MIRA
INFORM REPORT
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Report Date : |
18.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
THERMO PACKAGING INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
Plot No.17, Sector – 6, Faridabad – 121006, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
27.03.1995 |
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Com. Reg. No.: |
05-32614 |
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CIN No.: [Company
Identification No.] |
U74940HR1995PTC032614 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Trader of Thermo Packaging |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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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 10000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track
records. Company’s profitability is under severe pressure and has some
accumulated losses. However, no complaints have been heard. The company can be considered for small to mediocre business dealings.
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LOCATIONS
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Registered Office/ Factory : |
Plot No.17, Sector – 6, Faridabad – 121006, Haryana, India |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ish Punyani |
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Designation : |
Whole Time Director |
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Address : |
House No. 166, Sector 15, Faridabad – 121007, Hayrana, India |
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Date of Birth/Age : |
09.12.1966 |
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Date of Appointment : |
27.03.1995 |
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Name : |
Mrs. Suman Punyani |
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Designation : |
Director |
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Address : |
House No. 166, Sector 15, Faridabad – 121007, Hayrana, India |
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Date of Birth/Age : |
22.08.1970 |
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Date of Appointment : |
25.03.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2008)
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Names of Shareholders |
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No. of Shares |
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Ish Kumar Punyani |
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4640 |
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Bimla Kumari |
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18330 |
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Suman Punyani |
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2500 |
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Mamta Arora |
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1500 |
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Balwant Singh |
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5000 |
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Total |
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31970 |
(As on 30.09.2008)
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Category |
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Percentage
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Directors or relatives of director |
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79.67 |
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Other top fifty shareholders (other than listed above) |
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20.33 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Trader of Thermo Packing |
GENERAL
INFORMATION
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Bankers : |
Neelam Chowk, NIT, Faridabad – 121001, Haryana, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Dinesh Mohan and Company Chartered Accountant |
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Address : |
2, TCC Colony, Sector – 10, YMCA Road, Faridabad – 121006, Haryana,
India |
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Tel No.: |
91-118-4084841/ 43 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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31970 |
Equity Shares |
Rs.100/- each |
Rs.3.197 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.197 |
2.397 |
2.397 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(0.954) |
(0.274) |
(0.217) |
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NETWORTH |
2.243 |
2.123 |
2.180 |
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LOAN FUNDS |
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1] Secured Loans |
7.723 |
2.538 |
2.098 |
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2] Unsecured Loans |
4.291 |
3.577 |
8.343 |
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TOTAL BORROWING |
12.014 |
6.115 |
10.441 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14.257 |
8.238 |
12.621 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.155 |
5.150 |
6.308 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.386 |
0.231 |
0.159 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.859
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1.709 |
1.990 |
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Sundry Debtors |
9.007
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7.025 |
9.008 |
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Cash & Bank Balances |
0.376
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0.106 |
0.054 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.652
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0.507 |
0.436 |
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Total
Current Assets |
12.894
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9.347 |
11.488 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.800
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5.936 |
4.831 |
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Provisions |
0.378
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0.554 |
0.503 |
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Total
Current Liabilities |
4.178
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6.490 |
5.334 |
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Net Current Assets |
8.716
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2.857 |
6.154 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14.257 |
8.238 |
12.621 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.22
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5.94 |
7.24 |
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Current Ratio (Current Asset/Current Liability) |
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3.09
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1.44 |
2.15 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:
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Corporate
identity number of the company |
U74940HR1995PTC032614 |
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Name of the
company |
THERMO PACKAGING INDUSTRIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No.17, Sector – 6, Faridabad – 121006, Haryana, India |
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This form is for |
Modification of charge |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Oriental Bank of Commerce Neelam Chowk, NIT, Faridabad – 121001, Haryana, India |
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Nature of
instrument creating charge |
Supplemental Agreement
to secure Credit/ Loan Facilities Date 02.08.2008 |
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Date of
instrument Creating the charge |
02.08.2008 |
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Amount secured by
the charge |
Rs.8.500 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Rate of
Interests@ 13.75% p.a. on monthly rests subject to change from time to time
linked with BPLR/ RBI Guidelines. Penal Rate of
Interests: @ 2% p.a. over and above the normal rate of interests Terms of
repayment: On Demand Margin: Margin: 25% Extent and
Operation of the charge: Hypothecation of
Stock of Raw Materials, Semi Finished and Finished goods of thermo and other
packaging materials, consumables stores and spares lying on factory and other
business place of the company Assignment of
received of the company Hypothecation of
all the fixed assets of the company |
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Particulars of
the property charged |
Hypothecation of
Stock of Raw Materials, Semi Finished and Finished goods of thermo and other packaging
materials, consumables stores and spares lying on factory and other business
place of the company Assignment of
received of the company Hypothecation of
all the fixed assets of the company |
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Name of the company |
THERMO PACKAGING INDUSTRIES PRIVATE LIMITED |
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Presented By |
Mr. Ish Kumar Punyani |
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1) Date and description of instrument creating the change |
25.03.2000 ID -17 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.400 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation
Automatic Hydraulic moulding machine, Fully automatic PVC foaming Block moulding
machine and eicher cab full body trust. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25% and
the rate of interests 3.81% over PLR subject to minimum of 15.81% |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce, Faridabad |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
FIXED ASSETS:
- Plant and Machinery
- Electrical Installations
- Car
- Furniture and fixture
- Truck
- Computers
- Dies and Mould
- Scooter
- Mobile Office Equipment
- Motor Cycle
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.28 |
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UK Pound |
1 |
Rs.73.43 |
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Euro |
1 |
Rs.68.22 |
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 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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30 |
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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