MIRA
INFORM REPORT
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Report Date : |
13.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
HASSIA PACKAGING PRIVATE LIMITED |
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Formerly Known As : |
HASSIA REDATRON PACKAGING MACHINERY PRIVATE LIMITED |
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Registered Office : |
Gat 768/3, Sanaswadi, Taluka Shirur, Pune – 412207, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.06.1997 |
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Com. Reg. No.: |
11-108901 |
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CIN No.: [Company
Identification No.] |
U29195MH1997PTC108901 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEH00824F |
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PAN No.: [Permanent
Account No.] |
AAACH4374D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Export and Importer of Motors, Electric Motors and Engines. |
RATING &
COMMENTS
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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 : |
USD188000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a Subsidiary of IWTA PACUNION GMBH Germany. Its trade relations are fair. Financial Positions is gradually improving. Payments are usually correct and as per commitments. The company can be considered for normal business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Srikant Das |
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Designation : |
Finance Manager |
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Date : |
11.06.2008 |
LOCATIONS
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Registered Office/ Factory : |
Gat No. 768/3, Sanaswadi, Taluka Shirur, Koregaon Bhima, Pune – 412207, Maharashtra, India |
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Tel. No.: |
91-2137-253210/ 209, 91-20-22532081 |
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Fax No.: |
91-2137-253206, 91-20-22532081 |
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E-Mail : |
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Website : |
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Administrative Office/ Branch Office : |
15/A, Kondhwa Budruk, Pune – 41104, Maharashtra, India |
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Tel. No.: |
91-2137-253210 |
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Fax No.: |
91-2137-253206 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Merk Gorge Roland |
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Designation : |
Chairman |
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Address : |
Edith, Stein-Weg-3a, D-76327, Pfinztal Germany - 0049-744-968560 |
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Date of Birth/Age : |
10.05.1938 |
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Date of Appointment : |
19.06.1997 |
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Name : |
Mr. Bippus Golthilf Walter |
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Designation : |
Director |
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Address : |
Erlerstrasse 2, 76275 Ettlingen, Germany – 0049-7243-15097 |
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Date of Birth/Age : |
23.12.1931 |
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Date of Appointment : |
19.06.1997 |
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Name : |
Mr. Krishnamachari Ravi |
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Designation : |
Managing Director |
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Address : |
10/10 Kumar city, Kalyani Nagar, Pune-411014, Maharashtra. |
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Date of Birth/Age : |
11.06.1959 |
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Date of Appointment : |
19.06.1997 |
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Name : |
Mr. Baumann Wolf-Dieter |
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Designation : |
Director |
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Address : |
Isestrasse 121, 20249 Hamburg, Germany |
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Date of Birth/Age : |
17.09.1957 |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr. Geurts Paul Heini Andreas |
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Designation : |
Director |
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Address : |
Bilker Allee 22, 40219 Dusseldorf |
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Date of Birth/Age : |
31.01.1963 |
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Date of Appointment : |
01.04.2005 |
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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IWK Pacunion GmbH |
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419999 |
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Mr. Merk George Roland |
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1 |
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Total |
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420000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCBs or Others) |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Export and Importer of Motors, Electric Motors and Engines. |
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Products : |
· Motors · Electric Motors · Engines |
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Exports: |
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Countries : |
· Pakistan · Dubai · Bangladesh |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
· China · Hong Kong |
PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Packaging Machinery |
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45 |
9 |
GENERAL
INFORMATION
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Customers : |
Manufacturers |
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No. of Employees : |
150 |
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Bankers : |
· Canara Bank M G Road, Pune – 411001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. K. Khare and Company Chartered Accountant |
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Address : |
11, Venu Madhav, 104/7, Off Lane
No. 14, Prabhat Road, Erandwana, Pune – 411004, Maharashtra |
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Tel. No.: |
91-20-25433704/ 22000607/ 6360/ |
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Fax No.: |
91-20-5430212 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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420000 |
Equity Shares |
Rs.100/- each |
Rs. 42.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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420000 |
Equity Shares |
Rs.100/- each |
Rs.42.000 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
42.000 |
42.000 |
42.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
(6.870) |
0.000 |
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4] (Accumulated Losses) |
(4.410) |
0.000 |
(6.905) |
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NETWORTH |
37.590 |
35.130 |
35.095 |
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LOAN FUNDS |
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1] Secured Loans |
6.208 |
5.231 |
1.626 |
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2] Unsecured Loans |
1.323 |
0.000 |
0.000 |
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TOTAL BORROWING |
7.531 |
5.231 |
1.626 |
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DEFERRED TAX LIABILITIES |
0.284 |
1.187 |
1.188 |
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TOTAL |
45.405 |
41.548 |
37.909 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.286 |
23.610 |
23.546 |
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Capital work-in-progress |
0.612 |
0.500 |
0.005 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.809 |
0.912 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
28.198
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17.236
|
13.475 |
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Sundry Debtors |
10.519
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11.618
|
9.258 |
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Cash & Bank Balances |
1.039
|
4.682
|
3.430 |
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Other Current Assets |
0.001
|
0.005
|
0.000 |
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Loans & Advances |
5.138
|
2.446
|
2.372 |
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Total
Current Assets |
44.895
|
35.987 |
28.535 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
20.559
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16.808
|
13.024 |
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Provisions |
2.829
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2.550
|
2.070 |
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Total
Current Liabilities |
23.388
|
19.358
|
15.094 |
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Net Current Assets |
21.507
|
16.629
|
13.441 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.003 |
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TOTAL |
45.405 |
41.548 |
37.909 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover(including Other Income) |
|
57.332 |
71.056 |
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Profit/(Loss) Before Tax |
|
0.577 |
6.182 |
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Provision for Taxation |
|
0.542 |
(0.721) |
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Profit/(Loss) After Tax |
|
0.035 |
6.903 |
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Export Value |
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14.283 |
36.471 |
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Imports Value |
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10.211 |
3.165 |
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Total Expenditure |
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54.810 |
64.973 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
NA
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0.06
|
9.71
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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1.01
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8.70
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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0.95
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11.66
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.02
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0.18
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Debt Equity Ratio (Total Liability/Networth) |
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0.82
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0.70
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0.48
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Current Ratio (Current Asset/Current Liability) |
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1.92
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1.86
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1.89
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LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
· Harihar Enterprises
· J. B. Industries
· Trimurty Engineering & Welding Works
· Gurudatta Engineering Works.
· P. N. G.
· T. C.
· Uni Leaver
FIXED ASSETS:
· Land
· Factory and Building
· Plant and Machinery
· Office Equipment,
· Computers
· Furniture
· Vehicles
· Technical Knowhow
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U29195MH1997PTC108901 |
|
Name of the
Company |
HASSIA PACKAGING PRIVATE LIMITED |
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Address |
Gat 768/3, Sanaswadi, Taluka Shirur, Pune – 412207, Maharashtra, India |
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This form is for |
Creations of Charge |
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Type of Charge |
Immovable Property Book Debts Movable Property (not being pledge) |
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Particulars of
the charge holder |
Canara Bank M G Road, Pune – 411001,
Maharashtra, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
·
Common
Hypothecation Agreement ·
Letter
Evidencing Deposit of Title Deeds Both the above
Instruments Constitute a Single Charge |
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Date of the
instrument creating or modifying the charge |
06.08.2007 |
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Amount secured by
the charge |
Rs.16.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interests: Cash Credit/ Bill
Discounting: Rs.8.000 Millions: BPLR 13.25% PLUS 1% Guarantee/ Letter
of Credit: Rs.8.000 Millions: As per Bank Guidelines. Terms of Repayment: Payable on Demand Margin: Debtors <90
Days: 40% Stocks : 25% Extent and Operation of the Charge: First Charge in
Favour of the Bank |
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Short particulars
of the property charged (including location of the property) |
Movables Fixed
Assets: Plant and Machinery, Equipments, Accessories, Stocks and Book Debts Factory Land and Building
at Gat No.768/3, Sanaswadi, Taluka Shirur, District Pune. |
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Particular of the
present modification |
NA |
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Name of the company |
HASSIA
REDATRON PACKAGING MACHINERY PRIVATE LIMITED |
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Presented By |
Canara Bank, IFB
Branch, Pune |
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1) Date and description of instrument creating the change |
Hypothecation Agreement of Goods and Book Debts. Hypothecation Agreement for Packing Credit Advances Both the agreements are dated 06.12.2004 and executed for the creation of single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Foreign Letter of Credit Limit – Rs. 10.000 Millions Packing Credit – Rs. 3.000 Millions Total:
- Rs. 13.000 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 |
· Ishida and multihead weigher, Cross Feeder, and spare parts for MHW and other raw materials, work in progress and finished goods stored/being at Gat No. 768/3, Sanaswadi, Taluka Shirur, District – Pune · Book Debts and Receivable. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest 15.60% |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank IFB Branch, M.G. Road, Pune, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
REVOLUTIONIZING THE WAY YOU PACK
·
Incorporated in 1997, Hassia Redatron
Packaging Machinery Private Limited India (HRI) is at the forefront of providing
Innovative and Complete packaging solutions.
·
HRI is a 100 % fully owned subsidiary of IWKA Germany (HQ: Karlsruhe).
·
Involved in the manufacture of the Flexi Bag
Series Vertical Form Fill Seal machine /Pouch Packaging Machine at our world
class manufacturing facility located at Pune, India.
·
HRI is involved in providing specialized
Flexible Pouch Packaging Solutions for a wide variety of different products and
applications (Any Solid.) from 50 g to 2 kgs. In special case offer 5 kgs.
Company Profile:
· Hassia Redatron Packaging Machinery Private Limited., India” (HRI) is a 100% Subsidiary of “IWKA Pacunion, Germany”. HRI was incorporated in the year 1997 and became operational in the year 2000.
· HRI is a manufacturer of High Speed, High Quality “VFFS (Vertical Form Fill and Seal Machines) “ (Pouch Packaging Machines) and is located at a Modern Facility in “Pune, India”.
· With a Highly Innovative Approach, Comprehensive Technical Expertise and Local Market Knowledge, They are a complete packaging solutions provider and offer solutions for difficult and complex packaging problems (Only for Solids at present) for the benefit of their customers. Please read “Their Capabilities” section to know more.
· As part of the Pacunion family, HRI is aggressively leveraging the Superior Technological competence and ready access to the latest innovations from its group companies to provide complete packaging solutions at competitive prices. HRI like other IWKA companies worldwide is consistently oriented to IWKA’s competitive edge in the market. Their products and services are tailored to the demands of the market.
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.42.81 |
|
UK Pound |
1 |
Rs.83.75 |
|
Euro |
1 |
Rs.66.10 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
- |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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 |
|