated 24.01.2001

 

The charge had been enhanced from Rs. 17.500 millions to Rs. 20.000 millions (duly registered on 14.02.2001 under document Serial No. 73)

 

Modification No 3

 

Dated 30.07.2002

 

The charge had been enhanced from Rs. 20.000 millions to Rs. 25.000 millions (duly registered on 03.09.2002 under document Serial No. 88)

 

By this modification, the said facility has further been enhanced by Rs. 5.000 millions against the security as mentioned in Column No. 3 hereinabove. Hence, the charge has been enhanced from Rs. 25.000 millions to Rs. 30.000 millions.

 

The rate of interest has also been modified to 14.50% per annum

 

Therefore, the overall charge now stands at Rs. 30.000 millions

 

 

Name of the Company

Western Cans Private Limited

Presented By

The Shamrao Vithal Cooperative Bank Limited

1) Date and description of instrument creating the change

Agreement of Hypothecation pf Plant & Machinery dated 27.01.2005

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 8.100 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

All the plant and Machinery of the Borrower

 

Garg Slitting M/C weight electrically  - 1

Semi Auto Containers side seen - 1

Containers body rolling  - 1

Bomp Flarging M/C with electrical – 1

Semi Auto round Container – 2

Lid fitting conveyor  - 2

Air Compressor with 5 H P Motor - 1

Water Cooler for welding - 1

30KVA Generator set M/S Kirloskar - 1

62-5 KVA Generator Set - 1

Wheel Grinder with Motor - 1

100 KVA Transformer - 1

Water chiller with fan and motor  - 1

Electrical Cable Line wiring fitting  - 1

4) Gist of the terms and conditions and extent and operation of the charge.

To secured the due repayment of Term Loan

 

Repayment by way monthly instilments of Rs. 0.277 Millions each commencing from 25th April, 2005 and ending on or 26th March, 2008

 

Rate of Interest 14%  

5) Name and Address and description of the person entitled to the charge.

The Shamrao Vithal Cooperative Bank Limited, Matunga (West) Branch, Mumbai – 400016

6) Date  and brief description of instrument modifying the charge

Not Applicable

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.

Not Applicable

 

 

Corporate identity number (CIN) Foreign company registration number

U29150MH1984PTC031866

Name of the Company

Western Cans Private Limited

Address

110 Sangeet Plaza, Marol Maroshi Road, Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India

This form is for

Creation of Charge

Type of Charge

A charge on:

Book Debts

Particulars of the charge holder 

The Shamrao Vithal Co-Operative Bank Limited

5, Kanara House, Mogal Lane, Mahim, Mumbai – 400 016, Maharashtra, India

E-Mail: m.g.kalelkar.associates@gmail.com

Nature or description of the instrument(s) creating or modifying the charge

Common Deed of Hypothecation of Book Debts

Date of the instrument creating or modifying the charge

18.06.2007

Amount secured by the charge

Rs. 35.900 millions

Brief particulars of the principal terms and conditions and extent and operation of the charge

(a) Rate of Interest:

PLR% or at such lending rate that RBI/Bank policies may determine to charge from time to time.

 

(b) Terms of Repayment:

As may be decided, from time to time, by the Bank

 

(c) Margin:

As may be decided, from time to time, by the Bank

 

(d) Extent and operation of the charge:

To secure the due repayment of Cash credit (Margo) facility of Rs. 35.900 million (includes L/C backed by Bill Discounting Sub-limit of mango CC of Rs. 22.800 millions @ PLR-0.50%) granted by the Bank to the company.

Short particulars of the property charged (including location of the property)

All present and future, book debts, outstanding monies, receivables, claims, bills, rights to or in movable properties and movable assets, due to the Company

 

Subject is in the business of providing packaging solutions. They manufacture and market, metal, plastic and PET containers and the associated caps and closures for a variety of applications.

 

Founded in 1984 as a manufacturer of general line tin cans for a single customer they have since expanded their product portfolio to cater to more than fifty customers. Today, the list of products includes:

  • PET bottles in different shapes, sizes and colors for
        Pharma, Healthcare, FMCG (fast moving consumer goods) and the Liquor industry.
  • Blow molded HDPE and PP containers (with or without silk screen printing).
  • General line and food grade (OTS) metal containers (Printed and / or lacquered) and closures.
  • TEPP (Tamper Evident Pilfer Proof) caps made of HDPE, PP and metal.

The group is comprised of two flagship companies

1. Garden Polymers Pvt Ltd - Dedicated to the manufacture and supply of PET bottles, plastic containers and closures.
2. Western Cans Pvt Ltd - Engaged in the manufacture and supply of metal containers and closures.

They are proud of their open and transparent culture and their professional approach. The Group's MISSION is to provide its customers with the most innovative packaging solutions and products at competitive prices. Powered by professional people and state of the art technology they will be a customer driven high performance company which will attract and retain dynamic and talented employees.

 

VALUES

The behavior of their employees and the quality of their interactions with others are based on the following set of core values:

Respect for the individual.

An obsession with serving their customers.

Commitment to business excellence.

- Speed

- Innovation

- Quality

Personal Integrity.

 

GARDEN POLYMERS

  

Garden Polymers (Garden for short) is the leading supplier of PET bottles to the Health Care Industry in India. Almost every major player in Pharma uses PET bottles manufactured by Garden. In addition, Garden is the major supplier of PET bottles to the personal care and Liquor industry.

 

The cornerstone of Garden’s success is its use of state-of-the-art technology to provide a customized package that is innovative and unique. Innovation starts in package design, where Garden designers utilize the latest CAD systems and software to develop drawings and volumetrically correct 3-D computer models. Garden also provides complete prototyping support with models, castings, molds and sample containers from its R&D laboratories.

 

Whether a package is made of HDPE, PP, PET or a combination of resins, Garden technologists deploy the latest molding systems available for production. They deploy only single stage technology for manufacturing the PET bottles.

 

Garden’s commitment to innovation and customization doesn’t end with the design of the package. They pride them in developing innovative manufacturing systems that meet customer specific requirements with respect to quality, service and cost.

 

WESTERN CANS

 

Since their inception in 1984, they have established theirselves as a major player in metal packaging. Their product lines include general line cans, Open Top Sanitary (OTS) cans for processed foods and ROPP closures.

 

Their product range caters to a broad range of customers in foods, pharmaceuticals, cosmetics, hygiene products, oils, petroleum derivatives, paints and pesticides. Leading Indian brands in these product categories use Western Cans. They also export to several countries in Africa, Asia and the Middle East.

 

All Western Cans products are manufactured to Good Manufacturing Practices (GMP) standards on modern machines procured from international sources. Western Cans is a preferred vendor to many demanding customers who benefit from assured quality control, on-time deliveries and cost effective solutions.

 

Time and again, Western Cans has been the first in the field of packaging innovations in India. Innovations include printed and lacquered cans in built up or flattened condition. Built up cans come in round, oval, square and elliptical shapes and in various sizes.

When Western Cans says "They can" you can take it as done, not just in cans but across the range of metal cans components and closures.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 40.91

UK Pound

1

Rs. 82.57

Euro

1

Rs. 55.72

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

54

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions