MIRA
INFORM REPORT
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Report Date : |
12.01.2011 |
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Tel. No.: |
91-33-24192370 |
IDENTIFICATION DETAILS
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Name : |
FLEXI PACK INDIA PRIVATE LIMITED |
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Registered
Office : |
113/1B, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.07.1993 |
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Com. Reg. No.: |
059610 |
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CIN No.: [Company Identification
No.] |
U24134WB1993PTC059610 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALF00408C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of HDP Containers. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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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 |
|
Maximum Credit Limit : |
USD 216556 |
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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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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
|
Name : |
Mr. D. Bhattacharya |
|
Designation : |
Accounts Department |
|
Date : |
11.01.2011 |
LOCATIONS
|
Registered Office : |
113/1B, |
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Tel. No.: |
91-33-24192370 |
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Fax No.: |
91-33-24740098 |
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E-Mail : |
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Area : |
1200 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
8C7 Laskar Heart, |
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Location : |
Owned |
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Factory 2 : |
345 Laskar Heart, Kolkata – 700039, West Bengal |
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Location : |
Owned |
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DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. |
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Designation : |
Director |
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Address : |
113/1B, |
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Date of Birth/Age : |
12.07.1941 |
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Date of Appointment : |
28.07.1993 |
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Name : |
Mr. Arun Kumar Bhalotia |
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Designation : |
Director |
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Address : |
113/1B, |
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Date of Birth/Age : |
28.03.1970 |
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Date of Appointment : |
28.07.1993 |
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|
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Name : |
Mrs. Aruna Bhalotia |
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Designation : |
Director |
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Address : |
113/1B, |
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Date of Birth/Age : |
29.08.1972 |
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Date of Appointment : |
05.04.2003 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
174210 |
|
Arun Kumar Bhalotia |
|
124000 |
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Gautam Bhiwaniwala |
|
53600 |
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Aruna Bhalotia |
|
119600 |
|
ARS Investments Private Limited, Kolkata |
|
10000 |
|
Chouthmal Jharodia |
|
10000 |
|
Mahesh Kumar Sharaf |
|
10000 |
|
Sitaram Sahal |
|
10000 |
|
Bindeshwar Prasad Singh |
|
10000 |
|
Sri V. Shiv Kumar |
|
10000 |
|
Silky Builders and Fincon Private Limited, |
|
10000 |
|
T. P. Housing Private Limited, |
|
40000 |
|
Gurucharan Bhatia |
|
5000 |
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Anita Bhalotia |
|
201100 |
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Shyam Sunder Soni |
|
10000 |
|
Jai Mathadi Exports Private Limited, Kolkata |
|
15000 |
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Pamesh Chandra Chabria |
|
100000 |
|
Subhas Chandra Tewari |
|
10000 |
|
Prem Kumar Pandit |
|
20000 |
|
Kewali Enterprises Private Limited, Kolkata |
|
70000 |
|
Satyanarayan Sharma |
|
10000 |
|
Manas Banerjee |
|
10000 |
|
Flexi Papar Containers ( |
|
540000 |
|
B T C Capital Limited, Kolkata |
|
307500 |
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|
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|
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Total |
|
1880010 |
AS ON 30.09.2010
|
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 |
0.00 |
|
Bodies corporate |
48.54 |
|
Directors or relatives of Directors |
25.07 |
|
Other top fifty shareholders |
26.39 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of HDP Containers. |
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Exports : |
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Products : |
HDP Containers |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
PRODUCTION STATUS : 31.03.2010
INSTALLED CAPACITY AND ACTUAL PRODUCTION
|
ITEM |
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INSTALLED CAPACITY |
ACTUAL PRODUCTION |
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H.D.P.E. Containers |
Pcs |
16026000 |
14301606 |
|
Caps and Inner Handles |
Pcs |
30000000 |
20953730 |
Note : * Including Production on Job work basis 1165129 Pcs. Previous
Year 9716340 Pcs.
GENERAL INFORMATION
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Customers : |
Corporates |
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No. of Employees : |
60 (In Office -8 and In Factory – 52) |
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Bankers : |
HDFC Bank, Branch Senapati Bapat Marg, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Khandelwal Prajapati And Company Chartered Accountant |
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Address : |
8, |
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Associates/Subsidiaries : |
Address : Line of Business : Manufacturer of HDP Containers.
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1880010 |
Equity Shares |
Rs.10/- each |
Rs.18.800 Millions |
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|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.3.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
18.800 |
17.300 |
17.300 |
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|
2] Share Application Money |
0.000 |
2.000 |
0.000 |
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|
3] Reserves & Surplus |
35.339 |
24.797 |
22.102 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
54.139 |
44.097 |
39.402 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
47.408 |
63.210 |
58.606 |
|
|
2] Unsecured Loans |
0.325 |
0.716 |
0.646 |
|
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TOTAL BORROWING |
47.733 |
63.926 |
59.252 |
|
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DEFERRED TAX LIABILITIES |
2.169 |
2.286 |
2.772 |
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|
|
|
|
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TOTAL |
104.041 |
110.309 |
101.426 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
34.613 |
31.312 |
32.954 |
|
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Capital work-in-progress |
0.000 |
0.974 |
0.000 |
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|
|
|
|
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INVESTMENT |
5.614 |
6.288 |
8.988 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11.901
|
16.248 |
9.820 |
|
|
Sundry Debtors |
28.458
|
25.934 |
16.063 |
|
|
Cash & Bank Balances |
31.240
|
31.160 |
26.453 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
13.549
|
18.584 |
19.697 |
|
Total
Current Assets |
85.148
|
91.926 |
72.033 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5.235 |
11.785 |
7.049 |
|
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Other Current Liabilities |
7.152
|
3.606 |
2.817 |
|
|
Provisions |
8.947
|
5.491 |
3.144 |
|
Total
Current Liabilities |
21.334
|
20.882 |
13.010 |
|
|
Net Current Assets |
63.814
|
71.044 |
59.023 |
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.691 |
0.461 |
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|
|
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|
|
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TOTAL |
106.041 |
110.309 |
101.426 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
243.751 |
|
118.181 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
243.751 |
137.101 |
118.181 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Increase and Decrease in stock |
|
|
|
|
|
|
Raw material Consumed |
|
|
|
|
|
|
Manufacturing Expenses |
219.014 |
121.661 |
104.248 |
|
|
|
Selling Distribution and administration Expenses |
|
|
|
|
|
|
Loss on |
|
|
|
|
|
|
TOTAL (B) |
219.014 |
121.661 |
104.248 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
24.737 |
15.441 |
13.933 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.823 |
5.441 |
5.021 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
18.914 |
9.999 |
8.912 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.333 |
5.443 |
5.018 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
13.581 |
4.556 |
3.894 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
4.539 |
1.860 |
1.386 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
9.042 |
2.696 |
2.508 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
20.248 |
17.552 |
15.044 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
29.290 |
20.248 |
17.552 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
Nil |
Nil |
Nil |
|
|
TOTAL EARNINGS |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
C.I.F. Value |
61.102 |
37.361 |
NA |
|
|
TOTAL IMPORTS |
61.102 |
37.361 |
NA
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.00 |
1.56 |
1.45 |
|
Expected Sales (2010-2011) : Rs. 250.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
3.70
|
1.96 |
2.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.57
|
3.32 |
3.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.34
|
3.69 |
3.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.10 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.27
|
1.92 |
1.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.99
|
4.40 |
5.53 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details :
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors (Due to parties other than Micro, small and Medium) |
4.440 |
11.277 |
6.858 |
|
Advance From Customers |
0.450 |
0.290 |
0.086 |
|
Creditors For Purchase of Shares |
0.105 |
0.105 |
0.105 |
|
Creditors For Fixed Assets |
0.240 |
0.113 |
0.000 |
|
|
|
|
|
|
Total |
5.235 |
11.785 |
7.049 |
Form : 8
|
Corporate
identity number of the company |
U24134WB1993PTC059610 |
|
Name of the
company |
FLEXI PACK INDIA
PVT LTD |
|
Address of the
registered office or of the principal place of business in |
113/1B, KOLKATA 700026 |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
HDFC BANK LIMITED,
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (West), MUMBAI- 400013, |
|
Nature of
instrument creating charge |
Letter of
Hypothecation. |
|
Date of
instrument Creating the charge |
17/06/2010 |
|
Amount secured by
the charge |
Rs. 65.265
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : Interest at the
rate as may be communicated by the Bank from time to time. Terms of repayment : Working Capital
facility shall be repayable On Demand Term Loan shall
be repayable in suitable instalments. Margin : Company shall at
all times during the continuance of this security maintain the said debts of
a sufficient amount to provide the margin of security as may from time to
time advised by the Bank. Extent and operation of the charge : Hypothecation by
way of First Charge on Company's Stocks, Book Debts etc., to secure as a
continuing security as mentioned in Column No.15 below for the repayment of
Rs.652.65 Lacs, together with interest, costs, charges, expenses and other
moneys due and payable by the Company to the Bank. Other : Nil |
|
Short particulars
of the property charged (Including location of the property) |
|
Fixed Assets :
- Land
- Plant and
Machinery
- Factory Shed
and Building
- Furniture and
Fixtures
- EPBX
- Testing
Equipments
- Electric
Equipments
- Office
Equipments
- Moulds
- A.C. Machine
- Motor Car
- Motor Lorry
- Mobile Phone
- Computer
- Fire
Extinguishers
- Weighing
Machines
- Motor Cycle
- High Power
Transformer
- Factory Shed
– W.I.P
Performance :
The year under review was a land mark year for
the company for its operating performance with earnings growth amidst various
challenges. The company has scaled new heights and set several new benchmarks
in terms of productions Sales, profits, net worth and assets. Turnover
including other receipts for the year increased by 78% to Rs. 243.751 millions
from Rs. 137.101 millions, during the previous year. Net worth of the company
was also increased to Rs. 54.140 millions as compared to Rs. 42.098 millions.
In the previous year Profit after Tax for the year was Rs. 9.042 millions
compared to Rs. 2.696 millions in the previous year. The superior operational
performance on all angles is a result of progressive marketing network adoption
of cost saving measures, and generation efficiencies through increase
productivity.
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. 45.32 |
|
|
1 |
Rs. 70.54 |
|
Euro |
1 |
Rs. 58.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
45 |
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.