MIRA
INFORM REPORT
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Report Date : |
05.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL PACKAGING PRODUCTS PRIVATE LIMITED (w.e.f. 28.04.2004) |
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Formerly Known
As : |
INTERNATIONAL PACKAGING PRIVATE LIMITED |
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Registered
Office : |
Unit No. 602, 6th Floor, Antrishk Thakoor House, CTS No. 773,
Makwana Road, Marol, Andheri (East), Mumbai-400093, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.12.2000 |
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Com. Reg. No.: |
11-130009 |
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Capital Investment/
Paid-up Capital: |
Rs. 247.429
Millions |
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CIN No.: [Company Identification
No.] |
U21014MH2000PTC130009 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Woven and Non Woven Plastic Fabric. |
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No. of
Employees: |
Approximately 400 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 6200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually 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.
INFORMATION PARTED BY
|
Name : |
Mr. Harish Pawai |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-9833017099 |
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Date : |
03.08.2011 |
LOCATIONS
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Registered Office : |
Unit No. 602, 6th Floor, Antrishk Thakoor House, CTS No. 773,
Makwana Road, Marol, Andheri (East), Mumbai-400093, Maharashtra, India. |
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Tel. No.: |
91-22-67416620 |
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Mobile No.: |
91-9833017099 (Mr. Harish Pawani) |
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Fax No.: |
91-22-67416699 |
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E-Mail : |
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Website : |
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Area : |
2378 sq.ft. (Owned) |
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Factory 1 : |
Survey No. 380/2, |
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Tel. No.: |
91-260-2699385 to 389 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Baldev Singh Shokar |
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Designation : |
Director |
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Address : |
3076 Yellow Cedar Pl |
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Date of Birth/Age : |
03.02.1950 |
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Date of Appointment : |
10.01.2001 |
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DIN No.: |
00265320 |
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Name : |
Mr. Robert Alexander Milne |
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Designation : |
Director |
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Address : |
2201l, |
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Date of Birth/Age : |
01.10.1952 |
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Date of Appointment : |
10.01.2001 |
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DIN No.: |
00458105 |
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Name : |
Mr. Durgesh Srivastava |
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Designation : |
Director |
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Address : |
Flat No. 203, Umang A, |
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Date of Birth/Age : |
10.05.1969 |
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Date of Appointment : |
31.07.2008 |
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DIN No.: |
02313463 |
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Name : |
Mr. Prashantkumar Ashwinkumar Desai |
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Designation : |
Director |
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Address : |
6, Chankyapuri Society Bavisafallya, Silvasa-396240, Dadar |
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Date of Birth/Age : |
11.07.1970 |
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Date of Appointment : |
10.07.2009 |
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Date of Ceasing: |
18.02.2010 |
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DIN No.: |
02737735 |
KEY EXECUTIVES
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Name : |
Mr. Harish Pawai |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Equity Shares |
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640713 British Columbia Limited, |
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121465 |
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640714 British Columbia Limited, |
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121465 |
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Total |
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242930 |
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Names of Shareholders |
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No. of Preference
Shares |
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640713 British Columbia Limited, |
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12251200 |
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640714 British Columbia Limited, |
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12248800 |
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Total |
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24500000 |
Equity Shares Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
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Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Woven and Non Woven Plastic Fabric. |
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Exports : |
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Products : |
Woven and Non Woven Fabric |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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No. of Employees : |
Approximately 400 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Hinesh and Doshi and Company Chartered Accountant |
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Address : |
102 First Floor, A Wing, Rajgir Court, 6 Kohinoor Road, Dadar- East, Mumbai-400014,
Maharashtra, India |
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PAN No.: |
AACFH3118C |
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Companies under Common Control: (As on 31.03.2009 |
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Holding Company (As on 31.03.2009): |
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Parent Company: |
Interwrap Inc, |
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Group Companies : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
|
24500000 |
2% Cumulative Redeemable Preference Shares |
Rs. 10/- each |
Rs. 245.000 Millions |
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Total |
|
Rs. 250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
242930 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.429
Millions |
|
24500000 |
2% Cumulative Redeemable Preference Shares |
Rs. 10/- each |
Rs. 245.000
Millions |
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Total |
|
Rs. 247.429 Millions |
Note:
Of the above 20076862 Preferences Shares are
redeemable at par in 4 Equal Annual Installments starting from 31 March 2014m
Of the above 4423138 Preference Shares are
redeemable at par in 4 Equal Annual Installments starting from 31 March 2018
Preference shares carry a cumulative fixed
dividend at the rate of 2% per annum.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
247.429 |
247.429 |
247.429 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
475.036 |
414.873 |
318.175 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
722.465 |
662.302 |
565.604 |
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LOAN FUNDS |
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1] Secured Loans |
171.024 |
135.053 |
224.010 |
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2] Unsecured Loans |
5.703 |
6.431 |
5.005 |
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TOTAL BORROWING |
176.727 |
141.484 |
229.015 |
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DEFERRED TAX LIABILITIES |
5.495 |
5.603 |
1.607 |
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TOTAL |
904.687 |
809.389 |
796.226 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
575.428 |
539.101 |
362.605 |
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Capital work-in-progress |
13.681 |
37.132 |
134.496 |
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INVESTMENT |
47.834 |
51.334 |
0.000 |
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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 |
237.752
|
147.603 |
137.854 |
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Sundry Debtors |
85.427
|
92.714 |
204.145 |
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Cash & Bank Balances |
53.672
|
43.693 |
32.456 |
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Other Current Assets |
2.450
|
0.157 |
0.122 |
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Loans & Advances |
95.527
|
72.730 |
69.539 |
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Total
Current Assets |
474.828
|
356.897 |
444.116 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
159.403 |
136.714 |
85.862 |
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Other Current Liabilities |
4.583
|
6.867 |
35.013 |
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Provisions |
43.098
|
31.494 |
24.116 |
|
Total
Current Liabilities |
207.084
|
175.075 |
144.991 |
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Net Current Assets |
267.744
|
181.822 |
299.125 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
904.687 |
809.389 |
796.226 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
1466.386 |
1581.729 |
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Other Income |
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TOTAL |
1466.386 |
1581.729 |
NA |
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Less |
EXPENSES |
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Administrative Expenses |
1394.341 |
1472.032 |
NA |
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Advertising Expenses |
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Depreciation |
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Financial Charges |
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TOTAL |
1394.341 |
1472.032 |
NA |
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PROFIT
BEFORE PRIOR PERIOD ADJUSTMENT |
72.045 |
109.697 |
88.768 |
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Add |
ADJUSTMENT
PERTAINING TO EARLIER YEARS |
1.218 |
0.000 |
0.000 |
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PROFIT BEFORE
TAX |
70.827 |
109.697 |
88.768 |
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Less |
TAX |
4.932 |
7.267 |
2.114 |
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PROFIT AFTER TAX
|
65.895 |
102.430 |
86.654 |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
413.875 |
317.178 |
NA |
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|
BALANCE CARRIED
TO THE B/S |
474.038 |
413.875 |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
1219.412 |
1412.203 |
1144.456 |
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TOTAL EARNINGS |
1219.412 |
1412.203 |
1144.456 |
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IMPORTS |
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Raw Materials |
NA |
160.873 |
116.630 |
|
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|
Stores & Spares |
NA |
15.752 |
12.021 |
|
|
|
Capital Goods |
NA |
51.509 |
97.806 |
|
|
TOTAL IMPORTS |
NA |
228.134 |
226.457 |
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Earnings Per
Share (Rs.) |
2.66 |
-- |
-- |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
2000.000 |
The above information has been parted by Mr. Harish Pawani (Account
Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.49
|
6.48 |
NA |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.32
|
2.14 |
2.90 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.09 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.46
|
2.29 |
1.15 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.93
|
8.09 |
11.28 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
For Goods |
132.127 |
30.306 |
29.476 |
|
For Expenses |
23.454 |
24.483 |
20.935 |
|
For Capital Goods |
3.822 |
81.925 |
35.451 |
|
Total |
159.403 |
136.714 |
85.862 |
Trade References:
·
·
Ampacet Thailand Company
Limited
Note:
The Registered office of the company has been shifted
from City Point, Telli Galli Road, Opposite Hero Honda Showroom, Andheri
(East), Mumbai-400059, Maharashtra, India to present address w.e.f. 15.06.2010
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U21014MH2000PTC130009 |
|
Name of the
company |
INTERNATIONAL PACKAGING PRODUCTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Unit No. 602, 6th Floor, Antrishk Thakoor House, CTS No. 773,
Makwana Road, Marol, Andheri (East), Mumbai-400093, Maharashtra, India. |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
10156435 |
|
Type of charge |
Immovable Property |
|
Particular of charge
holder |
Barclays Bank PLC, 601/603, Ceejay House, Shivsagar Estate, Dr. Annie
Besamnt Road, Worli, Mumbai-400018, Maharashtra, India |
|
Nature of
instrument creating charge |
Memorandum of
Entry |
|
Date of
instrument Creating the charge |
28.10.2010 |
|
Amount secured by
the charge |
Rs. 250.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As agreed by and
with the Bank from time to time. Terms of
Repayment As agreed by and
the Bank from time to time. Margin As agreed by and
the Bank from time to time. Extent and
Operation of the charge First and
exclusive charge by way of mortgage of immovable property of the borrower in favour
of Barclays Bank, to secure the repayment of working capital facilities of
INR 250 Million granted by the bank to the borrower. |
|
Short particulars
of the property charged |
All that piece
and parcel of non agricultural land
bearing S. No. 380/2 admeasuring 27508 sq.mtrs. with load bearing structure
approximately 30000/- sq.ft. and 88.000 square feet of plinth area bearing at
Dapada in Union Terrioty of Dadra and Nagar Haveli, Silvassa together with
thins appurtenant to tis rights, easements and prescription together with all
building and structure thereon. |
|
Date of
instrument modifying the charge |
31.07.2009 |
|
Particulars of
the present modification |
The Bank had
grated facilities of INR 220 Millions (Working Capital and Term Loan Facilities)
which was secured by mortgaged of immovable property to the borrower on
23.04.2009. The said facilities were revised to Rs. 270.000 Millions and
charge was accordingly modified on 31.07.2010. Now by this modification of
INR 120.000 Millions is repaid and working capital facilities are enhanced to
INR 250.000 Millions and said charge is extended to revised working capital
facilities of INR 250.000 Millions |
Fixed Assets:
·
·
·
·
Electrical Installation
·
Furniture and Fixture
·
Computer
·
Vehicles
·
Office Equipments
·
Plant and Machinery
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.44.42 |
|
|
1 |
Rs.72.70 |
|
Euro |
1 |
Rs.63.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.