MIRA
INFORM REPORT
|
Report Date : |
26.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
DECORPAC INDIA PRIVATE LIMITED |
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Registered Office
: |
WH 44, Mayapuri Industrial Area, Phase I, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.04.2007 |
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Com. Reg. No.: |
162766 |
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CIN No.: [Company Identification
No.] |
U25193DL2007PTC162766 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELD10165B |
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PAN No.: [Permanent Account No.] |
AACCD7257R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Packaging Material |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 159000 |
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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 : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be low but correct. The company can be considered for small to mediocre 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
WH 44, Mayapuri Industrial Area, Phase I, |
|
Tel. No.: |
91-11-28115256 / 28117257 / 28114279 |
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Fax No.: |
91-11-28117258 |
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E-Mail : |
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Area : |
15000 sq.ft |
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Location : |
Owned |
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Factory : |
Plot No. 291-D, Sector 6, IMT Manesar, Gurgaon 122001, |
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Tel. No.: |
91-124-4349999 |
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Fax No.: |
91-124-4349900 |
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Area : |
10000 sq.ft |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Atul Talwar |
|
Designation : |
Director |
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Date of Birth/Age : |
20.04.1964 |
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Date of Appointment : |
30.04.2007 |
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Name : |
Mrs. Pratima Talwar |
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Designation : |
Director |
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Date of Birth/Age : |
28.07.1973 |
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Date of Appointment : |
30.04.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Atul Talwar |
603021 |
|
Pratima Talwar |
65000 |
|
Atul Talwar HUF |
26000 |
|
Biju Kumar S |
1500 |
|
Kapil Talwar |
4000 |
|
Kuldeep Raj Talwar |
22000 |
|
Manoj Agarwal |
2000 |
|
Narender Agarwal |
4000 |
|
Neelam Agarwal |
2000 |
|
Nirmal Sharma |
20000 |
|
Nitin Jain |
4000 |
|
Sammer |
3000 |
|
S.K. Agarwal |
1500 |
|
Suman Gupta |
2500 |
|
Bharti Devi |
2000 |
|
Bharatrupiya Auto Need Service, |
4000 |
|
Deepa Rani |
2500 |
|
Jain Trading Company |
5000 |
|
Lifecure Medical and Research Cen Private Limited, |
10000 |
|
Manish Agarwal |
2500 |
|
Marass Industries Private Limited, |
16000 |
|
Mittal Traders, |
3000 |
|
Nutshell Vyapar Private Limited, Kolkata |
10000 |
|
Paridhi Finvest Private Limited, Kolkata |
30000 |
|
Prabhat Agarwal |
5000 |
|
Skylark Commerce Private Limited, Kolkata |
10000 |
|
Swastik Securities and Finance Limited, Kolkata |
18000 |
|
Twinkle Traders Private Limited, Kolkata |
10000 |
|
Vijay Khindaria |
5000 |
|
Shree Ram International, |
20000 |
|
Megha Enterprises, |
20000 |
|
Sai Creation, |
3000 |
|
Tripurari Enterprises, |
24000 |
|
Tuticorin Tresim (Private) Limited, Kolkata |
10000 |
|
Fortune Forgoings (Private) Limited, |
30000 |
|
Rohan Finance and Securities Limited, Kolkata |
20000 |
|
|
|
|
Total |
1020521 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies corporate |
|
16.07 |
|
Directors or relatives of directors |
|
83.93 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Packaging Material |
GENERAL INFORMATION
|
Bankers : |
State Bank of
Travancore, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gian Chand Gupta and Company Chartered Accountant |
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Address : |
C 150, Rishi Nagar, Ballabhgarh 121004, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs. 10 each |
Rs.20.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1020521 |
Equity Shares |
Rs. 10 each |
Rs.10.205 millions |
|
|
Add: Share Application Money |
|
Rs. 6.015 millions |
|
|
|
|
Rs.16.220
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.205 |
10.205 |
7.985 |
|
|
2] Share Application Money |
6.015 |
6.015 |
0.150 |
|
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3] Reserves & Surplus |
23.746 |
22.106 |
15.789 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
39.966 |
38.326 |
23.924 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
34.513 |
33.106 |
27.449 |
|
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2] Unsecured Loans |
5.053 |
5.978 |
3.300 |
|
|
TOTAL BORROWING |
39.566 |
39.084 |
30.749 |
|
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DEFERRED TAX LIABILITIES |
0.442 |
0.472 |
0.000 |
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|
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TOTAL |
79.974 |
77.882 |
54.673 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
48.742 |
51.792 |
38.988 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
11.046 |
3.534 |
|
|
Sundry Debtors |
24.105
|
19.307 |
24.259 |
|
|
Cash & Bank Balances |
0.079
|
2.497 |
0.574 |
|
|
Other Current Assets |
18.966
|
6.266 |
12.117 |
|
|
Loans & Advances |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
43.150
|
39.116 |
40.484 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9.698
|
11.019 |
0.0000 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
22.854 |
|
|
Provisions |
2.326
|
2.150 |
2.125 |
|
Total
Current Liabilities |
12.024
|
13.169 |
24.979 |
|
|
Net Current Assets |
31.126
|
25.947 |
15.505 |
|
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|
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|
|
MISCELLANEOUS EXPENSES |
0.106 |
0.143 |
0.180 |
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|
|
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|
|
|
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TOTAL |
79.974 |
77.882 |
54.673 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
|
|
|
|
|
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Sales |
124.539 |
110.588 |
30.374 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
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TOTAL (A) |
124.539 |
110.588 |
30.374 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
11.046 |
3.534 |
2.137 |
|
|
|
Manufacturing Expenses |
91.506 |
89.582 |
26.356 |
|
|
|
Increase/(Decrease) in Finished Goods |
(14.526) |
(11.046) |
(3.534) |
|
|
|
Personal Expenses |
13.790 |
9.366 |
2.012 |
|
|
|
Administrative Expenses |
9.819 |
6.574 |
1.892 |
|
|
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TOTAL (B) |
111.635 |
98.010 |
28.863 |
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|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12.904 |
12.578 |
1.511 |
|
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|
|
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
4.121 |
3.640 |
0.657 |
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.783 |
8.938 |
0.854 |
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.396 |
5.702 |
0.242 |
|
|
|
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|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
2.387 |
3.236 |
0.612 |
|
|
|
|
|
|
|
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|
Less |
TAX (H) |
0.747 |
1.200 |
0.243 |
|
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|
PROFIT AFTER TAX
(G-H) (I) |
1.640 |
2.036 |
0.369 |
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|
|
Earnings Per
Share (Rs.) |
1.61 |
2.00 |
0.46 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.31
|
1.84 |
1.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.91
|
2.92 |
2.01 |
|
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|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.59
|
3.55 |
0.77 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.08 |
0.02 |
|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.30
|
1.37 |
2.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.58
|
2.97 |
1.62 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS:
- Plot at
Manesar
- Weight
Machine
- Air
Conditioner
- Cooler
- Furniture and
Fixtures
- Office
Equipment
- Water Machine
- Cycle
- Car Scoda
- Fax Machine
FORM 8
|
Corporate identity
number of the company |
U25193DL2007PTC162766 |
|
Name of the
company |
DECORPAC INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
WH 44, Mayapuri Industrial Area, Phase I, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Others |
|
Particular of
charge holder |
State Bank of
Travancore, Email: rohini@sbt.co.in |
|
Nature of
instrument creating charge |
Deed of
Hypothecation for Term Loan |
|
Date of
instrument Creating the charge |
31.12.2010 |
|
Amount secured by
the charge |
Rs. 40.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest (1) Working
Capital : 5.75% above SBT Base Rate of 8%, effective rate 13.75% (2) MTL 6.25% above
SBT Base Rate of 8%, effective rate 14.25% Terms of repayment The Cash Credit
Limits shall be subject to renewal after one year. Existing Medium
Term Loan - The loan will be repaid as per the existing repayment programme New MTL= 77
monthly installments of Rs.128200/- starting July 11 and last installment of
Rs. 0.128 plus interest form CC a/c Margin Ram Material -
25% Stock in process
- 25% Finished
Goods -25% Receivable - 30% (Cover period 120
Days) Extent and operation of the charge The Agreement
shall operate as continuing security for balance or balances to the bank and
all other monies due by the borrower. |
|
Short particulars
of the property charged (Including location of the property) |
CC (Hyp.) -
Hypothecation of all kinds of stocks of packaging materials and receivables. IUBD limit
-Documents of title of goods, pre accepted Bills of Exchange / Hundies and
other documents drawn strictly in accordance with the LC issued by a First
Class Banks Existing Medium
Term Loan as per the existing terms and conditions. New MTL as per
Term Loan Agreement attached and as per Sanctioned Letter. |
|
Particulars of
the present modification |
Change in the
particulars of Plant and Machinery already sanctioned Term Loan on 31-12-2010
hence charge modified on signing new Deed of Hypothecation for Term Loan |
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 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.44.45 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.64.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
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 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.