MIRA
INFORM REPORT
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Report Date : |
10.09.2007 |
IDENTIFICATION DETAILS
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Name : |
FLEXITUFF INTERNATIONAL LIMITED |
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Formerly Known As : |
Navishka Packaging Private Limited |
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Registered Office : |
2nd Floor of |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.04.1993 |
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Com. Reg. No.: |
111382 |
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CIN No.: [Company
Identification No.] |
U25202WB1993PLC111382 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLF00116F |
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PAN No.: [Permanent
Account No.] |
AAACN5986H |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Marketer of HDPE/PP, Woven Sacks/ FIBC
(Jumbo Bags). |
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 1209616 |
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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 fine track.
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. The company can be regarded as promising business partner in a medium
to long run. |
LOCATIONS
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Registered Office : |
2nd Floor of |
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Mobile No.: |
91-9329841411 |
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E-Mail : |
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Website : |
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Corporate Office : |
C 41 – 50, Sez, Sector – 3, Pithampur 454 775, |
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Tel. No.: |
91-7292-391226 / 401681 / 82 / 83 / 91-7292-501682 |
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Fax No.: |
91-7292-401684 / 91-7292-501684 |
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E-Mail : |
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Factory 1 : |
11, |
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Tel. No.: |
91-7292-253173 |
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Fax No.: |
91-7292-527770 |
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Factory 2 : |
3A, |
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E-Mail : |
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Factory 3 : |
94, Industrial Areas, Sector-1, Pithampur, |
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Tel. No.: |
91-7292-253173/74/75 |
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Fax No.: |
91-7292-253380 |
DIRECTORS
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Name : |
Mr. Manish Kalpani |
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Designation : |
Managing Director |
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Address : |
156, Suniket Shrinagar, |
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Date of Birth/Age : |
08.10.1968 |
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Date of Appointment : |
12.09.2002 |
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Name : |
Mr. Pawan Kumar Jain |
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Designation : |
Director |
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Address : |
62, Shikehak Nagar, |
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Date of Birth/Age : |
07.06.1957 |
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Date of Appointment : |
14.01.2002 |
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Name : |
Mr. K B Kucheria |
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Designation : |
Director |
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Address : |
86, Paliwal Nagar, |
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Date of Birth/Age : |
17.02.2004 |
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Date of Appointment : |
20.03.2004 |
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Name : |
Mr. Adheshwar C Jain |
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Designation : |
Director |
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Address : |
11 / 12, Ashish Apartment, 10, Rajgarh Kothi, Geeta Bhawan Road,
Indore, Madhya Pradesh, India |
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Date of Appointment : |
25.03.2003 |
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Name : |
Mr. Kevan John Upperdine |
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Designation : |
Additional Director |
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Address : |
48, Wood Walk, |
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Date of Birth/Age : |
20.08.1959 |
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Date of Appointment : |
18.11.2006 |
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Name : |
Mr. Narendra Malviya |
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Designation : |
Director |
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Address : |
CM 35, Sukhlia, |
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Date of Appointment : |
17th November, 2001 |
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Name : |
Mr. Mahesh Sharma |
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Designation : |
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Address : |
128, Shiksha Extension, |
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Date of Appointment : |
17th November, 2001 |
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Name : |
Mr. Ravindra Kumar Chourasia |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Padma Kalani |
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3000 |
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Mr. Manisha Kalani |
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2000 |
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Kalani Industries Limited |
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522000 |
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8000 |
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Shresth Leasing And Finance Limited |
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20000 |
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Navkar Abhikaran |
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5000 |
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Himgiri Dyanamics Limited |
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55000 |
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Optimates Textile Industries Limited |
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12000 |
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Bindal Fertilizers Private Limited |
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10000 |
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R C G Finance Private Limited |
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25000 |
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Rapid Commercial And Finlease Private Limited |
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15000 |
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Leopard Highnet Limited |
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5000 |
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Mc Sure Capital Market Limited |
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20000 |
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Agrawal Road Carrier Limited |
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1000 |
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Bhoomi Agro Overseas Private Limited |
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20000 |
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Indo Capitive Marketing Limited |
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10000 |
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Mahaveer Agro Products |
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500 |
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Measure Capital Market Limited |
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3500 |
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Money Penny Fincom Limited |
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214000 |
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Peony Investmen |
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113000 |
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Sagittarius Securities |
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122000 |
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Shreevar Overseas Limited |
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25000 |
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Lyton Management Services Limited |
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30000 |
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Neema Abhikaran Limited |
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5000 |
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Sanovi Trading Private Limited |
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257500 |
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Anshuman Properties Private Limited |
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97500 |
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Olive Commercial Company Limited |
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65000 |
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High Sky Properties Private Limited |
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194000 |
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Saurabh Properties Private Limited |
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66000 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Bodies corporate (not mentioned above) |
99.75 |
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2 |
Directors ore relatives of directors |
0.25 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Marketer of HDPE/PP, Woven Sacks/ FIBC
(Jumbo Bags). |
PRODUCTION STATUS
Production (including job work done for others): 11224.355 MT (7589.129
MT)
GENERAL INFORMATION
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No. of Employees : |
100 |
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Bankers : |
Ø
State Bank of Ø
Central Bank of Ø
PNB Siyaram, Ø
State Bank of |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
L K Maheshwari Chartered Accountants |
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Address : |
324 – 325, Starlit Tower, 29, Y N Road, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity shares |
Rs. 10/- each |
Rs. 150.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1989500 |
Equity shares |
Rs. 10/-
each |
Rs. 19.895
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
19.895 |
19.895 |
12.115 |
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2] Share Application Money |
30.000 |
0.000 |
25.3000 |
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3] Reserves & Surplus |
252.509 |
208.564 |
123.254 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
302.404 |
228.459 |
160.669 |
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LOAN FUNDS |
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1] Secured Loans |
224.375 |
220.362 |
87.735 |
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2] Unsecured Loans |
9.897 |
14.850 |
19.805 |
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TOTAL BORROWING |
234.272 |
235.212 |
107.540 |
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DEFERRED TAX LIABILITIES |
31.545 |
29.990 |
10.680 |
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TOTAL |
568.221 |
492.661 |
278.889 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
389.209 |
321.665 |
176.722 |
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Capital work-in-progress |
0.000 |
0.000 |
1.118 |
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INVESTMENT |
0.440 |
0.440 |
0.440 |
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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 |
118.628
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159.258 |
85.585 |
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Sundry Debtors |
154.456
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108.277 |
39.354 |
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Cash & Bank Balances |
15.777
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11.634 |
4.512 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
73.490
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67.900 |
40.462 |
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Total
Current Assets |
362.351
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347.069 |
169.913 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
182.202
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174.666 |
69.456 |
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Provisions |
1.628
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0.948 |
0.000 |
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Total
Current Liabilities |
183.830
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175.614 |
69.456 |
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Net Current Assets |
178.521
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171.455 |
100.457 |
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MISCELLANEOUS EXPENSES |
0.051 |
0.101 |
0.152 |
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TOTAL |
568.221 |
492.661 |
278.889 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
1229.059 |
1073.232 |
588.532 |
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Other Income |
4.198 |
2.485 |
39.931 |
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Total Income |
1233.257 |
1076.717 |
628.463 |
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Profit/(Loss) Before Tax |
50.113 |
35.610 |
22.404 |
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Provision for Taxation |
1.888 |
20.321 |
7.456 |
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Profit/(Loss) After Tax |
48.225 |
15.289 |
14.948 |
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Earnings in Foreign Currency : |
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Total Earnings |
0.000 |
725.617 |
0.000 |
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Imports : |
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Total Imports |
0.000 |
90.535 |
0.000 |
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Expenditures : |
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Selling expenses |
0.000 |
0.000 |
12.099 |
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Manufacturing Expenses |
0.000 |
0.000 |
152.751 |
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Administrative Expenses |
0.000 |
0.000 |
11.791 |
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Raw Material Consumed |
653.494 |
684.405 |
412.235 |
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Purchases made for re-sale |
0.000 |
21.840 |
0.000 |
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Consumption of stores and spares parts |
74.009 |
61.945 |
0.000 |
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Increase/(Decrease) in Finished Goods |
21.883 |
(41.456) |
0.000 |
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Salaries, Wages, Bonus, etc. |
16.528 |
10.673 |
0.000 |
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Managerial Remuneration |
0.180 |
0.180 |
0.000 |
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Payment to Auditors |
0.019 |
0.017 |
0.000 |
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Interest |
20.399 |
20.173 |
14.239 |
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Insurance Expenses |
3.282 |
2.732 |
0.000 |
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Power & Fuel |
53.894 |
55.861 |
0.000 |
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Depreciation & Amortization |
17.720 |
11.343 |
2.893 |
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Other Expenditure |
321.735 |
213.392 |
0.000 |
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Total Expenditure |
1183.144 |
1041.106 |
606.008 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
3.91
|
1.41 |
2.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.07
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1.42 |
3.56 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.66
|
5.32 |
6.46 |
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Return on Investment (ROI) (PBT/Networth) |
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0.16
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0.15 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.382
|
1.79 |
1.10 |
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Current Ratio (Current Asset/Current Liability) |
|
1.97
|
1.97 |
2.44 |
LOCAL AGENCY FURTHER INFORMATION
History:
Subject was incorporated on 8th April, 1993 at
Subject was incorporated as a Naviska Packing Private Limited and changed to the Gilt Pack International with effect from 4th June, 2001.
Again subject was changed its name to Naviska Packaging Private Limited as on 21st December, 2002.
Subject again changed its name from to Naviska Packaging Private Limited to the present with effect from 16th April, 2003
Fixed Assets:
Ø
Land
Ø
Factory
Ø
Plant And Machinery
Ø
Electric Installation
Ø
Furniture And Fixture
Ø
Office Equipments
Ø
Vehicles
Ø
Computer
Review of Operations:
During the year under review, the company has
performed well and has reported improvement in overall performance compared to
last year in spite of competitive market conditions.
The company continued its focus in developing
a robust export market and has achieved 14% increase in its turnover form Rs.
1074.200 millions in the previous year to Rs. 1229.100 millions during the
under review. The profit before deprecation has also gone up from 46.954
millions in the previous year to Rs. 67.833 millions
The profit would have been higher but for
steep fluctuation in dollar rupee account which resulted in loss of profit on
account of exchange rate fluctuation. The raw material prices also showed an
unusual upward trend on account of historical rise in the crude prices. This
also resulted in pressure on profits as the entire raw material increase could
not be passed onto the buyers.
Net profit after depreciation and provision
for tax stood at Rs. 48.455 millions the directors are happy to report that the
demand for the product is good and awe have a healthy order booking position.
Exports:
The company was recognized, as the highest
exporter in the category of products from “PLEXCONCIL” for three consecutive
years from 2001 – 02 to 2003 – 04. Subject is only company in
Expansion:
They are pleased o informs that the demand for
the products of the company is continuously growing and the products are being
well received in the market. In spite of constant expansion of production,
there is still a pressure on the production facilities on account of robust
demand.
The directors are pleased to inform that a new
market has been identified in the
Furthermore their buyers in the USA have
expressed interest in shifting part of their Mexican production of 4-loop bags
to their Company Secretary the present production capacity and the machinery in
the company are not sufficient to meet this new demand hence it’s being planned
that in the year 2005-06 the company will have to undertake expansion of its
production facility at SEZ by approximately 5000 MT p. a.
To finance this expansion of approximately Rs.
300.000 millions it’s proposed that equity of the company will be increased and
further debt will be raised from financial institutions.
Future Plan of Action
The company is further engaged in devising
measure for further improvements in the quality of the bags and the product
range of the bags.
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Corporation identity number or foreign company registrations number of the company |
U25202WB1993PLC111382 |
|
Name of the company |
FLEXITUFF INTERNATIONAL LIMITED |
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Address |
2nd Floor of |
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This Form is for |
Creation of charge |
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Type of Charges |
Movable property (not being pledge) |
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Particular of the charge holder |
Punjab National Bank Siyaganj
Branch, M |
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Nature or description of the instrument creating charge |
Hypothecation on assets to secure term loans |
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Date of the instrument creating charge |
22.11.2006 |
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Amount Secure by the charge |
Rs. 38.400 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
a) Rate of Interest: BPLR + 2% + 0.50% term premia – 2.75% i. e. presently prevailing 11.25% p. a. penal interest shall be 2% p. a. interest to be recovered as and when charged to the account b) Term of Repayment Term loan is repayable in quarterly installments as per following schedule. First 14 installments of Rs. 2.150 millions each next of Rs. 1.625 millions next of Rs. 1.491 millions next of Rs. 1.062 millions and last of Rs. 1.074 millions or entire outstanding in term loan account whichever is higher. c) Margin: Margin is 25% d) Extent and operation of the charge The term loan will extent on all assets and movable properties brought in stored in or to be in or about the premises or godown situated at C – 41 – 50, SEZ Sector 3, Pithampur, Dist. Dhar (M P) |
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Particulars of the Property charged |
First pari passu hypothecation charge on the plant and machinery of the company situated at C-41 – 50, SEZ Sector – 3, Pithampur, Dist. Dhar (M P) |
As per web details:
Commitment first
person, singular
Team of subject is committed to serving all the FIBC requirements. The
commitment stems less from the mammoth manufacturing facilities they possess and
more from their 2000 strong work force. Nothing defines subject better than its
people. Young in outlook and rich in experience, Team subject strives for total
customer satisfaction, continuous improvement in quality and delivering ever
larger value to its buyers.
Despite the over arching team spirit that prevails at subject, they believe,
commitment to customers begins with the individual. Although, their 2000 member
team works like a well greased machine, it is the individuals - the cogs, who
fuel its driving commitment to quality and responsiveness.
100% customer orientation has helped subject gain wide global market share. A
fact, acknowledged by the Govt. of India with this highest FIBC exporters
award, for last 6 years in a row.
Awards, citations, growing volumes, expanding product range and
satisfied customers are achievements they now take in their stride. But nothing
fails to tickle them more than the idea of impossibility.
Throw them a challenge and you have them hooked.
Team subject nurtures its hunger to hit the ball out of the park. They like to
be known as partners who can rise to the moment, who can be counted upon to
meet a crisis head on
Subject manufactures one of the widest range of FIBCs in the world.
Whatever be the packaging and bulk transportation requirement, you will find a
suitable product in their comprehensive range. Moreover, with their in house
Ø
FIBCs (coated/uncoated)
Ø
Form Stable Baffle Bags
Ø
Form Fitted Liner Bags
Ø
Glued Liner bags
Ø
Conductive Type C Bags
Ø
Dissipative Type D Bags
Ø
Type C +D Bags
Ø
Sling Bags
Ø
Drum Bags
Ø
Asbestos bags
Ø
Container Liner Bags
Ø
Food Grade Bags
Ø
Tunnel Lift Bags
Ø
Builder Bags
Ø
PP / Paper
Ø
Sand Bags
Ø
BOPP Printed Bags
Ø
Garden Waste Bags
Ø
Carry Bags
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.58 |
|
|
1 |
Rs.82.22 |
|
Euro |
1 |
Rs.55.97 |
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 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--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 |
|
66 |
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 |
|