MIRA
INFORM REPORT
|
Report Date : |
04.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
AMCOR RIGID PLASTICS INDIA PRIVATE LIMITED (w.e.f 11.05.2010) |
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Formerly Known
As : |
CONTINENTAL PET INDIA PRIVATE LIMITED AMCOR PET PACKAGING ASIA PRIVATE LIMITED |
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Registered
Office : |
Gat No. 119-123 Village Dhanore Alandi Markal Road, Taluka Khed, Pune
– 412105, |
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Country : |
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Financials (as
on) : |
30.06.2010 |
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Date of
Incorporation : |
29.03.1995 |
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Com. Reg. No.: |
25-108220 |
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Paid-up Capital
: |
Rs. 185.772 Millions |
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CIN No.: [Company Identification
No.] |
U25207PN1995PTC108220 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
PNEA08327E |
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PAN No.: [Permanent Account No.] |
AADCS6330D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Provide Extruding, Casting , Moulding and Pet Preform |
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No. of Employees
: |
Information not divulged by management |
RATING & COMMENTS
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MIRA’s Rating : |
B (34) |
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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 1100000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
is progressing well. Trade relations are reported as fair. Business is
active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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.
INFORMATION DENIED BY
The Management non cooperative
LOCATIONS
|
Registered Office/ Factory : |
Gat No. 119-123 Village Dhanore Alandi Markal Road, Taluka Khed, Pune
– 412105, Maharashtra, India |
|
Tel. No.: |
91-2135-232537/63/64/65/396000 (100 Lines) |
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Fax No.: |
91-2135-232538/396517 |
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E-Mail : |
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Website : |
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Factory 1 : |
Amcor Flexibles Haridwar Plot No.F1,Sector-7, IIE,SIDCUL
Haridwar -249403, |
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Tel. No.: |
91-1334-239830 |
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Fax No.: |
91-1334-239456 |
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Factory 2 : |
Amcor Flexibles-Chakan Gat No 222/152(A), Mahalunge, |
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Tel. No.: |
91-2135-259 598 |
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Fax No.: |
91-2135-259271 |
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Sales Office : |
Located at:
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DIRECTORS
As On 31.12.2010
|
Name : |
Mr. Bharat Ramkrishna Paranjape |
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Designation : |
Whole Time Director |
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Address : |
Meghana Terraces, Flat No. 16, Mayur Colony, Kothrud, Pune – 411038, |
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Date of Birth/Age : |
07.12.1949 |
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Qualification : |
M.Sc (Chemistry) |
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Experience : |
40 years |
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Date of Appointment : |
25.07.1997 |
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DIN No.: |
01185054 |
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Last Employment : |
Henkel Chemicals |
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Name : |
Mr. Jayant Vyankatesh Sangole |
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Designation : |
Whole Time Director |
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Address : |
1002/5, Rajendra Nagar, Pune – 411030, |
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Date of Birth/Age : |
16.04.1953 |
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Qualification : |
M.B.A., AICWA |
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Experience : |
31 Years |
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Date of Appointment : |
13.03.2000 |
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DIN No.: |
01185019 |
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Last Employment : |
Deepak Nitrite Limited |
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Name : |
Mr. Praveen Gyanchand Rattan |
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Designation : |
Whole Time Director |
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Address : |
3, Gulmohar Villa II, Gulmohar Park, Off ITI Road, Aundh, Pune –
411007, Maharashtra, India |
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Date of Birth/Age : |
10.05.1950 |
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Qualification : |
B.E (Hon), P.G.D.M. |
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Experience : |
33 Years |
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Date of Appointment : |
01.09.1997 |
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DIN No.: |
00877215 |
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Last Employment : |
Longulf Trading India Private Limited |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 31.12.2010
|
Names of Shareholders |
|
No. of Shares |
|
Amcor Limited – |
|
18577201 |
|
Amcor Holdings ( |
|
1 |
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Total |
|
18577202 |
As On 31.12.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provide Extruding, Casting , Moulding and Pet Preform |
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GENERAL INFORMATION
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No. of Employees : |
Information not divulged by management |
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lovelock and Lewes Chartered Accountant |
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Address : |
Mutha Towers, 5th Floor, Suite No 8, Airport Road, Yerwada,
Pune – 411006, Maharashtra, India |
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Pan No.: |
AABSL5878L |
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Holding Company : |
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Fellow Subsidiaries (As On 30.06.2009) : |
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CAPITAL STRUCTURE
As On 30.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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24000000 |
Equity Shares |
Rs. 10/- each |
Rs. 240.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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18577202 |
Equity Shares |
Rs. 10/- each |
Rs. 185.772
Millions |
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Note:
Of the above 18577201 shares are held by the holding
company, Amcor Limited, Australia and 1 share is held by Amcor Holding
(Australia) Pty Limited.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
185.772 |
185.772 |
185.772 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
101.338 |
56.867 |
32.237 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
287.110 |
242.639 |
218.009 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
10.308 |
11.506 |
10.937 |
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TOTAL |
297.418 |
254.145 |
228.946 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
190.823 |
170.134 |
204.403 |
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Capital work-in-progress |
0.000 |
0.000 |
4.800 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
7.855
|
5.593 |
9.938 |
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Sundry Debtors |
18.508
|
34.305 |
22.671 |
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Cash & Bank Balances |
111.471
|
66.553 |
20.080 |
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Other Current Assets |
17.286
|
6.032 |
11.982 |
|
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Loans & Advances |
9.297
|
5.322 |
20.632 |
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Total
Current Assets |
164.417
|
117.805 |
85.303 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
35.841 |
24.533 |
49.801 |
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Other Current Liabilities |
11.636
|
5.952 |
6.816 |
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Provisions |
10.345
|
3.309 |
8.943 |
|
Total
Current Liabilities |
57.822
|
33.794 |
65.560 |
|
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Net Current Assets |
106.595
|
84.011 |
19.743 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
297.418 |
254.145 |
228.946 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
30.06.2010 |
30.06.2009 |
30.06.2008 |
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SALES |
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Income |
217.636 |
99.801 |
88.608 |
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Conversion Charges |
199.888 |
182.323 |
146.790 |
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Other Income |
4.285 |
1.877 |
2.343 |
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TOTAL (A) |
421.809 |
284.001 |
237.741 |
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Less |
EXPENSES |
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|
|
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|
71.196 |
70.091 |
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Personnel costs |
|
23.114 |
20.916 |
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Manufacturing and other expenses |
|
102.326 |
90.391 |
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Increase/Decrease in inventory and unbilled conversion costs |
|
9.489 |
(9.006) |
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TOTAL (B) |
354.823
(Including Financial Expenses |
206.125 |
172.392 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
77.876 |
65.349 |
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Less |
FINANCIAL
EXPENSES (D) |
|
0.502 |
1.565 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
77.374 |
63.784 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
39.576 |
30.254 |
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PROFIT BEFORE
TAX (E-F) (G) |
66.986 |
37.798 |
33.350 |
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Less |
TAX (I) |
22.515 |
13.169 |
12.974 |
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PROFIT AFTER TAX
(G-I) (J) |
44.471 |
24.629 |
20.556 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
32.237 |
12.239 |
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Less |
TRANSITIONAL
EFFECT ON ACCOUNT OF REVISED AS-15 “EMPLOYEE BENEFITS” NET OF DEFERRED TAX
CREDIT |
NA |
0.000 |
0.558 |
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BALANCE CARRIED
TO THE B/S |
|
56.866 |
32.237 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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|
Export Earnings |
|
6.097 |
0.000 |
|
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TOTAL EARNINGS |
|
6.097 |
0.000 |
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IMPORTS |
|
|
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|
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Raw Materials |
|
5.441 |
4.081 |
|
|
|
Components and Spares Parts |
|
0.954 |
0.706 |
|
|
|
Capital Goods |
NA |
0.000 |
96.182 |
|
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TOTAL IMPORTS |
|
6.395 |
100.969 |
|
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Earnings Per
Share (Rs.) |
2.39 |
1.33 |
1.11 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
PAT / Total Income |
(%) |
10.54
|
8.67 |
8.65 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
30.78
|
37.87 |
37.64 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
18.86
|
13.13 |
11.51 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.16 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.20
|
0.14 |
0.30 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.84
|
3.49 |
1.30 |
LOCAL AGENCY FURTHER INFORMATION
THE DETAILS OF
SUNDRY CREDITORS:
Rs.
In Millions
|
Particulars |
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
Sundry Creditors |
|
|
|
|
Total outstanding dues of micro and small enterprises |
- |
- |
- |
|
Total outstanding dues of creditors other than micro and small
enterprises |
35.841 |
24.533 |
49.801 |
|
Total |
35.841 |
24.533 |
49.801 |
OPERATIONS AND
FUTURE OUTLOOK:
During the year under consideration, the
company has achieved total income of Rs. 421.809 millions and earned net profit
after tax of Rs. 44.471 millions. With a 22% increase in the volume of performs
during the FY 2009-10, the sales revenue increased by 45% due to sharp increase
in the direct sales of performs. They expect the business to show a healthy
growth in the coming years.
Fixed Assets:
- Land (Freehold)
- Factory building
- Office building
- Plant and machinery
- Electrical installations
- Data processing equipment
- Office and other equipments
- Fire fighting equipments
- Furniture
- Vehicles
- Computer software
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.44.59 |
|
|
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.64.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
34 |
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.