MIRA
INFORM REPORT
|
Report Date : |
25.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
POSITIVE PACKAGING INDUSTRIES LIMITED |
|
|
|
|
Registered Office : |
98, Jolly Maker Chambers No. 2, 225, Nariman Point, Mumbai
– 400 021, |
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Country : |
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|
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|
Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
10.05.1994 |
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|
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|
Com. Reg. No.: |
11-78296 |
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Capital
Investment / Paid-up Capital : |
Rs.448.220
millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74952MH1994FLC078296 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUME04200A |
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PAN No.: [Permanent
Account No.] |
AAACP2836Q |
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|
Legal Form : |
A Closely held Public Limited Liability Company |
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|
Line of Business : |
Manufacturer and Exporter of multi layered laminated and printed films for packaging based on BOPP/Polyester Films, Paper, Aluminium Foils. |
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|
No. of Employees : |
500 + Contract Workers (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7447000 |
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|
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments area reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Digvijay Desai |
|
Designation : |
Accounts Manager |
|
Date: |
24.06.2011 |
LOCATIONS
|
Registered Office/ Head Office : |
98, Jolly Maker Chambers No. 2, 225, Nariman Point, Mumbai
– 400 021, |
|
Tel. No.: |
91-22-22837206 (5 lines)/ 30011700 |
|
Fax No.: |
91-22-22023774 |
|
E-Mail : |
positive@positivepackaging.com sales@positiveurope.com (Europe- International Office) marketing@positivesouthafrica.com
( |
|
Website : |
|
|
Location : |
Owned |
|
|
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|
Commercial Office : |
202, A-Wing, Sector-15, The Great Eastern Summit, CBD
Belapur, Navi Mumbai – 400 614, |
|
Tel No.: |
91-22-39211400 |
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Fax No.: |
91-22-39211430 |
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|
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Factory 1 : |
Flexible Packaging Division Village Ransai, Km. 16, Khopoli - Pen Road, P.B No. 37, Taluka Khalapur, Khopoli – 410 203, Maharashtra, India |
|
Tel. No.: |
91-2192-391300 to 391309 |
|
Fax No.: |
91-2192-391510 |
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E-Mail: |
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|
Website : |
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Location : |
Owned |
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|
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Factory 2 : |
Flexible Packaging Division Survey Nos. 51 and 53, Village Ransai, 16 KMs, Khopoli- Pen Road, Taluka- Khalapur, Dist- Raigad – 410 203, Maharashtra, India |
|
Location : |
Owned |
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|
Factory 3 : |
Rotogravure Printing Cylinder DivisionPlot No. V-26, MIDC, Taloja Industrial area, Taluka Panvel, District Raigad, Maharashtra-410203 |
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Factory 4 : |
Metallising Division : Plot No .L-19, MIDC, Taloja Industrial Areas, Taluka- Panvel, Dist. Raigad, Maharashtra-410208 |
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Factory 5 : |
Positive Packaging (EOU) Survey No. 52, Village Ransai, 16 KMs, Khopoli Pen Road, Taluka- Khalapur, Dist- Raigad – 410203, Maharashtra |
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Factory 6 : |
Plot No.21, 22 and 23, Bommasandra- Jigani Link Road, industrial Area, Taluka- Anckal, Dist- Bangalore – 562106, Karnataka, India |
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Overseas Office 1 : |
Positive Packaging
Industries (Pty.) Limited, Suite 1a, Strathway Strathmore Park, 305 Musgrave Road, Durban 4001 (South
Africa), PO Box
50602, Musgrave, Durban 4062 (South Africa)
|
|
Tel. No.: |
+ 27 31 202 2096 |
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Fax No.: |
+ 27 31 202 3920 |
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E-Mail : |
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Overseas Office 2 : |
Positive Packaging Europe, 5th Floor, |
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Tel. No.: |
+ 44 (0) 20 7935 7124 |
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Fax No.: |
+ 44 (0) 20 7935 6495 |
|
E-Mail : |
DIRECTORS
As on 04.09.2010
|
Name : |
Mr. Laxman Ramkrishnan |
|
Designation : |
Managing Director and Chief Executive Officer |
|
Address : |
9/295, |
|
Date of Birth/Age : |
29.07.1951 |
|
Date of Appointment
: |
18.06.1998 |
|
|
|
|
Name : |
Mr. Chitoor Hariharan Laxminarayan |
|
Designation : |
Wholetime Director and Member of Audit Committee |
|
Address : |
2/295, |
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Date of Birth/Age : |
22.10.1957 |
|
Date of Appointment
: |
26.09.2002 |
|
|
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|
Name : |
Mr. Nilcanta Iyer
Ganga Ram |
|
Designation : |
Director and Chairman of Audit Committee |
|
Address : |
703, |
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Date of Birth/Age : |
22.09.1934 |
|
Date of Appointment
: |
21.05.1996 |
|
|
|
|
Name : |
Mr. Ajit Chakrabarti |
|
Designation : |
Director and Member of Audit Committee and Remuneration Committee |
|
Address : |
2B, 11, Neptune Apartments, |
|
Date of Birth/Age : |
21.08.1934 |
|
Date of Appointment
: |
20.12.1996 |
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|
|
|
Name : |
Mr. Anil K. Kale |
|
Designation : |
Wholetime Director |
|
Address : |
F, Wing, 205, |
|
Date of Birth/Age : |
01.12.1958 |
|
Date of Appointment
: |
25.12.2003 |
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|
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|
Name : |
Mr. Naraindas Parmanad Kriplani |
|
Designation : |
Chairman |
|
Address : |
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|
Date of Birth/Age : |
26.10.1935 |
|
Date of Appointment
: |
09.08.1994 |
|
|
|
|
Name : |
Mr. Ashok Santadas Lakhani |
|
Designation : |
Vice Chairman |
|
Address : |
51-A, Miramar, 3
Napeansea Road, Mumbai – 400 036, Maharashtra, India |
|
Date of Birth/Age : |
29.07.1949 |
|
Date of Appointment
: |
09.08.1994 |
|
|
|
|
Name : |
Mr. S N Kirpalani |
|
Designation : |
Director |
|
Address : |
4 A, |
|
Date of Birth/Age : |
16.09.1966 |
|
Date of Appointment
: |
24.09.2005 |
|
|
|
|
Name : |
Mr. Pranesh M. Kankanwadi |
|
Designation : |
Wholetime Director |
|
Address : |
B-34, Sudarshan Co-Operative Housing Society, Plot No. 38,
Sector 17, Vashi, Navi Mumbai – 400705, |
|
Date of Birth/Age : |
11.01.1965 |
|
Date of Appointment
: |
01.10.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Anil
Krishnaji Kale |
|
Designation : |
Secretary |
|
Address : |
F, Wing, 205, |
|
Date of
Birth/Age : |
01.12.1958 |
|
Qualification
: |
26.09.2002 |
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|
|
|
Name : |
Mr. Rohit |
|
Designation : |
Account Head |
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|
Name : |
Mr. Digvijay Desai |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 04.09.2010
|
Names of Shareholders (Equity Share) |
No. of Shares |
|
Far East Holding limited, Mauritius
|
34990405 |
|
C H Laxminarayan |
36 |
|
N P Kriplani |
11833 |
|
Ashok Lakhani |
4471 |
|
Star Services and Investment Limited, |
662956 |
|
L Ramkrishnan |
18 |
|
Mekhala C Laxminarayan |
18 |
|
Goldera International Limited |
1846707 |
|
Total
|
37516444 |
|
Names of Shareholders (Preference Share) |
No. of Shares |
|
Far East Holding limited, |
598146 |
|
Total
|
598146 |
As on 04.09.2010
Equity Share
Breakup:-
|
Category |
Percentage |
|
Foreign holdings (Foreign
institutional investors ) foreign companies foreign financial institutions ,
non residents or Overseas corporate bodies or others |
99.96 |
|
Directors or relative of directors |
0.04 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of multi layered laminated and printed films for packaging based on BOPP/Polyester Films, Paper, Aluminium Foils. |
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Products : |
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Exports : |
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Countries : |
Kenya, UK, South Africa, Australia, Germany, Uganda, European Countries |
PRODUCTION STATUS
AS ON 31.03.2010
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Laminates |
MT |
25800 |
21351 |
|
Rotogravure Printing Cylinders |
Nos. |
48000 |
38799 |
|
Metallised Film |
MT |
5400 |
3597 |
|
Cast Polypropylene Films |
MT |
5400 |
4804 |
|
Base Shells |
Nos. |
12000 |
23 |
Note:
The above production includes:
|
Captive
Consumption |
Unit |
Production
includes |
|
Engraved / Re engraved printing cylinders |
Nos. |
9638 |
|
Metallised Film |
MT |
2250 |
|
Cast Polypropylene Films |
MT |
2026 |
|
Base Shells |
Nos. |
23 |
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|
|
|
|
Processed for
others |
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|
|
Re engraved cylinders |
Nos. |
9544 |
|
Metallised Film |
MT |
1304 |
GENERAL INFORMATION
|
Customers : |
·
Golden Wonder
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No. of Employees : |
500 + Contract Workers (Approximately) |
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Bankers : |
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Facilities : |
i) Term Loans of Rs.145.810 millions and
Working Capital Loans of Rs.488.909
are secured favour of consortium of bankers by equitable mortgage of
the Company's immovable properties Situated at Plot No.V-26, MIDC, Taloja, Taluka Panvel at
village Ransal, Taluka Khalapur, Dist. Raigad (extension of mortage in favour
of one of the member of the consortium is in process). Working Capital Loans
of Rs. Nil of Vista Film Packaging Division are secured by equitable mortgage
of the Company's immovable property situated at 6-84, Anand Nagar, MIDC,
Additional Ambernath, and District Thane in the state of ii) External
Commercial Borrowings of Rs.89.780 millions are secured against security
arranged by one of the Directors iii) Vehicle
Loans are secured by hypothecation against the respective vehicles financed.
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|
Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address: |
252, Veer Savarkar Marg, Nextto Mayor’s Bunglow, Shivaji Park, Mumbai – 400028, Maharashtra, India |
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Holding Company : |
Far East Holding Limited ( |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 04.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
41000000 |
Equity Shares |
Rs.10/- each |
Rs.410.000 Millions |
|
1900000 |
Preference Shares |
Rs.100/- each |
Rs.190.000 Millions |
|
12300000 |
Unclassified Shares |
Rs.10/- each |
Rs.123.000 Millions |
|
|
Total |
|
Rs.723.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
37516444 |
Equity Shares |
Rs.10/- each |
Rs.375.164
millions |
|
598146 |
Preference Shares |
Rs.100/- each |
Rs.59.815
millions |
|
|
Total |
|
Rs.434.979 millions |
As on 31.03.2010
|
No. of Shares |
Type |
Value |
Amount |
|
41000000 |
Equity Shares |
Rs.10/- each |
Rs.410.000 Millions |
|
1900000 |
Preference Shares |
Rs.100/- each |
Rs.190.000 Millions |
|
12300000 |
Unclassified Shares |
Rs.10/- each |
Rs.123.000 Millions |
|
|
Total |
|
Rs.723.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
37516444 |
Equity Shares |
Rs.10/- each |
Rs.375.165
millions |
|
730553 |
Preference Shares |
Rs.100/- each |
Rs.73.055
millions |
|
|
Total |
|
Rs.448.220 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
448.220 |
526.218 |
471.875 |
|
|
2] Share Application Money |
0.000 |
48.850 |
0.000 |
|
|
3] Reserves & Surplus |
1413.576 |
627.677 |
315.126 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1861.796 |
1202.745 |
787.001 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
724.649 |
1154.228 |
1606.343 |
|
|
2] Unsecured Loans |
132.190 |
214.023 |
124.149 |
|
|
TOTAL BORROWING |
856.839 |
1368.251 |
1730.492 |
|
|
DEFERRED TAX LIABILITIES |
164.007 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2882.642 |
2570.996 |
2517.493 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1484.173 |
1068.243 |
1006.826 |
|
|
Capital work-in-progress |
131.160 |
23.910 |
16.450 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
142.027 |
142.027 |
|
|
DEFERREX TAX ASSETS |
0.000 |
9.993 |
9.698 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
739.472
|
680.096
|
561.186
|
|
|
Sundry Debtors |
861.556
|
814.063
|
736.027
|
|
|
Cash & Bank Balances |
120.255
|
27.114
|
15.907
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
410.251
|
388.002
|
531.653
|
|
Total
Current Assets |
2131.534
|
1909.275
|
1844.773
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
717.960
|
505.374 |
436.587 |
|
|
Other Current Liabilities |
74.803
|
62.801
|
56.134
|
|
|
Provisions |
71.462
|
14.277
|
9.560
|
|
Total
Current Liabilities |
864.225
|
582.452
|
502.281
|
|
|
Net Current Assets |
1267.309
|
1326.823
|
1342.492
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2882.642 |
2570.996 |
2517.493 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4982.119 |
4681.394 |
3354.837 |
|
|
|
Other Income |
65.353 |
60.352 |
62.599 |
|
|
|
TOTAL (A) |
5047.472 |
4741.746 |
3417.436 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
3254.756 |
2342.105 |
|
|
|
Manufacturing and operating costs |
|
257.968 |
195.603 |
|
|
|
Personnel Costs |
3939.436 |
291.197 |
239.044 |
|
|
|
Administration and sales costs |
|
432.201 |
230.754 |
|
|
|
TOTAL (B) |
3939.436 |
4236.122 |
3007.506 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1108.036 |
505.624 |
409.930 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
74.223 |
143.064 |
149.943 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1033.813 |
362.560 |
259.987 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
265.191 |
235.940 |
221.074 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
768.622 |
126.620 |
38.913 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
266.407 |
69.192 |
(3.682) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
502.215 |
57.428 |
42.595 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
219.613 |
162.185 |
119.590 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Capital Redemption Reserve |
16.667 |
- |
- |
|
|
|
Dividend on Preference share |
14.070 |
- |
- |
|
|
|
Proposed divided on Equity Shares |
17.988 |
- |
- |
|
|
|
Divided Distribution Tax – Preference
Share |
2.383 |
- |
- |
|
|
|
Divided Distribution Tax – Equity Share
|
3.058 |
- |
- |
|
|
BALANCE CARRIED
TO THE B/S |
667.662 |
219.613 |
162.185 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
1945.013 |
1093.820 |
|
|
|
Technical Service Fees |
NA |
31.923 |
21.667 |
|
|
|
Commission Earnings |
NA |
6.851 |
20.228 |
|
|
|
Other Earnings |
NA |
4.834 |
8.170 |
|
|
TOTAL EARNINGS |
NA |
1988.621 |
1143.885 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1019.746 |
511.718 |
|
|
|
Stores & Spares |
NA |
23.555 |
27.464 |
|
|
|
Capital Goods |
NA |
55.016 |
18.932 |
|
|
TOTAL IMPORTS |
NA |
1098.317 |
558.114 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
3.67 |
1.76 |
1.44 |
|
|
|
Diluted |
1.50 |
1.66 |
1.44 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.95
|
1.21
|
1.25
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.43
|
2.70
|
1.16
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.25
|
4.25
|
1.37
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.11
|
0.05
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.92
|
1.62
|
2.83
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.47
|
3.28
|
3.69
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs. In Millions
|
Particulars |
31.03.2010
|
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Sundry Creditors |
717.960
|
505.374 |
436.587 |
OPERATING RESULTS AND PROFITABILITY
The
fiscal year 2009-10 began with the apprehension that the global economic slowdown,
H1N1 virus and delayed monsoon in
The
Net Sales for the year increased by 6% to Rs.4856.000 millions as compared to
Rs.4564.000 millions in the previous year. The sales increase in volume terms
has been 16%. The difference is due to the reduction made in unit selling
prices in line with the lower raw material prices.
Domestic
Sales have registered a growth of 12% from Rs.2467.000 millions in the previous
year to Rs.2769.000 millions. Export Sales have remained steady at Rs.2086.000
millions largely due to the appreciation of the Rupee.
OUTLOOK
The Indian economy is projected to grow in a healthy
band of 8.5-9% in the coming years. This augurs well for the industrial growth
in India in general and justifies a feeling of optimism for the growth in the
flexible packaging business in particular. Though demand levels are expected to
rise in 2010-11, there are a few concerns which are likely to have an impact on
profitability. The GBP and the Euro have weakened significantly against the
Rupee adversely affecting export realization. The hardening of raw material
prices and inability to pass on the increased cost to customers is having a dampening
effect on margins as compared to the previous year.
The Company is putting additional thrust on the U.S.
and African markets to get increased Dollar based export sales. Apart from
this, the Company is making determined efforts to improve cost effectiveness,
innovation and productivity to face the challenging market conditions.
Net Sales during the first four months of the
current financial year 2010-11 are Rs.1,640 million as against Rs.1,500 million
in the corresponding period of the previous year.
EXPANSION PLANS
Looking to the demand potential and to offer value
added services to the customers, the following expansion plans have been drawn
up:
1.
Upgradation and addition of new printing and blown
film line at Flexibles Division, Khopoli. These are expected to result in a
capacity enhancement of 500 MT per month.
2.
A Metalliser at Cast Polypropylene (CPP) Films
Division, Ambernath. This will help the Division offer additional metallised
CPP of 200 MT per month.
The expansion projects under execution at various
Divisions are expected to cost approximately Rs.750 million. The same is being
funded by an External Commercial Borrowing of USD 10 million (Equivalent to
approx. Rs.450 million) with the balance from internal accruals.
NEW PROJECT AT
BENGALURU
The Company is evaluating various proposals for
offering new and innovative products to its customers. The Company is in the
process of acquiring additional land at Bommasandra-Jigani Industrial Area,
Bengaluru from Karnataka Industrial Area Development Board. The decision on the
project to be set up and financial closure would be taken in the third quarter
of the current financial year 2010-11.
FINANCE
During the year under review, the Company has
further consolidated its financial position. The highlights of the same are as
under:
a. External Commercial Borrowing of
Rs.100 million has been converted into equity.
b. Bank Loans and External
Commercial Borrowing of Rs.426 million have been repaid.
c. Redemption of Preference Shares
of Rs.53 million.
Bankers Charges Report
as per Registry
|
Corporate
identity number of the company |
U74952MH1994FLC078296 |
|
Name of the
company |
POSITIVE
PACKAGING INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
98, Jolly Maker Chambers No. 2, 225, Nariman Point, Mumbai
– 400 021, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Movable property |
|
Particular of
charge holder |
Standard
Chartered Bank 90, |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
10.05.2010 |
|
Amount secured by
the charge |
Rs.450.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As agreed by bank
and with the bank from time to time Terms of
Repayment As agreed by bank
and with the bank from time to time Margin As applicable, if
any. Extent and
Operation of the charge The Bank is
having first exclusive hypothecation charge on all present and future movable
properties purchased/to be purchased out of facility granted by the Bank. Others The security by
way of hypothecation, as described in Sr. No.15, has been created in favour
of Standard Chartered Bank for the purpose of securing various credit
facilities to the extent of USD 10 Million granted / to be granted to the
Borrower. For the purpose of filing Form 8, the facility amount equivalent in
Indian Rupees has been calculated at the prevailing foreign currency exchange
rate. |
|
Short particulars
of the property charged |
First exclusive
hypothecation charge on all present and future movable properties
purchased/may be purchased out of facility of USD 10 million granted by the
Bank |
FIXED ASSETS:
- Land –
Leasehold
- Land –
Freehold
- Building
- Plant and
Machinery
- Computers
- Furniture and
Fixture
- Office
Equipment
- Air
Conditioner
- Vehicles
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.44.94 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.64.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.