MIRA
INFORM REPORT
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Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
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Name : |
PACKAGING INDIA PRIVATE LIMITED |
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Registered Office : |
No. 57, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
04.10.1989 |
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Com. Reg. No.: |
18-46718 |
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CIN No.: [Company
Identification No.] |
U74950TN1989PTC046718 |
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IEC No.: |
2597000478 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP02857B |
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PAN No.: [Permanent
Account No.] |
AAACP 3492J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Printed and Laminated Flexible Packaging Materials |
RATING & COMMENTS
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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 918152 |
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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.
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
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Name : |
Mr. Nandkumar |
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Designation : |
Accounts Department |
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Date : |
16.03.2011 |
LOCATIONS
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Registered Office/Factory : |
No. 57, |
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Tel. No.: |
91-44-28259901 / 02 / 03 / 04 |
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Fax No.: |
91-44-28259900 / 28259901 |
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E-Mail : |
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Website : |
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Factory 2: |
151/4 and 151/5, |
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Location : |
Owned |
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Factory 3 : |
Plot No. C60 B, |
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Location : |
Leased |
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Factory 4 : |
A9/2, 172/3, Sipcot Industrial Complex, Jkudikadu Village, Cuddalore
Chidambaram Main Road, Cuddalore- 607005, India |
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Tel. No.: |
91-414-2239517 / 2239031 |
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Location : |
Leased |
DIRECTORS
AS ON 06.08.2010
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Name : |
Mr. K V Krishnamurthy |
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Designation : |
Director |
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Address : |
Planet, Road No. 8, Sion (East), Mumbai – 400 022, |
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Date of Birth/Age : |
08.05.1943 |
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Date of Appointment : |
01.02.2007 |
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Name : |
Mr. Joseph Mariano Fernandes |
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Designation : |
Director |
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Address : |
B-1, Uday Bhanu, 65/0, |
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Date of Birth/Age : |
08.09.1926 |
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Date of Appointment : |
01.02.2007 |
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Name : |
Mr. R Chandrasekhar |
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Designation : |
Director |
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Address : |
903, Nilgiri Apartments, Neelkanth Vihar Complex, Sahid Bhagat Kanwar
Ram Marg, Vidyavihar (East), Mumbai – 400 077, |
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Date of Birth/Age : |
23.11.1960 |
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Date of Appointment : |
18.04.2007 |
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Name : |
Mr. S Srinivasan |
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Designation : |
Director |
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Address : |
2/8, Boria Society, Dr. C Gidwani Marg, Chembur, Mumbai – 400 074, |
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Date of Birth/Age : |
10.01.1946 |
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Date of Appointment : |
20.02.2007 |
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Name : |
Mr. A V Ganapathy |
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Designation : |
Director |
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Address : |
B-7, |
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Date of Birth/Age : |
04.07.1959 |
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Date of Appointment : |
06.05.2008 |
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Name : |
Mr. Cherian Kenneth Thomas |
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Designation : |
Whole Time Director and Chief Executive Officer |
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Address : |
404-B, Keshav Dugar Apartments, No. 1, |
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Date of Birth/Age : |
11.07.1970 |
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Date of Appointment : |
15.05.2007 |
KEY EXECUTIVES
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Name : |
Ms. Manila Carmen A Gonsalves |
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Designation : |
Secretary |
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Address : |
Flat # 8, Building # 9, Piramal Nagar, S V Road, Goregaon (West),
Mumbai – 400 062, Maharashtra, India |
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Date of Birth/Age : |
14.04.1979 |
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Date of Appointment : |
20.02.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 06.08.2010
|
Names of Equity Shareholders |
No. of Shares |
|
Essel Propack Limited, Mumbai |
416000 |
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Essel Propack Limited Jointly with Ashok Goel |
100 |
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Essel Propack Limited Jointly with R Chandrasekhar |
10 |
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Essel Propack Limited Jointly with Ashish Patel |
10 |
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Essel Propack Limited Jointly with Ajit Trimbakkar |
10 |
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Essel Propack Limited Jointly with A V Ganapathy |
10 |
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Essel Propack Limited Jointly with Vinay Mokashi |
10 |
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Total |
416150 |
AS ON 06.08.2010
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Names of Preference Shareholders |
No. of Shares |
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Essel Propack Limited, Mumbai |
1025000 |
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Total |
1025000 |
AS ON 10.08.2010
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Category |
Percentage |
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Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Printed and Laminated Flexible Packaging Materials |
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Products : |
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Exports : |
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Products : |
Flexible Packaging Materials |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
PRODUCTION STATUS AS ON 31.03.2010
(As on 31.03.2010)
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Particulars |
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Unit |
Installed
Capacity |
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Flexible Packaging Material of Plastics and Paper (Laminates) |
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MT |
16687 |
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Poly Films |
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MT |
10500 |
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Cylinders |
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Nos |
4500 |
GENERAL INFORMATION
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Customers : |
·
AVT ·
Britannia Industries ·
Cadbury ·
Cavin Kare ·
Dabur ·
Everedy ·
General Mills ·
Godrej ·
Henkel ·
Hindustan Unilever Limited ·
·
ITC Food ·
L. T. Overseas Limited ·
Lotte ·
Perfetti Van Melle ·
P and G ·
Reckitt Benckiser |
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No. of Employees : |
400 (In office 30 + In factory 370) |
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Bankers : |
·
IDBI Bank Limited, 115, Anna Salai, Chennai – 600
015, ·
Kotak
Mahindra Bank Limited, 36-38-A, Nariman Bhavan, Nariman Point, Mumbai – 400
021, ·
State
Bank of Travancore, Commercial Branch, Jeevan Anand, 556 Anna Salai, Chennai,
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Facilities : |
Notes
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountant |
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Address : |
10, |
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Tel. No.: |
91-44-39145000 |
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Fax No.: |
91-44-39145999 |
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Holding Company : |
Essel Propack Limited CIN No.: L74950MH1982PLC028947 |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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450,000 |
Equity Shares |
Rs.100/- each |
Rs. 45.000 Millions |
|
2,55,000 |
5% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 255.000 Millions |
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Total |
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Rs. 300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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416,150 |
Equity Shares |
Rs.100/- each |
Rs. 41.615 Millions |
|
1,025,000 |
5% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 102.500 Millions |
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Total |
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Rs. 144.115
Millions |
Notes
1)
Of the above equity share
416,100 shares are held by Essel Propack Limited, the holding company
2)
Of the above equity
shares 550 shares are allotted as fully paid up pursuant to a contract without payment
being received in cash
3)
The entire preference
share capital is being held by Essel Propack Limited, the holding company
4)
The 5% cumulative
redeemable preference shares are redeemable at par in one installment falling
due on 05.12.2011
FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2010-2011) : Rs.2200.000 Millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.12.2008 |
31.12.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
144.115 |
144.115 |
144.115 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
85.423 |
66.607 |
74.236 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
229.538 |
210.722 |
218.351 |
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LOAN FUNDS |
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1] Secured Loans |
603.107 |
762.289 |
529.732 |
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2] Unsecured Loans |
126.293 |
126.293 |
98.265 |
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TOTAL BORROWING |
729.400 |
888.582 |
627.997 |
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DEFERRED TAX LIABILITIES |
43.284 |
32.059 |
0.000 |
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TOTAL |
1002.222 |
1131.363 |
846.348 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
812.490 |
935.258 |
574.765 |
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Capital work-in-progress |
1.907 |
3.970 |
149.687 |
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INVESTMENT |
0.017 |
0.017 |
0.053 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
2.179 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
153.721
|
132.297 |
137.343 |
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Sundry Debtors |
318.139
|
308.840 |
217.187 |
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Cash & Bank Balances |
40.815
|
11.191 |
9.112 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
59.319
|
46.798 |
30.137 |
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Total
Current Assets |
571.994
|
499.126 |
393.779 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
255.039
|
238.158 |
165.454 |
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Other Current Liabilities |
123.572
|
62.894 |
104.047 |
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Provisions |
5.575
|
5.956 |
4.614 |
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Total
Current Liabilities |
384.186
|
307.008 |
274.115 |
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Net Current Assets |
187.808
|
192.118 |
119.664 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1002.222 |
1131.363 |
846.348 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.12.2008 |
31.12.2007 |
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SALES |
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Income |
2151.093 |
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Job Work Income |
0.329 |
0.624 |
1285.868 |
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Other Income |
13.934 |
149.064 |
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TOTAL (A) |
2165.356 |
1646.959 |
1285.868 |
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Less |
EXPENSES |
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Material Costs |
1619.568 |
1183.986 |
NA |
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Employee Costs |
115.429 |
82.346 |
NA |
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Manufacturing and Other Expenses |
204.101 |
182.377 |
NA |
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TOTAL (B) |
1939.098 |
1448.709 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
226.258 |
198.250 |
NA |
|
|
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|
|
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Less |
FINANCIAL
EXPENSES (D) |
84.576 |
66.503 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
141.682 |
131.747 |
NA |
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
115.871 |
88.950 |
NA |
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PROFIT BEFORE TAX
(E-F) (G) |
25.811 |
42.797 |
33.875 |
|
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Less |
TAX (I) |
6.993 |
39.838 |
11.655 |
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PROFIT AFTER TAX
(G-I) (J) |
18.818 |
2.959 |
22.220 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
26.001 |
23.043 |
NA |
|
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BALANCE CARRIED
TO THE B/S |
44.819 |
26.002 |
NA |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
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Export Earnings |
89.415 |
59.040 |
NA |
|
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TOTAL EARNINGS |
89.415 |
59.040 |
NA |
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|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
253.437 |
145.027 |
NA |
|
|
|
Stores & Spares |
1.712 |
0.854 |
NA |
|
|
|
Capital Goods |
- |
59.159 |
NA |
|
|
TOTAL IMPORTS |
255.149 |
205.040 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
0.86
|
0.17 |
1.73 |
|
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|
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Net Profit Margin (PBT/Sales) |
(%) |
1.19
|
2.85 |
2.63 |
|
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.86
|
2.98 |
3.50 |
|
|
|
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|
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.20 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.85
|
5.67 |
4.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48
|
1.63 |
1.44 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.12.2008 |
Rs.
In Millions 31.12.2007 |
|
Sundry Creditors |
|
|
|
|
- dues to micro and small enterprises |
0.000 |
0.377 |
0.000 |
|
- dues to others |
255.039 |
237.781 |
165.454 |
Note
The Registered office of the company has been shifted from Cavinville, 1st
Floor,
Form No. 8
|
Name of the company |
PACKAGING INDIA PRIVATE LIMITED |
|
Presented By |
Mr. M K Rama |
|
1) Date and description of instrument creating the change |
12th
April, 2005 Deed of
Hypothecation, Term Loan Agreement and Master Letter of Credit Facility
Agreement |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.157.000
millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation by
way of first pari passu charge over the movable fixed assets, present and
future of the Borrower along with State Bank of |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan
Facility of Rs.157.000 millions under Term Loan Agreement dated 12th
April, 2005, agreed to be lent and advanced by Kotak Mahindra Bank Limited,
36-38A, Nariman Bhavan, Nariman Point, Mumbai to the Company together with
interest, costs, charges, expenses and all other moneys due and payable by it
top Kotak Mahindra Bank Limited. |
|
5) Name and Address and description of the person entitled to the charge. |
Kotak Mahindra
Bank Limited 36-38-A, Nariman
Bhavan, Nariman Point, Mumbai – 400 021, |
|
Corporate
identity number of the company |
U74950TN1989PTC046718 |
|
Name of the
company |
PACKAGING INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 57, |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Any
interest in immovable property |
|
Particular of
charge holder |
IDBI Bank Limited 115, Anna Salai, Chennai – 600 015, |
|
Nature of
instrument creating charge |
No instrument was
executed. A mortgage by deposit of title deed was created by the company on
09.05.2009 in favour of IDBI in respect of all those pieces and parcels of
leasehold land bearing Plot No. A 9/2 in the SIPCOT’s Industrial Complex,
admeasuring 2 Acres comprised in Sy. Nos. 172/1 (old Sy No. 358/1), 172/2,
172/3, 174/1 (old Sy No. 358/4), 174/2 (Old Sy. No. 3/1, 3/2) of Kudikadu,
Village, Taluk to secure IDBI’s term loan of Rs.80.000 millions on exclusive
basis. |
|
Date of
instrument Creating the charge |
09.05.2009 |
|
Amount secured by
the charge |
Rs.80.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest No change, as per original ·
Terms
of repayment No change, as per original ·
Margin No change, as per original ·
Extent
and operation of the charge Term loan of Rs.80.000 millions of IDBI granted to the company has been
secured by mortgage by deposit of title deeds on the company’s immovable
property in respect of ·
Others Nil |
|
Particulars of
the property charged |
Entire immovable
property in respect of Leasehold land bearing Plot No. A 9/2 in SIPCOT’s
Industrial Complex, admeasuring 2 acres comprised in Sy. Nos. 172/1, 172/2,
172/3, 174/1, 174/2 of |
Trade References:
L T Overseas Limited
Fixed Assets
·
Land – Freehold
·
Land – Leasehold
·
Buildings
·
Plant and Machinery
·
Electrical Installations
·
Office Equipment
·
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.45.18 |
|
|
1 |
Rs.72.58 |
|
Euro |
1 |
Rs.63.13 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
2 |
|
--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 |
YES |
|
--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.