MIRA
INFORM REPORT
|
Report Date : |
27.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ISHWAR PLASTOPACK PRIVATE LIMITED |
|
|
|
|
Registered Office : |
74- A, Hira Nagar, Patiala - 147001, Punjab |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
26.04.2000 |
|
|
|
|
Com. Reg. No.: |
16- 23647 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U25209PB2000PTC023647 |
|
|
|
|
IEC No.: |
3000008586 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PTLI10512F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACI7432D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of special type of closures for beverage and food
industry with state of the art technology. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 13620 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaint |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company’s
profitability is under pressure and incurred a loss during 2007- 2008. trade
relations are fair. No complaints have been heard from market sources. The company can be considered for small to mediocre business dealings.
|
INFORMATION PARTED
BY
|
Name : |
Mr. Rajeev Garg |
|
Designation : |
Director |
|
Contact No.: |
91- 9814083173 |
|
Date : |
13.11.2008 |
LOCATIONS
|
Registered Office : |
74- A, Hira Nagar, Patiala - 147001, Punjab, India |
|
Tel. No.: |
91-175- 2218318/ 3293804 |
|
Mobile No.: |
91- 9814083173 |
|
Fax No.: |
91- 175- 2218318 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
4500 sq ft |
|
Location : |
Owned |
|
|
|
|
Factory : |
Village Seal, Near Bahadurgarh Road, Patiala |
|
Area : |
6750 sq ft yard |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Rajeev Garg |
|
Designation : |
Director |
|
Address : |
74- A, Hira Nagar, Patiala – 147001, Punjab, India |
|
Date of Birth/Age : |
19.07.1971 |
|
Date of Appointment : |
26.04.2000 |
|
|
|
|
Name : |
Mr. Lachhman Das Madan |
|
Designation : |
Director |
|
Address : |
917, Tipuri, Patiala – 147001, Punjab, India |
|
Date of Birth/Age : |
06.04.1942 |
|
Date of Appointment : |
26.04.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.08.2008
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Garg Rajeev |
|
10010 |
|
Mr. Lachman Dass Madan |
|
1200 |
|
Mrs. Pushpa Singla |
|
1500 |
|
Mrs. Darshana Devi Mittal |
|
200 |
|
Mr. Dewan Chand Garg |
|
750 |
|
Mrs. Kashmiri Lal Garg |
|
1010 |
|
Mrs. Renu Aggarwal |
|
10 |
|
Mr. Vijay Laxmi |
|
10 |
|
Mr. Shalu Garg |
|
10 |
|
Mr. Santosh Garg |
|
300 |
|
Total |
|
15000 |
|
Major Shareholder |
|
No. of Shares
Held |
|
Garg Rajeev and Family |
|
80% |
AS ON 30.08.2008
|
Equity Share Breakup
|
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
89.00 |
|
Other top fifty shareholders |
|
11.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of special type of closures for beverage and food
industry with state of the art technology. |
|
|
|
|
Products : |
|
|
|
|
|
Imports : |
|
|
Products : |
|
|
Countries : |
Austria and England |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Cash |
|
|
|
|
Purchasing : |
L/C and Cash |
PRODUCTION STATUS
|
Particulars |
|
|
|
Actual
Production |
|
Caps |
|
|
|
450000/ Day |
|
Containers |
|
|
|
3500/ Days |
GENERAL
INFORMATION
|
Suppliers : |
|
|
|
|
|
Customers : |
|
|
|
|
|
No. of Employees : |
16 |
|
|
|
|
Bankers : |
Oriental Bank of
Commerce, SSi Branch, Rajpura – 140401, Punjab |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sanjay Savita and Associates Chartered Accountant |
|
Address : |
Opp. Mahindra College Main Gate Road, Near Judge Marbles, Patiala –
147001, Punjab India |
|
Tel. No.: |
91-175- 2215494/ 5022450 |
|
|
|
|
Associates/Subsidiaries : |
VISHNJI POLYPACK
(PRIVATE) LIMITED D- 73, Focal Point, Rajpura Line of Business: Plastic Containers ONKAR POLYMERS
(PRIVATE) LIMITED Village: Seal, Patiala Line of Business: Plastic Caps (MFR) |
CAPITAL STRUCTURE
AS ON 30.08.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000 |
Equity Shares |
Rs. 100/- Each |
Rs.1.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000 |
Equity Shares |
Rs. 100/- Each |
Rs.1.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.500 |
1.500 |
1.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.224 |
1.383 |
1.085 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2.724 |
2.883 |
2.585 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.839 |
1.086 |
1.753 |
|
|
2] Unsecured Loans |
2.897 |
2.353 |
1.290 |
|
|
TOTAL BORROWING |
3.736 |
3.439 |
3.043 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6.460 |
6.323 |
5.628 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.159 |
4.129 |
3.954 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.075 |
0.075 |
0.048 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.387
|
0.757 |
0.822 |
|
|
Sundry Debtors |
0.721
|
0.634 |
0.746 |
|
|
Cash & Bank Balances |
0.070
|
0.058 |
0.026 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.132
|
0.745 |
0.240 |
|
Total
Current Assets |
2.310
|
2.194 |
1.834 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
0.023
|
0.040 |
0.199 |
|
|
Provisions |
0.111
|
0.101 |
0.092 |
|
Total
Current Liabilities |
0.134
|
0.141 |
0.291 |
|
|
Net Current Assets |
2.176
|
2.053 |
1.543 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.049 |
0.065 |
0.082 |
|
|
|
|
|
|
|
|
TOTAL |
6.460 |
6.323 |
5.628 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
|
|
|
|
|
|
|
|
Sales Turnover |
|
7.892 |
7.745 |
|
|
Other Income |
|
0.021 |
0.015 |
|
|
Total Income |
|
7.913 |
7.760 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
(0.011) |
0.418 |
|
|
Provision for Taxation |
|
0.040 |
0.166 |
|
|
Profit/(Loss) After Tax |
|
(0.051) |
0.252 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
|
5.128 |
4.355 |
|
Total Imports |
|
5.128 |
9.483 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
1.127 |
1.172 |
|
|
Depreciation |
|
0.713 |
0.609 |
|
|
Interest |
|
0.180 |
0.185 |
|
|
Administration and Selling Expenses |
|
0.756 |
1.006 |
|
|
Other Expenditure |
|
5.148 |
4.370 |
|
Total Expenditure |
|
7.924 |
7.342 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
(00.64)
|
03.24 |
-- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(00.13)
|
05.39 |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(00.16)
|
06.53 |
-- |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(00.40)
|
0.14 |
-- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.42
|
1.26 |
1.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
17.23
|
15.56 |
6.30 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
- Bunge India
(Private) Limited, Mumbai
- Agrotech
India Limited, Delhi
- R R Oomerbhoy
Private Limited, Mumbai
Form 8
|
Corporate
identity number of the company |
U25209PB2000PTC023647 |
||||
|
Name of the
company |
ISHWAR PLASTOPACK PRIVATE LIMITED |
||||
|
Address of the
registered office or of the principal place of business in India of the company |
74- A, Hira Nagar, Patiala, Punjab – 147001, India |
||||
|
This form is for |
Creation of Charge |
||||
|
Type of charge |
Hypothecation |
||||
|
Particular of
charge holder |
|
||||
|
Nature of
instrument creating charge |
Agreement of Term
Loan |
||||
|
Date of instrument
Creating the charge |
22.04.2006 |
||||
|
Amount secured by
the charge |
Rs.1.186 Millions
|
||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
@9.00% with monthly rests subject to change from time to time. Repayable in
13 monthly installments of Rs.0.096 Million starting w.e.f. may, 2006. Extent
and operation of charge 100% |
|
Additional
Requirement of Indiamart for Trust-Seal |
|
|
|
|
|
VAT / TIN : 03351034026 |
|
|
IEC Code : 3000008586 |
|
|
|
|
|
PAN / TAN : AAACI7432D
|
|
|
|
|
|
Bank Name : Oriental
Bank of Commerce |
|
|
Bank Address : SSI
Rajpur |
|
|
Bank A/c. No.: 062140110000B2 |
|
|
Account Since : 4
Years |
|
|
|
|
|
In case of any affiliations / memberships / certifications
: |
|
|
Name : 9001: 2000 |
|
|
Type : ICS |
|
|
Expiry Date : 2010 |
|
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.49.85 |
|
UK Pound |
1 |
Rs.76.60 |
|
Euro |
1 |
Rs.64.68 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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 |
|