MIRA
INFORM REPORT
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Report Date : |
30.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
GRAPHIPACKSS PRIVATE LIMITED |
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Registered Office : |
112, Palace Road, Madura I -625 001, Tamilnadu, India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.04.1998 |
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Com. Reg. No.: |
10-040408 |
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CIN No.: [Company
Identification No.] |
U36999TN1998PTC040408 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Plastic Bags such as Wicketted Bags, PP Bags, HM HDPE
Carry Bags, Laminated Pouces. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 6310 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company in its fields. Trade relations are
fair. Scale of activity is limited. Payments are however reported as usually
correct and as per commitments. The company can be considered good for small to mediocre business
dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. K.Sekar |
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Designation : |
Managing Director |
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Date : |
10.07.2008 |
LOCATIONS
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Registered Office : |
112, Palace Road, Madura i- 625 001, Tamilnadu, India |
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Tel. No.: |
91-452-2332891 |
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E-Mail : |
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Area : |
700 sq. ft ( Owned) |
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Factory : |
No. 2, Navratnapuram, Kamarjajar Salai, Madurai – 625 009, Tamilnadu,
India |
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Tel. No.: |
91-452-2332891 |
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Factory : |
5/115, Madurai, Mandpam Road, Madurai – 625 009, Tamilnadu, India |
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Area : |
Owned |
DIRECTORS
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Name : |
Mr. C K. Sekar |
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Designation : |
Managing Director |
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Address : |
112, Palace Road, Madurai – 625 001, Tamilnadu, India |
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Date of Birth/Age : |
24.03.1955 |
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Qualification : |
B.Com |
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Date of Appointment : |
28.04.1998 |
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Name : |
Mrs. C.S. Jayanthi |
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Designation : |
Director |
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Address : |
112, Palace Road, Madurai – 625 001, Tamilnadu, India |
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Date of Birth/Age : |
16.10-1962 |
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Qualification : |
Under Graduate |
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Date of Appointment : |
28.04.1998 |
KEY EXECUTIVES
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Name : |
R K Bapulal and Associates |
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Designation : |
Company Secretary |
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Address : |
248, Old No. 177, 1st Floor, Palace Road, Madurai – 625
001, Tamilnadu, India |
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Tel No : |
91-452-2336775/ 4372775 |
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Mobile No.: |
91-9842252081 |
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E-mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 28.09.2005
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Names of Shareholders |
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No. of Shares |
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K.Sekar |
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59000 |
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C. S. Jayanthi |
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41000 |
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Total |
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100000 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.08.2006
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Plastic Bags such as Wicketted Bags, PP Bags, HM HDPE
Carry Bags, Laminated Pouces. |
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Exports : |
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Countries : |
UK |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Suppliers : |
v Pondicherry
Southern Inks and Coating v BGL Bostik India
Private Limited v BB Asia Impex
Private Limited v Arihant
Enterprises v B B Asia Impex
Private Limited |
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Customers : |
v End Users Major
Customers v Elite Foods
Private Limited v Bellapremier
Happy Hygienecarte Private Limited v Elite Breads
Private Limited v Hyderabad Cosmo
Film Limited v Maxwell
Industries Limited v Ramshid Jamshed Sons
and Company v MDU AL-Firdhouse
International v Udumalaipet
Supreme Sugana Foods Company Limited v TPR Mano
Knitting Mills |
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No. of Employees : |
About 15 |
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Bankers : |
Madurai City Branch, 57, 57/1, Kamarajar Salai,
Madurai - 625 001, Tamilnadu, India
Tryempee Tower, Ramnad Rod, 132, East Main Street, Madurai – 625 001,
Tamilnadu, India |
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Facilities : |
CC Rs. 4.000 Millions Term Loan Rs. 4.500 Millions from State Bank of India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. K. Premkumar Chartered Accountant |
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Address : |
103-A, Panthadi, 9th Street, Maduarai – 625 001, Tamilnadu, India |
CAPITAL STRUCTURE
As on 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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600000 |
Equity Shares |
Rs. 10/- each |
Rs. 6.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.000 |
1.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.262 |
0.019 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.262 |
1.019 |
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LOAN FUNDS |
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1] Secured Loans |
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3.997 |
1.168 |
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2] Unsecured Loans |
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2.115 |
1.940 |
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TOTAL BORROWING |
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6.112 |
3.108 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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7.374 |
4.127 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.446 |
1.262 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.330 |
1.000 |
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Sundry Debtors |
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1.087 |
2.398 |
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Cash & Bank Balances |
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0.032 |
0.026 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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2.648 |
1.034 |
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Total
Current Assets |
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5.097 |
4.458 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.177 |
1.601 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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2.177 |
1.601 |
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Net Current Assets |
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2.920 |
2.857 |
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MISCELLANEOUS EXPENSES |
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0.008 |
0.008 |
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TOTAL |
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7.374 |
4.127 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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9.564 |
7.155 |
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Other Income |
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0.108 |
0.005 |
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Total Income |
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9.672 |
7.160 |
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Profit/(Loss) Before Tax |
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0.250 |
0.019 |
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Provision for Taxation |
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0.008 |
0.000 |
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Profit/(Loss) After Tax |
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0.242 |
0.019 |
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Expenditures : |
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Other Expenditure |
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9.422 |
7.141 |
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Total Expenditure |
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9.422 |
7.141 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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2.50 |
0.26 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.61 |
0.26 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.58 |
0.26 |
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Return on Investment (ROI) (PBT/Networth) |
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0.20 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.72 |
1.57 |
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Current Ratio (Current Asset/Current Liability) |
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2.34 |
2.78 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Arun
Polybags, Mumbai
- Ravi Flexoin,
Mumbai
Form 8
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U36999TN1998PTC040408 |
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Name of the
company |
GRAPLHIPACKSS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
112, Palace Road, Madurai-625001, Tamilnadu, India |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
State Bank of India, Madurai City Branch, 57, 57/1, Kamarajar Salai,
Madurai-625001, Tamilnadu, India |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
13.10.2006 |
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Amount secured by
the charge |
Rs. 9.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
Terms of
Repayment In 83 monthly
installments of Rs. 0.065 Million each adnl 84th (last)
installment of Rs. 0.063 Million, interest chargeable at monthly intervals is
payable separately as and when due. The first installment is to commence from
April 2007. Margin
Extent and
Operation of the charge The Charge shall
operates as EXCLUSIVE FIRST CHARGE in favour of the Bank for an Overall Limit
of Rs. 9.500 Millions. Others Cover Period for
Domestic Receivables :60 days |
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Short particulars
of the property charged |
As per Attachment
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Form 8
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Name of the company |
GRAPLHIPACKSS PRIVATE LIMITED |
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Presented By |
K. Sekar,
Managing Director |
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1) Date and description of instrument creating the change |
a)
Deed of Hypothecation
regarding machinery MF 720 dated 18.10.2000 b)
Letter of
undertaking reg Loans and advances NF721 dated 18.10.2000 c)
Agreement
Reg. advances against book debts as prime security dated 18.10.2000 d)
Cash credit
agreement NF795 dated 18.10.2000 e)
Request for
Overdraft facility NF372 dated 18.10.2000 f)
Demand
promissory note for Rs. 1.000 Million dated 18.10.2000 g)
Agreement
Reg. colletral security, machinery NF723 dated 18.10.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.900
Millions a)
Term Loan
Rs. 0.900 Million b)
OCC Rs.
1.000 Million ( inclusive of sub limt against book debts of Rs. 0.200 Million |
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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 |
a)
Hypothecation
of existing machineries valued Rs. 1.140 Million and the proposed machineries
Valued Rs. 124.900 Milllions b)
All present
and future stocks of Raw Materials like Bopp, Co-exturted LD/ LLD Film, Adhensive
Polyster and other such materials. c)
Work-in-progress d)
Finished
Goods- granure Printed laminated pouches and specially gloves and bags and
other such items in production. e)
All present
and future book debts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
a)
The amount
in item(2) above is secured by hypothecation of goods mentioned in item (3)
above in respect of amount outstanding by way of first charge. b)
Rate of
interest 2.5% p.a. over and above the ongoing P.L. rate with a minimum rate
of 14.75% p.a c)
Amount
outstanding on OCC Accont shalkl be repaid on demand made by the bank d)
Term Loan
should be repaid at Rs. 0.015 Million p.m. for 60 months. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank,
Tryempee Tower, Ramnad Rod, 132, East Main Street, Madurai-625001, Tamilnadu,
India |
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 42.47 |
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UK Pound |
1 |
Rs. 84.00 |
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Euro |
1 |
Rs. 66.14 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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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 |
YES |
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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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33 |
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 |
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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 |
|
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 |
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