MIRA
INFORM REPORT
|
Report Date : |
13.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ANSA PACKAGING PRODUCTS PRIVATE LIMITED |
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Formerly Known as : |
PMP DISTRIBUTORS PRIVATE LIMITED |
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Registered Office : |
1st Floor, Administrative Building, Simplex
Mill Compound, 1st Floor, K. K. Marg, Byculla (West), Mumbai –
400011, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.07.1982 |
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Com. Reg. No.: |
11-27754 |
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CIN No.: [Company
Identification No.] |
U51900MH1982PTC027754 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA21836D |
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PAN No.: [Permanent
Account No.] |
AAACA5046M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject imports, exports, assembles, processes, exhibits, uses, manipulates, works, distributes, buys, sells or otherwise deals in tools, toll bits, backsaw blades, jigs, moulds, fixtures, mechanical instruments and devices, automobile parts and apparatus. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
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 120000 |
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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 and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Chitre |
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Designation : |
G M Finance |
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Date : |
07.06.2008 |
LOCATIONS
|
Registered Office : |
1st Floor, Administrative Building, Simplex
Mill Compound, 1st Floor, K. K. Marg, Byculla (West), Mumbai –
400011, Maharashtra, India |
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Tel. No.: |
91-22-23020260 |
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Fax No.: |
91-22-23006409 |
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E-mail: |
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Factory : |
12, Industrial Estate, Ambernath, Thane, Mumbai - 421501, Maharashtra, India |
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Factory : |
Kharuch Road, Kunvada Village, Kosamba Rialway Station, District – Surat – 394120, Gujarat, India |
DIRECTORS
|
Name : |
Mr. Arvind P. Agarwal |
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Designation : |
Director |
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Address : |
6-1-Mitra Kunj, 16-A, Pedder Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
06.01.1955 |
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Date of Appointment : |
22.07.1988 |
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Name : |
Mr. Warij Kasliwal |
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Designation : |
Director |
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Address : |
Padam Building, 1st Floor, 4B Pedder Road, Mumbai- 400026, Maharashtra, India |
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Date of Birth/Age : |
02.07.1954 |
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Date of Appointment : |
22.07.1988 |
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Name : |
Mr. Sudhir Merchant |
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Designation : |
Director |
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Address : |
Suvag Apartments, Off. L. Jagmohandas Marg, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
25.08.1953 |
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Date of Appointment : |
18.04.1995 |
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Name : |
Mr. Premnath B. Agarwal |
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Designation : |
Director |
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Address : |
6-1-Mitra Kunj, 16-A, Pedder Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
10.11.1926 |
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Date of Appointment : |
22.07.1988 |
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Name : |
Mr. Anil Gopal Sharma |
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Designation : |
Director |
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Date of Birth/Age : |
13.11.1958 |
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Date of Appointment : |
15.12.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 21.08.2006
|
Names of Shareholders |
No. of Shares |
|
Mr. Arvind P. Agarwal |
11100 |
|
Kunvarda Investment Private Limited |
500 |
|
Mr. Janak P. Agarwal |
2000 |
|
Mr. Premnath B. Agarwal |
2000 |
|
Ms. Rachna A. Agarwal |
2500 |
|
Nandan Piramal Investments Private Limited |
18100 |
|
Sai Darshan Investments Private Limited |
3620 |
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Mr. Nandan S. Damani |
3620 |
|
Adithya Agarwal Investmetns (Bombay) Private Limited |
14480 |
|
Eco Friendly Investments Private Limited |
14480 |
|
Total |
72400 |
Equity share breakup (Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Bodies corporate
(not mentioned above) |
70.00 |
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2. |
Other fifty (50)
shareholders (other than listed above) |
30.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject imports, exports, assembles, processes, exhibits, uses, manipulates, works, distributes, buys, sells or otherwise deals in tools, toll bits, backsaw blades, jigs, moulds, fixtures, mechanical instruments and devices, automobile parts and apparatus. |
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Imports |
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Country: |
European Countries |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Customers : |
v End Users v Pharmaceutical |
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No. of Employees : |
40 (Office : 40, Factory : Contract basis) |
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Bankers : |
v HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India v Bank of Baroda Fort University Branch |
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Facilities : |
HDFC Bank – Rs. 250.000 millions Bank of Baroda – Rs. 0.490 millions w.e.f. 12.11.1990 Hypothecation of Plant and Machinery, situated at Ambernath, District – Thane, Maharashtra, Company Premises. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bharat Bhuta and Company Chartered Accountants Address : Prashant 9, 145-B, S.V. Road, Vile Parle (W), Mumbai – 400056 Tel No.: 91-22-26713731 Runtha and Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
249,500 |
Equity Shares |
Rs.10/- each |
Rs. 2.495 millions |
|
50 |
Preference shares |
Rs. 100/- each |
Rs. 0.005 million |
|
|
Total |
|
Rs. 2.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
72400 |
Equity Shares |
Rs.10/- each |
Rs. 0.724
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
0.724 |
0.724 |
0.724 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
23.550 |
21.443 |
19.566 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.274 |
22.167 |
20.290 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
30.792 |
6.678 |
2.457 |
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2] Unsecured Loans |
42.289 |
15.477 |
17.470 |
|
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TOTAL BORROWING |
73.081 |
22.155 |
19.927 |
|
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DEFERRED TAX LIABILITIES |
2.042 |
0.000 |
0.000 |
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TOTAL |
99.397 |
44.322 |
40.217 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.693 |
18.035 |
27.023 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
31.985 |
4.485 |
4.485 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
17.806
|
0.869
|
1.004 |
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Sundry Debtors |
25.815
|
13.650
|
11.775 |
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Cash & Bank Balances |
1.941
|
0.892
|
1.024 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
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Loans & Advances |
17.615
|
19.710
|
4.718 |
|
Total
Current Assets |
63.177
|
35.121
|
18.521 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
12.404
|
12.253
|
8.768 |
|
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Provisions |
2.054
|
1.066
|
1.044 |
|
Total
Current Liabilities |
14.458
|
13.319
|
9.812 |
|
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Net Current Assets |
48.719
|
21.802
|
8.709 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
99.397 |
44.322 |
40.217 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
171.838 |
48.769 |
45.080 |
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Other Income |
NA |
1.535 |
0.560 |
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Total Income |
171.388 |
50.304 |
45.640 |
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Profit/(Loss) Before Tax |
3.598 |
1.903 |
1.802 |
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Provision for Taxation |
0.000 |
2.032 |
2.925 |
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Profit/(Loss) After Tax |
3.598 |
(0.129) |
(1.123) |
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Expenditures : |
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Raw Materials |
NA |
5.178 |
5.531 |
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Salary |
NA |
3.243 |
2.779 |
|
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Interest |
2.381 |
1.122 |
0.681 |
|
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Depreciation & Amortization |
2.204 |
2.230 |
NA |
|
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Other Expenditure |
163.205 |
36.628 |
34.847 |
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Total Expenditure |
167.790 |
48.401 |
43.838 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.09
|
(0.26)
|
(2.46) |
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Net Profit Margin (PBT/Sales) |
(%) |
2.09
|
3.78
|
3.94 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.09
|
3.58
|
3.95 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.08
|
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.59
|
0.60
|
0.48 |
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Current Ratio (Current Asset/Current Liability) |
|
4.37
|
2.63
|
1.88 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
ANSA PACKAGING
PRODUCTS PRIVATE LIMITED |
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Presented By |
HDFC Bank Limited, |
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1) Date and description of instrument creating the change |
Dated 19.05.2004 No Instrument but
a mortgage created by deposit of title deeds in respect of company’s
immovable properties at Kunvarda Village, Gujarat as security for payment of
moneys due and payable by Ansa Print Pack Private Limited to the Bank. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 20.274
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 |
a) All that piece
and parcel of the land totally admeasuring 4584.76 Sq.mtrs. situated in state
of Gujarat, Dist. Surat, Taluka : Mangrol, Moje : Kunwarda, bearing Revenue
Block No. 52 having Title of Ownership and Possession in the name of “Ansa
Packaging Products Private Limited”. Purchased through sale deed including
building and other structures, Plant and Machinery installed / to be
installed thereon. b) All that
immovable properties being industrial premises, being factory building
constructed upon the portion of the Plot No. 13 to 59 (out of forming part
and parcel of the total land area divided into total 47 plots of entire land)
in the name of “Ansa Packaging Products Private Limited” situated at Kharuch
Road, Village: Kunwards, Kosamba, District: Surat – 394120, Gujarat, India. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The company has
created a mortgage by deposit of title deeds in respect of the above immovable
properties as security for due repayment and discharge by the company to the
bank of the following amounts granted to Ansa Print Pack Private Limited. a) Cash / Credit
(Hypothecation of Book debts and stocks – Rs. 10.000 millions b) Term loan I –
Rs. 52.748 millions c) Term loan II –
Rs. 5.000 millions Total – Rs. 67.748 millions Together with
interest additional interest, costs charges, and expenses premium on pre
payment and other charges. |
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5) Name and Address and description of the person entitled to the charge. |
HDFC Bank Limited Sandoz House
Branch, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
22.09.2005 No Instrument but
a mortgage created by deposit of title deeds in respect of company’s
immovable properties at Kunvarda Village, Gujarat as security for payment of
moneys due and payable by Ansa Print Pack Private Limited to the Bank. |
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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. |
The company gave
and accorded its consent to the Bank to hold and retain the title deeds in
respect of its immovable properties namely a) All the piece
and parcel land ameasuring 4581.56 Sq. mtrs. Situated at state of Gujarat,
Dist. Surat, Taluka : Mangrol, Moje : Kunwarda, India. b) All that
immovable properties being the industrial premises, being the factory building
constructed upon the portion of the land admeasuring 2998.78 Sq. mtrs. Being
plot No. 13 to 59 (out of forming part and parcel of total land as mentioned
in above to secure the due repayment and discharge by the Ansa Print Pack
Private Limited to the Bank of the said enhanced credit facilities
aggregating to Rs. 94.274 millions.
Together with
interest thereon at the agreed rate compound interest and/or additional
interest in case Of default, liquidated
damages, commission, commitment charge, premia on repayment or on redemption,
costs, charges, expenses etc. Thus, the
mortgage charge now stands secured by Rs. 94.274 millions. |
Form 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90238471 |
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Corporate
identity number of the company |
U51900MH1982PTC027754 |
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Name of the
company |
ANSA PACKAGING PRODUCTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
1st Floor, Administrative Building, Simplex
Mill Compound, 1st Floor, K. K. Marg, Byculla (West), Mumbai –
400011, Maharashtra, India |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
CIN:
L65920MH1994PLC080618 Name : HDFC Bank
Limited Address :
Senapati Bapat Marg, Lower Parel City : Mumbai State :
Maharashtra ISO country code
: IN Pin code : 400013 e-mail ID : milind.limaye@hdfcbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of Equitable mortgage by deposit of title deeds by way of
constructive delivery. |
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Date of
instrument Creating the charge |
02.01.2007 |
|
Amount secured by
the charge |
Rs. 182.330
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As may be
stipulated by Bank from time to time. Terms of
repayment On demand Margin As may be
stipulated by Bank from time to time. Extent operation
of the charge First Exclusive
charge on immovable properties as described under item No. 14 as a security
for repayment of following credit facilities. |
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|
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|
hort particulars of
the property charged |
a) All the piece
and parcel land ameasuring 4581.56 Sq. mtrs. Situated at state of Gujarat,
Dist. Surat, Taluka : Mangrol, Moje : Kunwarda, India. b) All that
immovable properties being the industrial premises, being the factory building
constructed upon the portion of the land admeasuring 2998.78 Sq. mtrs. Being
plot No. 13 to 59 (out of forming part and parcel of total land as mentioned
in above to secure the due repayment and discharge by the Ansa Print Pack
Private Limited to the Bank of the said enhanced credit facilities
aggregating to Rs. 94.274 millions. |
|
Date of latest
modification prior to the present modification |
07.11.2006 |
|
Particulars of
the present modification |
The equitable mortgage/
charge shall now stand extended to and cover the revised/increased credit
facility upto Rs. 182.330 millions which comprise of the credit facilities
granted by the bank to Ansa Print Pack Private Limited to the extent of Rs.
144.830 millions and Ansa Packaging Products Private Limited to the extent of
Rs. 37.500 millions. |
Trade References
v Nicholas Piramal India Limited
v Gujarat Plast Limited
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. 42.81 |
|
UK Pound |
1 |
Rs. 83.75 |
|
Euro |
1 |
Rs. 66.10 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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/normal. |
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 |
|