%20LIMITED%20-%20129415%2015-Jan-2011_files/image002.jpg){kind=small}
1. Summary Information
|
|
|
Country |
|
|
Company Name |
INDU PACKAGING ( |
Principal Name 1 |
Mr. Dhanji Himatlali Sheth |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Himatlal Hemendfi Sh |
|
|
|
Registration # |
002159 |
|
Street Address |
Plot No 16 GDDIC
Industrial Estate, |
||
|
Established Date |
19.08.1996 |
SIC Code |
-- |
|
Telephone# |
91-260-3290303 |
Business Style 1 |
Supplier |
|
Fax # |
-- |
Business Style 2 |
Manufacturer |
|
Homepage |
Product Name 1 |
Industrial process equipments |
|
|
# of employees |
-- |
Product Name 2 |
Packing Bags |
|
Paid up capital |
660000 shares |
Product Name 3 |
Plastics |
|
Shareholders |
84.85 % |
Banking |
Bank of |
|
Public Limited Corp. |
-- |
Business Period |
24 years |
|
IPO |
--- |
International Ins. |
- |
|
Public |
--- |
Rating |
Ba
(45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
57,983,000 |
Current Liabilities |
12,635,000 |
|
Inventories |
14,949,000 |
Long-term Liabilities |
41,942,000
|
|
Fixed Assets |
10,646,000 |
Other Liabilities |
1,174.000 |
|
Deferred Assets |
-- |
Total Liabilities |
55,751,000 |
|
Invest& other Assets |
-- |
Retained Earnings |
21,227,000 |
|
|
|
Net Worth |
27,827,000 |
|
Total Assets |
83,578,000 |
Total Liab. & Equity |
83,578,000 |
|
Total Assets (Previous Year) |
71,772,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
133,704,000 |
Net Profit |
1,698,000 |
|
Sales(Previous yr) |
133,444,000 |
Net Profit(Prev.yr) |
1,403,000 |
MIRA
INFORM REPORT
|
Report Date : |
15.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
INDU PACKAGING ( |
|
|
|
|
Registered
Office : |
Plot No 16 GDDIC Industrial Estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
19.08.1996 |
|
|
|
|
Com. Reg. No.: |
002159 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74950DD1996PLC002159 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
SRTI00178D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI5028B |
|
|
|
|
Legal Form : |
Closely held public limited liability company |
|
|
|
|
Line of Business
: |
Manufacturer and Supplier of Plastics, Industrial process equipments,
Packing Bags, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 111300 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/Factory : |
Plot No 16 GDDIC Industrial Estate, |
|
Tel. No.: |
91-260-3290303 |
|
Fax No : |
91-22-26716103 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Dhanji Himatlali Sheth |
|
Designation : |
Director |
|
Address : |
61 Meenakshi, |
|
Date of Birth/Age : |
06.04.1930 |
|
Date of Appointment : |
19.08.1996 |
|
|
|
|
Name : |
Mr. Himatlal Hemendfi Sheth |
|
Designation : |
Director |
|
Address : |
61 Meenakshi, |
|
Date of Birth/Age : |
29.06.1956 |
|
Date of Appointment : |
1908.1996 |
|
|
|
|
Name : |
Mr. Mukesh Minal Sheth |
|
Designation : |
Director |
|
Address : |
61 Meenakshi, |
|
Date of Birth/Age : |
27.10.1957 |
|
Date of Appointment : |
19.08.1996 |
|
|
|
|
Name : |
Mr. Mukesh Himatlal Sheth |
|
Designation : |
Director |
|
Address : |
61 Meenakshi, |
|
Date of Birth/Age : |
24.09.1954 |
|
Date of Appointment : |
19.08.1996 |
|
|
|
|
Name : |
Mr. Mukesh Ronak Sheth |
|
Designation : |
Director |
|
Address : |
61 Meenakshi, |
|
Date of Birth/Age : |
05.10.1978 |
|
Date of Appointment : |
19.08.1996 |
|
|
|
|
Name : |
Mr. Vyoma Hemendf Sheth |
|
Designation : |
Director |
|
Address : |
61 Meenakshi, |
|
Date of Birth/Age : |
17.11.1959 |
|
Date of Appointment : |
19.08.1996 |
|
|
|
|
Name : |
Mrs. Indumati Himatlal Sheth |
|
Designation : |
Director |
|
Address : |
61 Meenakshi, |
|
Date of Birth/Age : |
19.09.1929 |
|
Date of Appointment : |
19.08.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sheth Dhanji Himatlal |
|
96900 |
|
Sheth Himatlalhemendr |
|
145100 |
|
Sheth Himatlalmukesh |
|
145100 |
|
Sheth Mukesh Minal |
|
37600 |
|
Sheth Himatlalindumat |
|
30100 |
|
Sheth Mukesh Ronak |
|
2600 |
|
Sheth Hemendrvyoma |
|
37600 |
|
Indu Packaging Private Limited , Mumbai |
|
100000 |
|
Sheth Dhanji Himatlal |
|
9500 |
|
Sheth Himatlalmukesh |
|
6000 |
|
Guardiansheth Himatlalmukesh |
|
1000 |
|
Karta Sheth Himatlalhemend |
|
5000 |
|
Guardiansheth Himatlalhemend |
|
2500 |
|
Sheth Himatlalmukesh |
|
1000 |
|
Sheth Himatlalmeena |
|
40000 |
|
|
|
|
|
Total |
|
660000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
15.15 |
|
Directors or relatives of Directors |
84.85 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Plastics, Industrial process equipments,
Packing Bags, etc. |
|
|
|
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
|
|
|
Actual
Production |
|
Plastic Tubing Rolls |
|
|
|
177210.380 |
|
Plastic Sheet/ film Rolls |
|
|
|
1216360 |
|
Plastic Bags |
|
|
|
88698.240 |
|
Plastic Scrap |
|
|
|
95846.580 |
|
Plastic Granules |
|
|
|
57200 |
|
|
|
|
|
|
Note: Licensed Capacity – Not Available
Installed Capacity - 1500000
GENERAL INFORMATION
|
Bankers : |
Bank of |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N. B. Jhunjhunwala and Company Chartered Accountants |
|
Address : |
306, Corporate Avennue, |
|
Tel/Fax No.: |
91-22-26852202 |
|
|
|
|
Associates/Subsidiaries : |
Indu Packing Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs. 60.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
660000 |
Equity Shares |
Rs.10/- each |
Rs. 6.600
Millions |
|
|
|
|
|
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 |
6.600 |
6.600 |
6.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
21.227 |
19.798 |
18.278 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
27.827 |
26.398 |
24.878 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
36.618 |
25.126 |
25.257 |
|
|
2] Unsecured Loans |
5.324 |
4.581 |
4.231 |
|
|
TOTAL BORROWING |
41.942 |
29.707 |
29.488 |
|
|
DEFERRED TAX LIABILITIES |
1.174 |
1.068 |
1.056 |
|
|
|
|
|
|
|
|
TOTAL |
70.943 |
57.173 |
55.422 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10.646 |
9.778 |
10.395 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
14.949
|
17.552 |
20.128 |
|
|
Sundry Debtors |
38.638
|
28.565 |
27.740 |
|
|
Cash & Bank Balances |
6.667
|
6.702 |
3.387 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
12.678
|
9.175 |
7.328 |
|
Total
Current Assets |
72.932
|
61.994 |
58.583 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
11.949
|
14.255 |
12.856 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.686
|
0.344 |
0.700 |
|
Total
Current Liabilities |
12.635
|
14.599 |
13.556 |
|
|
Net Current Assets |
60.297
|
47.395 |
45.027 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
70.943 |
57.173 |
55.422 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
133.437 |
133.252 |
107.698 |
|
|
|
Other Income |
0.267 |
0.192 |
0.160 |
|
|
|
TOTAL (A) |
133.704 |
133.444 |
107.858 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase and Decrease in Closing Stock |
(2.441) |
2.569 |
(2.088) |
|
|
|
Raw Material Consumed |
117.558 |
115.246 |
94.907 |
|
|
|
Manufacturing Expenses |
7.144 |
5.309 |
5.171 |
|
|
|
Employees remuneration |
1.242 |
1.129 |
0.962 |
|
|
|
Administrative Expenses |
2.766 |
2.887 |
3.997 |
|
|
|
TOTAL (B) |
126.269 |
127.140 |
102.152 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7.435 |
6.304 |
5.706 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.099 |
3.789 |
2.555 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.336 |
2.515 |
3.154 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.844 |
0.752 |
0.798 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.492 |
1.763 |
2.353 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.794 |
0.360 |
0.799 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1.698 |
1.403 |
1.554 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
19.798 |
18.278 |
17.381 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
21.227 |
19.798 |
18.278 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
36.161 |
12.755 |
29.700 |
|
|
TOTAL IMPORTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.57 |
2.13 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.26
|
1.05 |
6.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.86
|
1.32 |
2.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.41
|
2.84 |
4.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.06 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.45
|
0.55 |
0.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.77
|
4.24 |
4.32 |
LOCAL AGENCY FURTHER INFORMATION
Operations: During the year
under review, the company had achieved a sale & earned other income of Rs. 133.437
Millions (Rs. 133.445 Millions) on which it had earned a profit of Rs. 1.698
Millions (Rs. 1.404 Millions) The directors are hopeful for achieving
satisfactory results in the future.
Form 8:
|
Corporate
identity number of the company |
U74950DD1996PLC002159 |
|
Name of the
company |
INDU PACKAGING ( |
|
Address of the
registered office or of the principal place of business in |
Plot Daman -396210,
Daman And |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Bank of |
|
Nature of instrument
creating charge |
Memorandum of
entry for creation by equitable mortgage dated 25th june 2009 |
|
Date of
instrument Creating the charge |
25/06/2009 |
|
Amount secured by
the charge |
Rs. 74.024
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate Of Interest : Nil Terms Of Repayment : As May Be Decided
By Bank From Time To Time. Margin : As May Be Dedcided
By Bank From Time To Tme Presently 25% On Stocks, 25% On Book Debts , 15% In
Repesct Of Inland Guarantee & Letter Of Credit, 25% On Plant &
Machinery , 14.77% On Vehicle. Extent And Operation Of The Charge : To Secure Due
Repayment Of Various Credit Facilities Aggregating Rs. 74.027 millions Granted By Bank To The Company. Other : Nil |
|
Short particulars
of the property charged (Including location of the property) |
All That The
Piece And Parcel Of Land Situated In The District Of Daman Within
Jurisdiction Of Village Panchayat Limits Of Dabhel On |
|
Date of
instrument modifying the charge |
10/11/2008 |
|
Particulars of
the present modification |
By This Modification
Charge Has Been Enhanced From Rs. 34.000 millions To Rs. 7402.700 millions
(Being Cash Credit 30.000 millions, Term Loan 19.300 millions, Term Loan
-Vehicle Loan Under Sme 7.27 Lakhs, Guarantee 15.000 millions, Inland \
Foreign Letter Of Credit Da 90 Days
9.000 millions) |
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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.54.84 |
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 |
NO |
|
--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.