MIRA
INFORM REPORT
|
Report Date : |
08.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ORIENTAL CONTAINERS LIMITED |
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Registered Office : |
1076, Dr. E Moses Road, Worli , Mumbai – 400 018, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.02.2006 |
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Com. Reg. No.: |
11-159687 |
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CIN No.: [Company
Identification No.] |
U28992MH2006PLC159687 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMO04068B / MUMO03131C |
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PAN No.: [Permanent
Account No.] |
AAACO8122G |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Packaging Products |
RATING &
COMMENTS
|
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 3500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
The company is a part of Parijat Group, controlled by Samanis. Trade relations are fair. Payments are reported as slow but correct. However, the company can be considered for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory: |
1076, Dr. E Moses Road, Worli , Mumbai – 400 018, Maharashtra , India |
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Tel. No.: |
91-22-24964656-60 / 24954484 |
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Fax No.: |
91-22-24950314 / 24963055 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Rajendran Ayadurai |
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Designation : |
Director |
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Address : |
Apartment B -21-1 Villa, Angsana 56 Jalan Krian off JLN IOPH, Kuala
Lumpur- 51100, India |
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Date of Birth/Age : |
23.09.1961 |
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Date of Appointment : |
16.01.2008 |
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Name : |
Mr. Balkishan Toshniwal |
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Designation : |
Director |
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Address : |
G -5, Satyanaryan Bhavan, Dr. R G Thadani Marg, Worli, Mumbai – 400
018, Maharashtra, India |
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Date of Appointment : |
13.12.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Allottee (As on 27.09.2006) :- |
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No. of Shares |
|
Navigate Mauritius Limited |
|
40000000 |
Equity Share Breakup (Percentage of Total Equity) :- [As on 31.03.2007]
|
Category |
Percentage |
|
Bodies Corporate |
99.99 |
|
Directors or relative of directors |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Packaging Products |
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|
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Products : |
·
Hycrown ·
Hycan ·
Hytube ·
Neeonseal ·
Gloseal ·
Topseal ·
Aluseal ·
Swageseal ·
Bevseal ·
Metal Printing ·
Petrochemicals |
GENERAL
INFORMATION
|
No. of Employees : |
Around 600 |
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Bankers : |
ABN Amro Bank N V Address: Brady House, Veer Nariman Road, Mumbai – 400 018,
Maharashtra, India |
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Facilities: |
Mortgage - Rs. 470.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name 1 : |
BSR and Company Chartered Accountants |
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Address : |
KPMG House, Kamala Mills, Compound 448 S B Marg, Lower Parel, Mumbai –
400 013, Maharashtra, India |
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Name 2 : |
Rajesh Modi and Associate Chartered Accountants |
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Address : |
G C Bureau of Business Services, 131/133 Zaveri Bazar, 3rd
Floor, Mumbai – 400 002, Maharashtra, India |
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Group Companies: |
·
Kopran
Limited ·
Shri Vindhya
Paper Mills Limited ·
G Claridge
and Company Limited ·
Excel
Glasses Limited ·
United
Shippers Limited Group Employs 5000 people having turnover
of Rs. 10000 millions. |
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|
|
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 millions |
|
75000000 |
Preference Shares |
Rs. 10/- each |
Rs.750.000 millions |
|
|
|
Total
|
Rs.1000.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000100 |
Equity Shares |
Rs.10/- each |
Rs.30.001
millions |
|
40000000 |
Preference Shares |
Rs. 10/- each |
Rs.400.000
millions |
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|
|
Total |
Rs.430.001 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
430.001 |
0.500 |
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2] Share Application Money |
|
289.804 |
0.000 |
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3] Reserves & Surplus |
|
0.005 |
0.000 |
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4] (Accumulated Losses) |
|
[26.031] |
0.000 |
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NETWORTH |
|
693.779 |
0.500 |
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LOAN FUNDS |
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1] Secured Loans |
|
202.409 |
0.000 |
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2] Unsecured Loans |
|
354.518 |
0.000 |
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TOTAL BORROWING |
|
556.927 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
1250.706 |
0.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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911.355 |
0.000 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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295.391 |
0.000 |
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Sundry Debtors |
|
279.531 |
0.000 |
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Cash & Bank Balances |
|
4.008 |
0.505 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
70.055 |
0.000 |
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Total
Current Assets |
|
648.985 |
0.505 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
291.515 |
2.949 |
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Provisions |
|
18.119 |
0.000 |
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Total
Current Liabilities |
|
309.634 |
2.949 |
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Net Current Assets |
|
339.351 |
[2.444] |
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MISCELLANEOUS EXPENSES |
|
0.000 |
2.944 |
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TOTAL |
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1250.706 |
0.500 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
970.368 |
NA |
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Other Income |
|
89.198 |
NA |
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Total Income |
|
1059.566 |
NA |
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Profit/(Loss) Before Tax |
|
22.087 |
[2.944] |
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Provision for Taxation |
|
1.000 |
0.000 |
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Profit/(Loss) After Tax |
|
21.087 |
[2.944] |
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Expenditures : |
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Raw Material Consumed |
|
676.231 |
NA |
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Salaries, Wages, Bonus, etc. |
|
68.582 |
NA |
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Managerial Remuneration |
|
2.741 |
NA |
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Payment to Auditors |
|
1.500 |
NA |
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Interest |
|
82.537 |
NA |
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Insurance Expenses |
|
3.903 |
NA |
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Power & Fuel |
|
71.347 |
NA |
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Depreciation & Amortization |
|
59.111 |
NA |
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Other Expenditure |
|
71.527 |
2.944 |
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Total Expenditure |
|
1037.479 |
2.944 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
1.99 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
|
2.28 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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14.15 |
[582.97] |
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Return on Investment (ROI) (PBT/Networth) |
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0.03 |
[5.89] |
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Debt Equity Ratio (Total Liability/Networth) |
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1.25 |
5.89 |
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Current Ratio (Current Asset/Current Liability) |
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2.10 |
0.17 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporate
identity number of the company |
U28992MH2006PLC159687 |
|
Name of the
company |
ORIENTAL
CONTAINERS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
1076, Dr. E Moses Road, Worli , Mumbai – 400 018, Maharashtra , India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable property |
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Particular of
charge holder |
ABN Amro Bank NV Address: Brady
House, Veer Nariman Road, Mumbai – 400 018, Maharashtra, India E-mail: in.bs.central@in.abnamro.com
|
|
Nature of
instrument creating charge |
Facility cum
hypothecation agreement dated 12.01.2007 |
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Date of
instrument Creating the charge |
12.01.2007 |
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Amount secured by
the charge |
Rs. 470.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : For OD ABN Amro PLR
Currently 12.75% -1.50% For others at
negotiated rates. Terms of Repayment : Working capital
facilities no repayment terms stipulated Margin : 25% on stocks and
receivables Extent and Operation of the charge : The charge holder
shall have first and exclusive charge on the assets hypothecated. |
|
Short particulars
of the property charged |
Hypothecation of
Inventory / Stocks and receivables both present and future. |
WEBSITE DETAILS:-
Subject has full fledged international division to market products globally. The products manufactured by subject have been accepted internationally.
The company export products to countries in the Middle East, Europe, Africa, Fareast and Countries in the Indian sub continent.
Subject has the necessary approval of Coca Cola, Pepsico and other industry majors to support in their areas.
With a network of agents / representatives and direct visits by the company personnel, the company is able to provide international quality of products and service.
Company Profile :-
Business enterprise reflects the entrepreneurial vision and capabilities
of its promoters. It continually perceives new opportunities and employs them
for healthy development.
Subject is a part of the Parijat
group.
The company is in the business of metal and plastic packaging for over
the last three and a half decades and today the company manufactures a wide
range of packaging products which includes ROPP caps, chamfered closures, crowns,
aluminium collapsible tubes, Aluseal plastic closures, tin and aluminium cans,
twist of caps and printed metal sheets.
In each of these product groups, the company is amongst the leaders.
The products of subject are manufactured to GMP standards on the latest and state of the art plant and
equipment.
The company has an ISO 9002 certified quality system in place.
Products :-
|
HYCROWN |
: |
Crowns made out of tin freesteel / tinplate. |
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HYCAN |
: |
Tin and Aluminium Containers. |
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HYTUBE |
: |
Aluminium Collapsible Tubes. |
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NEEONSEAL |
: |
Top and side chamfered roll-on pilfer proof
caps with dry blend lining, 1st of its kind in the world. |
|
GLOSEAL |
: |
Chamfered Roll-on Pilfer-Proof caps-the 1st
of its kind in the world. |
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TOPSEAL |
: |
Roll-On Pilfer-proof caps. |
|
ALUSEAL |
: |
The unique pull-to-open seal for crown neck
bottles. |
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SWAGESEAL |
: |
Lug caps / Twist off caps. |
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BEVSEAL |
: |
Plastic Beverage closure. |
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METAL PRINTING |
: |
Multi Colour Printing of by Offset and
Rotogravure Process |
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PETROCHEMICALS |
: |
Speciality solvents: N-Pentane, Heptane |
Major Achievements Of
the company Includes :
·
Double Reduced
2 Kg. Tin
·
Lidseal
·
Aluminium Cans
·
Aluseals
·
Top and side chamfered
closures - With dry blend lining
·
Top Chamfered
caps - Gloseal
·
Direct Bake
Cake Drums.
·
Printing On
200 micron aluminium by gravure.
·
Plastic Beverage closures - First time in India
Subject has been awarded WORLDSTAR by the World Packaging Organisation ASIASTAR by the Asain Packing Federation and INDIASTAR by Indian Institute of Packaging for innovation in packaging products. It is also been awarded Certificate of Merit from the Master Printers Association for excellence in printing.
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.43.12 |
|
UK Pound |
1 |
Rs.85.08 |
|
Euro |
1 |
Rs.67.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
|
50 |
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 |
|