MIRA
INFORM REPORT
|
Report Date : |
18.08.2011 |
IDENTIFICATION DETAILS
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Name : |
CAN-PACK INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No. L-18/28 and L-19, MIDC Waluj, Aurangabad – 431136,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
26.11.2007 |
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Com. Reg. No.: |
11-176188 |
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Paid-up Capital
: |
Rs. 1855.714 Millions |
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CIN No.: [Company Identification
No.] |
U52390MH2007PTC176188 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of two-piece aluminum beverage cans |
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No. of Employees
: |
153 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 7300000 |
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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. There appears
some accumulate losses related by the company. However, trade relations are reported
as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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
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Registered Office : |
Plot No. L-18/28 and L-19, MIDC Waluj, Aurangabad – 431136,
Maharashtra, India |
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Tel. No.: |
91-240-6600000 |
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Fax No.: |
91-240-6600001 |
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E-Mail : |
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Website : |
DIRECTORS
As on 08.06.2011
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Name : |
Mr. Michal Wojciech Jerzy Sloniec |
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Designation : |
Director |
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Address : |
Green Community Popply Lane-808, Dubai 11111, UAE |
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Date of Birth/Age : |
09.11.1977 |
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Date of Appointment : |
18.05.2009 |
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DIN No.: |
01939099 |
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Name : |
Mr. Jacek Olgierd Jozef Marciniszyn |
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Designation : |
Director |
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Address : |
Zakatek 3/4, Krakow 30076, Poland |
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Date of Birth/Age : |
17.09.1972 |
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Date of Appointment : |
18.05.2009 |
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DIN No.: |
01938903 |
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Name : |
Mr. Dilip Kisanlal Kela |
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Designation : |
Director |
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Address : |
1, Lokmat Apartment Town Centre, Aurangabad – 431005, Maharashtra,
India |
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Date of Birth/Age : |
28.06.1968 |
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DIN No.: |
01879826 |
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Name : |
Mr. Harsh Vardhan Jajoo |
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Designation : |
Managing Director |
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Address : |
Plot No. 231, Sector B, N-1 Cidco, Aurangabad – 431003, Maharashtra,
India |
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Date of Birth/Age : |
22.05.1969 |
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Date of Appointment : |
26.11.2007 |
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DIN No.: |
00758308 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjeev Kumar |
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Designation : |
Company Secretary |
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Address : |
H-204, Kailash Arcade, N-5, Cidco Aurangabad – 431003, Maharashtra,
India |
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Date of Birth/Age : |
02.10.1970 |
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Date of Appointment : |
24.02.2009 |
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Pan No.: |
AMZPK4423G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.06.2011
|
Names of Shareholders |
|
No. of Shares |
|
Can-Pack SA |
|
13917855 |
|
Can-Pack ME DMCC |
|
4639285 |
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Total |
|
18557140 |
As on 08.06.2011
|
Category |
Percentage |
|
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 two-piece aluminum beverage cans |
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GENERAL INFORMATION
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No. of Employees : |
153 (approximately) |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sudit K Parekh and Company Chartered Accountant |
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Address : |
Ballard House, 2nd Floor, Adimarzban Path, Balard Pier
Fort, Mumbai – 400001, Maharashtra, India |
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Pan No.: |
AAAFS4500P |
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Holding Company : |
Can-Pack S.A. |
CAPITAL STRUCTURE
As On 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
19348500 |
Equity Shares |
Rs. 100/- each |
Rs. 1934.850 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
18557140 |
Equity Shares |
Rs. 100/- each |
Rs. 1855.714
Millions |
Note:
Of the above 13917855 (p.y. 13901784) equity shares
are held by Can-Pack S.A., Poland, the holding company and 4639285 (p.y.
4633928) equity shares are held by Can-Pack ME DMCC, Dubai, Group Company)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1855.714 |
1853.571 |
430.000 |
|
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2] Share Application Money |
0.000 |
0.536 |
272.750 |
|
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(10.059) |
(2.378) |
00.000 |
|
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NETWORTH |
1845.655 |
1851.729 |
702.750 |
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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 |
2024.518 |
2109.028 |
0.000 |
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TOTAL BORROWING |
2024.518 |
2109.028 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3870.173 |
3960.757 |
702.750 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3070.300 |
3336.414 |
61.063 |
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Capital work-in-progress |
98.574 |
0.000 |
1606.608 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
81.827 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
561.948
|
375.979 |
0.000 |
|
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Sundry Debtors |
183.690
|
105.583 |
0.000 |
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Cash & Bank Balances |
30.782
|
120.682 |
4.252 |
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Other Current Assets |
5.987
|
5.996 |
0.572 |
|
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Loans & Advances |
274.722
|
191.061 |
33.443 |
|
Total
Current Assets |
1057.129
|
799.301 |
38.267 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
410.511
|
139.112 |
1003.172 |
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Other Current Liabilities |
24.758
|
34.656 |
0.000 |
|
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Provisions |
2.388
|
1.190 |
0.245 |
|
Total
Current Liabilities |
437.657
|
174.958 |
1003.417 |
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Net Current Assets |
619.472
|
624.343 |
(965.150) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.229 |
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TOTAL |
3870.173 |
3960.757 |
702.750 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
2349.930 |
603.920 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
2061.640 |
489.950 |
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Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
288.290 |
113.970 |
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Less |
FINANCIAL
EXPENSES (D) |
117.260 |
50.100 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
171.030 |
63.870 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
260.560 |
66.250 |
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PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(89.530) |
(2.380) |
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Less |
TAX
(I) |
(81.850) |
0.000 |
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PROFIT / (LOSS)
AFTER TAX (G-I) (J) |
(7.680) |
(2.380) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2.380) |
0.000 |
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BALANCE CARRIED TO
THE B/S |
(10.060) |
(2.380) |
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|
Earnings Per
Share (Rs.) |
0.41 |
NA |
|
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
(0.33)
|
(0.39) |
NA |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
(2.17)
|
(0.06) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.05)
|
0.00 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.33
|
1.23 |
1.43 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.42
|
4.57 |
0.04 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from Hotel Vrindavan
Garden, X-125, Waluj MIDC Industrial Area, Aurangabad – 431136, Maharashtra,
India to the present address w.e.f 27.03.2009.
MATERIAL CHANGES AND
COMMITTMENTS
PERFORMANCE ANALYSIS
Since the year ended 31.12.2010 is the first full fledged operational year of the4ompany hence they cannot compare the performance of the Company with the earlier years. However for the year ended 31.12.2010 net sales of the Company were Rs. 2349.930 millions. Profit before depreciation, interest and taxes were Rs. 288.290 million and after considering the depreciation interest and taxes total loss of the company was Rs. 10.060 million which includes Rs. 2.380 million the carried forward loss of previous year.
FINANCE
During the year under consideration there was no change in the authorized capital of the company. However on 31.05.2010 the paid-up capital of the company has increased to Rs. 1855.714 millions by allotment of 21428 equity shares of Rs. 100.00 each.
REVEW OF CURENT
OPERATIONS
The year under consideration was first full operational year for the Company. The Company received the Eligibility Certificate frorn Government of Maharashtra, Directorate of Industries for Rs. 3188.000 million under Package Scheme of Incentive-2007 in month of May 2010. The Company is now entitled for Industrial Promotion Subsidy (IPS) of Rs. 3188.000 millions, equivalent to 100% of its eligible investment, which will be payable after two years of its Commercial Production i.e from 01.08.2011.
During the year the Company concentrated to train the employees and stabilize the process. The Company succeeded to run the plant with 71% of capacity. In the coming years the Company will attempt to carry on the plant with increased efficiency.
During the year under consideration the Company started to produce two new sizes of cans called FIT CAN in 300 ML and 330 ML.
The Company has not only sold its product in India but also exported.
The Company won the highest packaging award in India (India Star award) and. also the highest honor for packaging excellence in Asia (Asia Star award) in 2010, both awards were received for the King Fisher Cans for the IPL (Indian Premier League for Cricket) and the October Fest. (Subject was the only can maker receive the Asia star award in 2010).
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
The 2-pc beverage can requirement for 2011 India is estimated to be 900 million.
The beverage an requirement is expected to grow at 25% year on year. The market is driven by majorly by United Breweries, Coca-Cola, Pepsi and SAG Miller which constitute about 80% of the can requirements. There are a few smaller companies which complete the remaining 20%.
The company has achieved 70% Indian market share in 2011 with its efficient sales an after sales service. Can-Pack India is the numero uno choice for beverage companies across segments. The Company is the exclusive supplier to coke in India, supplies all 33ol requirements of Pepsi and has long term contracts with all major beverage companies.
The beverage can market is still majorly dominated by the beer market with a 71% market share. With urbanization and the economy on the rise, consumers are preferring beverage cans for their beverages to other forms of packaging. The Company has een instrumental in the growth of the beer. At-least 4-5 new breweries are entering the market with can filling Ines due to the prospect of having their beverage cans supplied locally.
The Indian beverage can market will continue to grow rapidly (@25%) for at-least the next decade. It gives tremendous opportunity for the company to increase the investment and garner further returns.
Fixed Assets:
·
Leasehold land
·
Buildings
·
Plant and machinery
·
Electrical installation
·
Furniture and fixtures
·
Computers and peripherals
·
Vehicles
·
Technical know how
·
Trade mark
·
Softwares
AS PER WEBSITE
DETAILS
PROFILE:
Can-Pack Group continuously develops in terms of geographic and product expansion. The present organisational structure reflects the on-going processes within the Group. Dynamic development of particular aspects of their business activities requires development of a target structure based on different branches of production (beverage cans, steel cans, crown bottle corks, glass packaging), including domestic and foreign companies and branches. Moreover, they established a separate service branch to centralise the activities of Can-Pack Group within the scope of management, finance and recycling. Thus, the synergy effect enables effective management of particular aspects of activities within the Group, optimum utilisation of resources and possibilities of further development.
Can-Pack group has been a leader in the packaging industry for more than two decades providing paramount metal packaging solutions to the varied requirements of our customers. Can-Pack group started its operations in 1989 in Poland with a single unit producing 3-pc container for chemicals, since then the group has conglomerately grown to 32 units in 12 countries in 2010. The key feature of this growth has been the team of highly qualified specialists who form a close knit team capable of providing the right solutions and also our technology, which is constantly perfected.
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.45.37 |
|
|
1 |
Rs.74.56 |
|
Euro |
1 |
Rs.65.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.