MIRA INFORM REPORT
|
Report Date : |
13.06.2008 |
IDENTIFICATION DETAILS
|
Name : |
ATLANTA
VINYLS PRIVATE LIMITED |
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Registered Office : |
Plot
No. 124 to133, Panchal Udyog Nagar, Bhimpore Daman - 396210 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.02.2004 |
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Com. Reg. No.: |
56-3385 |
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CIN No.: [Company Identification No.] |
U27203DD2004PLC003385 |
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TAN No.: [Tax Deduction & Collection Account
No.] |
MUME05284G |
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PAN No.: [Permanent Account No.] |
AABCE3113G |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
Manufacturers
of Blister Alu Foil, Alu Foil for Strip Pack, Rigid PVC, Glassine Paper Foil.
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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
10200000 |
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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 company having satisfactory track. The company is doing
well. It’s trade relations are fair. Financial position is satisfactory. Payments
are usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office / Factory : |
Plot No.
124 to133, Panchal Udyog Nagar, Bhimpore Daman – 396210, India |
|
Tel. No.: |
91-260-2220314
/ 15 / 3298250 / 3293224 |
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Fax No.: |
91-260-2220316 |
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E-Mail : |
flexart@duttagroup.net / essdee@duttagroup.net
/ |
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|
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Corporate
Office : |
4TH
Floor, Vidyasagar, Western Express Highway, Malad (East), Mumbai – 400097,
Maharashtra |
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Tel.
No.: |
91-22-66919955 |
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Fax
No.: |
91-22-66940985 |
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E-Mail
: |
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|
Website
: |
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Unit
: |
Atlanta Vinyls Plot No. 161, Kundaim
Industrial Estate, Kundaim, Goa 403 115. |
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Tel.
No.: |
91-832-2395422 |
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Fax
No.: |
91-832-2395874 |
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E-Mail
: |
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|
Website
: |
DIRECTORS
|
Name : |
Mr.
Sudip Bijoy Dutta |
|
Designation : |
Chairman
and Managing Director |
|
Address : |
Flat
No. 506, Challenger Tower – 2, Thakur Village, Kandivali (East), Mumbai –
400101, Maharashtra |
|
Date of Birth/Age : |
04.05.1972 |
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Date of Appointment : |
10.02.2004 |
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|
|
|
Name : |
Mr.
Prasenjit Datta |
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Designation : |
Director
|
|
Address : |
Flat
No. 1704, Challenger Tower – 2, Thakur Village, Kandivali (East), Mumbai –
400101, Maharashtra |
|
Date of Birth/Age : |
16.06.1963 |
|
Date of Appointment : |
30.04.2004 |
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|
|
|
Name : |
Mr.
Shankar Sadashiv Kamble |
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Designation : |
Director
|
|
Address : |
No.
305, Sai Sharan, N. C. Kelkar Road, Dadar (West), Mumbai – 400028 |
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Date of Birth/Age : |
21.02.1946 |
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Date of Appointment : |
31.03.2006 |
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|
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Name : |
Mr.
Gautan Mukherjee |
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Designation : |
Director
|
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|
Name : |
Mr.
Ramdas L Baxi |
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Designation : |
Director
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Name
: |
Mr.
Dilip Phatarphekar |
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Designation
: |
Director
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Name
: |
Mrs.
Aarti Sudip Dutta |
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Designation
: |
Director
|
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Address
: |
Flat
No. 506, Challenger Tower – 2, Thakur Village, Kandivali (East), Mumbai –
400101, Maharashtra |
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Date
of Birth/Age : |
01.09.1980 |
|
Date
of Casing : |
31.03.2006 |
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Date
of Appointment : |
27.06.2005 |
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|
|
|
Name
: |
Mr.
Narayana Mayya |
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Designation
: |
Director
|
|
Address
: |
Raas B
– 301 Vasantutsav, Thakur Village, Kandivali (East), Mumbai – 400101,
Maharashtra |
|
Date
of Birth/Age : |
29.11.1953 |
|
Date
of Casing : |
31.03.2006 |
|
Date
of Appointment : |
15.09.2005 |
KEY EXECUTIVES
|
Name
: |
Mr.
Darshan Drupad Majmudar |
|
Designation
: |
Company
Secretary |
|
Address
: |
Flat No.
A 3, Sahyagiri C. F. S. Limited (East), Mumbai – 400063, Maharashtra, India |
|
Date
of Birth/Age : |
07.06.1961 |
|
Date
of Appointment : |
12.04.2006 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Sudip Bijoy Dutta |
|
7274500 |
|
Mrs.
Aarti Sudip Dutta |
|
234500 |
|
Mr.
Prasenjit Datta |
|
200 |
|
Vinaya
Nilesh Desai |
|
200 |
|
Ajoy
Premkumar Malhotra |
|
200 |
|
Manash
Tarun Mazumdar |
|
200 |
|
Ajay
Sushil Doshi |
|
200 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Blister Alu Foil, Alu Foil for Strip Pack, Rigid PVC, Glassine Paper Foil.
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Products : |
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GENERAL INFORMATION
|
Customer : |
·
CIPLA ·
Pfizer ·
Wockhardt ·
DRL ·
TorrenT ·
IPCA ·
Lupin ·
Wyeth ·
Sun Pharma ·
Intas ·
Cadila Pharma ·
Aurobindo ·
Unichem ·
Blue Cross ·
Glenmark ·
Serdia ·
Bayer ·
Wriggleys ·
J B Chemicals ·
Ranbaxy ·
Madras Pharma ·
Ind Chemie ·
Indoco ·
Hetero ·
GSK ·
Dr. Reddys Lab ·
Themis Labs ·
Zydus Cadila ·
Reckitt Benckiser ·
CFL |
|
|
|
|
No. of Employees : |
900 |
|
|
|
|
Bankers : |
v The Shamrao Vithal Co-Operative
Bank Limited, Goregaon Mumbai Maharashtra Credit Limit: Rs. 50.000 millions |
|
|
|
|
Auditors : |
M. P.
Chitale and Company Chartered
Accountants Daman |
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|
|
|
Associates/Subsidiaries : |
Flex
Art Foil Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity
Shares |
Rs.
10/- each |
Rs.
350.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
26414800 |
Equity
Shares |
Rs.
10/- each |
Rs.
264.148 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
264.100 |
75.100 |
15.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1792.800 |
98.735 |
0.772 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2056.900 |
173.835 |
15.872 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
258.500 |
237.446 |
82.131 |
|
|
2] Unsecured Loans |
0.900 |
19.916 |
21.224 |
|
|
TOTAL BORROWING |
259.400 |
257.362 |
103.355 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
13.978 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2316.300 |
445.175 |
119.227 |
|
|
|
|
|
|
|
|
APPLICATION
OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED
ASSETS [Net Block] |
266.500 |
153.634 |
79.879 |
|
|
Capital
work-in-progress |
341.200 |
34.585 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
555.900 |
40.156 |
0.049 |
|
|
DEFERREX
TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
165.200
|
80.160 |
36.986 |
|
|
Sundry
Debtors |
637.200
|
222.669 |
29.953 |
|
|
Cash
& Bank Balances |
541.400
|
20.617 |
4.094 |
|
|
Other Current
Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans
& Advances |
134.200
|
32.190 |
3.995 |
|
Total Current
Assets |
1478.000
|
355.636 |
75.028 |
|
|
Less : CURRENT LIABILITIES &
PROVISIONS |
|
|
|
|
|
|
Current
Liabilities |
232.100
|
127.906 |
34.223 |
|
|
Provisions |
93.200
|
10.930 |
1.506 |
|
Total Current
Liabilities |
325.300
|
138.836 |
35.729 |
|
|
Net Current Assets |
1152.700
|
21.680 |
39.299 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2316.300 |
445.175 |
119.227 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales
Turnover |
1529.500 |
716.700 |
95.300 |
|
|
Other Income |
31.000 |
10.700 |
0.000 |
|
|
Total
Income |
1560.500 |
727.400 |
95.300 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
312.900 |
118.200 |
0.900 |
|
|
Provision for Taxation |
36.700 |
24.300 |
4.000 |
|
|
Profit/(Loss) After Tax |
276.200 |
93.900 |
[3.100] |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Materials |
935.900 |
378.700 |
48.000 |
|
|
Excise Duty |
122.300 |
92.000 |
13.300 |
|
|
Power & Fuel Cost |
25.500 |
20.700 |
0.000 |
|
|
Other Manufacturing Expenses |
46.500 |
39.700 |
21.300 |
|
|
Employee Cost |
27.400 |
18.600 |
3.600 |
|
|
Selling and Administration Expenses |
62.500 |
32.400 |
1.700 |
|
|
Miscellaneous Expenses |
0.100 |
0.200 |
0.000 |
|
|
Preparative Expenditure Capitalised |
[17.400] |
[7.500] |
0.000 |
|
|
Interest & Financial Charges |
41.600 |
36.200 |
5.300 |
|
|
Depreciation |
9.800 |
6.500 |
1..200 |
|
|
Stock Adjustments |
[6.600] |
[8.300] |
[0.000] |
|
Total
Expenditure |
1247.600 |
609.200 |
94.400 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
31.03.2008 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Sales
Turnover |
648.300 |
635.300 |
618.900 |
90.2300 |
|
Other
Income |
14.200 |
33.600 |
14.900 |
1.6500 |
|
Total
Income |
662.500 |
668.900 |
633.800 |
91.8800 |
|
Total
Expenditure |
497.800 |
502.200 |
447.900 |
64.1500 |
|
Operating
Profit |
164.700 |
166.700 |
185.900 |
27.7300 |
|
Interest |
13.100 |
10.500 |
8.000 |
1.3300 |
|
Gross
Profit |
151.600 |
156.200 |
177.900 |
26.4000 |
|
Depreciation |
4.500 |
07.900 |
8.800 |
0.9300 |
|
Tax |
15.900 |
34.200 |
17.200 |
3.4800 |
|
Reported
PAT |
131.200 |
114.100 |
151.900 |
21.9900 |
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
0.23 |
1.94 |
8.61 |
|
Long Term Debt-Equity Ratio |
0.06 |
1.27 |
8.61 |
|
Current Ratio |
2.14 |
1.36 |
1.89 |
|
Fixed Assets |
6.72 |
5.79 |
1.01 |
|
Inventory |
12.47 |
12.23 |
2.21 |
|
Debtors |
3.56 |
5.67 |
2.72 |
|
Interest Cover Ratio |
8.52 |
4.27 |
1.17 |
|
Operating Profit Margin(%) |
23.82 |
22.45 |
7.76 |
|
Profit Before Interest And Tax Margin(%) |
23.18 |
21.54 |
6.51 |
|
Cash Profit Margin(%) |
18.70 |
14.01 |
-1.99 |
|
Adjusted Net Profit Margin(%) |
18.06 |
13.10 |
-3.25 |
|
Return On Capital Employed(%) |
25.81 |
56.51 |
0.00 |
|
Return On Net Worth(%) |
24.76 |
101.08 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE REVIEW:
The
Company has recorded a significant growth in its performance. Total Income grew
to Rs.1438.189 Millions, registering a growth of 126% over previous year Income
of Rs.635.387 Millions. Profit after Tax Improved by 194% to Rs.276.178
Millions in the current year compared to Rs.93.908 Millions in the previous
year.
The
above growth has been possible primarily due to installation of additional
capacity, efficient capacity utilization, besides Increase In their customers'
base coupled with rapid growth in the pharmaceutical sector.
INDUSTRY STRUCTURE AND DEVELOPMENT,
OUTLOOK:
Packaging
combines technology and creativity In order to protect products and meet the
criteria of safety, convenience and aesthetics. Its importance Is highlighted
by the fact that it preserves the quality and lengthens the shelf life of the
products. With the changing business environment in which they operate,
packaging has acquired a new dimension of adding brand value to products. With
increasing education levels, greater consumer awareness and rising disposable
incomes with the new generation of health conscious consumers, there Is a
discernible trend towards well packed and branded products. Besides, there Is
also Increasing demand for low priced goods in smaller pack sizes resulting in
customization. The Company's major business flows from the pharmaceutical
segment and It constitutes a fast growing segment in India. Pharmaceutical packaging
consists of various types of glass, pet bottles, strip and blister packs,
injectibles, ampoules, bulk packs, etc. In today's times, the packaging
function has extended from merely preservation of the medicines to prevention
of product tampering and counterfeiting, the assurance of product dispensing
accuracy and the promotion of patient compliance with product dosage
schedules.
Consumerism
is set to Increase with advent of retail chains opening across the Country. The
Company foresees explosive growth for quality packaging materials for years to
come. To tap this accelerated demand, the Company is foraying Into Food &
FMCG segment on the backing of satisfied global pharmaceutical companies in the
Country.
SEGMENT REVIEW:
Aluminium
Foil:
During the year, aluminium rolling mill capacity was enhanced from 3600 tpa to 9100 tpa, following commissioning of the second cold rolling mill In the month of November, 2006. With the commencement of second cold roiling mill, the Company has now the facility of downguaging of foil to ultra thin gauges to meet demand for aluminium foils of the FMCG Industries.
They
are passing through an economic growth phase and resultantly witnessing the
opening up of retail chains across the Country and consequent demand for increased
packaging requirements. Aluminium foil remains best suited for products
requiring longer shelf life and preservation of properties.
Realisation
price per Kg has increased due to Introduction of thinner gauge of Aluminium
foil. Company's plans for introduction of newer products are under customers'
review and shortly these products are expected to be introduced commercially in
the market.
PVC/PVdC:
During the year, the Company has set up and commissioned PVdC coating line for
barrier sensitive high end pharmaceutical products. This has resulted in growth
In revenue as well as better realization of margins, as there are very few
manufacturers In the Country having similar facility.
During
the year, the Company has also introduced metailzed PVC film and the same has
been accepted favorably by the Industry.
Spurious
drugs pose a serious threat to many pharma products and It has been the
Company's endeavor to assist pharmaceutical companies with Innovative packaging
solutions to thwart such menace.
OPPORTUNITY AND THREATS:
With
the extension of value added products like cold formed 'Alu Alu' laminates and
child resistant laminates, the Company is becoming a single point window
solution provider to the pharmaceutical Industry.
With
the DMF (Drug Master File) type III accreditation and international
acquisitions by Indian pharmaceutical companies, opportunities are opening up
on the possibility of creating a Global Hub and Spoke model for serving
international pharmaceutical companies out of India. Similarly, MNCs are now
creating hubs and utilizing new found Interest in India as a sourcing centre.
Pharmaceutical sector in India is booming as apparent from the fact that the
maximum number of US ANDA's are from India and they also have the maximum number
of USFDA approved pharmaceutical plants are from India.
With
the opening of retail chains by large Indian business houses and presence of
international players. In the retail sectors in India, there will be a
proliferation of Food and FMCG requirement, which Is the new product foray the
Company is going for.
Some
of the major threats which they may face are on account of volatility in
aluminium prices, fluctuation In foreign exchange rates, change In government
policies and competition from existing and prospecting manufacturers' of
Company's products.
NEW PROJECT/NEW BUSINESS:
The Company plans to foray Into manufacturing and supply of
packaging materials for Food & FMCG segments. Setting up of facility for manufacturing
of such materials is underway and most of the plant & machinery have also
been received and commissioned. Sampling to business houses have been done and
commercial operations are underway.
SUBSIDIARY:
The Company has
a wholly owned subsidiary, named M/s. Flex Art Foil Private Limited. It
provides printing facilities to pharmaceutical companies for their packaging
materials at various locations across the Country. With the Introduction of new
products and spurt in the number of registered DMFs (Drug Master File), service
vis a vis lead times have assumed primary Importance. With its unique 'Hub and
Spoke' model. It is catering to the pharmaceutical Industry as a strategic
partner to their growth. It has recently doubled its printing capacity at its
Baddi unit at Himachal Pradesh and setting up of a similar unit In Sikkim is
underway.
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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--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 |
|