MIRA
INFORM REPORT
|
Report Date : |
01.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
EVERGREEN DRUMS AND CANS PRIVATE LIMITED |
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Registered
Office : |
543, Rabindra Sarani, (Bagbazar), Kolkata – 700003, West Bengal |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.09.1996 |
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Com. Reg. No.: |
21-81525 |
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Capital Investment
/ Paid-up Capital : |
Rs.16.933
Millions |
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CIN No.: [Company Identification
No.] |
U28992WB1996PTC081525 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALE01320E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers of M.S. Drums and Cans, Square and Round and OTS Cans. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 530000 |
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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 are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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/ Corporate Office : |
543, Rabindra Sarani, (Bagbazar), Kolkata – 700003, West Bengal, India
|
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Tel. No.: |
91-33-25544354/ 25333889/ 25546961 |
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Fax No.: |
91-33-25338880 |
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E-Mail : |
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Factory 1: |
29, Janki Devi Jalan Road, Liluah, Howrah – 711204, West Bengal, India |
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Tel No.: |
91-33-26555608 |
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Factory 2: |
6/1, Kumarpara Road, Liluah, Howrah – 711204, West Bengal, India |
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Tel No.: |
91-33-26453447 |
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Fax No.: |
91-33-26453908 |
DIRECTORS
(AS ON 29.09.2010)
|
Name : |
Mr. Om Prakash Jhunjhunwala |
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Designation : |
Director |
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Address : |
543, Rabindra Sarani, Kolkata – 700003, West Bengal, India |
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Date of Birth/Age : |
08.01.1939 |
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Date of Appointment : |
30.09.1996 |
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Name : |
Mr. Alok Kumar Jhunjhunwala |
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Designation : |
Director |
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Address : |
543, Rabindra Sarani, Kolkata – 700003, West Bengal, India |
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Date of Birth/Age : |
15.06.1963 |
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Date of Appointment : |
30.09.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 29.09.2010)
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Names of Shareholders |
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No. of Shares |
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Om Prakash Jhunjhunwala |
|
435350 |
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Alok Kumar Jhunjhunwala |
|
316525 |
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Urmila Kumar Jhunjhunwala |
|
72850 |
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Radhe Shyam Jhunjhunwala |
|
69815 |
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Kamal Kumar Jhunjhunwala |
|
88070 |
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Shree Tirupati Caps and Packaging Private Limited, India |
|
298100 |
|
Axlon Distributors Private Limited, India |
|
241650 |
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Meena Jhunjhunwala |
|
16300 |
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Indian Metacork Products Private Limited, India |
|
145925 |
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Mahendra Yadav |
|
4510 |
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Bansi Yadav |
|
4240 |
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Total |
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1693335 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Bodies corporate |
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40.49 |
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Directors or relatives of directors |
|
59.51 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of M.S. Drums and Cans, Square and Round and OTS Cans. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
· State Bank of India Commercial Branch, N. S. Road, 8, N. S. Road, Kolkata -
700001, West Bengal, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute : |
· A. P. State Financial Corporation Chirag Ali Lane, Abids, Hyderabad - 500001, Andhra
Pradesh, India |
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Auditors : |
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Name : |
D Niyogy and Company Chartered Accountant |
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Address : |
58-B, Ananda Palit Road, Kolkata – 700014, West Bengal, India |
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Tel. No.: |
91-33-22448434/ 22842056 |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1900000 |
Equity Share |
Rs.10/- each |
Rs.19.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1693335 |
Equity Share |
Rs.10/- each |
Rs.16.933
Millions |
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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 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
16.933 |
15.405 |
15.380 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
116.139 |
80.525 |
72.162 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
133.072 |
95.930 |
87.542 |
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|
LOAN FUNDS |
|
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|
1] Secured Loans |
92.003 |
153.450 |
109.419 |
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2] Unsecured Loans |
21.466 |
14.693 |
8.025 |
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TOTAL BORROWING |
113.469 |
168.143 |
117.444 |
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DEFERRED TAX LIABILITIES |
5.207 |
5.377 |
5.334 |
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TOTAL |
251.748 |
269.450 |
210.320 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
100.928 |
107.661 |
91.896 |
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Capital work-in-progress |
15.236 |
0.000 |
14.872 |
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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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|
|
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Inventories |
102.334
|
83.677 |
94.192 |
|
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Sundry Debtors |
83.077
|
71.972 |
36.753 |
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Cash & Bank Balances |
34.812
|
60.497 |
29.830 |
|
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Other Current Assets |
4.337
|
4.848 |
4.490 |
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Loans & Advances |
89.690
|
47.639 |
54.136 |
|
Total
Current Assets |
314.250
|
268.633 |
219.401 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditor |
|
93.116 |
111.149 |
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Other Current Liabilities |
|
10.283 |
1.851 |
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Provisions |
7.914
|
3.961 |
3.618 |
|
Total
Current Liabilities |
179.062
|
107.360 |
116.471 |
|
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Net Current Assets |
135.188
|
161.273 |
102.930 |
|
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|
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MISCELLANEOUS EXPENSES |
0.396 |
0.516 |
0.622 |
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TOTAL |
251.748 |
269.450 |
210.320 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
|
|
|
|
|
|
388.049 |
399.102 |
|
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Other Income |
518.219 |
3.334 |
1.973 |
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Variation in Stock (F.G.) |
|
1.249 |
(7.442) |
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|
|
TOTAL (A) |
518.219 |
392.632 |
393.633 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
266.442 |
258.777 |
|
|
|
Manufacturing and Other Expenses |
|
53.756 |
67.786 |
|
|
|
Payment to Employees |
|
3.279 |
3.003 |
|
|
|
Sales and Distribution Expenses |
|
17.340 |
21.519 |
|
|
|
Establishment Expenses |
|
6.657 |
8.164 |
|
|
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TOTAL (B) |
|
347.474 |
359.249 |
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
508.907 (Including
Financial Expenses and Depreciation ) |
45.158 |
34.384 |
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|
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Less |
FINANCIAL
EXPENSES (D) |
|
22.524 |
16.558 |
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
22.634 |
17.826 |
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
14.156 |
9.690 |
|
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
9.312 |
8.478 |
8.136 |
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Less |
TAX (H) |
2.767 |
1.093 |
2.166 |
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|
PROFIT AFTER TAX
(G-H) (I) |
6.545 |
7.385 |
5.970 |
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Import Value |
NA |
125.171 |
106.161 |
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|
Earnings Per
Share (Rs.) |
3.87 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.26
|
1.88 |
1.52 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
2.18 |
2.04 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.24
|
2.25 |
2.61 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.09 |
0.09 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.20
|
2.87 |
2.67 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.75
|
2.50 |
1.88 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered Office of the company has been shifted from, 29, Janki Devi
Jalan Road Liluah, Howrah -711204, West Bengal, India, to the present address
w.e.f. 05.03.2007.
FORM 8:
|
Corporate
identity number of the company |
U28992WB1996PTC081525 |
|
Name of the
company |
Evergreen Drums
& Cans Private Limited |
|
Address of the
registered office or of the principal place of business in |
543, Rabindra
Sarani, Bagbazar, Kolkata – 700003, West Bengal, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Floating charge Others: All Other Current Assets and Movable Fixed Assets. |
|
Particular of
charge holder |
State Bank of
India Commercial Branch,
N. S. Road, 8, N. S. Road, Kolkata – 700001, West Bengal, India |
|
Nature of
instrument creating charge |
i) Supplemental Agreement
of Hypothecation of Goods and Assets for Increase in the Overall Limit. ii) Supplemental
Deed of Guarantee for Increase in Overall Limit. iii) Letter
Regarding the Grant of Individual Limits Within the Overall Limit. iv) Memorandum of
Deposit for Creation of Further Charge for Term Loan/Overall Limit Where the
Initial Charge is Created by Way of Mortgage by Deposit of Title Deeds. |
|
Date of
instrument Creating the charge |
29.03.2010 |
|
Amount secured by
the charge |
Rs.387.900
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: Cash Credit
(Stocks and BD): At 1.25% above SBAR. Term Loan: At
1.75% above SBAR. Terms of
repayment: Working Capital
Limit is repayable on demand. Term Loan of
Rs.70.000 Millions is repayable in 18 quarterly installments commencing from
31.12.2010 and out of which first 2 installments of Rs.4.000 Millions each,
3rd to 6th installments of Rs.3.000 Millions each, 7th to 14th installments
of Rs.4.000 Millions each, 15th to 18th installments of Rs.4.500 Millions
each and installments ending on 31.03.2015. Margin: As stipulated by
the Bank for the respective assets from time to time. Raw
Materials : 25%, Stock-in-process : 25%, Finished Goods :
25%, Letter of Credit
: 10%, Book
Debts/Receivables : 30% and Term Loan: 37%. Extent and
Operation of the Charge: The charge
operates as first charge basis on the whole of the hypothecated current
assets and movable fixed assets including plant and machinery relating to the
new proposed Drum-Manufacturing Unit of the Company, both present and future
and mortgaged properties belonging to the corporate guarantor as stated in
the column no.15 to secure the maximum amount under the said charge fixed at
Rs.387.900 Millions together with interest, costs and charges thereon. Others: The Borrower
shall not do or allow anything which may prejudice the security and shall
comply with the terms and conditions of the Agreements. The overall limit
is also secured by Corporate Guarantee of M/s. Indian Metacork Products
Private Limited and M/s. Shree Tirupati Caps and Packaging private Limited |
|
Particulars of
the property charged |
Hypothecation of
entire current assets, including inventory and receivables, both existing and
future. Hypothecation of
entire fixed assets, plant and machinery of the new proposed
Drum-Manufacturing Unit. Extension of
charge on existing fixed assets excluding those financed by WBFC and APSFC. Cash Collateral
STDR's in the name of the company) of Rs.1.500 Millions. All that piece
and parcel of the landed property measuring about 2 Bighas 16 Cottahs 5
Chittacks at 6/1, Coomar Para Road, Liluah, Howrah comprised in Dag No.2234,
Khatian No.398 together with Factory Shed/ Office/ Godown garage for keeping
cars and vehicles, staff quarters for workers/staff and other fittings and
fixtures upon the said land under Sale Deed No.4172 belonging to M/s. Indian
Metacork Products Private Limited (Corporate Guarantor/ Security Provider). |
|
Particulars of
the present modification |
By this
modification, the Overall Limit is enhanced from Rs.252.900 Millions to
Rs.387.900 Millions as stated under: Cash Credit
(Stocks and BD) : Rs.105.000 Millions Term Loan :
Rs.70.000 Millions Letter of Credit
(Inland) : Rs.60.000 Millions Letter of Credit
(Import) : Rs.150.000 Millions Forward Loan :
Rs.2.900 Millions Overall Limit :
Rs.387.900 Millions All other terms
and conditions continue to remain as before in full force and effect. |
FIXED ASSETS:
· Land
· Factory Shed and Building
· Plant and Machinery
· Electrical Institution
· Factory Equipment
· Office Equipment
· Computers
· Furniture and Fixture
· Vehicles
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.45.03 |
|
|
1 |
Rs.74.43 |
|
Euro |
1 |
Rs.64.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.