MIRA
INFORM REPORT
|
Report Date : |
02.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AVERY DENNISON
INDIA PRIVATE LIMITED |
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Registered
Office : |
Block B-1, Plot
No.F-2, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi-110044 |
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Country : |
India |
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Financials (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
08.12.1995 |
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Com. Reg. No.: |
55-74475 |
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CIN No.: [Company Identification No.] |
U74899DL1995PTC074475 |
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TAN No.: [Tax Deduction & Collection Account No.] |
DELA05957A |
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PAN No.: [Permanent Account No.] |
AAACA6163D |
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Legal Form : |
Private Limited Liability
Company |
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Line of
Business : |
Manufacturer and
Exporter of Self Adhesive Paper and Self Adhesive Film. |
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 2300000 |
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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 company engaged in manufacturing and marketing of Self Adhesive
Tapes and Films. The company’s financial position is comfortable. It has
excellent infrastructure facility to carry on its business efficiently. The company’s
trade relations are reported as fair. Payments are correct and as per
commitments. It can be
considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered
Office : |
Block B-1, Plot
No.F-2, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi-110044 |
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Tel. No.: |
91-11-41639393 |
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Fax No.: |
91-11-41639292 |
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E-Mail : |
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Website : |
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Head Office : |
204-206, Tolstoy
House, 15 Tolstoy Marg, Connaught Place, New Delhi-110001, India |
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Tel. No.: |
91-11-23714408/
10 |
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E-Mail : |
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Website : |
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Area : |
2350 sq. ft. |
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Location : |
Leased |
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Corporate
Office : |
Paras Complex,
Near Palaspa Phata, Mumbai – Goa Road, Village Kolhke Taluka Panvel, District
Raigad 410 218, Maharashtra |
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Tel No.: |
91-22-7901815 |
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Fax No.: |
91-22-7901817 |
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Factory 1: |
Narsinghpur Industrial
Area, 6 K. M. Delhi-Jaipur highway, Gurgaon, Haryana, India |
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Tel. No.: |
91-124-2215581/
582/ 583 |
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Fax No.: |
91-124-2215591/592 |
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E-Mail : |
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Area : |
6 Acres |
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Location : |
Industrial |
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Factory 2: |
E-514, Greater
Kailash II, New Delhi-110048, India |
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Tel. No.: |
91-11-41639393 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Anish Ghoshal |
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Designation : |
Director |
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Address : |
402, Rocky Hill,
Rizvi Complex, Shirley Rajan Road, Bandra (West), Mumbai-400050, Maharashtra |
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Date of Birth: |
16.09.1964 |
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Date of Appointment: |
04.01.1996 |
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Name : |
Mr. Raja Gopal
Srinivasan |
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Designation : |
Director |
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Address : |
C 164, DDA Flats,
Saket, New Delhi |
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Date of Birth: |
02.09.1959 |
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Date of
Appointment : |
06.05.1996 |
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Name : |
Mr. Robert G. Van
Schoonenberg, USA (Foreigner) |
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Designation : |
Director |
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Address : |
Orange Grove
Boulevaro, Pasadena, California-91103, USA |
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Date of Birth: |
18.08.1946 |
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Date of
Appointment : |
06.05.1996 |
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Name : |
Mr. Richard P.
Randall, USA (Foreigner) |
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Designation : |
Director |
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Address : |
Orange Grove
Boulevaro, Pasadena, California-91103, USA |
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Date of
Appointment : |
29.09.1997 |
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Name : |
Mr. Rodri Guez Karyn, USA (Foreigner) |
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Designation : |
Director |
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Address : |
Orange Grove
Boulevaro, Pasadena, California-91103, USA |
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Date of
Appointment : |
21.06.2001 |
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Name : |
Mr. Chittaranjan
Dua |
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Designation : |
Director |
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Name : |
Mr. Sanjiv
Khullar |
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Designation : |
Director |
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Date of Birth: |
07.12.1959 |
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Date of
Appointment : |
31.01..1997 |
KEY EXECUTIVES
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Name : |
Mr. K. S. Murali |
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Designation : |
Director
(Finance)/ Company Secretary |
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Address : |
D/3, 3072, Vasant
Kunj, New Delhi-110070 |
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Date of
Birth/Age : |
20.05.1966 |
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Date of
Appointment : |
03.03.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Avery Dennison
Corporation, U.S.A. |
21474466 |
99.00 |
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Avery Pacific
LLC, USA |
216914 |
1.00 |
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Total |
21691380 |
100.00 |
Equity Share Breakup (Percentage Of Total Equity) (As On 31.03.2007) :-
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Category |
Percentage |
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Foreign Holding |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of
Business : |
Manufacturer and
Exporter of Self Adhesive Paper and Self Adhesive Film. |
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Products : |
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Agencies Held
: |
· Avery Dennison Corporation, U.S.A. ·
Avery
Pacific Corporation, U.S.A. |
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Exports : |
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Countries : |
·
Srilanka ·
Indonesia ·
Malaysia ·
UAE |
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Imports : |
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Countries : |
·
U.S.A. ·
France ·
Germany |
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Terms : |
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Selling : |
L/C, cash or Credit (45 days) terms |
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Purchasing : |
L/C terms |
PRODUCTION STATUS
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Particulars |
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Unit
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Installed Capacity |
Actual Production |
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Self Adhesive
Paper and Film |
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Sq. Mtrs. |
30,000,000 |
30,000,000 |
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Self Adhesive
Papers |
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-- |
171,821,904 |
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Self Adhesive
Tapes |
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-- |
1,667,895 |
GENERAL
INFORMATION
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Customers : |
· Wholesalers ·
End Users |
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No. of
Employees : |
415 |
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Bankers : |
· American Express Bank Limited · Deutsche Bank, Tolstoy House, New Delhi,
India |
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Banking Relations : |
Satisfactory |
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Auditors : |
Lovelock and
Lewes Chartered
Accountants |
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Address : |
PWC Centre,
Saidulajaiv, M B Road, New Delhi-110068 |
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Tel. No.: |
91-11-26864390/26523750 |
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Fax No.: |
91-11-26864391 |
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Subsidiaries : |
· RVL Packaging India Private Limited o
(Wagle)
Industrial Area, Thane – 400604, Maharashtra o
Tel No.:
91-22-25823881/ 4141/ 4131/ 5781 o
Fax No.:
91-22-25823208 · Avery Dennison de Brazil Ltda – Novo
Hamburgo, Brazil · Avery Dennison China, Chengdu · Avery Dennison China, Beijing · Avery Dennison China, Guangzhou · Avery Dennison China, Kunshan · Avery Dennison China, Shanghai · Avery Dennison China, Tianjin · Avery Dennison Kunshan Company Limited · Avery Dennison Packaging Label – Kunshan
China · Avery Dennison (Qingdao) Converted Product
Company Limited · Avery Dennison, Hong Kong · Jackstadt GmbH, Germany · Avery Dennison, Luxemborg · Avery Dennison, Australia ·
Avery
Dennison, Thailand ·
Avery
Dennison Singapore Pte Limited ·
Avery
Dennison, Canada ·
Avery
Dennison, France ·
Avery
Dennison Stimsonite, Australia ·
Avery
Dennison, UK ·
Avery
Dennison APG ·
Avery
Dennison, Netherlands ·
Avery
Dennison, Korea ·
Avery
Dennison, USA |
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Holding Companies
: |
· Avery Dennison Corporation, USA · Avery Pacific Corporation, USA |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24750000 |
Equity Shares |
Rs.10/- each |
Rs.247.500
millions |
Issued, Subscribed
& Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
21691380 |
Equity Shares |
Rs.10/- each |
Rs.216.914
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 (12 Months) |
31.03.2005 (15 Months) |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
216.914 |
216.914 |
216.914 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
227.318 |
132.562 |
68.649 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
444.232 |
349.476 |
285.563 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
465.415 |
33.942 |
24.814 |
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TOTAL BORROWING |
465.415 |
33.942 |
24.814 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
909.647 |
383.418 |
319.361 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
144.544 |
131.104 |
133.659 |
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Capital work-in-progress |
337.915 |
53.480 |
2.233 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
9.324 |
2.099 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
172.519
|
117.901 |
88.790 |
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Sundry Debtors |
393.711
|
231.584 |
184.162 |
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Cash & Bank Balances |
1.623
|
8.748 |
6.859 |
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Other Current Assets |
1.688
|
2.483 |
1.415 |
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Loans & Advances |
147.944
|
67.461 |
38.626 |
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Total
Current Assets |
717.485
|
428.177 |
319.852 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
295.396 |
223.514 |
134.706 |
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Provisions |
4.225 |
7.928 |
1.677 |
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Total
Current Liabilities |
299.621 |
231.442 |
136.383 |
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Net Current Assets |
417.864 |
196.735 |
183.469 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
909.647 |
383.418 |
319.361 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1402.194 |
906.311 |
806.637 |
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Other Income |
10.628 |
11.941 |
12.940 |
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Total Income |
1412.822 |
918.252 |
819.577 |
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Profit/(Loss) Before Tax |
148.731 |
101.329 |
106.179 |
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Provision for Taxation |
53.975 |
37.416 |
39.157 |
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Profit/(Loss) After Tax |
94.756 |
63.913 |
67.022 |
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Imports : |
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Raw Materials |
649.138 |
351.094 |
277.113 |
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Stores & Spares |
4.042 |
4.841 |
3.888 |
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Capital Goods |
11.248 |
5.582 |
5.980 |
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Others |
8.526 |
7.134 |
9.999 |
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Total Imports |
672.954 |
368.651 |
286.981 |
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Export Value |
59.403 |
63.685 |
80.316 |
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Expenditures : |
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Depreciation & Amortization |
27.538 |
17.826 |
19.934 |
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Financial Charges |
13.260 |
8.338 |
6.687 |
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Other Expenditure |
1223.293 |
790.759 |
686.777 |
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Total Expenditure |
1264.091 |
816.923 |
713.398 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
6.70
|
6.96 |
8.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
10.60
|
11.18 |
13.16 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.29
|
16.48 |
23.29 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.28 |
0.37 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.72
|
0.75 |
0.56 |
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Current Ratio (Current Asset/Current Liability) |
|
2.39
|
1.85 |
2.34 |
LOCAL AGENCY
FURTHER INFORMATION
NIL
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 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.50.09 |
|
UK Pound |
1 |
Rs.76.68 |
|
Euro |
1 |
Rs.63.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
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DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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|
--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 |
|
63 |
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 |
|