MIRA
INFORM REPORT
|
Report Date : |
31.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AVARAN PACKAGING PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
ROTO POLYMERS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
2-A Suja Apartments, I C Colony, Near Corporation Bank, Borivali
(West), Mumbai – 400103, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
19.05.1992 |
|
|
|
|
Com. Reg. No.: |
11-66838 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U25209MH1992PTC066838 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA09127G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Importer and Exporter of All kinds of flexible packaging , Commercial
pharmaceutical, Food Industrial. |
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 |
|
Maximum Credit Limit : |
USD 47632 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established and reputed company having
satisfactory track records. Directors are reported as experienced and
respectable businessmen. Trade relations are fair. Business is active.
Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
2-A Suja Apartments, I C Colony, Near Corporation Bank, Borivali (West),
Mumbai – 400103, Maharashtra |
|
Tel. No.: |
91-22-28953159/28915274 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mrs. Avantika S. Bulsari |
|
Designation : |
Director |
|
Address : |
B/1002, Shantivan, 10th Floor, Devidas Lane Extent Eksar
Village, Borivali West Mumbai – 400092, Maharashtra, India |
|
Date of Birth/Age : |
15.01.1953 |
|
Date of Appointment : |
19.05.1992 |
|
|
|
|
Name : |
Mr. Nelson M. Bulsari |
|
Designation : |
Director |
|
Address : |
B/1002, Shantivan, 10th Floor, Devidas Lane Extent Eksar
Village, Borivali West Mumbai – 400092, Maharashtra, India |
|
Date of Birth/Age : |
05.07.1959 |
|
Date of Appointment : |
19.05.1992 |
|
|
|
|
Name : |
Mrs. Stanly Maganlal Bulsari |
|
Designation : |
Director |
|
Address : |
B/1002, Shantivan, 10th Floor, Devidas Lane Extent Eksar
Village, Borivali West Mumbai – 400092, Maharashtra, India |
|
Date of Birth/Age : |
20.12.1951 |
|
Date of Appointment : |
28.09.1994 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. Nelson M. Bulsari |
|
1160 |
|
Mrs. Avantika S. Bulsari |
|
440 |
|
Mrs. Stanley M. Bulsari |
|
2977 |
|
Mr. Sheryl Bulsari |
|
200 |
|
Mr. Cybil Bulsari |
|
150 |
|
Mr. Shirtey Bulsari |
|
500 |
|
Mr. Maganlal Bulsari |
|
1420 |
|
Roto Convertors (Limited) |
|
220 |
|
Mrs. Manju Gupta |
|
10 |
|
Mrs. Uma Agarwal |
|
10 |
|
Mr. N. K. Ramarao |
|
10 |
|
Mrs. Veeshaka Bulsari |
|
800 |
|
Mr. Navil Bulsari |
|
860 |
|
Other |
|
11243 |
|
|
|
|
|
Total |
|
20000 |
|
|
|
|
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
83.00 |
|
Others top fifty (50) shareholders (other than listed above) |
|
17.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer and Exporter of All kinds of flexible packaging , Commercial pharmaceutical,
Food Industrial. |
GENERAL
INFORMATION
|
Bankers : |
·
Bank of
Baroda Mount Poiser
Branch, Mumbai – 400103, India |
|
|
|
|
Facilities : |
- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Gupta Shyam and Company Chartered Accountants |
|
Address : |
11 Sukhsagar Chs. Limited, Ground Floor, Akurli Road, - 1, Kandivali
East Mumbai – 400101, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity shares |
Rs.100/- each |
Rs.2.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11527 |
Equity shares |
Rs.100/-
each |
Rs.1.152
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1.152 |
1.152 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
10.756 |
10.923 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
11.908 |
12.075 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
2.336 |
2.643 |
|
|
2] Unsecured Loans |
|
2.714 |
1.085 |
|
|
TOTAL BORROWING |
|
5.050 |
3.728 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
16.958 |
15.803 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
7.939 |
7.866 |
|
|
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 |
|
3.608 |
1.839 |
|
|
Sundry Debtors |
|
9.006 |
7.339 |
|
|
Cash & Bank Balances |
|
1.127 |
0.884 |
|
|
Other Current Assets |
|
0.005 |
0.003 |
|
|
Loans & Advances |
|
4.390 |
2.180 |
|
Total
Current Assets |
|
18.136 |
12.245 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
9.575 |
3.846 |
|
|
Provisions |
|
0.715 |
0.462 |
|
Total
Current Liabilities |
|
10.290 |
4.308 |
|
|
Net Current Assets |
|
7.846 |
7.937 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
1.173 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
16.958 |
15.803 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Total Income |
|
15.887 |
12.638 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.465 |
0.344 |
|
|
Provision for Taxation |
|
--- |
--- |
|
|
Profit/(Loss) After Tax |
|
0.465 |
0.344 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
0.435 |
0.290 |
|
|
Depreciation & Amortization |
|
0.332 |
0.288 |
|
|
Other Expenditure |
|
14.655 |
11.716 |
|
Total Expenditure |
|
15.422 |
12.294 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
2.92 |
2.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.92 |
2.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.78 |
1.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.03 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.29 |
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.76 |
2.84 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 :
|
Name of the company |
AVARAN PACKAGING PRIVATE LIMITED |
||||||||||||
|
Presented By |
Bank of Baroda Mount Poiser
Branch, Mumbai – 400103, India |
||||||||||||
|
1) Date and description of instrument creating the change |
Equitable
Mortgage by deposite of Title Deeds Dated 24.10.2001 |
||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of
charge |
|
||||||||||||
|
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 |
Equitable
Mortgage of Immovable Property Situated at Plot No.14/B, Suprem Industrial
Estate, Situate at village, Bhimpore, Taluka Daman, District Daman, Nani
Daman, Survey No.216/A, Admeasuring 504 sq. Meters. |
||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest as may
be notified by the Bank From Time to time. |
||||||||||||
|
5) Name and Address and description of the person entitled to the
charge. |
Bank of Baroda Mount Poiser
Branch, Mumbai - 400103 |
||||||||||||
|
6) Date and brief description
of instrument modifying the charge |
Extension of
Equitable Mortgage Dated 18.06.204 |
||||||||||||
|
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. |
Original Charge
was created on 24.10.2001 for Rs.2.400 Millions by way of Equitable mortgage
of immovable property situated at Plot
No.14/B, Suprem Industrial Estate, Situate at village, Bhimpore,
Taluka Daman, District Daman, Nani Daman, Survey No.216/A, Admeasuring 504
sq. Meters. By Present
Modification Made on 18.06.2004 By Extension of Equitable Mortgage to cover
the credit facilities sanction to Unit pack (India) The company has offered
ITS Immovable property situated at
Plot No. 14/B, with factory Building Shed constructed Thereon in Suprem Industrial Estate, Situate at village,
Bhimpore, Taluka Daman, District Daman, Nani Daman, Survey No.216/A,
Admeasuring 504 sq. Meters. Security for the limit of Rs.9.572 Millions
Sanctioned to unit pack (India) A partnership Firm. |
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.39.43 |
|
UK Pound |
1 |
Rs.78.45 |
|
Euro |
1 |
Rs.58.26 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|