MIRA
INFORM REPORT
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Report Date : |
17.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
VORA PACKAGING PRIVATE LIMITED |
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Formerly Known As : |
TUVORA PACKAGING PRIVATE LIMITED |
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Registered Office : |
Sales Office: 467 – A, 1st Floor, Road No.22, Vora Bhavan,
Opposite Maheshwari Udyan, Kings Circle, Mumbai – 400019, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.04.1999 |
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Com. Reg. No.: |
11-119514 |
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CIN No.: [Company
Identification No.] |
U25202MH1999PTC119514 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT12661F |
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PAN No.: [Permanent
Account No.] |
AACCT3267D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer
and Exporter of Packaging Materials, Bottle Cap Seals,
Induction Sealing Liners and Lining Materials. |
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 140000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records. Financial
positions of the company is moderate having accumulated losses. Trade
relations are fair. Payments are correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions with same caution. |
INFORMATION PARTED
BY
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Name : |
Mr. Vikal Thakur |
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Designation : |
Accountant |
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Date : |
16.09.2008 |
LOCATIONS
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Registered Office : |
467 – A, 1st Floor, Road No.22, Vora Bhavan, Opposite Maheshwari
Udyan, Kings Circle, Mumbai – 400019, Maharashtra, India |
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Tel. No.: |
91-22-24012330/ 24611091/2/ 24035297 |
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Mobile No.: |
91-9323901490 |
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Fax No.: |
91-22-24035297/ 24611093 |
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E-Mail : |
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Website : |
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Area : |
300 sq. ft. |
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Location : |
Rented |
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Sales Office : |
446, Ghanshyam Baug, Room No.11, Dr. B Ambedkar Road, Kings Circle,
Mumbai – 400019, Maharashtra, India |
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Tel. No.: |
91-22-24012330 |
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Factory : |
G-27, MIDC Tarapur, District Thane - 401506, Maharashtra, India |
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Tel. No.: |
91-2525-272928 |
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E-Mail : |
91-2525-270447 |
DIRECTORS
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Name : |
Mr. Pankaj Laxmikant Vora |
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Designation : |
Director |
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Address : |
467 – A, Vora Bhavan, Opposite Maheshwari Udyan, Kings Circle, Mumbai
– 400019, Maharashtra, India |
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Date of Birth/Age : |
26.03.1959 |
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Date of Appointment : |
20.04.1999 |
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Name : |
Mrs. Shilpa Pankaj Vora |
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Designation : |
Director |
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Address : |
467 – A, Vora Bhavan, Opposite Maheshwari Udyan, Kings Circle, Mumbai
– 400019, Maharashtra, India |
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Date of Birth/Age : |
25.03.1960 |
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Date of Appointment : |
31.03.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Pankaj Laxmikant Vora |
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1000 |
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Shilpa Pankaj Vora |
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9000 |
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Pankaj Vora |
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270139 |
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Nandbala Vora |
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1164 |
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Shilpa Vora |
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159 |
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Laxmikant Vora |
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19122 |
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Shilpa Vora |
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74564 |
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Nandbala Vora |
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7938 |
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Mansi Vora |
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33516 |
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Kanchi Vora |
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33516 |
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Dolar Koya |
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7585 |
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Koya Paroo |
|
18698 |
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Nila Chandarana |
|
18698 |
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Virtual Machine Limited |
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2160900 |
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Total |
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2655999 |
(As on 31.03.2007)
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Category |
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Percentage
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Foreign Holdings (FII, FCs, FFIs, NRIs, OCBs or Others) |
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83.05 |
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Directors or relatives of directors |
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16.95 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
and Exporter of Packaging Materials, Bottle Cap Seals,
Induction Sealing Liners and Lining Materials. |
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Products : |
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Exports : |
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Countries : |
Gulf Countries |
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Imports : |
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Countries : |
Germany |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
L/C and Cash |
GENERAL
INFORMATION
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Customers : |
Manufacturers |
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No. of Employees : |
15 |
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Bankers : |
Maheshwari Udyan, Mumbai, Maharashtra, India
Bandra West Branch, 6 Meghdoot, Junction of Turner Road, and Linking
Road, Bandra West, Mumbai – 400050, Maharashtra, India |
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Facilities : |
CC – Rs.25.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Contractor Nayak and Krishnandwala and Company Chartered Accountant |
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Address : |
1/B, 1st Floor, Pushpam, K D Road, Vile Parle (West),
Mumbai – 400054, Maharashtra, India |
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Holding Company :- |
Virtual Machine Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2700000 |
Equity Shares |
Rs.10/- each |
Rs.27.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2655999 |
Equity Shares |
Rs.10/- each |
Rs.26.560
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
26.560 |
26.560 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
26.460 |
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3] Reserves & Surplus |
19.756 |
19.756 |
19.756 |
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4] (Accumulated Losses) |
(17.365) |
(19.164) |
(17.437) |
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NETWORTH |
28.951 |
27.152 |
28.879 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
17.069 |
13.878 |
11.053 |
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TOTAL BORROWING |
17.069 |
13.878 |
11.053 |
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DEFERRED TAX LIABILITIES |
3.096 |
3.080 |
0.000 |
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TOTAL |
49.116 |
44.110 |
39.932 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
27.581 |
19.540 |
21.532 |
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Capital work-in-progress |
0.000 |
7.360 |
7.360 |
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INVESTMENT |
1.716 |
1.721 |
1.721 |
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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 |
7.844
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6.541 |
5.220 |
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Sundry Debtors |
16.593
|
7.316 |
5.152 |
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Cash & Bank Balances |
0.095
|
0.121 |
0.356 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
5.056
|
5.121 |
7.059 |
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Total
Current Assets |
29.588
|
19.099 |
17.787 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9.629
|
3.520 |
7.916 |
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Provisions |
0.140
|
0.090 |
0.555 |
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Total
Current Liabilities |
9.769
|
3.610 |
8.471 |
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Net Current Assets |
19.819
|
15.489 |
9.316 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.003 |
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TOTAL |
49.116 |
44.110 |
39.932 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.93
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0.64 |
0.68 |
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Current Ratio (Current Asset/Current Liability) |
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3.03
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5.29 |
2.10 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCE:
- Hindustan Lever
- Metal Closer – Himachal Pradesh
FORM 8:
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Corporate
identity number of the company |
U25202MH1999PTC119514 |
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Name of the
company |
TUVORA PACKAGING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
467 – A, Vora Bhavan, Opposite Maheshwari Udyan, Kings Circle, Mumbai
– 400019, Maharashtra, India |
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This form is for |
Creation of Charge |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
Bank of Baroda Bandra West Branch, 6 Meghdoot, Junction of Turner Road, and Linking
Road, Bandra West, Mumbai – 400050, Maharashtra, India |
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Nature of
instrument creating charge |
Memorandum of
deposit of title deeds in respect of advance secured by equitable mortgage of
immovable property. |
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Date of
instrument Creating the charge |
09.08.2007 |
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Amount secured by
the charge |
Rs.15.000
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Extent and
Operation of the charge: The charge is
created to secure the due repayment of the overdraft limit of Rs.15.000 Millions
sanctioned and granted to the company by Bank of Baroda, Bandra West Branch,
Mumbai alongwith all interests, costs, charges, expenses, commission, etc.,
incurred by or payable to the bank thereunder. |
WEBSITE DETAILS
PROFILE:
Subject has a
tradition of leadership in the field of Bottle Capseals. The introduction of ''
Viseal' Co-Extruded Polyethylene Foam Capseals to the Bottle Closure
Industry is a major accomplishment. It is a great technological leap in the
field that outshines other liners in all respects. Increasingly, endusers are
insisting on '' Viseal' Capseals in place of conventional Expanded Polyethylene
Capseals.
Viseal" Co-Extruded PE Foam Bottle capseals enjoy a
universal acceptance in the Pharmaceuticals. Food and Cosmetic Industries and
form an important part in the package presentation by providing protection.
Preservation and Problem free performance. Viseal" capseals are lined into
millions of closures (Aluminium and Plastic) every year the world over and the
commitment of Vora Packaging to quality goes into each and every capseal
Since their incorporation in the year 1990, they have
constantly sought to keep up with domestic as well as global. Trends and meet
the increasing demands of a sophisticated market. Their relentless drive has
spurred remarkable progress which won the 'India Star' award from the Indian Institute of
Packaging and has led to become the largest manufacturer and exporters
of Capseals in India.
TRIPLE
LAYER
Viseal liners have three layers. The top and bottom closed
cell solid polyethylene film acts as barrier layers ensuring smooth surface,
thereby preventing product penetration, leakage and absorption.
FEATURES
SECURE
PHYSICAL SEAL
Viseal Capseals have the optimum resiliency and expand
radially under pressure to compensate for the imperfections in the container
lip and the closure to ensure excellent sealability.
POSITIVE
CHEMICAL SEAL
For delicate and sensitive products where blocking physical
leakage is not enough, Viseal Capseals prevent and/or preclude moisture,
vapour, gas, aroma and other characteristics thereby preventing product
deterioration and contamination.
COMPATIBILITY
Viseal Capseals are chemically inert to most products and
they neither affect nor are affected by the container's contents. They are
compatible with most acids, solvents, bases and other miscellaneous chemicals.
They are manufactured from FDA approved food grade raw materials.
ULTIMATE
IN HYGIENE
By virtue of its construction and process of manufacture,
Capseals offer an ultimate hygienic product and ensure
-No liner dust
-No contamination and staining
-No odour
These liners are manufactured under ideal conditions which enhance
the hygienic standard of the products.
NO
ABSORPTION BY CAPSEALS
Viseal Capseals have an almost 100% closed cell construction
which ensures there is no product absorption by the liners and eliminates
problems commonly associated with pulp board liners.
INTERNATIONAL
QUALITY AND ACCEPTANCE
Viseal Capseals are manufactured on the latest imported
machinery and technical know-how which incorporates the most recent advances in
plastic engineering to constantly yield one of the finest Bottle Capseals
offered today.
ORIENTATION:
Viseal Capseals can be used either side up snap fit or
adhere with hot melts.
APPLICATION
AND REMOVABLE TORQUE
The construction of Viseal Capseals facilitates closure
application and easy consumer removal.
APPLICATIONS
-Food -Cosmetics -Pharmaceuticals -Liquor –Chemicals
REACHING
OUT
Subject are reaching out to various countries such as
Singapore, Indonesia, Philippines, Pakistan, Bangladesh, Sri Lanka, UAE, Saudi
Arabia, Iran, Jordan, Kenya, Nigeria, Egypt, Syria and South Africa.
MANUFACTURING FACILITIES:
EXTRUSION
Company employs the world's best high speed BREYER-Germany
extrusion lines to manufacture the exacting demands of the tubes for a range of
diameters from 19mm upto 50mm and lengths from 50mm upto 200 mm. Company can
provide any tube blends of polyethelene :- high density, low density, linear
low density and polypropylene to suit the needs. Finishes include Transparent
and Translucent clarity, brilliant Pearlised and Metallic looks and coloured
tubes & caps to match any Pantone shade.
DECORATION
Company has setup a computerised, high speed, Six colour
offset printing machine to give shape to customers designs for decorative and
aesthetic packaging. Decoration include the sleek metallic colours,
sophisticated half tones screens and photo images with over print Lacquering to
give brilliant glossy finish or frosted matt look, unique to plastic tubes.
Company has also setup an advanced silk screen printing machine in upto Four
colours to provide high quality visual effects.
FOIL
BLOCKING
Company has facility to foil block the tubes and caps in
gold, silver and pigmented colour to give premium value to the tubes.
INJECTION
MOULDED CAPS
Company’s Injection Moulding Department can produce standard
and customised caps in various colours and designs. Company also produces Flip
Top Hinged caps and has an integrated department to design and manufacture cap
toolings.
ARTWORK
DEPARTMENT
Subject has setup a complete integrated Artwork Processing
and Prepress Department to enable to suitably and quickly convert all
customers’ Artwork into printing plates and screens. Company can handle
both MAC and PC files or hard copies in form of Bromides.
QUALITY
ASSURANCE DEPARTMENT
Customer Satisfaction is the aim of Vora's Q.A. Department.
Vora's Q.A. Department is equipped to conduct conservation test of the
products, and can advice on the right polymer blend to suit the product to be
packed. Company consistently delivers quality and strives to achieve highest standards
required by its customers, for tubes and caps.
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.46.63 |
|
UK Pound |
1 |
Rs.83.76 |
|
Euro |
1 |
Rs.66.49 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
- |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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 |
|