MIRA
INFORM REPORT
|
Report Date : |
16.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PROMENS [INDIA] PRIVATE LIMITED
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Formerly Known As : |
SAEPLAST INDIA PRIVATE LIMITED |
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Registered Office : |
A/71, Corporate House, Bodakdev, Sarkhej Gandhinagar Highway,
Ahmedabad – 380054, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.11.1996 |
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Com. Reg. No.: |
04-31114 |
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CIN No.: [Company
Identification No.] |
U25201GJ1996PTC031114 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS02642D |
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PAN No.: [Permanent
Account No.] |
AACCS1023J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Double wall Insulated Plastic
Containers. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 120000 |
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Status : |
Satisfactory |
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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. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION
DECLINED BY
|
Name : |
Mr. Sunil |
|
Designation : |
Administrative officer [HR] |
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Date : |
08.05.2008 |
LOCATIONS
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Registered Office : |
A/71, Corporate House, Bodakdev, Sarkhej Gandhinagar Highway,
Ahmedabad – 380054, Gujarat, India |
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Tel. No.: |
91-79-26841087 / 88 |
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Fax No.: |
91-79-26841088 / 89 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Swetang Shankarprasad Dave |
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Designation : |
Managing Director |
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Address : |
8/B, Chandra Off C G Road, Ellisbridge, Ahmedabad - 380006 |
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Date of Birth/Age : |
31.08.1962 |
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Date of Appointment : |
08.11.1996 |
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Name : |
Mr. Shankarprasad Jagivandas Dave |
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Designation : |
Executive Director |
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Address : |
8/B, Chandra Off C G Road, Ellisbridge, Ahmedabad - 380006 |
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Date of Birth/Age : |
28.12.1938 |
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Date of Appointment : |
17.08.1998 |
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Name : |
Mr. Elias Gunnar |
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Designation : |
Director |
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Address : |
Skemmuvegur L 8, 200 Kopavogur, Ice Land |
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Date of Birth/Age : |
17.01.1953 |
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Date of Appointment : |
04.02.1998 |
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Name : |
Mr. Gair A Gunnlaugsson |
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Designation : |
Director |
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Address : |
Horgshlid 28, 105, Reykjavik, Ice land |
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Date of Birth/Age : |
30.07.1943 |
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Date of Appointment : |
31.08.2004 |
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Name : |
Mr. Joh S Sigurosson |
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Designation : |
Director |
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Address : |
Graenuhlid, 17, 105, Reykjavik, Ice Land |
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Date of Birth/Age : |
16.11.1954 |
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Date of Appointment : |
31.03.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh M Pathak |
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Designation : |
Company Secretary |
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Address : |
26, Tatsat Society, Niyojan Nagar, Ambawadi, Ahmedabad – 380015,
Gujarat, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Swetang Shankarprasad Dave |
|
100000 |
|
Shankarprasad Jagivandas Dave |
|
90000 |
|
Nishit S Dave |
|
20000 |
|
Ashish S Dave |
|
20000 |
|
Sudattbhai V Dave |
|
40000 |
|
Minaxiben Y Joshi |
|
25000 |
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Gaurav G Joshi |
|
20000 |
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Saeplast H F |
|
945000 |
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Meka Engineering E H F |
|
240000 |
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Total |
|
1500000 |
AS ON 30.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
79.00 |
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Directors or relatives of directors |
|
21.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Double wall Insulated Plastic
Containers. |
GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Trushit Chokshi and Associates Chartered Accountants |
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Address : |
401, Shivam Complex, B/H Samartheswar Mahadev, Law Garden, Ahmedabad –
380006, Gujarat, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
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 |
15.000 |
15.000 |
15.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
15.361 |
11.072 |
5.058 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
30.361 |
26.072 |
20.058 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
12.676 |
0.935 |
0.820 |
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2] Unsecured Loans |
0.00 |
0.000 |
0.000 |
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TOTAL BORROWING |
12.676 |
0.935 |
0.820 |
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DEFERRED TAX LIABILITIES |
0.412 |
0.821 |
1.503 |
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TOTAL |
43.449 |
27.828 |
22.381 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.016 |
14.580 |
12.309 |
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Capital work-in-progress |
0.142 |
0.128 |
0.202 |
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INVESTMENT |
0.506 |
0.506 |
1.009 |
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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 |
8.993
|
10.133
|
7.060 |
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Sundry Debtors |
16.831
|
11.389
|
7.790 |
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Cash & Bank Balances |
1.978
|
1.156
|
2.658 |
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Other Current Assets |
4.021
|
0.405
|
0.270 |
|
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Loans & Advances |
6.327
|
7.833
|
3.325 |
|
Total
Current Assets |
38.150
|
30.916
|
21.103 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
7.563
|
6.523
|
3.794 |
|
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Provisions |
7.804
|
11.783
|
8.453 |
|
Total
Current Liabilities |
15.367
|
18.306
|
12.247 |
|
|
Net Current Assets |
22.783
|
12.610
|
8.856 |
|
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|
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MISCELLANEOUS EXPENSES |
0.002 |
0.004 |
0.005 |
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|
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TOTAL |
43.449 |
27.828 |
22.381 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover and other income |
83.439 |
76.215 |
43.817 |
|
|
|
|
|
|
|
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Profit/(Loss) Before Tax |
5.189 |
11.186 |
5.881 |
|
|
Provision for Taxation |
0.900 |
3.462 |
1.936 |
|
|
Profit/(Loss) After Tax |
4.289 |
7.724 |
3.945 |
|
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|
|
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Earnings in Foreign Currency |
43.871 |
33.127 |
14.357 |
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Imports : |
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|
|
|
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|
Raw Materials |
8.557 |
9.499 |
0.100 |
|
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Components |
0.022 |
0.208 |
1.119 |
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Total Imports |
8.579 |
9.707 |
1.219 |
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Expenditures : |
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Financial Charges |
1.879 |
0.244 |
0.348 |
|
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Depreciation & Amortization |
3.599 |
2.803 |
1.756 |
|
|
Other Expenditure |
72.772 |
61.982 |
35.832 |
|
Total Expenditure |
78.250 |
65.029 |
37.936 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
5.14
|
10.13 |
9.00 |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
6.22
|
14.68 |
13.42 |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.92
|
24.59 |
17.60 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.43 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.92
|
0.74 |
0.65 |
|
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Current Ratio (Current Asset/Current Liability) |
|
2.48
|
1.69 |
1.72 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
Profile
Promens is a
leading global plastics manufacturer operating over 60 manufacturing facilities
in Europe, North America, Asia and Africa. The company manufactures a wide
range of products, including packaging for food, cosmetics, chemicals and
pharmaceuticals and serves multiple industries such as food processing,
chemical and medical industries, as well as the automotive, heavy machinery and
electronic industries. Promens incorporates production methods such as blow
molding, thermoforming and injection molding as well as rotational
molding, of which the company is the largest manufacturer in the world. In
total Promens employs some 5800 people.
The largest shareholders in Promens are the investment company, Atorka
Group, and Landsbanki.
History
Promens' roots
can be traced to 1984 when local investors in Dalvik in Northern Iceland
founded Sćplast to produce double-walled, insulated plastic tubs for storing
fish. Driven by demands from the Icelandic fisheries industry to develop a
product that extended the quality lifetime of fish, Sćplast developed its
revolutionary double-walled insulated plastic tub.
The new product
was an immediate success, and quickly achieved a strong position on the
Icelandic market. Exporting was the logical next step.
This proved so
successful that Sćplast won the President of Iceland's Export Award in 1993.
The same year Sćplast was listed on the Icelandic Stock Exchange.
In 2004, the
Icelandic investment company Atorka Group gained majority share and took
Sćplast off the Iceland Stock Exchange. The following year Atorka formed the
Promens Group, which became the parent company of Sćplast, which name was later
changed to Promens Dalvik. Promens then acquired Bonar Plastics in 2005 and
Elkhart Plastics, Inc. and Polimoon in 2006
The establishment
of Promens and the growth strategy that has since been followed signalled a
major change in product diversity and service. Instead of being specialized in
rotational moulding (also called rotomoulding), the group is now active in
almost all leading plastic production methods, such as Injection moulding, Blow
moulding and Thermoforming.
2007 • Acquisition of LLC Zavod Novoplast - a
Russian company manufacturing consumer packaging for personal care products
• Acquisition of Decoplast – a French company manufacturing
packaging for cosmetic and medical use
• Acquisition of STE Packaging Development – a Spanish company
manufacturing packaging for cosmetic and medical use
2006 • Acquisition of Elkhart Plastics Inc., –
rotational moulder with operations in North America
• Promens hf established as parent company of Sćplast
• Acquisition of Polimoon - a plastics manufacturer with operations in
17 countries in Europe
2005 • Sćplast China founded
• Promens hf established as parent company of Sćplast
• Acquisition of Bonar Plastics – rotational moulder with operations in
Europe and North America
2004 • Atorka gains majority share and takes
Sćplast off ICEX
• Tempra acquired – largest Icelandic company in the field of EPS
(Expandable Polystyrene Production)
2003 • Acquisition of Plasti-Ned, Holland
2002 • Acquisition of Icebox Plastico, Spain
2001 • Sćplast Asia established in Hong Kong
2000 • Acquisition of Nordic Supplies Container AS,
Norway
1999 • Acquisition of Dyno factories in Norway and
Canada
1996 • Sćplast India established
1993 • Listed on the Icelandic Stock Exchange
(ICEX)
• President of Iceland’s Award for Export Achievement
1984 • Sćplast hf. founded in Dalvik, Iceland
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90107896 |
|
Corporate
identity number of the company |
U25201GJ1996PTC031114 |
|
Name of the
company |
SAEPLAST INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
A/71, Corporate House, Bodakdev, Sarkhej Gandhinagar Highway,
Ahmedabad – 380054, Gujarat |
|
Type of charge |
Immovable Property Book debts Movable Property |
|
Particular of
charge holder |
Axis Bank, Trishul 3rd Floor, Opposite Samratheshwar Temple,
Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental hypothecation
agreement dated 23.09.2006 and memorandum of entry dated 23.09.2006, both
executed by the company in favour of the Axis Bank Limited |
|
Date of
instrument Creating the charge |
23.09.2006 |
|
Amount secured by
the charge |
Rs. 17.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per the limits
sanctioned by Axis bank to the borrower company vide its sanction letter UTB
/ CR / KA / 06-07/1500 dated 20th September 2006 together with all
interest, liquidated damages, costs, expenses, guarantee commission and other
monies payable under their facility agreement / letter of sanction /
memorandum of terms and conditions, as amended from time to time Terms of
Repayment As per the limits
sanctioned by Axis bank to the borrower company vide its sanction letter UTB
/ CR / KA / 06-07/1500 dated 20th September 2006 together with all
interest, liquidated damages, costs, expenses, guarantee commission and other
monies payable under their facility agreement / letter of sanction /
memorandum of terms and conditions, as amended from time to time Margin As per the limits
sanctioned by Axis bank to the borrower company vide its sanction letter UTB
/ CR / KA / 06-07/1500 dated 20th September 2006 together with all
interest, liquidated damages, costs, expenses, guarantee commission and other
monies payable under their facility agreement / letter of sanction /
memorandum of terms and conditions, as amended from time to time Extent and
Operation of the charge As per the limits
sanctioned by Axis bank to the borrower company vide its sanction letter UTB
/ CR / KA / 06-07/1500 dated 20th September 2006 together with all
interest, liquidated damages, costs, expenses, guarantee commission and other
monies payable under their facility agreement / letter of sanction /
memorandum of terms and conditions, as amended from time to time |
|
Short particulars
of the property charged |
All the current
assets and all moveable assets, present and future situated at the company’s
premises. All the portion
of Non Agricultural land area, undivided, admeasuring 2 acres and 36 guntha
[approx.] situated on piece and parcel of freehold land bearing Survey No.
1658, situate, lying and being at Mouje, Mansa in Taluka : Vijapur in the
registration district and sub district of Mehsana |
|
Particulars of
the present modification |
Hypothecation
chare and equitable mortgage, both dated 23.10.2004 executed by the company in
favour of the Axis Bank Limited shall also be a continuing security to secure
enhanced limits of Rs. 17.500 Millions |
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.42.40 |
|
UK Pound |
1 |
Rs.82.57 |
|
Euro |
1 |
Rs.65.84 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|