MIRA
INFORM REPORT
|
Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ICM PACKAGING PRIVATE LIMITED |
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Registered
Office : |
Saki-Vihar Road, Powai, Mumbai – 400072, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
25.09.2007 |
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Com. Reg. No.: |
11-174475 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.100 Million |
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CIN No.: [Company Identification
No.] |
U74950MH2007PTC174475 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI07922F |
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PAN No.: [Permanent Account No.] |
AABCI7479P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Barrier Packaging Material. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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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
a huge accumulated losses being 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 on a secured 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 |
LOCATIONS
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Registered Office : |
Saki-Vihar Road, Powai, Mumbai – 400072, Maharashtra, India |
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Tel. No.: |
91-22-2858103 / 94 / 28474567 / 28474353 |
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Fax No.: |
91-22-28474570 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 21/1, MIDC, Chikhlohi, Kalyan Badlapur Road, Ambernath
(West), Dist – Thane – 421505, Maharashtra, India |
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Tel. No.: |
91-251-2685705 / 2685300 |
DIRECTORS
(AS ON 30.09.2010)
|
Name : |
Mrs. Tara Sarup |
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Designation : |
Chairman |
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Address : |
Powai Bungalow, Saki – Vihar Road, Powai, Mumbai – 400072,
Maharashtra, India |
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Date of Birth/Age : |
02.04.1921 |
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Date of Appointment : |
25.09.2007 |
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DIN No. : |
00501615 |
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Name : |
Mr. Ajay Mohan |
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Designation : |
Director |
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Address : |
9 Somerset House Colaba, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
28.09.1976 |
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Date of Appointment : |
25.09.2007 |
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DIN No. : |
00501585 |
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Name : |
Mr. Ashwin Mohan |
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Designation : |
Director |
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Address : |
9 Somerset House Colaba, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
08.03.1952 |
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Date of Appointment : |
25.09.2007 |
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DIN No. : |
00498161 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
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Names of Shareholders |
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No. of Shares |
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Mrs. Tara Sarup |
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5000 |
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Mr. Ajay Mohan |
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5000 |
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TOTAL |
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10000 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Barrier Packaging Material. |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
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Installed
Capacity |
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Nycen |
Tons. |
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1140 |
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Nyto |
Tons. |
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1140 |
GENERAL INFORMATION
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Bankers : |
Indian Overseas Bank, 2/10, Elphinstone Building, Veer Nariman Road,
Fort, Mumbai – 400023, Maharashtra, India |
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Facilities : |
Rs In Millions
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Dalal Doctor and Associates Chartered Accountants |
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Address : |
305, TV Industrial Estate, 245/A, S. K. Ahire Marg, Worli – 400030,
Maharashtra, India |
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Tel. No.: |
91-22-66625050 |
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Mobile No.: |
91-9867555050 / 9867555051 |
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Fax No.: |
91-22-66627890 |
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E-Mail : |
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Website : |
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PAN No. : |
AACFD9379H |
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Associates : |
·
Indian Cork Mill ·
ATA Investment Private Limited ·
Amartara Plastics Private Limited ·
ICM Plastic Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10000 |
Equity Share |
Rs. 10/- each |
Rs. 0.100 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10000 |
Equity Share |
Rs. 10/- each |
Rs. 0.100 Million |
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.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 |
0.100 |
0.100 |
0.100 |
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|
2] Share Application Money |
276.755 |
165.200 |
106.800 |
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|
3] Reserves & Surplus |
(39.909) |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
236.946 |
165.300 |
106.900 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
321.031 |
302.331 |
7.200 |
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2] Unsecured Loans |
39.316 |
10.011 |
0.011 |
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TOTAL BORROWING |
360.347 |
312.342 |
7.211 |
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|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
597.293 |
477.642 |
114.111 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
460.974 |
78.064 |
78.357 |
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Capital work-in-progress |
37.372 |
382.668 |
23.306 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
17.626 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
20.146
|
9.697 |
0.000 |
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Sundry Debtors |
6.255
|
0.000 |
0.000 |
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Cash & Bank Balances |
15.185
|
11.456 |
12.110 |
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|
Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
73.679
|
40.030 |
0.765 |
|
Total
Current Assets |
115.265
|
61.183 |
12.875 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
29.395
|
42.212 |
0.000 |
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Other Current Liabilities |
4.151
|
1.809 |
0.308 |
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Provisions |
0.398
|
0.258 |
0.125 |
|
Total
Current Liabilities |
33.944
|
44.279 |
0.433 |
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Net Current Assets |
81.321
|
16.904 |
12.442 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.006 |
0.006 |
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TOTAL |
597.293 |
477.642 |
114.111 |
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PROFIT & LOSS ACCOUNT
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|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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LOSS AFTER TAX |
|
(39.909) |
Nil |
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IMPORTS |
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Raw Materials |
|
5.592 |
0.000 |
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Stores & Spares |
|
0.000 |
0.000 |
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Others |
|
14.011 |
253.552 |
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TOTAL IMPORTS |
|
19.603 |
253.552 |
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Basic Earnings
Per Share (Rs.) |
|
(4921) |
Nil
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Diluted Earnings
Per Share (Rs.) |
|
(1.778) |
Nil
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.66
|
2.16 |
0.07 |
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Current Ratio (Current Asset/Current Liability) |
|
3.40
|
1.38 |
29.73 |
LOCAL AGENCY FURTHER INFORMATION
The Company has incurred a net loss of Rs.39.909
Millions for the year after providing for depreciation and taxation and making
other necessary adjustments. This loss has been carried to the Balance Sheet.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74950MH2007PTC174475 |
|
Name of the
company |
ICM PACKAGING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Saki - Vihar Road, Powai, Mumbai -400072, Maharashtra, India |
|
This form is for |
Modification
of charge |
|
Charge identification
(ID) number of the charge to be modified |
10106883 |
|
Type of charge |
Book
debts Movable
property |
|
Particular of
charge holder |
INDIAN OVERSEAS BANK 2/10, ELPHINSTONE BUILDING, VEER NARIMAN ROAD, FORT, MUMBAI -400001,
Maharashtra, INDIA |
|
Nature of
instrument creating charge |
Letter of Hypothecation in F-110E. |
|
Date of
instrument Creating the charge |
14.05.2010 |
|
Amount secured by
the charge |
Rs. 439.300 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate
of interest Term Loan III : BPLR +
1.00 % Cash Credit - II : BPLR +
0.75% Letter of Credit -II : Commission as per circulars in force Other Limits : No
changes from the existing terms. Terms
of repayment Cash Credit - II / Letter of Credit - II : Repayable on Demand. Term Loan III : (Proposed to Unit -II) repayable in 48 monthly
installments of Rs.0.833 Millions w.e.f. Jan.2011. Other Limits : No changes from the existing terms. Margin Term Loan III : 65% on
project cost Cash Credit - II : 25% on
Stocks & 40% Debtor. Letter of Credit - II : 15% Other Limits : No
changes from the existing terms. Extent
and operation of the charge The Charge to operate as security, by way of first exclusive charge,
for the due repayment of the credit facility of Rs.439.300 Millions together with
interests, additional interest, costs, charges, expenses and all other moneys
payable by the Company to the Bank from time to time in terms of sanction. Others Facility Limit (Rs.
in Millions)
Revised Existing --------------
------------ ----------- Term Loan I 202.00 202.00 Term Loan II 100.50 100.50 Cash Credit I 26.00 26.00 LC - I
20.80 20.80 Term Loan III Nil 40.00 Cash Credit - II Nil 40.00 LC - II - Nil 10.00 |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation, by way of : 1)
All the fixed asset of Company including land,
building, plant and machinery, both present and future. 2)
Entire current assets of Company including raw
materials, work in process, F.F. and book debts. |
|
Particulars of
the present modification |
The amount secured by the charge has been enhanced from Rs.349.300
Millions to Rs.439.300 Millions. |
FIXED ASSETS
·
Land
·
Building – Factory
·
Furniture and Fixtures
·
Plant and Machinery
·
Computer
·
Office Equipments
·
Laboratory Equipments
·
Electrical Installations
·
Motor Cars
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.44.72 |
|
|
1 |
Rs.71.95 |
|
Euro |
1 |
Rs.64.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
12 |
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.