MIRA
INFORM REPORT
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Report Date : |
22.02.2011 |
IDENTIFICATION DETAILS
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Name : |
E-PACK POLYMERS PRIVATE LIMITED |
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Registered Office : |
2584, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
12.02.1999 |
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Com. Reg. No.: |
55-98374 |
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CIN No.: [Company
Identification No.] |
U74999DL1999PTC098374 |
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IEC No.: |
0599025425 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELE01935D/ DELE01934C |
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PAN No.: [Permanent
Account No.] |
AAACE5175D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of EPS Packaging |
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 830000 |
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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. Financial
position of the company appears to be sound. Trade relations are fair.
Business is active. Payments are reported to be usually correct and as per
commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Sanjay Sighania |
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Designation : |
Director |
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Contact No.: |
91-9958593021 |
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Date : |
10.02.2011 |
LOCATIONS
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Registered Office : |
2584, |
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Tel. No.: |
91-11-23916862/ 23974876 |
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Mobile No.: |
91-9958593022 (Mr. Anirudh Singh) |
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Fax No.: |
91-11-23953687 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Factory : |
61 B and C, Udyog Vihar, |
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Tel. No.: |
91-120-2569078/ 2569079 |
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Fax No.: |
91-120-2569836/ 2569079 |
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E-Mail : |
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Area : |
18000 sq ft |
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Location : |
Leased |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Ajay
Singhania |
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Designation : |
Director |
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Address : |
A – 122, Sector – 40, Noida, |
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Date of Birth/Age : |
07.08.1974 |
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Date of Appointment : |
27.12.1999 |
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Name : |
Mr. Laxmi Pat Bothra |
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Designation : |
Director |
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Address : |
B – 116, Golf Link, Sector – 40, Noida, |
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Date of Birth/Age : |
19.11.1961 |
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Date of Appointment : |
30.09.2008 |
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Name : |
Mr. Rajat Bothra |
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Designation : |
Director |
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Address : |
B – 114, Golf Link, Sector – 40, Noida, |
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Date of Birth/Age : |
29.08.1982 |
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Date of Appointment : |
15.10.2004 |
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Name : |
Mr. Sanjay Sighania |
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Designation : |
Director |
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Address : |
A – 122, Sector – 40, Noida, |
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Date of Birth/Age : |
26.07.1973 |
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Date of Appointment : |
12.02.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Bajarang Lal Bothra |
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579750 |
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Kankanwari Devi Bothra |
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186700 |
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Punam Chand Bothra (HUF) |
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5000 |
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Leela Devi Bothra |
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111700 |
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Rajat Bothra |
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95000 |
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Laxmi Pat Bothra |
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728400 |
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Suman Devi Bothra |
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145900 |
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Nitin Bothra |
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40000 |
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Nikhil Bothra |
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45000 |
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Sanjay Singhania |
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724850 |
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Deen Dayal Sighania |
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150100 |
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Ajay Sighania |
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742500 |
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Pinki Sighania |
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150000 |
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Preeti Sighania |
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105000 |
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Divisha Sighania |
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50000 |
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Lalita Devi Singhania |
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15000 |
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Dinesh Bhuwalka |
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500 |
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Total |
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3875400 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of EPS Packaging |
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Products : |
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Exports : |
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Products : |
Prefabricated Structure |
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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 30/ 60/ 90 days |
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Purchasing : |
L/C, Cash and Credit 30/ 60/ 90 days |
GENERAL INFORMATION
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Customers : |
End Users, OEM’s
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No. of Employees : |
350 (Approximately) |
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Bankers : |
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Facilities : |
Notes:- 1. Cash credit
limit is secured against hypothecation /first charge on raw material, stock
in process, finished goods. Spare and book debts of the company. 2. lnland/Import
letter of credit is secured against extension of charge on stock and book
debts of the company. 3. Bank
guarantee limit is secured against hypothecation I first charge on
inventory cum book debts/current assets. 4.Working
capital term loan is secured against emg/first charge on factory land and
building and hypothecation of first charge on plant and machinery and other
moveable assets. 5.Term loans are
secured against emg/first charge on factory land and building and
hypothecation first charge on plant and machinery and other moveable assets. All the
aforesaid facilities are guaranteed by Sri Sanjay Singhania, Sri Ajay
Singhania, Sri Rajat Bothra and Sri L.P. Bothra. These facilities
are collaterally secured by :- i. EMG of
factory land and building at plot No.61 B and C, Udyog Vihar, Greater Noida
owned by the company. ii.
Hypothecation of plant and machinery arid other fixed assets owned by the
company except vehicles. iii. Pledge of
shares of the company standing in the individual name of the promoters. 6. Vehicle loans
are secured by way of hypothecation of vehicles. 7. Out of the
total term loans stated above, all are payable in Indian currency. |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Samrath M. Surana and Company Chartered Accountants |
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Address : |
R. No.307, Sai Chamber, 783/16 D B Gupta Road, Karol Bagh, New
Delhi-110 005, Delhi, India |
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Tel. No.: |
91-11-23550150 |
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Associates/Subsidiaries : |
·
East India Technologies Private Limited, Greater
Noida (Uttar Pradesh), ·
Ennov Infra Solutions Private Limited, Noida
(Uttar Pradesh) · E-Durables, Dehradun, Uttarakhand · E- Vision ·
Ennov Techno Tools Private Limited |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3875400 |
Equity Shares |
Rs.10/- each |
Rs.38.754
millions |
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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1] Share Capital |
38.754 |
38.754 |
38.754 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
169.927 |
150.815 |
58.867 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
208.681 |
189.569 |
97.621 |
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LOAN FUNDS |
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1] Secured Loans |
163.760 |
128.429 |
125.797 |
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2] Unsecured Loans |
32.781 |
29.884 |
28.920 |
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TOTAL BORROWING |
196.541 |
158.313 |
154.717 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
405.222 |
347.882 |
252.338 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
344.761 |
291.367 |
201.973 |
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Capital work-in-progress |
9.576 |
0.000 |
0.000 |
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INVESTMENT |
0.263 |
1.030 |
1.031 |
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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 |
26.512
|
32.823 |
29.159
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Sundry Debtors |
142.180
|
80.064 |
51.303
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Cash & Bank Balances |
6.152
|
6.710 |
4.528
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Other Current Assets |
0.000 |
0.000 |
0.000
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Loans & Advances |
50.192
|
30.921 |
25.444
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Total
Current Assets |
225.036
|
150.518 |
110.434
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
138.157
|
84.759 |
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Other Current Liabilities |
34.407
|
5.403 |
54.511
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Provisions |
1.850
|
4.871 |
6.600
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Total
Current Liabilities |
174.414
|
95.033 |
61.111
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Net Current Assets |
50.622
|
55.485 |
49.323
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.011 |
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TOTAL |
405.222 |
347.882 |
252.338 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
852.725 |
532.233 |
564.501 |
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Other Income |
4.299 |
5.100 |
5.944 |
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TOTAL (A) |
857.024 |
537.333 |
570.445 |
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Less |
EXPENSES |
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Raw Material Consumed |
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|
405.108 |
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Manufacturing Expenses |
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|
66.592 |
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Administrative Expenses |
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|
9.592 |
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Establishment Expenses |
801.407 |
486.166 |
12.084 |
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Selling & Distribution Expenses |
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|
14.201 |
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Other Expenditure |
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|
17.331 |
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TOTAL (B) |
801.407 |
486.166 |
524.908 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
55.617 |
51.167 |
45.537 |
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Less |
FINANCIAL
EXPENSES (D) |
17.280 |
17.710 |
11.854 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
38.337 |
33.457 |
33.683 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.731 |
16.502 |
15.477 |
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PROFIT BEFORE
TAX (E-F) (G) |
21.606 |
16.955 |
18.206 |
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Less |
TAX (H) |
2.494 |
3.053 |
4.028 |
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PROFIT AFTER TAX
(G-H) (I) |
19.112 |
13.902 |
14.178 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
72.769 |
58.867 |
44.689 |
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BALANCE CARRIED
TO THE B/S |
91.881 |
72.769 |
583.867 |
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EARNINGS IN
FOREIGN CURRENCY |
9.211 |
9.753 |
NA |
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IMPORTS |
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Raw Materials |
2.523 |
15.780 |
59.509 |
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Capital Goods |
23.356 |
10.2587 |
31.880 |
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TOTAL IMPORTS |
25.879 |
26.0387 |
91.389 |
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Earnings Per
Share (Rs.) |
4.93 |
3.66 |
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Expected Sales (2010-2011) : Rs.1000.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.23
|
2.59 |
2.49
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Net Profit Margin (PBT/Sales) |
(%) |
2.53
|
3.19 |
3.23
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.84
|
3.84 |
5.83
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Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.09 |
0.19
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Debt Equity Ratio (Total Liability/Networth) |
|
1.78
|
1.34 |
2.21
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Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.58 |
1.81
|
LOCAL AGENCY FURTHER INFORMATION
Financial Results
and Operations:
During the year rose by 60.22%. Profit before tax was higher by 27.43%.
Company hopes for performance better in current year.
TRADE REFERNCES:
·
LG
·
Videocon
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74999DL1999PTC098374 |
|
Name of the
company |
E-PACK POLYMERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
2584, E-Mail: info@epackpolymers.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10207107 |
|
Type of charge |
Others (Corporate Guarantee) |
|
Particular of
charge holder |
Bank of E-Mail: akandco@hotmail.com |
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Nature of
description of the instrument creating or modifying the charge |
Corporate
Guarantee Agreement dated 15/02/2010 |
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Date of
instrument Creating the charge |
22.10.2010 |
|
Amount secured by
the charge |
Rs.94.716
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As applicable to reduced
aggregate credit facilities of Rs. 94.716 millions granted to/enjoyed by M/s
E Durables Terms of
Repayment As applicable to
reduced aggregate credit facilities of Rs. 94.716 millions granted to/enjoyed
by M/s E Durables Margin As applicable to
reduced aggregate credit facilities of Rs. 94.716 millions granted to/enjoyed
by M/s E Durables Extent and
Operation of the charge 100% Others To guarantee
payment of all sums due to the Bank under reduced aggregate credit facilities
of Rs. 94.716 millions granted to/enjoyed by M/s E Durables |
|
Short particulars
of the property charged |
Corporate
Guarantee of the Company. |
|
Particulars of
the present modification |
The Corporate
Guarantee of the Company stands reduced from Rs.123.780 millions to Rs.94.7.6
millions to guarantee payment of all sums due to the Bank reduced aggregate
credit facilities of Rs.94.716 millions granted to/enjoyed by M/s E Durables
together with all interests, costs, charges, expenses, commission etc. Other
terms and conditions remained the same. |
FIXED ASSETS:
- Building
- Computer
- Dies and
Moulds
- Furniture
- Land
- Office
Equipment
- Plant and
Machinery
- Light Com.
Vehicle
- Vehicle
WEBSITE DETAILS:
PROFILE:
Subject a highly
integrated professionally managed ISO standard meeting Company. Subject
is one of the and most respected company in insulation and packaging
sector in
Corporate office and one of the Factory is based at Prime
Location of Greater Noida Industrial Area where in same vicinity LG India and
Moser bear factories are also situated. Apart from PU Sandwich panels
manufacturing, Subject also specializes in Custom molded protective EPS
packaging. Subject is today
Subject have been providing custom designed solutions.
Complete design engineering, prototype sampling, part production and
just-in-time delivery all combine to provide total packaging solutions. Due to
the customer centric approach, today they are a Group with an annual turnover exceeding USD 100 million.
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.45.11 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.67.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
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.