MIRA
INFORM REPORT
|
Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
NEC PACKAGING LIMITED |
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Registered
Office : |
E-3, Phase III, Industrial Area, Mohali-160055, |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.05.1995 |
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Com. Reg. No.: |
16-016532 |
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Capital Investment
/ Paid-up Capital : |
Rs. 1.995 millions |
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CIN No.: [Company Identification
No.] |
U21029PB1995PLC016532 |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Premium Quality Packaging
Items |
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No. of Employees
: |
58 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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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 46000 |
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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. Profitability
of the company appears to be low. However trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealings at usual
trade terms and conditions with some caution.
|
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 : |
Ms. Promila |
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Designation : |
Director |
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Date : |
15.06.2011 |
LOCATIONS
|
Registered Office / Factory: |
E-3, Phase III, Industrial Area, Mohali-160055, |
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Tel. No.: |
91-172-5095453 / 5094529 |
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Mobile No.: |
91-9876314444 (Mrs. Promila Kumar) |
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Fax No.: |
91-172-5090358 |
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E-Mail : |
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Area : |
5000 Sq.ft. |
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Location : |
Owned |
DIRECTORS
AS ON 31.08.2010
|
Name : |
Mr. Vivek Gupta |
|
Designation : |
Managing Director |
|
Address : |
H 20, Sector 4, |
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Date of Birth/Age : |
20.02.1957 |
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Date of Appointment : |
30.05.1995 |
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DIN No : |
01373025 |
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Name : |
Mrs. Promila Gupta |
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Designation : |
Director |
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Address : |
H 20, Sector 4, |
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Date of Birth/Age : |
11.03.1960 |
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Date of Appointment : |
01.04.2005 |
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DIN No : |
01675170 |
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Name : |
Mrs. Mehak Krishan Gupta |
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Designation : |
Director |
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Address : |
H 20, Sector 4, |
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Date of Birth/Age : |
02.05.1983 |
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Date of Appointment : |
01.04.2005 |
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DIN No : |
01921753 |
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Name : |
Mr. Varun Kumar |
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Designation : |
Director |
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Address : |
20 Sector 4, |
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Date of Birth/Age : |
14.08.1986 |
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Date of Appointment : |
12.01.2009 |
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DIN No : |
02497699 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vivek Kumar |
|
78770 |
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Promila Kumar |
|
77350 |
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Varun Kumar |
|
1000 |
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Mehak Krishan |
|
100 |
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Vibha Gupta |
|
100 |
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Sanjeev Jain |
|
100 |
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Rajesh Jain |
|
100 |
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Super Agro Farms Private Limited, India |
|
22000 |
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Dr. Megha Kansal |
|
20000 |
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Total |
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199520 |
AS ON 31.08.2010
|
Category |
Percentage |
|
Bodies corporate |
11.03 |
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Directors or relatives of Directors |
78.95 |
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Other top fifty shareholders |
10.02 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Premium Quality Packaging
Items |
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Products : |
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Exports : |
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Products : |
·
Packaging Items |
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Countries : |
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Terms : |
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Selling : |
Depends |
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Purchasing : |
Depends |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
58 (Approximately) |
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Bankers : |
·
State Bank of Patiala, SME Branch, S.C.O., 34-35,
Phase VII, Industrial Area, Mohali-160055, Punjab, India ·
HDFC Bank Limited ·
ICICI Bank |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Kansal Singla and Associates Chartered Accountant |
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Address : |
S.C.O., 80-81, 4th Floor, Sector 17 C, |
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Pan No.: |
AAAFK9144R |
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Tel. No.: |
91-172-5078401-02 |
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Fax No.: |
91-172-5072903 |
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Website : |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
199520 |
Equity Shares |
Rs.10/- each |
Rs. 1.995
Millions |
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AS ON 31.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
224020 |
Equity Shares |
Rs.10/- each |
Rs. 2.240
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 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
1.995 |
1.727 |
1.551 |
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2] Share Application Money |
0.000 |
2.000 |
0.083 |
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3] Reserves & Surplus |
9.693 |
6.041 |
4.568 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.688 |
9.768 |
6.202 |
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LOAN FUNDS |
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|
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1] Secured Loans |
13.291 |
16.029 |
10.853 |
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2] Unsecured Loans |
0.000 |
0.000 |
3.000 |
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TOTAL BORROWING |
13.291 |
16.029 |
13.853 |
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DEFERRED TAX LIABILITIES |
0.733 |
0.646 |
0.453 |
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TOTAL |
25.712 |
26.443 |
20.508 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.338 |
8.220 |
7.342 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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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 |
16.140
|
13.104
|
11.168 |
|
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Sundry Debtors |
10.044
|
11.532
|
6.261 |
|
|
Cash & Bank Balances |
0.566
|
0.126
|
0.333 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
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Loans & Advances |
0.795
|
0.698
|
1.537 |
|
Total
Current Assets |
27.545
|
25.460 |
19.299 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
8.957
|
6.271
|
5.452 |
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Other Current Liabilities |
0.841
|
0.772
|
0.567 |
|
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Provisions |
0.385
|
0.208
|
0.130 |
|
Total
Current Liabilities |
10.183
|
7.251 |
6.149 |
|
|
Net Current Assets |
17.362
|
18.209
|
13.150 |
|
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|
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MISCELLANEOUS EXPENSES |
0.012 |
0.014 |
0.016 |
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|
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|
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TOTAL |
25.712 |
26.443 |
20.508 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
|
|
|
|
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Income |
52.166 |
43.193 |
38.656 |
|
|
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Interest and Other Income |
1.153 |
0.000 |
0.029 |
|
|
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Closing Stock |
1.952 |
1.465 |
1.595 |
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|
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TOTAL (A) |
55.271 |
44.658 |
40.280 |
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Opening Stock |
1.465 |
1.595 |
1.627 |
|
|
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Raw Material Consumed |
40.962 |
31.516 |
29.146 |
|
|
|
Manufacturing Expenses |
4.917 |
3.872 |
1.104 |
|
|
|
Staff Employment |
0.906 |
1.352 |
3.442 |
|
|
|
Administrative Expenses |
1.977 |
1.912 |
1.754 |
|
|
|
Selling Expenses |
0.963 |
0.687 |
0.912 |
|
|
|
Loss on |
0.000 |
0.037 |
0.000 |
|
|
|
Preliminary Expenses W/o |
0.002 |
0.002 |
0.002 |
|
|
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TOTAL (B) |
51.192 |
40.973 |
37.987 |
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|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.079 |
3.685 |
2.293 |
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|
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
1.856 |
2.023 |
1.145 |
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.223 |
1.662 |
1.148 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.526 |
0.496 |
0.303 |
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|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.697 |
1.166 |
0.845 |
|
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|
|
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Less |
TAX (H) |
0.472 |
0.400 |
0.463 |
|
|
|
|
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|
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|
Less |
PRIOR PERIOD
EXPENSES (INCOME) W/OFF |
0.027 |
0.000 |
0.036 |
|
|
|
|
|
|
|
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|
Add |
EXCESS INCOME
TAX PROVISION W/BACK |
0.047 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1.245 |
0.766 |
0.346 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.198 |
0.432 |
0.086 |
|
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|
|
|
|
|
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|
|
BALANCE CARRIED
TO THE B/S |
2.443 |
1.198 |
0.432 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.24 |
4.43 |
2.63 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.25
|
1.72 |
0.86 |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.25
|
2.70 |
2.19 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.73
|
3.46 |
3.17 |
|
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.12 |
0.14 |
|
|
|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.07
|
2.38 |
2.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.70
|
3.51 |
3.14 |
LOCAL AGENCY FURTHER INFORMATION
WORKING RESULTS:
The gross receipts of the company during the year were to the tune of
Rs. 55.270 millions as against Rs. 44.658 millions during previous year.
However, after providing for depreciation, financial, administrative and other
costs, the company earned a profit of Rs. 1.697 millions as against the profit
of Rs. 1.166 millions during the previous year.
FORM 8
|
Corporate
identity number of the company |
U21029PB1995PLC016532 |
|
Name of the
company |
NEC PACKAGING
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
E-3, Phase III Industrial Area, Mohali-160055, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80044363 |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
State Bank of Email ID: arun_k_maini@yahoo.com
|
|
Nature of
instrument creating charge |
Letter of
Arrangement |
|
Date of
instrument Creating the charge |
25.09.2009 |
|
Amount secured by
the charge |
Rs.16.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 1% above BPLR of
12.25% p.a. and present effective rate 13.75% p.a. on daily products with
monthly rests. Terms of
Repayment Repayable on
demand. Margin 25% on raw
materials, semi finished and finished goods and 40% on domestic receivables. Extent and
Operation of the charge 100%. |
|
Short particular
of the property or asset(s) charged |
Hypothecation of
stocks and all current assets of the company. The limits shall be
collaterally secured by way of extension of charge on fixed assets of the
company. |
|
Date of latest
modification prior to the present modification |
03.12.2008 |
|
Particulars of
the present modification |
Other things
remaining same, working capital
limited enhanced from Rs. 13.500 millions to Rs. 16.000 millions. |
FIXED ASSETS
- Building
- Air
Conditioner
- Computer
- Cooler and
Fans
- Crane and
Lift
- Dryer
- Electric
Installation
- Furniture and
Fixtures
- Gen Set
- Machinery
- Office
Equipment
- Truck
- Vehicles
- Weighing
Machine
WEB SIDE DETAILS
PROFILE
Proper packaging ensures not only attractive and catchy looks but also
gives complete guarantee of safety and security. Subject was established in the
year 1979 with a mission to add one more dynamic chapter to the history of the
packaging industry. With a clear mission and vision, they have become the
leading manufacturer and exporter of premium quality packaging items
in the world. Their range of products includes Printed Corrugated Cartons / Rolls / Sleeves /
Sheets, Printed Die Cut Cartons, Laminated Pouches, Bags, Printed / Unprinted
Laminated Films, Blister Foils and Bulk Drug Bags, Printed PVC Shrink Labels,
Cold Formed Foils, and much more.
Their company can produce as per the clients' demand and specifications. They have state-of-the-art infrastructure with latest manufacturing facilities used at all the stages of production, which is efficiently carried out by their talented team. In-house quality examination center is a modal agency for quality maintenance at their concern.
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.44.68 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.64.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.