MIRA
INFORM REPORT
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Report Date : |
29.11.2008 |
IDENTIFICATION DETAILS
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Name : |
PACKAGING INDIA PRIVATE LIMITED |
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Registered Office : |
No. 57, |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
04.10.1989 |
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Com. Reg. No.: |
18-46718 |
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CIN No.: [Company
Identification No.] |
U74950TN1989PTC046718 / U99999PY1989PTC000652 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP02857B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Printed and Laminated Flexible Packaging Materials |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company and part of Essel
Group. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office/Factory : |
No. 57, |
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Tel. No.: |
91-44-28259901 |
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Fax No.: |
91-44-28259900 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. C K Ranganathan |
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Designation : |
Chairman |
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Address : |
58/5, |
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Date of Birth/Age : |
01.05.1960 |
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Date of Appointment : |
01.06.2005 |
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Name : |
Mr. R Thenmozhi |
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Designation : |
Managing Director |
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Address : |
58/5, |
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Date of Birth/Age : |
17.05.1970 |
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Date of Appointment : |
04.10.1989 |
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Name : |
Mr. T D Mohan |
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Designation : |
Whole Time Director |
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Address : |
No. 3, Signet Apartments, |
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Date of Birth/Age : |
25.05.1963 |
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Date of Appointment : |
11.04.1992 |
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Name : |
Mr. K Abdul Rahim |
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Designation : |
Director |
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Address : |
18, Ramappa Nagar, |
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Date of Birth/Age : |
11.05.1967 |
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Date of Appointment : |
01.06.2005 |
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Name : |
Mr. Krishnamurthy Krishnamurthy |
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Designation : |
Director |
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Address : |
174, Kalpataru Residency, Tower A, Opposite Cine Planet, 107 Road No.
8, Sion (East), Mumbai – 400 022, |
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Date of Birth/Age : |
08.05.1943 |
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Date of Appointment : |
01.02.2007 |
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Name : |
Mr. Joseph Mariano Fernandes |
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Designation : |
Director |
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Date of Birth/Age : |
08.09.1926 |
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Date of Appointment : |
01.02.2007 |
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Name : |
Mr. R Chandrasekhar |
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Designation : |
Director |
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Date of Birth/Age : |
23.11.1960 |
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Date of Appointment : |
18.04.2007 |
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Name : |
Mr. R Ramakrishnan |
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Designation : |
Director |
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Address : |
604, Marathon Galaxy – I, L B S Marg, Mulund, Mumbai – 400 080, |
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Date of Birth/Age : |
23.09.1965 |
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Date of Appointment : |
31.08.2006 |
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Date of Ceasing : |
15.08.2007 |
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Name : |
Mr. Ajay Nagle |
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Designation : |
Additional Director |
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Address : |
18/204, Nilgiri Sidhachal, Phase No. 3, Near Vasant Vihar, Thane – 400
610, |
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Date of Birth/Age : |
26.07.1966 |
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Date of Appointment : |
31.08.2006 |
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Date of Ceasing : |
04.07.2008 |
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Name : |
Mr. S Srinivasan |
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Designation : |
Director |
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Date of Birth/Age : |
10.01.1946 |
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Date of Appointment : |
20.02.2007 |
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Name : |
Mr. A V Ganapathy |
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Designation : |
Director |
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Address : |
B-7, |
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Date of Birth/Age : |
04.07.1959 |
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Date of Appointment : |
06.05.2008 |
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Name : |
Mr. Cherian Kenneth Thomas |
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Designation : |
Whole Time Director and Chief Executive Officer |
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Date of Birth/Age : |
11.07.1970 |
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Date of Appointment : |
15.05.2007 |
KEY EXECUTIVES
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Name : |
Mr. M K Ramakrishna |
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Designation : |
Secretary |
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Address : |
Flat ‘B’, 1st Floor, No. 26, NGO Colony, 4th Cross,
St. Gill Nagar, Chennai – 600 094, Tamilnadu, India |
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Date of Birth/Age : |
11.08.1972 |
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Date of Appointment : |
27.03.2001 |
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Name : |
Mrs. Chitra Srinivas |
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Designation : |
Secretary |
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Address : |
Flat M-11D, Ashoka Colony, Anna Main Road, K K Nagar, Chennai – 600
078, Tamilnadu, India |
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Date of Birth/Age : |
18.08.1976 |
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Date of Appointment : |
06.06.2005 |
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Name : |
Ms. Manila Carmen A Gonsalaves |
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Designation : |
Company Secretary |
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Date of Birth/Age : |
14.07.1979 |
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Date of Appointment : |
20.02.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 31.12.2007)
|
Names of Equity Shareholders |
No. of Shares |
|
Essel Propack Limited |
416000 |
|
Essel Propack Limited Jointly with Ashok Goel |
100 |
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Essel Propack Limited Jointly with R Chandrasekhar |
10 |
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Essel Propack Limited Jointly with Ajay Nagle |
10 |
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Essel Propack Limited Jointly with Sonali Punekar |
10 |
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Essel Propack Limited Jointly with Anand Deshpande |
10 |
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Essel Propack Limited Jointly with R Ramakrishnan |
10 |
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Total |
416150 |
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Names of Preference Shareholders |
No. of Shares |
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Essel Propack Limited |
1025000 |
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Total |
1025000 |
List of Allotment
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Names of Allottees |
No. of Shares |
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Essel Propack Limited |
1025000 |
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Total |
1025000 |
Equity shares Breakup (percentage of total equity)
(As on 30.06.2008)
|
Category |
Percentage |
|
Bodies Corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Printed and Laminated Flexible Packaging Materials |
GENERAL INFORMATION
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Bankers : |
·
IDBI Bank Limited 115, Anna Salai, Chennai – 600 015, ·
Kotak
Mahindra Bank Limited 36-38-A, Nariman Bhavan, Nariman Point, Mumbai – 400 021, |
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Financial Institution : |
3i Infotech Trusteeship Services Limited 3rd to 6th Floor, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
10 M G Road, Nungambakkam, Chennai – 600 034, |
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Tel. No.: |
91-44-39145000 |
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Fax No.: |
91-44-39145999 |
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Holding Company : |
Essel Propack Limited |
CAPITAL STRUCTURE
(As on 30.06.2008)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
450000 |
Equity Shares |
Rs.100/- each |
Rs.45.000 millions |
|
2550000 |
Preference Shares |
Rs.100/- each |
Rs.255.000 millions |
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Total |
|
Rs.300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
416150 |
Equity Shares |
Rs.100/- each |
Rs.41.615
millions |
|
1025000 |
Preference Shares |
Rs.100/- each |
Rs.102.500
millions |
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Total |
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Rs.144.115 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2007 (12 Months) |
31.12.2006 (9 Months) |
31.03.2006 (12 Months) |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
144.115 |
144.115 |
41.186 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
74.236 |
52.017 |
134.788 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
218.351 |
196.132 |
175.974 |
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LOAN FUNDS |
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1] Secured Loans |
529.732 |
230.670 |
328.566 |
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2] Unsecured Loans |
98.265 |
1.697 |
0.000 |
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TOTAL BORROWING |
627.997 |
232.367 |
328.566 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.152 |
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TOTAL |
846.348 |
428.499 |
505.692 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
574.765 |
293.355 |
313.285 |
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Capital work-in-progress |
149.687 |
20.840 |
3.285 |
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INVESTMENT |
0.053 |
0.053 |
0.111 |
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DEFERREX TAX ASSETS |
2.179 |
7.834 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
137.343
|
77.077
|
70.999 |
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Sundry Debtors |
217.187
|
175.209
|
153.648 |
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Cash & Bank Balances |
9.112
|
10.589
|
15.278 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
30.137
|
18.036
|
96.026 |
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Total
Current Assets |
393.779
|
280.911 |
335.951 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
269.501
|
170.985
|
143.143 |
|
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Provisions |
4.614
|
3.509
|
3.797 |
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Total
Current Liabilities |
274.115
|
174.494
|
146.940 |
|
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Net Current Assets |
119.664
|
106.417
|
189.011 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
846.348 |
428.4997 |
505.692 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2007 (12 Months) |
31.12.2006 (9 Months) |
31.03.2006 (12 Months) |
|
|
Sales and Other Income |
1285.868 |
876.780 |
989.405 |
|
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Total Income |
1285.868 |
876.780 |
989.405 |
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Profit/(Loss) Before Tax |
33.875 |
22.256 |
49.936 |
|
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Provision for Taxation |
11.655 |
9.085 |
11.840 |
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Profit/(Loss) After Tax |
22.220 |
13.171 |
38.096 |
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FOB Value |
42.729 |
30.872 |
40.460 |
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Imports : |
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Raw Materials |
218.054 |
104.627 |
108.173 |
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Stores & Spares |
0.583 |
0.033 |
0.000 |
|
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Capital Goods |
183.746 |
0.625 |
119.729 |
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Total Imports |
402.383 |
105.285 |
227.902 |
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Expenditures : |
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Financial Charges |
37.193 |
20.835 |
0.000 |
|
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Other Expenditure |
1214.800 |
833.689 |
939.469 |
|
Total Expenditure |
1251.993 |
854.524 |
939.469 |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2007 (12 Months) |
31.12.2006 (9 Months) |
31.03.2006 (12 Months) |
|
PAT / Total Income |
(%) |
1.73
|
1.50 |
3.85 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.63
|
2.54 |
5.05 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.50
|
3.88 |
7.69 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.11 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.13
|
2.07 |
2.70 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.44
|
1.61 |
2.29 |
LOCAL AGENCY FURTHER INFORMATION
Note
The Registered office of the company has been shifted from Cavinville, 1st
Floor,
Form No. 8
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Name of the company |
PACKAGING INDIA PRIVATE LIMITED |
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Presented By |
Mr. M K Rama |
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1) Date and description of instrument creating the change |
12th
April, 21005 Deed of
Hypothecation, Term Loan Agreement and Master Letter of Credit Facility
Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.157.000
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation by way
of first pari passu charge over the movable fixed assets, present and future
of the Borrower along with State Bank of |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan
Facility of Rs.157.000 millions under Term Loan Agreement dated 12th
April, 2005, agreed to be lent and advanced by Kotak Mahindra Bank Limited,
36-38A, Nariman Bhavan, Nariman Point, Mumbai to the Company together with
interest, costs, charges, expenses and all other moneys due and payable by it
top Kotak Mahindra Bank Limited. |
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5) Name and Address and description of the person entitled to the charge. |
Kotak Mahindra
Bank Limited 36-38-A, Nariman
Bhavan, Nariman Point, Mumbai – 400 021, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Corporate
identity number of the company |
U74950TN1989PTC046718 |
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Name of the
company |
PACKAGING INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
No. 57, |
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This form is for |
Creation of
charge |
|
Type of charge |
·
Book
debts ·
Movable
Property (not being pledge) |
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Particular of
charge holder |
IDBI Bank Limited 115, Anna Salai, Chennai – 600 015, |
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Nature of instrument
creating charge |
Agreement of
hypothecation of goods and assets (WCF) |
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Date of
instrument Creating the charge |
05.06.2008 |
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Amount secured by
the charge |
Rs.65.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Cash Credit :
BPLR – 1.75% (Present Effective Rate : 11.50% p.a.) Terms of
repayment Out of Internal
Accruals Margin Cash Credit /
Short Term Loan : 25% on Stock and Book Debts. Age of the debtors not to exceed
90 days. Letter of Credit
(Inland and Import) : Nil Extent and
operation of the charge To secure due
payment of facility of Rs.65.000 millions and interest discount, commission
charges and costs (Advocate and client) and expenses payable to or incurred
by IDBI in relation thererto. |
|
Particulars of
the property charged |
·
First
charge on the current assets at Uttrakhan Plant including Raw Materials,
Semi-finished and finished goods, Consumable stores and spares and such other
movables including book debts, bills whether documentary or clean,
outstanding moneys, receivables, both present and future. ·
Second
charge on the entire movable properties at Uttarkhand plant including its movable
plant and machinery, machinery spares, tools and accessories and other
movables, present and future. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 49.84 |
|
|
1 |
Rs. 76.81 |
|
Euro |
1 |
Rs. 64.38 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 |
|