MIRA
INFORM REPORT
|
Report Date : |
28.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
POSITIVE PACKAGING INDUSTRIES LIMITED |
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Formerly Known As : |
KNPAC ( |
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Registered Office : |
98, Jolly Maker Chambers No. 2, 225, Nariman Point, Mumbai
– 400 021, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
10.05.1994 |
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Com. Reg. No.: |
11-78296 |
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CIN No.: [Company
Identification No.] |
U74952MH1994FLC078296 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME04200A |
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PAN No.: [Permanent
Account No.] |
AAACP2836Q |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of multi layered laminated and printed films for packaging based on BOPP/Polyester Films, Paper, Aluminium Foils. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
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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 7447000 |
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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 area 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) |
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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
|
Name : |
Mr. Rohit |
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Designation : |
Accounts Head |
LOCATIONS
|
Registered Office/ Head Office : |
98, Jolly Maker Chambers No. 2, 225, Nariman Point, Mumbai
– 400 021, |
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Tel. No.: |
91-22-22837206 (5 lines)/ 30011700 |
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Fax No.: |
91-22-22023774 |
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E-Mail : |
positive@positivepackaging.com sales@positiveurope.com ( marketing@positivesouthafrica.com
( |
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Website : |
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Location : |
Owned |
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Commercial Office : |
202, A-Wing, Sector-15, The Great Eastern Summit, CBD Belapur,
Navi Mumbai – 400 614, |
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Tel No.: |
91-22-39211400 |
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Fax No.: |
91-22-39211430 |
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Factory 1 : |
Flexible Packaging Division Village Ransai, Km. 16, Khopoli - Pen Road, P.B No. 37, Taluka Khalapur, Khopoli – 410 203, Maharashtra, India |
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Tel. No.: |
91-2192-391300 to 391309 |
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Fax No.: |
91-2192-391510 |
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E-Mail: |
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Website : |
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Location : |
Owned |
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Factory 2 : |
Flexible Packaging Division Survey Nos. 51 and 53, Village Ransai, 16 KMs, Khopoli- Pen Road, Taluka- Khalapur, Dist- Raigad – 410 203, Maharashtra, India |
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Location : |
Owned |
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Factory 3 : |
Rotogravure Printing Cylinder DivisionPlot No. V-26, MIDC, Taloja Industrial area, Taluka Panvel, District Raigad, Maharashtra-410203 |
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Factory 4 : |
Metallising Division : Plot No .L-19, MIDC, Taloja Industrial Areas, Taluka- Panvel, Dist. Raigad, Maharashtra-410208 |
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Factory 5 : |
Positive Packaging (EOU) Survey No. 52, Village Ransai, 16 KMs, Khopoli Pen Road, Taluka- Khalapur, Dist- Raigad – 410203, Maharashtra |
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Factory 6 : |
Plot No.21, 22 and 23, Bommasandra- Jigani Link Road, industrial Area, Taluka- Anckal, Dist- Bangalore – 562106, Karnataka, India |
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Overseas Office 1 : |
Positive Packaging
Industries (Pty.) Limited, Suite 1a, Strathway Strathmore Park, 305 Musgrave Road, Durban 4001 (South
Africa), PO Box
50602, Musgrave, Durban 4062 (South Africa)
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Tel. No.: |
+ 27 31 202 2096 |
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Fax No.: |
+ 27 31 202 3920 |
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E-Mail : |
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Overseas Office 2 : |
Positive Packaging Europe, 5th Floor, |
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Tel. No.: |
+ 44 (0) 20 7935 7124 |
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Fax No.: |
+ 44 (0) 20 7935 6495 |
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E-Mail : |
DIRECTORS
As on 04.09.2010
|
Name : |
Mr. Laxman Ramkrishnan |
|
Designation : |
Managing Director and Chief Executive Officer |
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Address : |
9/295, |
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Date of Birth/Age : |
29.07.1951 |
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Date of Appointment
: |
18.06.1998 |
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Name : |
Mr. Chitoor Hariharan Laxminarayan |
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Designation : |
Wholetime Director and Member of Audit Committee |
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Address : |
2/295, |
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Date of Birth/Age : |
22.10.1957 |
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Date of Appointment
: |
26.09.2002 |
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Name : |
Mr. Nilcanta Iyer Ganga Ram |
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Designation : |
Director and Chairman of Audit Committee |
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Address : |
703, |
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Date of Birth/Age : |
22.09.1934 |
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Date of Appointment
: |
21.05.1996 |
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Name : |
Mr. Ajit Chakrabarti |
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Designation : |
Director and Member of Audit Committee and Remuneration Committee |
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Address : |
2B, 11, Neptune Apartments, |
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Date of Birth/Age : |
21.08.1934 |
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Date of Appointment
: |
20.12.1996 |
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Name : |
Mr. Anil K. Kale |
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Designation : |
Wholetime Director |
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Address : |
F, Wing, 205, |
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Date of Birth/Age : |
01.12.1958 |
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Date of Appointment
: |
25.12.2003 |
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Name : |
Mr. Naraindas Parmanad Kriplani |
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Designation : |
Chairman |
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Address : |
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Date of Birth/Age : |
26.10.1935 |
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Date of Appointment
: |
09.08.1994 |
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Name : |
Mr. Ashok Santadas Lakhani |
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Designation : |
Vice Chairman |
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Address : |
51-A, |
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Date of Birth/Age : |
29.07.1949 |
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Date of Appointment
: |
09.08.1994 |
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Name : |
Mr. S N Kirpalani |
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Designation : |
Director |
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Address : |
4 A, |
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Date of Birth/Age : |
16.09.1966 |
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Date of Appointment
: |
24.09.2005 |
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Name : |
Mr. Pranesh M. Kankanwadi |
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Designation : |
Wholetime Director |
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Address : |
B-34, Sudarshan Co-Operative Housing Society, Plot No. 38,
Sector 17, Vashi, Navi Mumbai – 400705, |
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Date of Birth/Age : |
11.01.1965 |
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Date of Appointment
: |
01.10.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Anil
Krishnaji Kale |
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Designation : |
Secretary |
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Address : |
F, Wing, 205, |
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Date of
Birth/Age : |
01.12.1958 |
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Qualification
: |
26.09.2002 |
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|
Name : |
Mr. Rohit |
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Designation : |
Account Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 04.09.2010
|
Names of Shareholders (Equity Share) |
|
No. of Shares |
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Far East Holding limited, |
|
34990405 |
|
C H Laxminarayan |
|
36 |
|
N P Kriplani |
|
11833 |
|
Ashok Lakhani |
|
4471 |
|
Star Services and Investment Limited, |
|
662956 |
|
L Ramkrishnan |
|
18 |
|
Mekhala C Laxminarayan |
|
18 |
|
Goldera International Limited |
|
1846707 |
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Total
|
|
37516444 |
|
Names of Shareholders (Preference Share) |
|
No. of Shares |
|
Far East Holding limited, |
|
598146 |
|
Total
|
|
598146 |
As on 04.09.2010
Equity Share
Breakup:-
|
Category |
Percentage |
|
Foreign holdings
(Foreign institutional investors ) foreign companies foreign financial institutions
, non residents or Overseas corporate bodies or others |
99.96 |
|
Directors or relative of directors |
0.04 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of multi layered laminated and printed films for packaging based on BOPP/Polyester Films, Paper, Aluminium Foils. |
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Products : |
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Exports : |
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Countries : |
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GENERAL INFORMATION
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Customers : |
·
Golden Wonder
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No. of Employees : |
180 |
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Bankers : |
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Facilities : |
i) Term Loans of Rs.145.810 millions and
Working Capital Loans of Rs.488.909
are secured favour of consortium of bankers by equitable mortgage of
the Company's immovable properties Situated at Plot No.V-26, MIDC, Taloja, Taluka Panvel at
village Ransal, Taluka Khalapur, Dist. Raigad (extension of mortage in favour
of one of the member of the consortium is in process). Working Capital Loans
of Rs. Nil of Vista Film Packaging Division are secured by equitable mortgage
of the Company's immovable property situated at 6-84, Anand Nagar, MIDC,
Additional Ambernath, and District Thane in the state of ii) External
Commercial Borrowings of Rs.89.780 millions are secured against security
arranged by one of the Directors iii) Vehicle
Loans are secured by hypothecation against the respective vehicles financed.
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address: |
252, Veer Savarkar Marg, Nextto Mayor’s Bunglow, Shivaji Park, Mumbai – 400028, Maharashtra, India |
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Holding Company : |
Far East Holding Limited ( |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 04.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
41000000 |
Equity Shares |
Rs.10/- each |
Rs.410.000 Millions |
|
1900000 |
Preference Shares |
Rs.100/- each |
Rs.190.000 Millions |
|
12300000 |
Unclassified Shares |
Rs.10/- each |
Rs.123.000 Millions |
|
|
Total |
|
Rs.723.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
37516444 |
Equity Shares |
Rs.10/- each |
Rs.375.164
millions |
|
598146 |
Preference Shares |
Rs.100/- each |
Rs.59.815
millions |
|
|
Total |
|
Rs.434.979 millions |
As on 31.03.2010
|
No. of Shares |
Type |
Value |
Amount |
|
41000000 |
Equity Shares |
Rs.10/- each |
Rs.410.000 Millions |
|
1900000 |
Preference Shares |
Rs.100/- each |
Rs.190.000 Millions |
|
12300000 |
Unclassified Shares |
Rs.10/- each |
Rs.123.000 Millions |
|
|
Total |
|
Rs.723.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
37516444 |
Equity Shares |
Rs.10/- each |
Rs.375.165
millions |
|
730553 |
Preference Shares |
Rs.100/- each |
Rs.73.055
millions |
|
|
Total |
|
Rs.448.220 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 |
448.220 |
526.218 |
471.875 |
|
|
2] Share Application Money |
0.000 |
48.850 |
0.000 |
|
|
3] Reserves & Surplus |
1413.576 |
627.677 |
315.126 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1861.796 |
1202.745 |
787.001 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
724.649 |
1154.228 |
1606.343 |
|
|
2] Unsecured Loans |
132.190 |
214.023 |
124.149 |
|
|
TOTAL BORROWING |
856.839 |
1368.251 |
1730.492 |
|
|
DEFERRED TAX LIABILITIES |
164.007 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2882.642 |
2570.996 |
2517.493 |
|
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APPLICATION OF FUNDS |
|
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|
|
|
|
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|
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|
FIXED ASSETS [Net Block] |
1484.173 |
1068.243 |
1006.826 |
|
|
Capital work-in-progress |
131.160 |
23.910 |
16.450 |
|
|
|
|
|
|
|
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INVESTMENT |
0.000 |
142.027 |
142.027 |
|
|
DEFERREX TAX ASSETS |
0.000 |
9.993 |
9.698 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
739.472
|
680.096
|
561.186
|
|
|
Sundry Debtors |
861.556
|
814.063
|
736.027
|
|
|
Cash & Bank Balances |
120.255
|
27.114
|
15.907
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
410.251
|
388.002
|
531.653
|
|
Total
Current Assets |
2131.534
|
1909.275
|
1844.773
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
717.960
|
505.374 |
436.587 |
|
|
Other Current Liabilities |
74.803
|
62.801
|
56.134
|
|
|
Provisions |
71.462
|
14.277
|
9.560
|
|
Total
Current Liabilities |
864.225
|
582.452
|
502.281
|
|
|
Net Current Assets |
1267.309
|
1326.823
|
1342.492
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2882.642 |
2570.996 |
2517.493 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4982.119 |
4681.394 |
3354.837 |
|
|
|
Other Income |
65.353 |
60.352 |
62.599 |
|
|
|
TOTAL (A) |
5047.472 |
4741.746 |
3417.436 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
3254.756 |
2342.105 |
|
|
|
Manufacturing and operating costs |
|
257.968 |
195.603 |
|
|
|
Personnel Costs |
3939.436 |
291.197 |
239.044 |
|
|
|
Administration and sales costs |
|
432.201 |
230.754 |
|
|
|
TOTAL (B) |
3939.436 |
4236.122 |
3007.506 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1108.036 |
505.624 |
409.930 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
74.223 |
143.064 |
149.943 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1033.813 |
362.560 |
259.987 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
265.191 |
235.940 |
221.074 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
768.622 |
126.620 |
38.913 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
266.407 |
69.192 |
(3.682) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
502.215 |
57.428 |
42.595 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
219.613 |
162.185 |
119.590 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Capital Redemption Reserve |
16.667 |
- |
- |
|
|
|
Dividend on Preference share |
14.070 |
- |
- |
|
|
|
Proposed divided on Equity Shares |
17.988 |
- |
- |
|
|
|
Divided Distribution Tax – Preference
Share |
2.383 |
- |
- |
|
|
|
Divided Distribution Tax – Equity Share
|
3.058 |
- |
- |
|
|
BALANCE CARRIED
TO THE B/S |
667.662 |
219.613 |
162.185 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
1945.013 |
1093.820 |
|
|
|
Technical Service Fees |
NA |
31.923 |
21.667 |
|
|
|
Commission Earnings |
NA |
6.851 |
20.228 |
|
|
|
Other Earnings |
NA |
4.834 |
8.170 |
|
|
TOTAL EARNINGS |
NA |
1988.621 |
1143.885 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1019.746 |
511.718 |
|
|
|
Stores & Spares |
NA |
23.555 |
27.464 |
|
|
|
Capital Goods |
NA |
55.016 |
18.932 |
|
|
TOTAL IMPORTS |
NA |
1098.317 |
558.114 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
3.67 |
1.76 |
1.44 |
|
|
|
Diluted |
1.50 |
1.66 |
1.44 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.95
|
1.21
|
1.25
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.43
|
2.70
|
1.16
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.25
|
4.25
|
1.37
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.11
|
0.05
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.92
|
1.62
|
2.83
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.47
|
3.28
|
3.69
|
LOCAL AGENCY FURTHER INFORMATION
OPERATING RESULTS AND PROFITABILITY
The
fiscal year 2009-10 began with the apprehension that the global economic
slowdown, H1N1 virus and delayed monsoon in
The
Net Sales for the year increased by 6% to Rs.4856.000 millions as compared to
Rs.4564.000 millions in the previous year. The sales increase in volume terms
has been 16%. The difference is due to the reduction made in unit selling
prices in line with the lower raw material prices.
Domestic
Sales have registered a growth of 12% from Rs.2467.000 millions in the previous
year to Rs.2769.000 millions. Export Sales have remained steady at Rs.2086.000
millions largely due to the appreciation of the Rupee.
Bankers Charges
Report as per Registry
|
Name of the
company |
POSITIVE PACKAGING INDUSTRIES LIMITED |
|
Presented
By |
State Bank of |
|
1) Date and
description of instrument creating the change |
Agreement of loan
for overall limit Agreement of
hypothecation of goods and assets both dated 02.08.1995 creating a single
charge. |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.50.000
millions |
|
3) Short particular
of the property charged. If the property acquired is subject to charge, date
of the acquired of the property should be given |
All present and
future goods, book debts and all other movable assets including documents of
to goods, outstanding moneys, receivables including receivables by way of
cash assistance and / or cash incentives under the cash incentives scheme or
any other scheme, claims, including claims by way of refund of customs /
excise duties under the Duty Drawback Credit Scheme, bills, invoices,
document, contract, policies guarantee, engagements, securities, investments,
and rights and present and all future machineries belonging to or under the
control of the company wherever lying , stored and kept whether in India or
elsewhere including such goods and other movables assets in course of transit
/ shipment / delivery. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest -
As determined by the bank from time to time Margin - As prescribed by the bank from
time to time. |
|
5) Name and
Address and description of the person entitled to the charge. |
State Bank of Address: Backbay Reclamation Branch,
Raheja Chamber, Nariman Point, Mumbai – 400 021, |
|
6) Date and brief description of instrument
modifying the charge |
Deed of mortgage
dated 07.10.2005 |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
By modification
dated 22.12.1995 equitable mortgage created on land bearing survey No. 51,
52, and 53 situated at village Ransai, Taluka Khalapur, District Raighad,
Maharashtra, admeasuring 8-53-5 Hectares together with building and structures
thereon and fixed plant and machinery to further secure the above charge of
Rs. 50.000 millions. By modification
dated 20.12.1996 working capital of Rs. 51.000 millions comprising of demand
C/C of Rs. 40.000 millions Import / Inland / L/C Rs. 10.000 and bank
guarantee of Rs. 1.000 millions against hypothecation of goods stocks book
debts granted. Hence, amount of charge increased to Rs. 101.000 millions from
Rs. 50.000 millions. By modification
dated 18.03.1997, Supplemental Deed of Hypothecation for increase in overall
limit executed for the above working capital facilities of Rs. 51.000
millions. By modification
dated 12.05.1997 equitable mortgage created on 22.12.1995 on land bearing
Survey No. 51, 52, 53 situated at village Ransai, Taluka Khalapur, District
Raigad, admn. In aggregate 8-53-5 Hectares extended to further secure the working capital
facilities of Rs. 51.000 millions comprising of DCC Rs. 40.000 millions
Import / Inland / L/C Rs. 100 and Bank
Guarantee Rs. 1.000 millions. By modification
dated 08.07.2002, additional credit Facilities OF Rs. 86.000 millions granted. Hence, amount of
charge increased from 101.000 millions to Rs. 187.000 millions (DCC (Stocks
and Bds Rs. 60.000 millions, EPC within DCC Rs. 30.000 millions L/C Rs.
20.000 millions B/G Rs. 10.000 millions Term Loan Rs. 97.000 millions). By modification
dated 25.08.2003 additional credit facilities of Rs. 259.000 millions granted
Hence, amount of charge increased from Rs. 187.000 millions to Rs. 446.000
millions (DCC (stocks and B/Ds) Rs. 110.000 millions EPC within DCC Rs.
50.000 millions T/L (old) Rs. 96.000 millions T/L (New) Rs. 200.000 millions,
L/C Rs. 30.000 millions B/G Rs. 10.000 millions.) Margin : R/Ms 25% Stock in process 40% F/Gs
33.33% B/Ds 40%, land and Building , Plant and Machineries 30% / 35%
Electrification / piping and insulation / F.F 50% Repayment of T/L
(new): First 2 installments of Rs. 5.000 millions each and 17 installments of
Rs. 12.500 millions each. By modification
dated 19.02.2004, equitable mortgage created on 22.12.1995 by deposit of title deeds with IDBI (IDBI acting for
itself and as agents of SBI) on land bearing Survey No.51, 52 and 53 situated
at village Ransai, Taluka Khalapur, District Raighad, admn. In aggregate
8-53-5 Hectares and which was extended on 12.05.1997 to further secure the
enhanced working capital facilities of Rs. 51.000 millions (comprising of DCC
Rs. 40.000 millions Import Inland L/C Rs. 10.000 millions and Bank guarantee
Rs. 1.000 millions) is now further extended to cover the enhanced credit
facilities of Rs. 446.000 millions . Further SBI shall have the exclusive
charge on this property since the company has entirely paid its term
loan liability to IDBI. By the same
memorandum of Entry dated 19.02.1994 the aggregate charge of Rs. 446.000
millions further secured by equitable mortgage created on Plot No. V -26,
admn. 7320 sq.mtrs in Taloja Industrial Area, Village Chal Taluka and Regn.
Sub District, Raigad, By modification
dated 04.11.2004, additional credit facilities of Rs. 64.900 millions granted
Hence, amount of Charge increased from
Rs. 446.000 millions to Rs. 510.900 millions (DCC (Stocks and B/Ds) Rs.
175.000 millions EPC (within CC) Rs. 100.000 millions EBN (within CC) Rs.
106.000 millions SLC (EPC) Rs. 20.000 millions SLC (Domestic Credit) Rs.
21.000 millions Term Loan (present outstanding) Rs. 224.200 millions, L/C Rs.
60.000 millions , B/G Rs. 10.000 millions) By
modification dated 17.05.2005,
additional credit facilities of Rs. 376.3000 millions to Rs. 887.200 millions
(C/C (Stocks) Rs. 175.000 millions with sub limit for book debts Rs. 55.000
millions EPC / EBD/ EBP (within CC) Rs. 120.000 millions SLOC (export)credit)
Rs. 24.0000 millions SLOC (domestic credit) Rs. 18.000 millions /T/L (present
outstanding) Rs. 205.200 millions, T/L (additional) Rs. 400.000 millions L/C
Rs. 60.000 millions one time Import L/C (within T/L) Rs. 76.200 millions ,
B/G Rs. 5.000 millions). Interest on C/C
11.75% p.a EPC/ EBD/EBP 7.10% SLOC (Export Credit) 7.5% p.a SLOC (Domestic)
12.75% p.a, T/L (o/s) 11.75% p.a, and additional T/L 21.5% p.a . Margin: R/Ms 25%
, Stock in process 33.33%, Finished
gods 40% , stores and spares 50%, Book debts (90 days) 40% , land, building,
plant and Machinery and L/C 10%, B/G 15%, one time Import L/C 45%. Now, by this Deed
of mortgage dated 07.10.2005, various credit facilities, aggregating to Rs.
887.200 millions granted by the bank further secured by the following
properties of the company: Land bearing
survey No. 51, 52 and 53 admeasuring in aggregate 8-93-5 Hectares in village
Ransai , Taluka Khalapur, District Raigad , Maharashtra, together with all
building (constructed area 14379.77 sq.mtrs ) structures and fixed plant and
Machinery thereon. Land bearing plot
No. V-26 in Taloja Industrial Area, Village Chal, sub limit Panvel District
Raigad, Maharashtra, admn 7320 sq.mtrs together with buildings (constructed
built –up area 3459.81 sq.mtrs), structures and fixed plant and Machinery
thereon. |
|
Corporate
identity number of the company |
U74952MH1994FLC078296 |
|
Name of the
company |
POSITIVE
PACKAGING INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
98, Jolly Maker Chambers No. 2, 225, Nariman Point, Mumbai
– 400 021, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Movable property |
|
Particular of
charge holder |
Standard
Chartered Bank 90, |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
10.05.2010 |
|
Amount secured by
the charge |
Rs.450.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As agreed by bank
and with the bank from time to time Terms of
Repayment As agreed by bank
and with the bank from time to time Margin As applicable, if
any. Extent and
Operation of the charge The Bank is
having first exclusive hypothecation charge on all present and future movable
properties purchased/to be purchased out of facility granted by the Bank. Others The security by way
of hypothecation, as described in Sr. No.15, has been created in favour of
Standard Chartered Bank for the purpose of securing various credit facilities
to the extent of USD 10 Million granted / to be granted to the Borrower. For
the purpose of filing Form 8, the facility amount equivalent in Indian Rupees
has been calculated at the prevailing foreign currency exchange rate. |
|
Short particulars
of the property charged |
First exclusive
hypothecation charge on all present and future movable properties purchased/may
be purchased out of facility of USD 10 million granted by the Bank |
FIXED ASSETS:
- Land –
Leasehold
- Land –
Freehold
- Building
- Plant and
Machinery
- Computers
- Furniture and
Fixture
- Office
Equipment
- Air
Conditioner
- Vehicles
WEBSITE DETAILS:
PROFILE:
Positive Packaging is the one-stop
source for quality, printed and laminated, barrier-grade flexible packaging
materials with manufacturing facilities in
A Government of India recognised Export House with ISO 9001:2000 and BRC
/ IoP (British Retail Consortium /
Headquartered at
Acuprint Systems, with manufacturing facilities at Taloja near Mumbai
and Bengaluru in
Acquisition of Sai Metaplast, the leading barrier metallising house with
plasma metallisation facility, Vista Film Packaging, the reputed cast
polypropylene film manufacturing unit and United Flexible (now Positive Packaging United), a reputed converting Company
in
In-house manufacturing of polyethylene film at Positive Packaging is yet another value added backward
integration.
The Company has in its fold, the veritable who’s who of satisfied
customers in over 30 countries and is the receipient of various national and
international awards including India Star, Asia Star and World Star amongst
others.
THE PHILOSOPHY
'To build an enduring relationship, that rests on the solid foundation
of mutual trust and understanding and to adhere to the highest standards of
quality and excellence'
This philosophy has nurtured long standing global business associations,
which is evident in the work ethos of the management and the inspired
personnel.
FACILITIES / FLEXIBLE PACKAGING
Certified under ISO 9001:2000 and BRC /IoP (British Retail Consortium /
Institute of Packaging UK), the factory houses the most advanced packaging
technology with ‘Forced Draft Ventilation System’ and good manufacturing
practices in place
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.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
|
49 |
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.