MIRA
INFORM REPORT
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Report Date : |
24.01.2011 |
IDENTIFICATION DETAILS
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Name : |
APT PACKAGING LIMITED (w.e.f. – 29.07.2008) |
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Formerly Known
As : |
ANIL CHEMICALS AND INDUSTRIES LIMITED |
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Registered
Office : |
Gat No.72, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.06.1980 |
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Com. Reg. No.: |
022746 |
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CIN No.: [Company Identification
No.] |
L24100MH1980PLC022746 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Co-extruded Seamless Plastic Tubes. |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
LOCATIONS
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Registered Office/ Factory : |
Gat No.72, |
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Tel. No.: |
91-2431-251413/ 4/ 662000 |
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Fax No.: |
91-2431-251691/ 662030 |
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E-Mail : |
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Website : |
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Corporate Office : |
J-18 MIDC, Chikalthana, |
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Tel. No.: |
91 240 2485895 |
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Fax No.: |
91 240 2485027. |
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E-Mail : |
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Sales and Marketing
Office: |
Maurya Estate, 4th Floor, Room No.418, Opposite Infinity Mall, New
Link Road, Andheri (West), Mumbai – 400056, Maharashtra, India. |
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Tel. No.: |
91 22 66713960/61 |
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Fax No.: |
91 22 66719362 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ravi Machhar |
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Designation : |
Director |
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Address : |
Plot No.41, Sindhi Colony, |
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Date of Birth/Age : |
26.02.1952 |
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Date of Appointment : |
22.09.2008 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Co-extruded Seamless Plastic Tubes. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
§
Punjab National Bank Ahmedpur Branch, Ranipur More, Haridwar – 249401, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rathi and Bangad Chartered Accountant |
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Address : |
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Associates/Subsidiaries : |
· Navneet Machine Manufacturing Company Limited U29290MH1985PLC033956 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Share |
Rs.10/- each |
Rs.100.000 Millions |
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Issued Capital :
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No. of Shares |
Type |
Value |
Amount |
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3536417 |
Equity Share |
Rs.10/- each |
Rs.35.364
Millions |
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Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2763467 |
Equity Share |
Rs.10/- each |
Rs.27.635
Millions |
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Fully Paid up 1,616 shares alloted as fully paid
up in consideration other than cash and 2,680 shares pending for exchange of
Girnar Holding Limited |
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Forfeited Shares |
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Rs.5.405
Millions |
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Total |
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Rs.33.040 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 |
33.040 |
33.040 |
39.949 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
108.570 |
108.570 |
133.965 |
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4] (Accumulated Losses) |
(88.788) |
(72.145) |
(192.484) |
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NETWORTH |
52.822 |
69.465 |
(18.570) |
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LOAN FUNDS |
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1] Secured Loans |
115.985 |
84.187 |
175.958 |
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2] Unsecured Loans |
49.172 |
17.696 |
9.402 |
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TOTAL BORROWING |
165.157 |
101.883 |
185.360 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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Deferred Payments |
140.281 |
75.985 |
111.841 |
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TOTAL |
358.260 |
247.333 |
278.631 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
305.335 |
180.231 |
203.780 |
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Capital work-in-progress |
15.430 |
8.429 |
1.334 |
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INVESTMENT |
0.246 |
0.244 |
0.246 |
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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 |
26.467
|
24.315 |
29.370 |
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Sundry Debtors |
31.624
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20.826 |
41.853 |
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Cash & Bank Balances |
3.017
|
2.097 |
5.536 |
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Other Current Assets |
10.396
|
10.838 |
10.394 |
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Loans & Advances |
11.861
|
33.451 |
24.077 |
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Total
Current Assets |
83.365
|
91.527 |
111.230 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
23.464
|
13.605 |
15.564 |
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Other Current Liabilities |
21.433
|
17.830 |
20.832 |
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Provisions |
1.219
|
1.663 |
1.563 |
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Total
Current Liabilities |
46.116
|
33.098 |
37.959 |
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Net Current Assets |
37.249
|
58.429 |
73.271 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
358.260 |
247.333 |
278.631 |
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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 |
194.902 |
192.921 |
243.762 |
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Other Income |
4.759 |
5.353 |
4.179 |
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TOTAL (A) |
199.661 |
198.274 |
247.941 |
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Less |
EXPENSES |
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Increase/ (Decrease) in Inventory |
0.147 |
1.527 |
1.690 |
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Raw Materials Consumed |
56.453 |
66.396 |
90.375 |
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Purchases and Expenses (Garments) |
9.222 |
3.470 |
2.963 |
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Transportation Expenses |
1.893 |
2.885 |
1.916 |
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Other Expenses |
117.281 |
100.832 |
110.239 |
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Impairment of Assets |
13.409 |
0.000 |
5.733 |
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Transferred to Resulting Company |
0.000 |
(0.861) |
(0.445) |
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TOTAL (B) |
198.405 |
174.249 |
212.918 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.256 |
24.025 |
35.023 |
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Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.256 |
24.025 |
35.023 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.947 |
19.144 |
20.392 |
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PROFIT BEFORE
TAX (E-F) (G) |
(16.691) |
4.881 |
14.631 |
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Less |
TAX (H) |
(0.049) |
(95.978) |
(126.524) |
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PROFIT AFTER TAX
(G-H) (I) |
(16.642) |
100.859 |
141.155 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(72.145) |
(192.484) |
-- |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
-- |
13.638 |
-- |
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Resulting Company |
-- |
0.447 |
-- |
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Investment Allowance Transferred to P and
L Accountant |
-- |
5.395 |
-- |
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BALANCE CARRIED
TO THE B/S |
(88.787) |
(72.145) |
-- |
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Export Value |
82.670 |
49.567 |
N |
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Import Value |
24.886 |
23.091 |
NA |
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Earnings Per
Share (Rs.) (considering extra ordinary Items) |
-- |
36.50 |
20.43 |
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Earnings Per
Share (Rs.) (Without considering extra ordinary Items) |
(6.02) |
1.98 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(8.34)
|
50.87 |
56.93 |
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Net Profit Margin (PBT/Sales) |
(%) |
(8.56)
|
2.53 |
6.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(4.29)
|
1.80 |
4.64 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.32)
|
0.07 |
(0.79) |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.00
|
1.94 |
(12.03) |
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Current Ratio (Current Asset/Current Liability) |
|
1.81
|
2.77 |
2.93 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE REVIEW
The company has recorded Sales and Other Income of Rs.199.661 Millions compared to the earlier year of Rs.198.274 Millions. The export during the year increased to Rs.82.670 Millions (FOB) against the previous year Rs.49.567 Millions. As the turnover of the company remained more or less same, partly due to the increase in operative expenses, partly increase in depreciation and impairment of assets, the company has incurred a loss of Rs.16.642 Millions during the year as compared to the previous year profit of Rs.6.022 Millions.
OPERATIONAL
PERFORMANCE:
During the year 383.50 lacs tubes were produced as compared
to the previous year production of 344.45 lacs tube. The company has put more
emphasis on production of tubes of various new varieties such as nozzle, lip
balm, oval size as per customer’s specification which would result into higher
value addition.
The commercial production from its plant set up at Laksar
near Haridwar has commenced its commercial production from 24th March 2010.The
Capacity of this Plant is 80 million tubes per annum. The Executives of the
company have put their efforts to commence the production within time. This
addition strengthens in the company in many ways which includes better customer
service and increase revenue and profitability. The plant is eligible for
exemption from payment of Central Excise Duty on sales for ten years and 100%
of Income Tax for First five years and 30% deduction from Income on next five
years.
FORM 8:
|
Corporate
identity number of the company |
L24100MH1980PLC022746 |
|
Name of the
company |
APT Packaging
Limited |
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Address of the
registered office or of the principal place of business in |
Gat No.72, |
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This form is for |
Modification of
Charge |
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Type of charge |
Immovable
Property Any Interests in
Immovable Property Book Debts Movable Property Others- All type
of Stocks and Other current Assets |
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Particular of charge
holder |
§
Punjab National Bank Ahmedpur Branch, Ranipur More, Haridwar – 249401, |
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Nature of
instrument creating charge |
Hypothecation of Goods
and Book Debts to secure Cash Credit facility. Hypothecation of
Movable Assets Forming part of Fixed/ Block Assets. |
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Date of
instrument Creating the charge |
02.12.2010 |
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Amount secured by
the charge |
Rs.18.000
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
Interests: 13.75% i.e.
BPLR 2%, Further 2.00% Additional
Interests of the portion of ADHOC Limit Availed. Terms of
repayment: Repayable of
demand Margin: Stock – 25% Book Debts – 40% Extent and
Operation of the charge: On whole amount
and till the repayment of total loans. |
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Particulars of
the property charged |
Hypothecation of
Goods and Book debts Hypothecation of
Movable Assets forming Part of fixed / Block Assets. |
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Particulars of
the present modification |
CC facilities has
been enhanced from Rs.15.000 Millions to upto a limit of Rs.18.000 Millions
by way of ADHOC of Rs.3.000 Millions. |
FIXED ASSETS:
·
·
· Building
· Plant and Machinery
· Furniture and Fixture
· Office Equipments
·
Vehicles
·
Computer
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.45.70 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.61.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
4OPERATING SCALE |
1~10 |
3 |
|
F3INANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--P3ROFITABILIRY |
1~10 |
2 |
|
--LI2QUIDITY |
1~10 |
3 |
|
--LE3VERAGE |
1~10 |
3 |
|
--RE3SERVES |
1~10 |
3 |
|
--CRE3DIT LINES |
1~10 |
2 |
|
--MAR2GINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.