MIRA
INFORM REPORT
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Report Date : |
10.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
EMKAY FLEXI PACK |
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Registered Office : |
A / 104, Meet Flat, Bhaikaka Nagar, Thaltej, Ahmedabad,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 [P&L] |
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Date of Incorporation : |
05.01.1996 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer of Gravure Printed Polyester and
Laminated Poly Pack Pouches / Rolls |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 37000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed concern having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Ramkrishna Zha |
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Designation : |
Operation Manager |
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Contact No.: |
91-9898705810 |
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Date : |
10.04.2008 |
LOCATIONS
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Registered Office : |
A / 104, Meet Flat, Bhaikaka Nagar, Thaltej, Ahmedabad,
Gujarat, India |
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Mobile No.: |
91-9825012487 / 9898705810 |
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E-Mail : |
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Website : |
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Area : |
400 sq. ft. [Owned] |
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Head Office : |
602, 5th Floor, Madhupura Gunj Bazar, O/S Delhi Gate,
Opposite Ambaji Temple, Madhupura, Ahmedabad- 380004, Gujarat, India |
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Tel. No.: |
91-79-22125933 / 22124620 |
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Fax No.: |
91-79-22125933 / 22124620 |
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Area : |
202 sq. ft. [Owned] |
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Corporate Office : |
605, 5th Floor, Madhupura Gunj Bazar, O/S Delhi Gate,
Opposite Ambaji Temple, Madhupura, Ahmedabad- 380004, Gujarat, India |
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Area : |
404 sq. ft. [Owned] |
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Factory : |
11, Bawa Farm, Nr Rakanpur Cross Road
at Rakanpur, Taluka-Kalol, District – Gandhinagar, Gujarat, India |
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Mobile No.: |
91-79-65250403 |
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Area : |
Owned |
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Branch Office : |
G-10, Shraddha Apartment, Near mahadev Nagar Society, Ajaw Road,
Baroda |
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Mobile No.: |
91-9898082317 |
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Area : |
400 sq. ft. [Owned] |
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Branch
Office : |
Cheltu House, At end Post Aangamally District, Ernakulam, Kerala |
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Mobile No.: |
91-9447577450 [Mr. C. k. Babu] |
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Area : |
400 sq. ft. [Owned] |
SOLE PROPRIETOR
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Name : |
Mr. Mukund Parmar |
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Designation : |
Proprietor |
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Date of Birth/Age : |
38 Years |
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Qualification : |
MBA |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Gravure Printed Polyester and
Laminated Poly Pack Pouches / Rolls |
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Products : |
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Terms : |
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Selling : |
Cash or Against Materials |
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Purchasing : |
Credit or Against Materials |
GENERAL
INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
70 |
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Bankers : |
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Facilities : |
Credit Facility Rs. 7.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Prakash Bhavsar and Associates Chartered Accountants |
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Address : |
Ahmedabad |
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Tel. No.: |
91-79-27542223 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.320 Millions |
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Borrowed : |
Rs. 7.000 Millions |
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Total : |
Rs. 9.320 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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41.721 |
44.730 |
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Direct Income |
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1.098 |
0.246 |
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Other Income |
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0.263 |
0.005 |
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Total Income |
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43.082 |
44.981 |
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Net Profit |
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0.743 |
0.612 |
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Expenditures : |
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Raw Material Consumed |
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37.317 |
40.647 |
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Direct Expenses |
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2.552 |
3.169 |
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Indirect Expenses |
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1.224 |
1.871 |
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Increase/(Decrease) in Finished Goods |
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0.642 |
[1.840] |
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Interest |
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0.096 |
0.000 |
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Depreciation & Amortization |
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0.507 |
0.521 |
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Total Expenditure |
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42.338 |
44.368 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total
Income |
(%) |
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1.72 |
1.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.78 |
1.37 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
- Jalaram
Masala Bhandar – Ahmedabad
- Top Line Exim
Inc. – Ahmedabad
- Madhu-Jayanti
International Limited – Kolkata
AS PER WEBSITE
Profile
Subject
was started on 5th January, 1996 by Mr. Mukund Parmar as a trading concern with
objective of serving flexible packaging industry. Backed by a good client base
and practical experience in flexible packaging, Mr. Mukund Parmar started Emkay
Flexi Pack as a small trading concern without any office premises. It was
operated from residence by the founder of Emkay Flexi Pack - Mr. Mukund Parmar.
The flexible packaging plant of subject is located at Satej, near Ahmedabad, in
Gujarat. This plant is well connected by road, rail and air.
In very
short span of time, the company came out with flying colours under Mr. Parmar's
leadership and become a renowned name in its field. Subject has manufacturing
facilities for rotogravure printing, lamination, cutting and pouch making.
Their experienced managers, supported by R&D facilities and proven quality
control systems are suited for developing custom made packaging to meet the
most specific needs. Subject produces rotogravure printed flexible packaging
which comprises of a combination of different plastic films. The products are
manufactured either as pre-formed pouches or in the roll form. Their cost
effective packaging provides effective solution for unit & bulk packs of
branded consumer products. Their eye catching graphics provide aesthetic shelf
appeal. Their laminate construction provides gas / moisture barrier for shelf
life. Their tamper proof characteristic ensures brand integrity. Their
adaptability to high speed automated packaging systems provides hygiene and
economy in the manufacture of consumer products. Their light weight & flexible
structure provides convenience in distribution and storage.
About The Founder/Owner of Emkay Flexi
Pack
The
founder of the company, Emkay Flexi Pack is Mr. Mukund Parmar, who is young and
dynamic personality, an MBA in Marketing and having vast experience in
Packaging Industries. He always believes in hard workmanship through continuous
efforts and blessing of God, resulting in success. He always believes in good
and friendly relations, whether it is for society or ethical business
practices. He even believes that a small concern can teach you all the aspects
of management, like purchase, production, marketing, banking etc. It gives you
final touch in becoming a successful entrepreneur.
Mr.
Parmar as a Gujarati, was only interested in his own business, and that is the
outcome of Emkay Flexi Pack. He served an oganization, for the first three and
half years in Gujarat, related to Flexible Packaging industry. After having
practical experience in this industry, he started Emkay Flexi Pack on 5th Jan.,
1996 as a small trading concern, which was operated from residence as a one man
show. It was started without any finance and without any loans. However, as Mr.
Parmar believes in God blessings and hard work, now subject is the
manufacturer, exporter & supplier for and to Flexible Packaging Companies
of Ahmedabad, Gujarat (India).
Brief Introduction of M/s. Emkay Flexi Pack
Emkay Flexi Pack, the name itself speaks for hard work with committed
professionalism. It is not simply mentioned as M.K., rather it is EMKAY. The
term "Flexi Pack" mentions that it is the business of flexible
packaging. Emkay Flexi Pack is manufacturing flexible packaging materials i.e.
Polyester Gravure printed and laminated materials in pouch / roll form.
Subject was started on 5th January 1996. It was the period of Kamurta during
which, the Gujarati people do not start new activities. However, due to clear
strategies and mission in the mind, Mr. Mukund Parmar started this
organization.
Subject is having all the facilities like Two Roto Gravure Printing Machines
(one is eight colours and second is six colours), Lamination Machine, Photocell
Slitting Machine, Pouching Packing Machine and R & D facilities; all under
one roof.
At present, subejct is a professional organization with good team. Special
personnel are appointed for continual supervision during production. Special
staff is appointed for hard-core fieldwork to achieve the sales target in the
assigned territories, constantly monitoring competitors’ activities in the
market and credit control by constant follow-up of payments. Subject is having
good premise in the center of Ahmedabad city with facility for creative design
work. Subject has a branch office at Baroda (Gujarat) and the second is in
Kerala.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.39.95 |
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UK Pound |
1 |
Rs.78.91 |
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Euro |
1 |
Rs.63.24 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
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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45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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