MIRA
INFORM REPORT
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Report Date : |
20.11.2008 |
IDENTIFICATION DETAILS
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Name : |
POSITIVE PACKAGING INDUSTRIES LIMITED |
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Registered Office : |
98, Jolly Maker Chambers No. 2, 225 Nariman Point, Mumbai
– 400 021, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.05.1994 |
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Com. Reg. No.: |
11-78296 |
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CIN No.: [Company
Identification No.] |
U74952MH1994FLC078296 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME04200A |
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PAN No.: [Permanent
Account No.] |
AAACP2836Q |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and sale of multi layered laminated and printed films for packaging based on BOPP/Polyester Films, Paper, Aluminium Foil, Plastic Metallished film and Rotogravure Printing Cylinders. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 3300000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Rohit, Accounts Head is takeing time to convince higher level management for parting the details. Subject is a well established company having moderate track. Trade relations are fair. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
98, Jolly Maker Chambers No. 2, 225 Nariman Point, Mumbai
– 400 021, |
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Tel. No.: |
91-22-22837206 (5 lines) |
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Fax No.: |
91-22-22023774 |
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E-Mail : |
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Website : |
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Factory 1 : |
Flexible Packaging Division Village Ransai, Km. 16, Khopoli -Pen Road, P.B No. 37, Taluka Khalapur, Khopoli - 410203, India |
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Tel. No.: |
91-2192-391300 to 391309 |
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Fax No.: |
91-2192-391510 |
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E-Mail: |
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Website : |
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Factory 2 : |
Flexible Packaging Division Survey Nos. 51 and 53, Village Ransai, 16 KMs, Khopoli- Pen Road, Taluka- Khalapur, Dist- Raigad - 410203, Maharashtra, India |
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Factory 3 : |
Rotogravure Printing Cylinder DivisionPlot No. V-26, MIDC, Taloja Industrial area, Taluka Panvel, District Raigad, Maharashtra-410203 |
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Factory 4 : |
Metallising Division : Plot No .L-19, MIDC, Taloja Industrial Areas, Taluka- Panvel, Dist. Raigad, Maharashtra-410208 |
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Factory 5 : |
Positive Packaging (EOU) Survey No. 52, Village Ransai, 16 KMs, Khopoli Pen Road, Taluka- Khalapur, Dist- Raigad – 410203, Maharashtra |
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Factory 6 : |
Plot No.21, 22 and 23, Bommasandra- jigani Link Road, industrial Area, Taluka- Anckal, Dist- Bangalore – 562106, Karnataka, India |
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Overseas Office : |
3rd Floor, |
DIRECTORS
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Name : |
Mr. L. Ramkrishnan |
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Designation : |
Managing Director and Chief Executive Officer |
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Name : |
Mr. Chitoor Hariharan Laxminarayan |
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Designation : |
Wholetime Director and Member of Audit Committee |
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Address : |
2/295, |
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Date of Birth/Age : |
22.10.1957 |
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Date of Appointment
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26.09.2002 |
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Name : |
Mr .R. Krishnamurthy |
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Designation : |
Wholetime Director |
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Address : |
No 5, Rohini, Plot Number 29-30, Sector 9-A, Vashi, Navi Mumbai – 400703, Maharashtra, India |
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Date of Birth/Age : |
08.06.1960 |
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Date of Appointment
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02.03.2001 |
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Name : |
Mr. Pranesh M. Kankanwadi |
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Designation : |
Wholetime Director |
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Address : |
B-34, Sudarshan Co-Operative Housing Society, Plot No. 38,
Sector 17, Vashi, Navi Mumbai – 400705, |
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Date of Birth/Age : |
11.01.1965 |
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Date of Appointment
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26.09.2002 |
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Name : |
Mr. Nilcanta Iyer Ganga Ram |
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Designation : |
Director and Chairman of Audit Committee |
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Address : |
703, |
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Date of Birth/Age : |
22.09.1934 |
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Date of Appointment
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21.05.1996 |
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Name : |
Mr. Ajit Chakrabarti |
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Designation : |
Director and Member of Audit Committee and Remuneration Committee |
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Address : |
2B, 11, Neptune Apartments, |
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Date of Birth/Age : |
21.08.1934 |
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Date of Appointment
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20.12.1996 |
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Name : |
Mr. Anil K. Kale |
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Designation : |
Wholetime Director |
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Address : |
F, Wing, 205, |
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Date of Birth/Age : |
01.12.1958 |
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Date of Appointment
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25.12.2003 |
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Name : |
Mr. K. N Patel |
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Designation : |
Wholetime Director |
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Date of Appointment
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19.05.2004 |
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Name : |
Mr. Khurshid Patell |
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Designation : |
Director |
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Address : |
Flat No. 502, Saket Tower No. 1, Kishan Koli Marg, Madiwade, Thane –
400 601, |
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Date of Birth/Age : |
24.10.1944 |
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Date of Appointment
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19.05.2004 |
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Name : |
Mr. Naraindas Parmanad Krippalani |
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Designation : |
Director and Chairman of Remuneration Committee |
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Address : |
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Date of Birth/Age : |
26.10.1935 |
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Date of Appointment
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09.08.1994 |
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Name : |
Mr. Ashok Santadas Lakhani |
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Designation : |
Vice Chairman and Member of Remuneration Committee |
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Address : |
51-A, |
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Date of Birth/Age : |
29.07.1949 |
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Date of Appointment
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09.08.1994 |
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Name : |
Mr. Yanduri Vaman Rao |
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Designation : |
Managing Director |
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Address : |
Flat No. 8, Arcade, 2nd Floor, Plot No. 60 Sector 17 ,
Vashi, |
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Date of Birth/Age : |
26.06.1947 |
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Date of Appointment
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02.03.2001 |
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Name : |
Mr. S N Kirpalani |
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Designation : |
Director |
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KEY EXECUTIVES
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Name : |
Mr Anil Krishnaji
Kale |
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Designation : |
Secretary |
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Address : |
F, Wing, 205, |
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Date of
Birth/Age : |
01.12.1958 |
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Qualification
: |
26.09.2002 |
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Name : |
Mr. Rohit |
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Designation : |
Account Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Equity Shares |
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Far East Holding limited |
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28792835 |
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Mr. C H Laxminarayan |
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36 |
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Mr. N P Kriplani |
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10500 |
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Mr. Ashok Lakhani |
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4470 |
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M/s Star Services and Investment Limited |
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662956 |
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Mr. L Ramkrishnan |
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18 |
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Mrs. Mekhala C Laxminarayan |
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18 |
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Total
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29470833 |
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AS ON 31.03.2007 |
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Preference Share |
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Far East Holdings Limited |
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1091085 |
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Total
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1091085 |
AS ON 31.03.2007
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Foreign holdings (Foreign
institutional investors ) foreign companies foreign financial institutions ,
non residents or Overseas corporate bodies or others |
99.98 |
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2 |
Directors or relative of directors |
0.02 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and sale of multi layered laminated and printed films for packaging based on BOPP/Polyester Films, Paper, Aluminium Foil, Plastic Metallished film and Rotogravure Printing Cylinders. |
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Generic Name With Principal Products are |
Item Code No. : 48, 38, 399 & 84 |
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Multi-layered Laminated & Printed Films for Packaging based on BOPP/Polyester Films, Paper and Aluminium Foil, Plastic Metallished film and Rotogravure Printing Cylinders. |
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Exports : |
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Countries : |
Africa, Asia, |
PRODUCTION STATUS (as on 31.03.2007):-
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Laminates |
Matrix Tones |
31.03.2007 – 24000 31.03.2006 – 19800 |
31.03.2007 – 31.03.2006 - |
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Rotogravure Printing Cylinders |
Numbers |
31.03.2007 – 36000 31.03.2006 – 36000 |
31.03.2007 – 8003 31.03.2006 – 8577 |
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Metallised Film |
Matrix Tones |
31.03.2007 – 5400 31.03.2006 – 4800 |
31.03.2007 – 1708 31.03.2006 – 1456 |
Note:
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Particulars |
Unit |
Captive
Consumption |
Processed for
Other |
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Rotogravure Printing Cylinders |
Matrix Tones |
31.03.2007 - 8003 31.03.2006 – 8577 |
-- |
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Metallised Film |
Numbers |
31.03.2007 - 1708 31.03.2006 - 1456 |
-- |
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Metallised Film |
Matrix Tones |
-- |
31.03.2007 - 2269 31.03.2006 - 1957 |
GENERAL INFORMATION
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Customers: |
·
Golden Wonder
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No. of Employees : |
180 |
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Bankers : |
Address: Backbay Reclamation Branch,
Raheja Chamber, Nariman Point, Mumbai – 400 021,
HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai –
400013,
90, |
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Facilities : |
[The company enjoys Cash Credit facility from State Bank
of The company also enjoys Overdraft facility from Union Bank
of
Notes i) Term Loans of Rs. 521,478 (in Million's) [(P.Y. Rs. 364,787) (in Million's)| and Working Capital Loans of Rs.521,996 (in Million's) [(P.Y. Rs. 236,674) (in Million's)] are secured by equitable mortgage of the Company's immovable properties situated ill; MIDC Taloja, Taluka Panvel and at Village Ransai, Taluka Khakipur, District Raifjnd, in the state of Maharashtra, by hypothecation of moveable assets of the Company on pari-passu basis (except, vehicles) ami personal guarantee 01' two Directors. ii) Balance Term Loans of Rs. 291,245 (in Million's) |(P.Y. Rs. 67,715) (in O00's)| and Working Capital Loans of Rs. 486.63 1 (in Million's) [(P.Y. Rs. 805,420) (in Million's)] are secured against security of Rs.822,698 (in Million's) arranged by one of the Directors. iii) Vehicle loan is secured by hypothecation against the respective vehicles financed.
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Banking Relations
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Satisfactory |
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Auditors : |
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Name 1: |
Arun Arora and Company Chartered Accountants |
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Address : |
304, Marine Chambers, New Marine Lines, Mumbai – 400 020, |
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Tel. No.: |
91-22-22055858 / 22014121 |
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Fax No.: |
91-22-22004139 |
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E-Mail : |
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Name 2: |
RSM and Company Chartered Accountants |
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Address: |
Ambit RSM House, 449, Senapati Bapat Marg, Lower Parel,
Mumbai – 400 013, |
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Associates : |
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Name: |
Acuprint
Systems |
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Address : |
Plot No V-26, MIDC Taloja Industrial Area, Tal. Panvel, Dist Raigad 410
208, |
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Tel no.: |
91- 22- 3921 1600 |
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Fax No.: |
91- 22- 3921 1610 |
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Email : |
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Website : |
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Name: |
Sai
Metaplast |
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Address : |
Plot No L-19, MIDC Taloja Industrial Area, Tal. Panvel, Dist Raigad
410 208 |
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Tel no.: |
91- 22 -3921 2000 |
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Fax No.: |
91 -22- 3921 2020 |
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Email : |
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Website : |
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Name: |
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Address : |
B-84, MIDC Anand Nagar, Additional
Ambernath, Dist. Thane 421506, |
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Tel no.: |
91- 251- 2620004, 2621246, 2621979 |
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Fax No.: |
91- 251- 2621978 |
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Email : |
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Website : |
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Name: |
Fine
Chemicals Nigeria Limited |
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Address : |
1-5 Fine Avenue, Off Veepee Industrial
Avenue, K.M. 38 Lagos/Abeokuta Road |
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Tel no.: |
+ 234 1 7741345 |
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Fax No.: |
+ 234 1 2719409 |
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Email : |
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Name: |
Positive
Packaging Industries Nigeria Limited |
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Address : |
Plots L & K, Block 1, Ilupeju
Industrial Estate, P.O. Box No. 2701( |
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Tel no.: |
+ 234 1 496 8340/1, 7927300 |
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Fax No.: |
+ 234 1 496 8342, 555 0580 |
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Email : |
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Name: |
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Address : |
P.O.Box : 120882, |
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Tel no.: |
+ 971 4 885 3411 |
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Fax No.: |
+ 971 4 885 3422 |
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Email : |
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Website : |
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Name: |
Positive
Packaging United (M.E) FZCO |
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Address : |
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Tel no.: |
+ 971 4 881 5111 |
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Fax No.: |
+ 971 4 881 5572 |
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Email : |
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Website : |
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Other Associate Company : |
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Subsidiary Company : |
·
M/s. Star Services & Investments Limited -
Subsidiary of Far East Holdings Limited ( ·
Goldera International Limited - Subsidiary of
Far East Holdings Limited ( · Vista Films and Packaging Private Limited - Subsidiary of Goldera International Limited (with effect from May 27, 2006 |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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30000000 |
Equity Shares |
Rs. 10/- each |
Rs.300.000 millions |
|
2000000 |
Preference Shares |
Rs. 100/- each |
Rs.200.000 millions |
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Total |
Rs.500.000
millions |
[30000000 (Previous Year 30000000) Equity
Share of Rs.10 each]
[2000000 (Previous Year 1100000) Preference
Share of Rs.100 each]
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
29470833 |
Equity Shares |
Rs. 10/- each |
Rs.294.708
millions |
|
1591085 |
Preference Shares |
Rs. 100/-
each |
Rs.159.109
millions |
|
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Total |
Rs. 453.817 millions |
[29470833 (Previous Year 29470833) Equity
Shares of Rs.10 each]
[1591085 (Previous Year 1091085) 1 2% optionally
convertible cumulative redeemable preference shares of l\s. 100 each]
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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1] Share Capital |
453.817 |
403.817 |
403.817 |
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2] Share Application Money |
39.808 |
0.000 |
0.000 |
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3] Reserves & Surplus |
169.590 |
161.928 |
133.121 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
663.215 |
565.745 |
536.938 |
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LOAN FUNDS |
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1] Secured Loans |
1826.957 |
1474.781 |
1212.542 |
|
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2] Unsecured Loans |
124.149 |
127.967 |
119.938 |
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TOTAL BORROWING |
1951.106 |
1602.748 |
1332.480 |
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DEFERRED TAX LIABILITIES |
1.134 |
32.500 |
30.000 |
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TOTAL |
2615.455 |
2200.993 |
1899.418 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1090.017 |
1234.368 |
1117.023 |
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Capital work-in-progress |
22.216 |
21.305 |
180.566 |
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INVESTMENT |
138.945 |
116.493 |
0.000 |
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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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Inventories |
456.319
|
426.161 |
355.119
|
|
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Sundry Debtors |
747.970
|
595.276 |
490.517
|
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Cash & Bank Balances |
38.826
|
17.238 |
11.021
|
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|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
462.098
|
186.105 |
150.566 |
|
Total
Current Assets |
1705.213
|
1224.780 |
1007.223 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
333.521
|
389.047 |
405.622 |
|
|
Provisions |
7.415
|
6.966 |
0.000 |
|
Total
Current Liabilities |
340.936
|
396.013 |
405.622 |
|
|
Net Current Assets |
1364.277
|
828.767 |
601.601 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.060 |
0.228 |
|
|
|
|
|
|
|
|
TOTAL |
2615.455 |
2200.993 |
1899.418 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
||
|
|
|
|
|
||
|
Sales Turnover |
3330.259 |
2847.999 |
2259.122 |
||
|
Other Income |
27.634 |
2.866 |
12.114 |
||
|
Total Income |
3357.893 |
2850.865 |
2271.236 |
||
|
|
|
|
|
||
|
Profit/(Loss) Before Tax |
10.199 |
51.012 |
83.945 |
||
|
Provision for Taxation |
2.537 |
22.205 |
31.517 |
||
|
Profit/(Loss) After Tax |
7.662 |
28.807 |
52.428 |
||
|
|
|
|
|
||
|
Earnings in Foreign Currency : |
|
|
|
||
|
|
Export Earnings |
1431.234 |
1178.030 |
|
|
|
|
Technical Service Fees |
12.391 |
-- |
1009.511 |
|
|
|
Commission Earnings |
10.276 |
-- |
|
|
|
|
Other Earnings |
5.607 |
-- |
|
|
|
Total Earnings |
1459.508 |
1178.030 |
1009.511 |
||
|
|
|
|
|
||
|
Imports : |
|
|
|
||
|
|
Raw Materials |
523.712 |
472.881 |
|
|
|
|
Stores & Spares |
12.209 |
24.474 |
889.849 |
|
|
|
Capital Goods |
42.620 |
120.998 |
|
|
|
Total Import |
578.541 |
618.353 |
899.849 |
||
|
|
|
|
|
||
|
Expenditures : |
|
|
|
||
|
|
Raw Material Consumed |
2274.787 |
1847.930 |
0.000 |
|
|
|
Materials, Manufacturing and Operating
expenses |
0.000 |
0.000 |
1634.807 |
|
|
|
Personnel Expenses |
0.000 |
0.000 |
107.502 |
|
|
|
Administration and Sales expenses |
0.000 |
0.000 |
174.109 |
|
|
|
Financial Expenses |
0.000 |
0.000 |
54.780 |
|
|
|
Purchases made for re-sale |
6.110 |
23.141 |
0.000 |
|
|
|
Consumption of stores and spares parts |
53.449 |
47.637 |
0.000 |
|
|
|
Increase/(Decrease) in Finished Goods |
34.172 |
[7.435] |
0.000 |
|
|
|
Salaries, Wages, Bonus, etc. |
180.018 |
154.862 |
0.000 |
|
|
|
Managerial Remuneration |
15.135 |
15.431 |
0.000 |
|
|
|
Payment to Auditors |
0.800 |
1.139 |
0.000 |
|
|
|
Interest |
125.135 |
86.624 |
0.000 |
|
|
|
Insurance Expenses |
11.396 |
7.684 |
0.000 |
|
|
|
Power & Fuel |
134.748 |
113.814 |
0.000 |
|
|
|
Depreciation & Amortization |
273.315 |
275.128 |
215.929 |
|
|
|
Preliminary Expenses written off |
0.000 |
0.000 |
0.164 |
|
|
|
Other Expenditure |
238.629 |
233.898 |
0.000 |
|
|
Total Expenditure |
3347.694 |
2799.853 |
2187.291 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.23
|
1.01 |
2.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.30
|
1.79 |
3.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.34
|
1.96 |
3.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.09 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.45
|
3.53 |
3.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.00
|
3.09 |
2.48 |
LOCAL AGENCY FURTHER INFORMATION
The
Overall, the flexible packaging industry, has considerable potential for growth but in a competitive environment.
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U74952MH1994FLC078296 |
|
Name of the company |
POSITIVE
PACKAGING INDUSTRIES LIMITED |
|
Address |
98, Jolly Maker Chambers
No. 2, 225 Nariman Point, Mumbai – 400 021, |
|
This Form is for |
Modification of Charge |
|
Type of Charges |
Immovable Property |
|
Particular of the charge holder
|
State Bank of Address: Backbay Reclamation Branch, Raheja Chamber, Nariman Point,
Mumbai – 400 021, Email ID: sbi.01935@sbi.co.in |
|
Nature or description of the instrument creating charge |
Deed of Mortgage |
|
Date of the instrument creating charge |
09.03.2007 |
|
Amount Secure by the charge |
Rs. 887.200 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest: As determined by the bank from time to
time. Terms
of Repayment: On Demand Margin: As prescribed by the banks from time to
time Extent
and Operation of the Charge: First Pari passu Charge |
|
Short particulars of the
Property charged |
Land bearing S/No. 51, 52 and 53 in village Ransai, Taluka Khalapur,
District RAIGHAD, Maharashtra, admin in aggregate 8-93-5 Hectares, together
with building (constructed area 14379.77 sq.mtrs) structures and fixed plant
and Machinery thereon. Plot No. V -26 admin 7320 sq. mtrs, in Taloja Industrial Area, Village
Chal Taluka and Reg. Sub Dist. Panvel, Dist.
Raigad, together with all building (constructed built up area 3459.81
sq.mtrs), structures and fixed plant and Machinery thereon. |
|
Particulars of the present modification |
Pari passu charge created on immovable properties as described in Sr.
14 above in favour of SBI for Rs. 887.200 millions. The mortgage created in
favour of the other banks are Standard Chartered Bank for Rs. 300.000
millions and for HDFC Bank Limited Rs. 250.000 millions. |
|
Name of the
company |
POSITIVE PACKAGING INDUSTRIES LIMITED |
|
Presented
By |
State Bank of |
|
1) Date and description
of instrument creating the change |
Agreement of loan
for overall limit Agreement of
hypothecation of goods and assets both dated 02.08.1995 creating a single
charge. |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 50.000
millions |
|
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 |
All present and
future goods, book debts and all other movable assets including documents of
to goods, outstanding moneys, receivables including receivables by way of
cash assistance and / or cash incentives under the cash incentives scheme or
any other scheme, claims, including claims by way of refund of customs /
excise duties under the Duty Drawback Credit Scheme, bills, invoices,
document, contract, policies guarantee, engagements, securities, investments,
and rights and present and all future machineries belonging to or under the
control of the company wherever lying , stored and kept whether in India or
elsewhere including such goods and other movables assets in course of transit
/ shipment / delivery. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest -
As determined by the bank from time to time Margin - As prescribed by the bank from
time to time. |
|
5) Name and
Address and description of the person entitled to the charge. |
State Bank of Address: Backbay Reclamation Branch,
Raheja Chamber, Nariman Point, Mumbai – 400 021, |
|
6) Date and brief description of instrument
modifying the charge |
Deed of mortgage
dated 07.10.2005 |
|
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. |
By modification
dated 22.12.1995 equitable mortgage created on land bearing survey No. 51,
52, and 53 situated at village Ransai , Taluka Khalapur, District Raighad,
Maharashtra, admeasuring 8-53-5 Hectares together with building and
structures thereon and fixed plant and machinery to further secure the above
charge of Rs. 50.000 millions. By modification
dated 20.12.1996 working capital of Rs. 51.000 millions comprising of demand
C/C of Rs. 40.000 millions Import / Inland / L/C Rs. 10.000 and bank
guarantee of Rs. 1.000 millions against hypothecation of goods stocks book
debts granted. Hence, amount of charge increased to Rs. 101.000 millions from
Rs. 50.000 millions. By modification
dated 18.03.1997, Supplemental Deed of Hypothecation for increase in overall
limit executed for the above working capital facilities of Rs. 51.000
millions. By modification
dated 12.05.1997 equitable mortgage created on 22.12.1995 on land bearing
Survey No. 51, 52, 53 situated at village Ransai, Taluka Khalapur, District
Raighad, admn. In aggregate 8-53-5 Hectares extended to further secure the working capital
facilities of Rs. 51.000 millions comprising of DCC Rs. 40.000 millions
Import / Inland / L/C Rs. 100 and Bank
Guarantee Rs. 1.000 millions. By modification
dated 08.07.2002, additional credit Facilities OF Rs. 86.000 millions granted. Hence, amount of
charge increased from 101.000 millions to Rs. 187.000 millions (DCC (Stocks
and Bds Rs. 60.000 millions, EPC within DCC Rs. 30.000 millions L/C Rs.
20.000 millions B/G Rs. 10.000 millions Term Loan Rs. 97.000 millions). By modification
dated 25.08.2003 additional credit facilities of Rs. 259.000 millions granted
Hence, amount of charge increased from Rs. 187.000 millions to Rs. 446.000
millions (DCC (stocks and B/Ds) Rs. 110.000 millions EPC within DCC Rs.
50.000 millions T/L (old) Rs. 96.000 millions T/L (New) Rs. 200.000 millions,
L/C Rs. 30.000 millions B/G Rs. 10.000 millions.) Margin : R/Ms 25% Stock in process 40% F/Gs
33.33% B/Ds 40%, land and Building , Plant and Machineries 30% / 35%
Electrification / piping and insulation / F.F 50% Repayment of T/L
(new): First 2 installments of Rs. 5.000 millions each and 17 installments of
Rs. 12.500 millions each. By modification
dated 19.02.2004, equitable mortgage created on 22.12.1995 by deposit of title deeds with IDBI (IDBI acting for
itself and as agents of SBI) on land bearing Survey No.51, 52 and 53 situated
at village Ransai, Taluka Khalapur, District Raighad, admn. In aggregate
8-53-5 Hectares and which was extended on 12.05.1997 to further secure the
enhanced working capital facilities of Rs. 51.000 millions (comprising of DCC
Rs. 40.000 millions Import Inland L/C Rs. 10.000 millions and Bank guarantee
Rs. 1.000 millions) is now further extended to cover the enhanced credit
facilities of Rs. 446.000 millions . Further SBI shall have the exclusive
charge on this property since the company has entirely paid its term loan liability to IDBI. By the same
memorandum of Entry dated 19.02.1994 the aggregate charge of Rs. 446.000
millions further secured by equitable mortgage created on Plot No. V -26,
admn. 7320 sq.mtrs in Taloja Industrial Area, Village Chal Taluka and Regn.
Sub District, Raigad, By modification
dated 04.11.2004, additional credit facilities of Rs. 64.900 millions granted
Hence, amount of Charge increased from
Rs. 446.000 millions to Rs. 510.900 millions (DCC (Stocks and B/Ds) Rs. 175.000
millions EPC (within CC) Rs. 100.000 millions EBN (within CC) Rs. 106.000
millions SLC (EPC) Rs. 20.000 millions SLC (Domestic Credit) Rs. 21.000
millions Term Loan (present outstanding) Rs. 224.200 millions, L/C Rs. 60.000
millions , B/G Rs. 10.000 millions) By
modification dated 17.05.2005,
additional credit facilities of Rs. 376.3000 millions to Rs. 887.200 millions
(C/C (Stocks) Rs. 175.000 millions with sub limit for book debts Rs. 55.000
millions EPC / EBD/ EBP (within CC) Rs. 120.000 millions SLOC (export)credit)
Rs. 24.0000 millions SLOC (domestic credit) Rs. 18.000 millions /T/L (present
outstanding) Rs. 205.200 millions, T/L (additional) Rs. 400.000 millions L/C
Rs. 60.000 millions one time Import L/C (within T/L) Rs. 76.200 millions , B/G
Rs. 5.000 millions). Interest on C/C
11.75% p.a EPC/ EBD/EBP 7.10% SLOC (Export Credit) 7.5% p.a SLOC (Domestic)
12.75% p.a, T/L (o/s) 11.75% p.a, and additional T/L 21.5% p.a . Margin: R/Ms 25%
, Stock in process 33.33%, Finished
gods 40% , stores and spares 50%, Book debts (90 days) 40% , land, building,
plant and Machinery and L/C 10%, B/G 15%, one time Import L/C 45%. Now, by this Deed
of mortgage dated 07.10.2005, various credit facilities, aggregating to Rs.
887.200 millions granted by the bank further secured by the following
properties of the company: Land bearing
survey No. 51, 52 and 53 admeasuring in aggregate 8-93-5 Hectares in village
Ransai , Taluka Khalapur, District Raigad , Maharashtra, together with all
building (constructed area 14379.77 sq.mtrs ) structures and fixed plant and
Machinery thereon. Land bearing plot
No. V-26 in Taloja Industrial Area, Village Chal, sub limit Panvel District
Raigad, Maharashtra, admn 7320 sq.mtrs together with buildings (constructed
built –up area 3459.81 sq.mtrs), structures and fixed plant and Machinery
thereon. |
|
This form is for |
Creation of
Charges |
|
Charge
identification number of the charge to be modified |
10013106 |
|
Corporate
identity number of the company |
U74952MH1994PLC078296 |
|
Name of the
company |
POSITIVE PACKAGING INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
98, Jolly Maker Chambers No. 2, 225 Nariman Point, Mumbai –
400 021, |
|
Particular of
charge holder |
Standard
Chartered Bank 90, |
|
Date of
instrument Creating the charge |
11.08.2006 |
|
Amount secured by
the charge |
Rs. 300.000
Millions |
|
This form is for |
Creation of
Charges |
|
Charge
identification number of the charge to be modified |
10016490 |
|
Corporate
identity number of the company |
U74952MH1994PLC078296 |
|
Name of the
company |
POSITIVE PACKAGING INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
98, Jolly Maker Chambers No. 2, 225 Nariman Point, Mumbai
– 400 021, |
|
Particular of
charge holder |
HDFC Bank Limited HDFC Bank House,
Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, |
|
Date of
instrument Creating the charge |
11.08.2006 |
|
Amount secured by
the charge |
Rs. 250.000
Millions |
|
This form is for |
Creation of
Charges |
|
Corporate
identity number of the company |
U74952MH1994PLC078296 |
|
Name of the
company |
POSITIVE PACKAGING INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
98, Jolly Maker Chambers No. 2, 225 Nariman Point, Mumbai
– 400 021, |
|
Type of charge |
Hypothecation of Plant and
Machinery Stock in trade Book Debts |
|
Particular of
charge holder |
Standard Chartered
Bank 90, |
|
Nature of
description of the instrument creating or modifying the charge |
Joint deed of
hypothecation of stocks, book debts
and plant and machinery dated 11.08.2006 |
|
Date of
instrument Creating the charge |
11.08.2006 |
|
Amount secured by
the charge |
Rs. 300.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Working Capital
Facilities of Rs 150.000 Millions Term Loan of Rs
150.000 Millions Interest for
working capital facilities at the rate as negotiated with and agreed by the
bank Interest for term
loan at the rate negotiated with and agreed by the bank, payable monthly in
arreas or at maturity of the tenor whichever is earlier. |
|
Short particulars
of the property charged |
All the specific
movable plant and machinery now stored at or being stored or which may
hereafter be brought into or stored at present installed at any of the borrower’s
premises / properties / godowns anywhere in India belonging to or which may
at any time hereafter, belong to or be at its disposal or be in course of
transit or awaiting transit by any mode of transport to borrower’s said
factory or premises. All the stock and book debts as per the joint deed
hypothecation. |
DIVIDEND and
APPROPRIATION
With a view to
conserving internal accruals, your Directors recommend deferral of dividend on preference
shares for the year under review. Keeping in mind the arrears of preference
dividend (Rs.93.72 million), the Directors are unable to propose any dividend
on equity shares.
OPERATING RESULTS
AND PROFITABILITY
During the year,
the net sales of the Company grew by 17% from Rs.2848 million in the previous
year to Rs.3330 million. Exports registered 21% growth to Rs.1518 million as
against Rs.1251 million during the previous year. Despite the growth in overall
turnover, Profit after Tax for the year was lower at Rs.7.67 million as against
Rs.28.81 million during the previous year on account of a variety of reasons.
Briefly, these were:
a. Increase in raw
material prices consequent to increase in price of crude and other downstream
crude products. Despite sustained efforts, the impact could not be passed on
fully to the customers.
b. The tandem
extrusion line which was commissioned towards the end of the previous year
could not be utilized to optimum capacity during the first three quarters of
the year due to technical issues particularly with the Cloren dies.
c. The starting of
manufacturing operations in
d. The
commencement of manufacturing operations by competitors in specified industrial
areas with economic benefits forced the Company to absorb certain elements of
cost to retain and service the customers.
e. The interest
cost was higher during the year as a result of increased level of borrowings
and absorption of interest for the full year on investment in the Nigerian
subsidiary.
f. The Company
continued with its policy to invest in the creation of human capital by
appropriate revision in employee compensation and other human resource
development initiatives which led to increased personnel cost.
INDUSTRY OUTLOOK
The packaging
industry specially the "Flexible Packaging" industry has witnessed
steady growth over the last decade. The general growth in the Indian economy
over the last few years clearly has led to the recovery of the FMCG sector
which is the demand driver for tneir industry. The increasing urbanization,
high aspiration levels, favorable demographics and growing disposable incomes have
boosted growth potential of modern retail in general and food, grocery, cold
chain products' retailing in particular. Consequently, the expected increase in
demand for products to be packed in superior quality, hygienic and attractive
flexible packaging augurs well for the prospects of the flexible packaging
industry. While outlook for the industry holds true promise, there are various
factors that could continue to affect margins. The challenges to control
packaging costs due to intense competition amongst 'end-user' companies has
resulted in commoditization of flexible packaging to a certain extent by
economizing packaging specifications. Customers are resorting to e-auctions,
tenders, fixed rate contracts and other cost-efficient buying methods. The continued
appreciation bias of the Rupee would be an additional challenge apart from
increasing costs, both on manufacturing and finance.
PERFORMANCE OF
DIVISIONS and BRANCH
Flexible Packaging
- Positive Packaging
The Flexible Packaging
Division continued to consolidate in the domestic and international markets.
The revenue of the flexible division has been Rs.3099 million as compared to
Rs.2651 million during the previous year, recording a growth of 17%.
Rotogravure
Printing Cylinders - Acuprint Systems
Acuprint Systems,
the Cylinder Division has achieved revenue of Rs.173 million as against Rs.146
million during the previous year, an increase of 18%.
Metallised Film -
Sai Metaplast
The Division
achieved revenue of Rs.59 million during the year as against Rs.5.l million
during the previous year, an increase of 16%.
The effort of the
UK Branch to tap the business potential has yielded results with the Company
starting exports to new customers. The business initiated from the Branch
increased by over' 100% to Rs.55 million during the year as against Rs.27
million during the previous year. While the market continues to pose challenges
for developing new customers, the increasing trend indicates that the Branch
would generate profits over the next two/three years.
REVIEW OF
SUBSIDIARIES
Positive Packaging
Industries Nigeria Limited
Positive Packaging
Industries Nigeria Limited is a wholly owned subsidiary of the Company in
Positive Packaging
Industries South
Positive Packaging
Industries South Africa (Pty.) Limited is a wholly owned subsidiary of the
Company in
ISSUE OF
PREFERENCE SHARES
In order to
support the funding of the investment in subsidiary and the business growth
plans, the Company issued Preference Shares during the year. Pursuant to the
provisions of Section 81(1A) and other applicable provisions of the Companies
Act, 1956, the Company allotted to Far East Holdings Ltd., 500,000 12%
Optionally Convertible Cumulative Redeemable Preference Shares of Rs. 100/-
each on 11th January, 2007. The preference shares shall be redeemed at par or
at the option of the Preference Shareholders in three equal installments
between, during 3rd to 5th year, 5th to 7th year and 7|J| to 10lh year from the
date of allotment. Far East Holdings Limited. has further subscribed Rs. 39.806
Millions towards additional Preference Shares on the same terms which is
pending allotment.
AS PER WEBSITE
DETAILS:
PROFILE
Subject is the one-stop
source for quality, printed and laminated, barrier-grade flexible packaging materials
with manufacturing facilities in
A Government of India recognised Export House with ISO 9001:2000 and BRC
/ IoP (British Retail Consortium /
Headquartered at
Acuprint Systems, with manufacturing facilities at Taloja near Mumbai
and Bengaluru in
Acquisition of Sai Metaplast, the leading barrier metallising house with
plasma metallisation facility, Vista Film and Packaging, the reputed cast
polypropylene film manufacturing unit and United Flexible (now Positive Packaging
United),
a reputed converting Company in
In-house manufacturing of polyethylene film at Subject is yet another value
added backward integration.
The Company has in its fold, the veritable who’s who of satisfied
customers in over 30 countries and is the receipient of various national and
international awards including India Star, Asia Star and World Star amongst
others.
Fixed Assets
- Goodwill
- Land –
Leasehold
- Land –
Freehold
- Building
– Factory
- Building – Office
- Plant and Machinery
- Computers
- Furniture and Fixtures
- Office Equipment
- Air Conditioners
- Vehicles
NEWS
Positive about the
future
R Krishnamurthy,
Director - Marketing + Operations, Positive Packaging, one of the global giants
in the flexible packaging arena; and Award Winner at India Star Packaging
Awards discusses trends in the packaging industry with Ramu Ramanathan
Indian Manufacturers: Of late, Indian machine manufacturers
have started manufacturing precision printing presses and laminators. These
machines are cost effective as compared to imported machines. They have now
graduated and have made significant forays in exporting the same to advanced
markets as well. Growth opportunities:
It’s interesting but most of today’s education materials are through Government
presses. There has been signs of privatisation too. Possibly, the publishing
industry must be looking at this obvious opportunity and should made drawn up
plans to capitalise on the same.
FMCG Market: There's
no hard data available. However to add ... development of healthy and
environment friendly packaging materials, multi-purpose packages, increased
aesthetic in packaging, packaging suitable to hold larger volumes, and other
innovative packaging methods are some ways that can help the packaging industry
to attract a share of increased FMCG spending for packaging needs.
Locus standii for
the industry: The print and packaging industry, considered a key sector, is
ranked amongst the first 10 in most advanced and matured countries and enjoys a
position of priority. In spite of the above, in
Good
network: This is key to good business. The companies in the organised sector
ensure good raw materials and components of quality; a proper network of
suppliers; assessment of suppliers' quality and reliability; and contracts with
suppliers. Some of our international
suppliers include Exxon Mobil, Dow Chemicals, Rohm & Hass amongst others.
We partner many reputed international suppliers to ensure quality service to
our customers.
Brand
building in
Potential
print market: With existing and newer growth in the FMCG sector, the visibility
of the packaged products is bound to increase. Added to this, the conventional
packing methods are giving way to innovative packaging, to ensure better
preservation, hygiene, and convenience in carriage, eye appeal and more.
Increased dependability on fast foods are emanating from changing life-styles.
The invading mall culture will surely contribute to better visibility. Today’s
consumer is health and hygiene conscious and selective of the products they
buy. Given
International presence: We have been regularly participating in
international exhibitions, seminars and conferences to augment better
awareness. Participation at Interpack,
Business gains: Of late, Indian products have found greater acceptance
globally. Smaller affordable unit packs have revolutionized sales. The
government’s positive role in aiding the food processing industry has also been
a stimulant for growth. Print job: For us, the creation of rituals
pouches for premium tea bags would be a memorable print job and an unique
packaging concept.
The new mantra: Logistic support is definitely the order of the day. It helps
in maintaining ‘just in time’ inventory levels. Quality after sales service has
always been appreciated and has been responsible for increased business too.
Safety and environment, which ensures elimination of health hazard and preservation
of natural resources, are newer areas of customer awareness. These are fast
gaining recognition and will soon become statutory.
Strategy
for excellence and globalisation: Product quality, value added after-sales
service and innovative developmental activities are the three keys for
excellence in both the domestic and global arena.
Biggest challenge: Backward integrations by user companies in setting up
their own converting units is one such visible challenge. Environmental issues
and dependence on petroleum-based products are the others.
Your 2010 vision: To become Numero Uno in the global converting industry with
respect to quality and service. And to be a R&D hub for customers’
packaging needs.
Performance
The company is professionally managed and follows good
corporate governance and ethical policies. It has been growing steadily and
operates today from various locations in
“Positive Packaging” has today established itself as a brand that is synonymous with quality, service and reliability. Over the years customers and suppliers have associated the company with the name “Positive Packaging”. In order to retain this Brand Equity the company has stored its original name “Positive Packaging Industries Limited”
Operating Results and
Profitability
During the year, the company recorded a net income of Rs 2271 million as against Rs 1844 million during the previous year, a growth of 23%. Exports registered a 12% growth to Rs. 1068 million as against Rs 951 million during the previous year. However net profit after tax for the year declined to Rs 52 million as against Rs 135 million during the previous year. The drop in profits is mainly due to the higher interest charges and depreciation provision on account of expansion in production capacity. The input costs and depreciation provision on account of expansion in production capacity. The input costs or raw materials have also increased due to general escalation in crude oil prices. The benefits of the capacity expansion are expected to accrue in the coming years.
Performance of Divisions
and Outlook
Packaging has been gaining importance due to the increasing
number of branded products in the market place and because of the competition
amongst them. Whilst the role of aesthetics for brand recall is of vital
importance, developments in polymers have enhanced the barrier properties of
flexible packaging materials resulting in an increase in the end user
categories. Packaging managers are seeking converters capable of developing new
laminate structures that would balance the dual objective of quality and
economy in packaging. The requirements of state-of-the-art manufacturing
facilities and practices are fast gaining importance with the introduction of
more stringent quality standards in food grade packaging. In this regard, the
flexible packaging division has recently been successfully audited by the
AIB(American Institute of Bankers). This is an addition to the BRC (British
Retail Consortium /
The company’s investment in creating the infrastructure with emphasis on quality standards and service has enabled it become a “Perfect Global supplier”. Althogh this high investment cost puts short term margins under pressure, company is optimistic that this will yield positive results in the long run.
Commencement of sullies to Nestle’s and Unilever’s plants in various countries, Tesco, UK and others have justified the company’s decision to establish a 100% Export Oriented Unit and branch office in the UK.
The 100% Export Orineted Unit a Khopoli commenced commercial production in September, 2004. the formal inauguration in January, 2005 was well attended by customers, suppliers and well wishers. The company’s continued commitment to creation of world-class manufacturing facilities received wide appreciation. The cylinder division at Taloja completed its expansion program during the year.
Further expansion of the company’s manufacturing facilities
at Khopoli and Taloja are in process. The company’s new cylinder manufacturing
facility in
The flexible Packaging industry has High potential for growth but margins are expected to remain under pressure in an intense competitive environment.
The individual performance of the Divisions can be briefly reviewed as under :
Flexible Packaging –
Positive Packaging
The flexible Packaging Divisions continued to consolidate in the domestic and international markets. The turnover of the divisions has been Rs 2050 million as compared to Rs 1639 millions during the previous year, a growth of 25%.
Rotogravure Printing
Cylinders – Acuprint Systems
The division achieved a turnover of Rs 139 million as against Rs 122 million during the previous year an increase of 14%
Metallised Film –
Positive Packaging
The division achieved a turnover of Rs 70 million, marginally lower than Rs 76 million during the previous year.
U K Branch – Positive
Packaging
Global consumers of flexible packaging prefer suppliers
having good manufacturing facilities in cost competitive countries along with
warehousing and technical support facilities closer to their home base. The
setting up of the
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.49.74 |
|
|
1 |
Rs.74.37 |
|
Euro |
1 |
Rs. 62.78 |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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 and 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 and 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 |
|