MIRA INFORM REPORT

 

 

 

Report Date :

02.08.2008

 

IDENTIFICATION DETAILS

 

Name :

UNIVERSAL PACKAGING

 

 

Registered Office :

Plot No. 129/D, Government Industrial Estate, Charkop, Kandivali (West), Mumbai-400067, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008 [Provisional]

 

 

Year of Establishment :

1999

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMU02593D

 

 

PAN No.:

[Permanent Account No.]

AAAFU7311E

 

 

Legal Form :

Partnership Concern with an Unlimited Liability Of Partner

 

 

Line of Business :

Manufacturer of Corrugated Boxes

 

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed concern having satisfactory track. Partners are reported as experienced, respectable and having satisfactory means of their own. Trade relations are fair. Payments are reported as slow at times but correct.

 

The concern can be considered good for normal business dealings.

 

 

LOCATIONS

 

Registered Office :

Plot No. 129/D, Government Industrial Estate, Charkop, Kandivali (West), Mumbai-400067, Maharashtra, India

Tel. No.:

91-22-28699599/ 28699588

Mobile No.:

91-9820634349

Fax No.:

91-22-28699588

E-Mail :

universalpackaging@yahoo.co.in

Area :

[7765 sq ft (Owned) Office], [Factory 5000 sq.ft]

 

 

Branch Office :

116-B, Government Industrial Estate, Kandivali (West), Mumbai-400067, Maharashtra, India

 

 

PARTNERS

 

Name :

Mr. Vishal P Dodia

Designation :

Partner

Address :

504, Sujata Apartments, Kroups Corner, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

08.07.1980

Qualification :

Graduate

 

 

Name :

Mrs. Jayashree P Dodia

Designation :

Partner

Address :

506, Sujata Apartments, Kroups Corner, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

47 Years

Qualification :

Graduate

 

 

Name :

Mrs. Pushpa M Dodia

Designation :

Partner

Address :

601, Sujata Apartments, Kroups Corner, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

45 Years

Qualification :

Graduate

 

 

Name :

Mrs. Lalitaben M Dodia

Designation :

Partner

Address :

503, Sujata Apartments, Kroups Corner, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

80 years

Qualification :

Graduate

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Corrugated Boxes

 

 

Terms :

 

Selling :

Credit ( 60 Days)

 

 

Purchasing :

Cash and Credit ( 60-90 Days)

 

PRODUCTION STATUS

 

Particulars

Unit

 

Installed Capacity

Actual

Production

Corrugated and Printed Boxes

Tones

 

200+

190-200

Wire hush products

Tones

 

150

 

 

 

GENERAL INFORMATION

 

Suppliers :
  • Akshar Enterprises
  • ABA Printer
  • Anjali Marketing (Strapping)
  • Ashish Arts
  • Bhairavnath Transport
  • Bee K. Arts
  • C. B. Parekh and Company
  • Coolite Corporation
  • Chhda Printers Agency
  • Deblu Kanojia
  • Dave Octroi Services
  • Deviprasad Printers
  • Dharmendra Yadav
  • Dolphin Graphics
  • G.D. Enterprises
  • Harsh Packaging
  • Hasmukh Chunilal Doshi
  • Himankshu J Parekh
  • J J Shah and Company
  • J. R. Machinery
  • Jaineeket Enterprises
  • Jalaram Packaging
  • Jay Enterprises
  • Jay Shri Chehar Roadways
  • Kavyatri Paper and Board Private Limited
  • Kamlesh Associates
  • Konark Associates
  • Laxmi Gum Industry
  • M A Parekh Associates
  • Mahavir Packaging
  • Meeta J Vora
  • Milap Octroi Centre
  • Mithun Electricals
  • Neptune Paper Company
  • Nutan tarpaulins
  • Om Shiv Shakti Electrical Works
  • Paper Roll Supplying Company

 

 

Customers :

Name of the customers and their contact numbers

Location

Relationship

(No. of Years)

Credit Period Allowed

Varun Industry Limited

91-22-23727400

Byculla

5 Years

30-60 Days

Champion Confectionary

91-22-28683618

Kandivali, Charkop

5 Years

30-60 Days

 

  • Al Noor Exports Private Limited
  • Anjali Marketing
  • Bhawani Trading Company
  • Bhavik Industry
  • C. J Enterprises
  • Evita Appliances
  • G.M Brothers
  • Harsh Packaging Labour
  • Hello Baby Private Limited
  • Indian Packaging
  • K.C. Engineering Corporation
  • Laxmi Food Products
  • Milan Laboratories
  • Nobtech Enterprises
  • Padiya Enterprises
  • Pam Pharmaceutical and Allied
  • Prasan Arts
  • Pristine Metal
  • Pohoomal Exports Private Limited
  • Ruchi Technoplast
  • Sai Metal
  • Solanki
  • Sanchita Marine Products Private Limited
  • Setron Exports
  • Shantilal and Brothers
  • Shilpa Metal
  • Sohil Impex
  • Sri Siddhi Freezers Exp. Private Limited
  • Sukhdata Foods

 

 

No. of Employees :

42 (Factor 40, Office 2)

 

 

Bankers :

State Bank of India

 

 

Facilities :

Bank

Nature of Credit Facility

Sanctioned Loan Amount

State Bank of India

Cash Credit Account

Rs. 2.000 Millions

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

C B Parikh and Company

Chartered Accountant

 

 

Associates/Subsidiaries :

Name of the Associate/ Group Concerns

Unik Corporation

Address

116-B, Government Industrial Estate, Charkop, Kandivali (West), Mumbai-400067, Maharashtra, India

Nature of Activity

Manufacturing

Bankers

State Bank of India

Area:

5000 sq ft (Owned)

 

 

Name of the Associate/ Group Concerns

Ujwal Industries

Address

118-C, Government Industrial Estate, Charkop, Kandivali (West), Mumbai-400067, Maharashtra, India

Area:

5000 sq ft (Owned)

 

 

Name of the Associate/ Group Concerns

Unister Agency

Address

61/4, Krishna Niketan, Gaushala, Mumbai, Maharashtra, India

 

 

Name of the Associate/ Group Concerns

Unitech Enterprises

 

 

CAPITAL STRUCTURE

 

PARTNERS CAPITAL ACCOUNTS

(As on 31.03.2007)

 

Mr. VISHAL P. DODIA

(Rs. In Millions)

To,

Amount

By,

Amount

Credit Card expenses

0.043

Opening Balance b/fd.

 

Mediclaim

0.006

Amount transferred From

 

LIC

0.100

Personal Account

0.300

Income Tax

0.033

Share of Profit

0.068

Firm Fringe Benefit Tax

0.005

Interest from Firm

0.170

Firm Tax

0.036

Remuneration from Firm

0.150

Amount Transferred to

 

 

 

Personal A/C

0.600

 

 

Drawings

0.145

 

 

Balance c/d

2.724

 

 

 

3.692

 

3.692

 

Mrs. JAYASHREE A. DODIA

(Rs. In Millions)

To,

Amount

By,

Amount

LIC

0.115

Opening balance

1.516

Amount Transferred To

 

Amount Transferred From

 

Personal A/C

0.700

Personal A/c

0.300

Firm Fringe Benefit Tax

0.005

Share of Profit

0.058

Firm Tax

0.037

Interest from Firm

0.051

Drawings

0.053

 

 

Balance c/d

1.036

 

 

 

1.945

 

1.915

 

Mrs. PUSHPA M. DODIA

 

(Rs. In Millions)

To,

Amount

By,

Amount

LIC

0.107

Opening Balance

0.747

Firm Fringe Benefit Tax

0.005

Share of Profit

0.068

Firm Tax

0.037

Interest from Firm

0.029

Educational Fees

0.009

Amount Transferred From

 

Amount Transferred To

 

Personal A/C

1.000

Personal A/c

1.200

 

 

Drawing

0.040

 

 

Closing Balance

0.448

 

 

 

1.844

 

1.844

 

Mrs. LALITA M. DODIA

(Rs. In Millions)

To,

Amount

By,

Amount

LIC

0.099

Opening Balance

3.220

Firm Fringe Benefit Tax

0.005

Interest from Firm

0.172

Firm Tax

0.037

Share of Profit

0.068

Income Tax

0.000

 

 

Drawing

0.011

 

 

Closing Balance

2.408

 

 

 

3.460

 

3.460

 

As on 31.03.2008

 

Capital Investment :

 

Owned :

Rs. 4.287 Millions

Borrowed :

--

Total :

Rs. 4.287 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2008

[Provisional]

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Partner’s Capital

 

4.287

6.616

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.000

0.000

4] (Accumulated Losses)

 

0.362

0.000

NETWORTH

 

4.649

6.616

LOAN FUNDS

 

 

 

1] Secured Loans

 

[0.081]

0.000

2] Unsecured Loans

 

0.000

0.000

TOTAL BORROWING

 

[0.081]

0.000

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

4.568

6.616

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

4.355

3.996

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

3.008

1.690

 

Deposits
 

0.117

0.100

 

Sundry Debtors
 

2.740

4.074

 

Cash & Bank Balances
 

[0.866]

0.423

 

Other Current Assets
 

0.104

0.000

 

Loans & Advances
 

0.000

0.203

Total Current Assets
 

5.103

6.490

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

 

2.423

 

Sundry Creditors
 

4.892

 

 

Duties and Taxes
 

0.007

0.006

 

Other Liabilities
 

[0.009]

1.441

Total Current Liabilities
 

4.890

3.870

Net Current Assets
 

0.213

2.620

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

4.568

6.616

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2008

[Provisional]

31.03.2007

Sales Turnover

 

15.457

16.661

Other Income

 

0.000

0.000

Total Income

 

15.457

16.661

 

 

 

 

Net Profit

 

0.358

0.271

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

 

8.694

8.969

 

Advertising Expenses

 

0.000

0.003

 

Commission Paid

 

0.177

0.071

 

Remuneration to Partner

 

0.000

0.150

 

Salaries, Wages, Bonus, etc.

 

0.000

0.430

 

Interest

 

0.124

0.095

 

Insurance Expenses

 

0.000

0.016

 

Depreciation & Amortization

 

0.491

0.548

 

Miscellaneous Expenses

 

0.382

0.000

 

Machinery Repairing

 

0.075

0.000

 

Legal Fees

 

0.500

0.000

 

Other Expenditure

 

4.656

6.108

Total Expenditure

 

15.099

16.390

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2008

[Provisional]

31.03.2007

PAT / Total Income

(%)
 

2.32

1.63

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

2.32

1.63

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

3.79

2.58

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.08

0.04

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

1.07

0.58

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.04

1.68

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade Refernces:

 

 

 

REVIEW OF BANK STATEMENTS FOR THE LAST SIX MONTHS

 

Number of Credit / Debits, month-wise

Approximately Rs. 1.400 Million

Cheque Bounces

NO

PF and employee related

ESIC, PT, PF is paid regularly.

Last Utility payment made (electricity)

Rs/ 0.069 Million (Approximately ) for month of May 2008

 

FOR MANUFACTURING ENTITIES / FACTORY SITE(S):

 

Principal raw material (s) and sources

Duplex Goards, Icraft Paper

Manufacturing Process

M.G Paper, Gum, Slaslch Etc

Major branded and imported machines, installed

YES

Pollution Control : Any pollutants being generated and their disposal

No, Only Paper wastage lot is properly dumped

Power: Connected load and back up availability

YES

Inventory/ WIP/ Finished Goods at the Site

YES

Storage/ Security/ Perishability/ Suscptibility to fire and weather

YES

Quality Certification

NO

Workers/ Split of temporary and permanent/ any unions

NO

History of any strikes/ any child labour/ working conditions

NO

 

Major branded and imported machines, installed:  Micro Machineries

Power: Connected load and back up availability :  65 KV

 

SWOT ANALYSIS OF THE UNIT

 

Strengths :
  1. High Speed Machinery
  2. Specious
  3. Purchasing Power

Weakness :

Factory Away From Residence

Opportunities :
  1. Expansion is possible as outside orders available
  2. Getting More Qualified Employees

 

Fixed Assets:

 

 

PROJECTED BALANCE SHEET

(Rs in Millions)

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Partner’s Capital

5.300

4.800

4.300

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.499

0.445

0.398

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

5.799

5.245

4.698

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.500

0.750

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

0.000

0.500

0.750

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

5.799

5.745

5.448

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

2.700

3.100

3.500

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
5.000

4.700

4.250

 

Deposits
0.000

0.000

0.000

 

Sundry Debtors
7.500

6.800

5.900

 

Cash & Bank Balances
[2.301]

[2.054]

[1.702]

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
0.000

0.000

0.000

Total Current Assets
10.199

9.444

8.448

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
0.000

0.000

0.000

 

Sundry Creditors
7.100

6.800

6.500

 

Duties and Taxes
0.000

0.000

0.000

 

Other Liabilities
0.000

0.000

0.000

Total Current Liabilities
7.100

6.800

6.500

Net Current Assets
3.099

2.645

1.948

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

5.799

5.745

5.448

 

 

PROJECTED PROFIT AND LOSS ACCOUNT

(Rs. In  Millions)

PARTICULARS

 

31.03.2011

31.03.2010

31.03.2009

Sales Turnover

21.050

19.400

16.950

Other Income

0.000

0.000

0.000

Total Income

21.050

19.400

16.950

 

 

 

 

Net Profit

0.499

0.445

0.398

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

12.500

11.550

9.841

 

Advertising Expenses

0.000

0.000

0.000

 

Commission Paid

0.215

0.200

0.225

 

Remuneration to Partner

0.000

0.000

0.000

 

Salaries, Wages, Bonus, etc.

0.230

0.200

0.150

 

Interest

0.225

0.200

0.135

 

Insurance Expenses

0.000

0.000

0.000

 

Depreciation & Amortization

0.400

0.440

0.500

 

Miscellaneous Expenses

0.438

0.425

0.375

 

Machinery Repairing

0.130

0.125

0.100

 

Legal Fees

0.000

0.000

0.000

 

Other Expenditure

6.413

5.815

5.226

Total Expenditure

20.551

18.955

16.552

 

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.42.37

UK Pound

1

Rs.84.01

Euro

1

Rs.65.96

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

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

 

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