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MIRA INFORM REPORT

 

 

Report Date :

18.04.2011

 

IDENTIFICATION DETAILS

 

Name :

TIME MAUSER INDUSTRIES PRIVATE LIMITED (w.e.f. 21.04.2005)

 

 

Formerly Known as :

QPAK INDUSTRIES PRIVATE LIMITED

 

 

Registered Office :

205, Sabari Apartment, Second Floor, Building No. 1, Survey No. 387, Kachigam, Daman-396210, Daman and Diu

 

 

Country :

India

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

14.08.2003

 

 

Com. Reg. No.:

56-3276

 

 

CIN No.:

[Company Identification No.]

U01122DD2003PTC003276

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMQ00640D

 

 

PAN No.:

[Permanent Account No.]

AADCO6440R

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Plastic Containers Excluding SSI Items.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 1100000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a joint venture between Time Technoplast Limited and Mauser Werke GmbH, Germany.

 

It is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Santosh Mokal

Designation :

Accounts Executive

Contact No.:

91-22-66062495

Date :

15.04.2011

 

 

LOCATIONS

 

Registered Office/ Factory :

205, Sabari Apartment, Second Floor, Building No. 1, Survey No. 387, Kachigam, Daman-396210, Daman and Diu, India

Tel. No.:

91-22-28570302

Fax No.:

91-22-28575672

E-Mail :

ttl@timetechnoplast.com

Website :

www.timemauser.com

Area:

1500 sq. ft. (Owned)

 

 

Factory 2:

Sr No. 169 and 191 Pen Khopoli Road, Post Ambeghar, Taluka Pen-402107, Raigad, Maharashtra, India

 

 

Factory 3:

Plot No. 22, Survey No. 377/1, Kachigam Daman (U.T)

 

 

Corporate Office :

101-B, Todi Complex, 35, Saki Vihar Road, Andheri (East), Mumbai - 400 072, Maharashtra, India

Tel. No.:

91-22 – 56062495

Fax No.:

91-22 – 28575672

E-Mail :

tmil@timemauser.com

 

 

Regional Offices :

Located at:

 

  • Bangalore
  • Baroda
  • Chandigarh
  • Chennai
  • Delhi
  • Hyderabad
  • Kolkata
  • Sahibabad R.O. (Delhi)
  • Indore
  • Trivandrum

 

 

DIRECTORS

 

As on 29.06.2010

 

Name :

Mr. Clemens Friedrich Willee

Designation :

Director

Address :

Winter Gasses 60,  69469, Weinhein, Germany

Date of Birth :

07.05.1962

Date of Appointment :

05.03.2009

 

 

Name :

Mr. Hans Peter Schaefer

Designation :

Director

Address :

39 Rufled Feather Dr IL 60439, Lemont USA

Date of Birth :

08.04.1951

Date of Appointment :

24.09.2009

 

 

Name :

Dr. Detlev Gerd Weyrauch

Designation :

Nominee Director

Address :

Friedhofstr. 26, 56271, Kleinmaischeid

 

Indian Address: 101B, Todi Complex, 35 Saki Vihar Road, Andheri (East), Mumbai – 400072

Date of Birth :

15.01.1962

Date of Appointment :

30.03.2005

 

 

Name :

Mr. Anil Jain

Designation :

Nominee Director

Address :

311/ 312, Magnum Tower, Lokhenwala Complex, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

03.01.1955

Date of Appointment :

24.02.2004

 

 

Name :

Mr. Naveen Jain

Designation :

Nominee Director

Address :

43, Charkop Awas CHS Limited, 2 / RSB 28, Kandivali (West), Mumbai – 400067

Date of Birth/Age :

19.01.1966

Date of Appointment :

10.11.2003

 

 

Name :

Mr. Siegfried Erich Weber

Designation :

Nominee Director

Address :

Waldstrasse – 15, D – 68519, Viernheim

Date of Birth/Age :

02.12.1959

Date of Appointment :

09.05.2006

Date of Ceasing:

24.09.2009

Email :

Siegfried.weber@mausergroup.com

 

 

KEY EXECUTIVES

 

Name :

Mr. Manoj Kumar Mewara

Designation :

Company Secretary

Address :

Flat No. 201, Mohan Co-Operative Housing Society, Desai Ward, Vapi-396191, Gujarat, India

Date of Birth/Age :

13.06.1967

Date of Appointment :

15.09.2006

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.06.2010

 

Names of Shareholders

 

No. of Shares

Time Technoplast Limited (Formerly known as Time Packaging Limited) TTL, India

 

8401044

Aruna Jain

 

1

Deepa Jain

 

1

Naveen Jain

 

1

Nireeksha Thyagarajan

 

1

Raghupathy Thyagarajan

 

1

Ritu Jain

 

1

Mauser Holding International Gmbh, (Mauser), Germany

 

8743950

 

 

 

Total

 

17145000

 

As on 29.06.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

51.00

Bodies corporate

 

49.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Plastic Containers Excluding SSI Items.

 

 

Products :

Product Description

Item Code

Articles of plastic containers excluding items reserved for SSI sector. 

3139

Drums of iron and steel

7310

 

 

Terms :

 

Selling :

Cash / Credit (30 days / 60 days / 90 days)

 

 

Purchasing :

Cash / Credit (30 days / 60 days / 90 days)

 

PRODUCTION STATUS (AS ON 31.12.2009)

 

Particulars

Unit

Installed Capacity

Plastic Articles (IBC)

Nos

90000

Metal Drums

Nos

1800000

 

Note:

 

  • Licensed capacity in not applicable in view of the company products having been de-licensed as per the new licensing policy announced by the government of India
  • Installed capacity is as certified by the management and accepted by auditors as this is a technical matter.

 

GENERAL INFORMATION

 

Customers :

End Users and OEM’s

 

 

No. of Employees :

50 (Approximately) 

 

 

Bankers :
  • Axis Bank Limited, Credit Management Centre, Mumbai, Unit No. 6, Corporate Park, Sion Trombay Road, Chembur, Mumbai-400071, Maharashtra, India
  • State Bank of India, Industrial Finance Branch, Snehal Chambers, Telli Galli, Andheri (East), Mumbai – 400059, Maharashtra, India

       E – Mail: kamalax_saraf@hotmail.com

  • ING Vysya Bank Limited, Patel Chambers, Ground Floor, Opera House, Mumbai – 400007, Maharashtra, India
  • ING Vysya Bank Limited, 22 M G Road, Bangalore-560001, Karnataka, India

 

 

Facilities :

Secured Loan

As on 31.12.2009

(Rs. in Millions)

As on 31.12.2008

(Rs. in Millions)

Term Loan

 

 

From Financial Institution/ Banks

72.636

111.912

Cash Credit

From Banks

184.054

155.156

Total

256.690

267.068

 

 

 

Unsecured Loan

 

 

Short Term Loan

52.022

50.000

Total

52.022

50.000

 

Note:

 

  • The Term Loan from Financials Institutions/ Banks are secured by first charge ranking pari passu on all immoveable assets and hypothecation of all moveable ( Save and Except Current Assets) of the company subject to second charge in favour of the Company’s Bankers for working capital limits and further secured by personal guarantee of some directors and corporate guarantee d Promoter Company.

 

  • The Cash Credit facilities from Banks are secured by way of hypothecation of Company's stock and book debts (present and future) and further secured by second charge rankling pari passu over the immovable fixed assets of the company and further secured by personal guarantee of some Directors and corporate guarantee of Promoter Company.

 

 

 

Banking Relations :

--

 

 

Financial Institution:

Axis Trustee Services Limited, Maker Towers 'F', 13th  Floor, Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India

 

 

Auditors :

 

Name :

AMPAC and Associates

Chartered Accountant 

Address :

7/ Hira Moti Building, 1st Floor, Shrinagar Society, M.G. Road, Goregaon, Mumbai-400062, Maharashtra, India

 

 

Holding Company:

Mauser Holding International GMBH

 

 

CAPITAL STRUCTURE

 

As on 29.06.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

17500000

Equity Shares

Rs.10/- each

Rs.175.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

17145000

Equity Shares

Rs.10/- each

Rs.171.450 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.12.2009

31.12.2008

31.12.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

171.450

171.450

160.000

2] Share Application Money

0.000

0.000

10.190

3] Reserves & Surplus

124.789

102.529

46.355

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

296.239

273.979

216.545

LOAN FUNDS

 

 

 

1] Secured Loans

256.690

267.068

233.464

2] Unsecured Loans

52.022

50.000

0.000

TOTAL BORROWING

308.712

317.068

233.464

DEFERRED TAX LIABILITIES

21.890

10.658

4.791

 

 

 

 

TOTAL

626.841

601.705

454.800

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

338.789

352.652

154.907

Capital work-in-progress

0.000

0.000

211.751

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
155.228

138.280
77.713

 

Sundry Debtors
172.058

126.035
67.264

 

Cash & Bank Balances
12.638

14.706
7.580

 

Other Current Assets
0.000

0.000
0.000

 

Loans & Advances
42.702

37.280
22.167

Total Current Assets
382.626

316.301

174.724

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
79.167

56.511
80.940

 

Other Current Liabilities
0.000

0.000
0.000

 

Provisions
15.521

10.959
6.021

Total Current Liabilities
94.688

67.470
86.961

Net Current Assets
287.938

248.831
87.763

 

 

 

 

MISCELLANEOUS EXPENSES

0.114

0.222

0.379

 

 

 

 

TOTAL

626.841

601.705

454.800

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2009

31.12.2008

31.12.2007

 

 

 

 

 

 

GROSS TURNOVER AND OTHER INCOME

667.400

585.800

231.040

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

59.340

51.610

45.420

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION        

18.600

19.060

9.400

 

 

 

 

 

 

PROFIT BEFORE TAX

40.740

32.550

36.020

 

 

 

 

 

Less

TAX                                                     

18.240

10.730

6.150

 

 

 

 

 

 

PROFIT AFTER TAX

22.500

21.820

29.870

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

121.710

NA

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.31

1.34

NA

 

Expected Sales (2010-11): Rs.700.000 Millions

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2009

31.12.2008

31.12.2007

Return on Total Assets

(PBT/Total Assets}

(%)
5.65

4.87

10.93

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.14

0.12

0.17

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.36

1.40

1.48

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
4.04

4.69

2.00

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Details of Sundry Creditors:

 

Particulars

 

31.12.2009

(Rs. in millions)

31.12.2008

(Rs. in millions)

31.12.2007

(Rs. in millions)

Sundry Creditors

 

 

 

For micro, small and medium enterprises

0.018

0.228

0.000

Fro others

79.149

56.283

80.940

Total

79.167

56.511

80.940

 

Financial Results:

 

During the year 2009, the company achieved gross turnover and other income of Rs.667.400 millions an increase of 13.92% over the previous year Rs.585.800 millions. The net profit of the company after current tax for the year 2009 is Rs.33.730 millions an increase of 21.81 millions as compared to the previous year’s net profit of Rs. 27.690 millions.

 

Bankers Charges Report as per Registry

 

This form is for

Creation of charge

Corporate identity number of the company

U01122DD2003PTC003276

Name of the company

TIME MAUSER INDUSTRIES PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

205, Sabari Apartment, Second Floor, Building No. 1, Survey No. 387, Kachigam, Daman-396210, Daman and Diu, India

Type of charge

Book Debts

Movable Property (not being pledge)

Immovable Property

Others 

Particular of charge holder

Axis Trustee Services Limited, Maker Towers 'F', 13th  Floor, Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India

Email

kirtikant.kaviju@axistrustee.com

Nature of description of the instrument creating or modifying the charge

Deed of Hypothecation dated 23rd April 2010 creating charge on movable fixed and current assets.

 

An equitable mortgage by way of deposit of title deeds with Axis Trustee on 23rd April 2010. No instrument was executed.

Date of instrument Creating the charge

23.04.2010

Amount secured by the charge

Rs.464.500 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

As per sanction terms of Axis Bank Limited and ING Vysya Bank Limited

 

Terms of Repayment

As per sanction terms of Axis Bank Limited and ING Vysya Bank Limited

 

Margin

As per sanction terms of Axis Bank Limited and ING Vysya Bank Limited

 

Extent and Operation of the charge

First pari passu charge/Second pari passu charge on movable and immovable properties to be operative till entire amount due to the lenders is paid in full

Short particulars of the property charged

I)              All immovable and movable fixed assets (present and  future) of the company situate at Pen Unit.

II)             All the immovable and movable fixed assets of the Company situate at Daman Unit.

III)            Entire current assets (both present and  future) of the company.

 

 

Fixed Assets:

 

  • Land
  • Factory Building
  • Plant and Machinery
  • Furniture and Fittings
  • Vehicles
  • Computers

 

 

 

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.44.52

UK Pound

1

Rs.72.72

Euro

1

Rs.64.41

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

46

 

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

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

-

NB

                                       New Business

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.