MIRA
INFORM REPORT
|
Report Date : |
23.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
METAL CLOSURES PRIVATE LIMITED |
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Registered
Office : |
39/4B 12th K M Kanakapura Road, Bangalore – 560062, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.12.1977 |
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Com. Reg. No.: |
003254 |
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Capital Investment
/ Paid-up Capital : |
Rs.125.000 Millions |
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CIN No.: [Company Identification
No.] |
U34203KA1977PTC003254 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM01069F |
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PAN No.: [Permanent Account No.] |
45-155-CY |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business
: |
Manufacture of
closures and pilfer proof caps for brewery and pharmaceutical. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1508188 |
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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 an 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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/Factory : |
39/4B 12th K M Kanakapura Road, Bangalore – 560062, Karnataka, India |
|
Tel. No.: |
91-80-26320501 /
2632059 / 26320132 |
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Fax No.: |
91-80-26320020 |
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E-Mail : |
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Area : |
[Office - 2500
sq. ft. ] and [Factory – 100000 sq. ft. on 1.2 Acres Land] |
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Bannampalli
Prashanth Hegde |
|
Designation : |
Managing Director |
|
Address : |
261, Defence Colony, HAL II Stage, |
|
Date of Birth/Age : |
14.07.1949 |
|
Date of Appointment : |
07.12.1977 |
Other Directorship:
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date
of appointment |
Company Status |
Defaulting
status |
|
1 |
U24222KA1988PTC009593 |
EMCEE CROWNS PRIVATE
LIMITED |
Director |
11/11/1988 |
11/11/1988 |
Active |
NO |
|
2 |
U34203KA1977PTC003254 |
METAL CLOSURES PRIVATE
LIMITED |
Director |
18/09/1995 |
18/09/1995 |
Active |
NO |
|
3 |
U72200KA2000PTC027274 |
METTLE INFOTECH PRIVATE
LIMITED |
Director |
02/05/2003 |
02/05/2003 |
Active |
NO |
|
4 |
U27209KA1993PTC015074 |
BP METAL PACKS PRIVATE
LIMITED |
Director |
30/09/2005 |
30/09/2005 |
Active |
NO |
|
Name : |
Dr. (Mrs.)
Shereen Hegde |
|
Designation : |
Director |
|
Address : |
261, Defence Colony, HAL II Stage, |
|
Date of Birth/Age : |
06.05.1954 |
|
Date of Appointment : |
18.09.1995 |
Other Directorship:
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of appointment
at current designation |
Original date
of appointment |
Company Status |
Defaulting
status |
|
1 |
U34203KA1977PTC003254 |
METAL CLOSURES PRIVATE
LIMITED |
Director |
07/12/1977 |
07/12/1977 |
Active |
NO |
|
2 |
U24222KA1988PTC009593 |
EMCEE CROWNS PRIVATE
LIMITED |
Director |
11/11/1988 |
11/11/1988 |
Active |
NO |
|
3 |
U72200KA2000PTC027274 |
METTLE INFOTECH PRIVATE
LIMITED |
Director |
14/06/2000 |
14/06/2000 |
Active |
NO |
|
4 |
U27209KA1993PTC015074 |
BP METAL PACKS PRIVATE
LIMITED |
Director |
28/06/2006 |
28/06/2006 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
B. Prashanth
Hegde |
|
813949 |
|
Dr. Shereem Hegde |
|
257000 |
|
Mrs. Sulochana R.
Hegde |
|
168051 |
|
Mrs. Vijaya H
Shetty |
|
7000 |
|
Mr. H. Vivek
Shetty |
|
4000 |
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Total |
|
1250000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of
closures and pilfer proof caps for brewery and pharmaceutical. |
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Products : |
Roll-On and Pilfer-Proof Closures, Intermediate pry-off crown
closures, Dry cell battery metal jackets and blanks, top-bottom components,
Twist-off (lug) closures, Shoe-Polish Tins, Tinlets and Printed metal sheets. |
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PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
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Actual
Production |
|
Metal Cap Closures – Pilfer Proof/Lug-Cap/SPC/PMS and Battery Closures
|
|
|
|
302.67 |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Customers : |
·
Nippo Batteries
Company Limited ·
Matshushita
Lakhanpal Battery India Limited ·
The
Global Green Company Limited (Thapar Group) ·
Miracle
Food Processors ·
Sara Lee
H&BC India Limited (Kiwi) ·
Reckitt
Benckiser India Limited (Cherry Blossom) ·
Sphinax
Chemical Industries Limited ·
Chelpark
Company Private Limited ·
Industrial
Research Corporation (Bril inks) ·
Primacy
Industries ·
Wix-n-Wax
(India) Private Limited (perfumed candles) ·
United
Breweries Limited ·
SABMiller
India ·
Hindustan
Coca Cola Beverages (Coca Cola Inda) ·
Hindustan
Lever Limited ·
Sanat
Products (Dabur group) ·
United Spirits Limited |
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Bankers : |
· State Bank of India, Specialised Mid Corporate Branch, No. 97, Railway Parallel Road, Kumarapark West, Bangalore - 560020, Karnataka, India ·
3i Infotech Trusteeship Services Limited, 3rd
to 6th floor, International Infotech Park, Tower No.5, Vashi Railway Station
Complex, Vashi, Navi Mumbai - 400703, Maharashtra, India |
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Facilities : |
Note: The above loans
are secured by first charge on company’s fixed assets inventories and book
debts
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Venkat Kollali and Murthy Chartered Accountant |
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Address : |
No.25, 1st Floor, Gover Road, Cox Town, Bangalore – 560005,
Karnataka, India |
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Tel No.: |
91-22-25804098/41253519 |
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Email: |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs.100/- each |
Rs.125.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs.100/-
each |
Rs.125.000
Millions |
|
|
|
|
|
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.100/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.100/- each |
Rs.150.000 Millions |
|
|
|
|
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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 |
125.000 |
96.200 |
70.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
252.047 |
191.612 |
123.047 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
377.047 |
287.812 |
193.047 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1046.263 |
1007.178 |
790.495 |
|
|
2] Unsecured Loans |
14.330 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1060.593 |
1007.178 |
790.495 |
|
|
DEFERRED TAX LIABILITIES |
33.843 |
18.742 |
20.854 |
|
|
|
|
|
|
|
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TOTAL |
1471.483 |
1313.732 |
1004.396 |
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
627.638 |
345.062 |
355.554 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
0.253 |
0.253 |
18.626 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
421.223
|
385.371 |
303.376 |
|
|
Sundry Debtors |
530.809
|
554.255 |
385.507 |
|
|
Cash & Bank Balances |
49.115
|
71.105 |
35.778 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
31.922
|
67.287 |
42.144 |
|
Total
Current Assets |
1033.069
|
1078.018 |
766.805 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
180.063
|
86.395 |
116.949 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
9.414
|
23.206 |
19.640 |
|
Total
Current Liabilities |
189.477
|
109.601 |
136.589 |
|
|
Net Current Assets |
843.592
|
968.417 |
630.216 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1471.483 |
1313.732 |
1004.396 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
TOTAL INCOME |
1587.984 |
1547.676 |
1212.032 |
|
|
|
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
141.275 |
138.900 |
114.518 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
60.447 |
54.317 |
44.644 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
80.828 |
84.583 |
69.874 |
|
|
|
|
|
|
|
Less |
TAX |
20.393 |
16.018 |
14.935 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
60.435 |
68.565 |
54.939 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.80
|
4.43 |
4.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.87
|
5.94 |
6.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.29 |
0.36 |
|
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|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.32
|
3.88 |
4.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.45
|
9.83 |
5.61 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate identity number of the company |
U34203KA1977PTC003254 |
|
Name of the company |
METAL CLOSURES PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
39/4B, 12th K Mkankapura Main
Road, Bangalore – 560062, Karnataka, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable Property |
|
Particular of charge holder |
TATA CAPITAL LIMITED |
|
Nature of instrument creating charge |
Loan cum Hypothecation cum Guarantee
Agreement dated 21.04.2011 |
|
Date of instrument Creating the charge |
21/04/2011 |
|
Amount secured by the charge |
Rs.50.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest Long Term Lending Rate (LTLR) @ 16.50% p.a Rate of Interest @ 3% p.a below LTLR,
subject to a minimum of 11% p.a Terms of Repayment Principal amount to be repaid in 44
monthly installments of Rs. 1.111 Millions and 45th installment of Rs. 1.107
Millions commencing from 20.08.2011 and ending on 20.04.2015. Margin Margin @ 20% for new machinery of Invoice
/ Machine Value Margin @ 40% for used machinery of Invoice
/ Machine Value Extent and Operation of the charge The charge extends to the due repayment of
the loan of Rs.50 Millions including interest, additional interest, costs,
charges, expenses and all other monies payable by the Borrower under the
Agreement dated 21.04.2011 In the event of default in payment of
interest or repayment of principal amount of the Loan the Borrower shall pay
to the Lender, further interest @ 4% p.a. as penal interest. |
|
Short particulars of the property charged |
1. Molds For Large Torch 2. Molds For Small Torch Concept-3 3. Injection Moulding Machine Model No
150/510-900 Lnc 4. Injection Moulding Machine Model No
1075 150 T-900 Iu 8kw 5. Air Dryer and Automatic Loading Machine
Model No Lmd 80-1 X 250l-Pl 6. Stainless Steel Mould Base Machines 7. Borri 15 Kva Ups Model B No 8033 8. Injection Moulding Machine 9. 750 Kva 11//0.433kv Transformers With
Oltc + Rtcc + Avr 10. Kit Positioners Springs Etc 11. Pano- Karges Hammer Press 12. Hopper Dryer And Vaccum Auto Loader 13. 375 Kva Kohler Dg Set Complete 14. Plastic Molding Machines For Torch
Body & Power 15. Emiga Hydraulic Plastic Injection
Moulding Machine 16. Used Schuler Press A2-50, 1989 Model 17. Used Schuler Press A2-50, 1971 Model |
AS PER WEBSITE DETAILS
Business Background
Company initially set up a pilfer-proof-cap manufacturing unit
in small scale. Since production equipments were indigenous and semi-automatic
company had to contend itself with supplies to lower end users in liquor and
other allied industries. Much growth was not possible and the margins involved
were meager. It then became clear that there was need to technically upgrade
the production capabilities in order to reach more lucrative market and product
segments.
Expansion
Company undertook expansion program that involved plant
and machinery imports. As a result of technical up-gradation and capacity
expansion, company ventured into new product ranges. During year 1996-97
company further recognized the possibility of product diversification in view
of its association with multinational clientele. New products like printed
metal sheets for dry cell battery jackets, twist-off (lug) caps, metal
containers for shoe care and personal care were identified and an expansion
project was drawn for manufacture of these products with import of necessary
production equipments.
Apart from upgrading production capabilities companies
quality management system was certified against ISO standards. In order to
improve quality of our service, to keep pace with business growth and for
effective business decision-making company implemented mySAP ERP (ECC 6.0)
solutions, thus integrating MIS of all its business functions.
Consolidation
Most of company’s clientele expressed their willingness to
accord principal supplier status for their countrywide requirements and was
also encouraged to diversify into other related products and market segments.
Company thus developed vacuseals for 100% EOU’s who are fully owned
subsidiaries of multinationals. Given the buy-back arrangement with their
parent companies there was a large business potential.
Company further expanded production capabilities by
importing printing and coating lines from Crabtree-England, sheet-feed-presses
from Alfons Haar-Germany, High speed battery jacket body makers from
Toho-Japan, battery blanking dies from Mastec-Singapore, High speed punching
press from Ching Fong-Taiwan, Sheet and Cap curing ovens from Hon Yeang-Taiwan.
Company in order to service its existing and prospective
clientele in Northern and Central India set up a new unit and warehousing
facility at Kala Amb, Himachal Pradesh. This unit started commercial production
from July 2006 and is into production of entire range of ROPP caps, dry cell
battery metal jackets and press-open type containers for shoe polish.
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.47.46 |
|
|
1 |
Rs.74.95 |
|
Euro |
1 |
Rs.65.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.