MIRA
INFORM REPORT
|
Report Date : |
04.05.2011 |
IDENTIFICATION DETAILS
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Name : |
S B PACKAGING LIMITED |
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Formerly Known as : |
S B PACKAGINGS PRIVATE LIMITED |
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Registered Office : |
3rd Floor, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
06.09.1989 |
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Com. Reg. No.: |
55-037604 |
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CIN No.: [Company
Identification No.] |
U25202DL1989PLC037604 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS21357A DELS24320C |
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PAN No.: [Permanent
Account No.] |
AABCS3731Q |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Flexible Packaging Material |
RATING & COMMENTS
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MIRA’s Rating : |
C (7) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Sick Company |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
-- |
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Comments : |
Subject has been declared as a sick company under the sick industrial
companies [special provisions] Act, 1985 by the board for industrial and
financial reconstruction. The net worth of the company had got eroded by the
substantial accumulated losses recorded by the company. Payments are reported
to be slow and delayed. The company can be considered for business dealings on a fully safe
and secured 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 / Head Office : |
3rd Floor, Vardhman Plaza Corner, Inder Enclave Paschim
Vihar, New Delhi – 110087, Delhi, India |
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Tel. No.: |
91-11-25279191 |
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Fax No.: |
91-11-25272501 |
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E-Mail : |
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Website : |
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Export Office : |
A-63/5, |
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Tel. No.: |
91-11-7131584 / 7455326 / 7461572 |
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Fax No.: |
91-11-7411578 |
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E-Mail : |
DIRECTORS
As on: 30.09.2009
|
Name : |
Mr. Amit Banga |
|
Designation : |
Direcotr |
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Address : |
3rd Floor, |
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Date of Birth/Age : |
13.02.1968 |
|
Date of Appointment : |
10.05.1994 |
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DIN : |
00557441 |
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Name : |
Mr. Mrinal Kumar Chatterjee |
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Designation : |
Director |
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Address : |
18/721 Ram Nagar Colony, Bahaduragh, Haryana |
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Date of Birth/Age : |
17.01.1963 |
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Date of Appointment : |
01.09.2006 |
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DIN : |
00568669 |
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Name : |
Mr. Sudhansu Goswami |
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Designation : |
Director |
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Address : |
1/334, Ram Nagar Colony, Bahaduragh, Haryana |
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Date of Birth/Age : |
17.01.1962 |
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Date of Appointment : |
01.09.2006 |
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DIN : |
02437398 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
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No. of Shares |
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|
|
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|
Amit Banga |
|
887303 |
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As on: 30.09.2009
|
Category |
|
Percentage of
Holding |
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Foreign Holding (FIIs, FCs, FFIs, NRIs or OCB or Others) |
|
64.81 |
|
Bodies Corporate |
|
16.73 |
|
Directors or relatives of Directors |
|
17.75 |
|
Other top fifty shareholders |
|
0.71 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Flexible Packaging Material |
PRODUCTION STATUS AS ON 31.03.2009
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Poly Coated Paper (Incl. Jobwork) |
M.T. |
4200 |
645 |
|
Bags / Pouches / Reels |
M.T. |
1822 |
498 |
|
Flexible Laminated Film |
M.T. |
3600 |
16 |
|
Others* |
M.T. |
0.00 |
200 |
*represents scrap produced / generated during
the period
GENERAL INFORMATION
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Customers : |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institution : |
Assets Care and
Reconstruction Enterprise Limited, 5th Floor, IFCI Tower, 61,
Nehru Place, New Delhi – 110019, Delhi, India |
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Auditors : |
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Name : |
V.D. Aggarwal and Co. Chartered Accountants |
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Branch Office: |
GF, 58-59, World trade Centre, |
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Tel. No.: |
91-11-23413502 / 23413893 / 23414629 |
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Fax No.: |
91-11-23414503 |
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Head Office: |
BM-1, Dilkhush Indl. Cum Commercial Complex, |
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Tel. No.: |
91-11-42390990 / 42390909 |
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Fax No.: |
91-11-42390911 |
CAPITAL STRUCTURE
As on : 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14,000,000 |
Equity Shares |
Rs.10/- each |
Rs.140.000
millions |
|
1,000,000 |
12% Cumulative Redeemable Preferences Shares |
Rs.10/- each |
Rs.10.000
millions |
|
6,000,000 |
10% Cumulative Convertible Preferences Shares |
Rs.10/- each |
Rs.60.000
millions |
|
|
Total |
|
Rs.210.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12,763,636 |
Equity Shares |
Rs.10/- each |
Rs.127.636 millions |
|
960,000 |
12% Cumulative Redeemable Preferences Shares [redeemable after 5 years
from the date of allotment (80,000 shares each allotted on 13.12.2001 and
28.09.2000 and 800,000 shares allotted on 31.03.2000)] |
Rs.10/- each |
Rs.9.600 millions |
|
|
Total |
|
Rs.137.236 millions |
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|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
137.236 |
137.236 |
137.236 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
39.264 |
39.264 |
39.264 |
|
|
4] (Accumulated Losses) |
(563.643) |
(520.253) |
(505.194) |
|
|
NETWORTH |
(387.143) |
(343.753) |
(328.694) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
493.705 |
497.976 |
515.599 |
|
|
2] Unsecured Loans |
7.311 |
7.311 |
7.311 |
|
|
TOTAL BORROWING |
501.016 |
505.287 |
522.910 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
113.873 |
161.534 |
194.216 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
113.460 |
124.860 |
141.533 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
INVESTMENT |
2.100 |
2.100 |
2.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
18.936
|
40.511
|
43.510
|
|
|
Sundry Debtors |
24.464
|
39.056
|
40.928
|
|
|
Cash & Bank Balances |
4.739
|
5.322
|
22.036
|
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
6.153
|
3.106
|
3.233
|
|
Total
Current Assets |
54.292
|
87.995 |
109.707
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
40.063
|
40.816
|
|
|
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Other Current Liabilities |
8.958
|
7.274
|
54.282
|
|
|
Provisions |
6.958
|
5.331
|
4.842
|
|
Total
Current Liabilities |
55.979
|
53.421 |
59.124
|
|
|
Net Current Assets |
(1.687)
|
34.574 |
50.583 |
|
|
|
|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
113.873 |
161.534 |
194.216 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
99.640 |
82.071 |
67.089 |
|
|
|
Other Income |
4.667 |
2.403 |
2.181 |
|
|
|
TOTAL (A) |
104.307 |
84.474 |
69.270 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material |
63.017 |
54.230 |
55.771 |
|
|
|
Manufacturing and other Expenses |
59.884 |
17.971 |
44.313 |
|
|
|
Employee Cost (include retrenchment cost) |
12.560 |
10.484 |
11.733 |
|
|
|
TOTAL (B) |
135.461 |
82.685 |
111.817 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(31.154) |
1.789 |
(42.547) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.054 |
0.151 |
0.270 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(31.208) |
1.638 |
(42.817) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.158 |
16.673 |
19.241 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(43.366) |
(15.035) |
(62.058) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.024 |
0.024 |
0.025 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(43.390) |
(15.059) |
(62.083) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(520.253) |
(505.194) |
(443.111) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(563.643) |
(520.253) |
(505.194) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Direct Exports |
0.000 |
1.123 |
0.906 |
|
|
|
Indirect Exports |
1.227 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
1.227 |
1.123 |
0.906 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Spare parts and Components - imported |
0.306 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
0.306 |
0.000 |
0.000 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
[41.60]
|
[17.83] |
[89.62] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[43.52]
|
[18.32] |
[92.50] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[25.85]
|
[7.06] |
[24.70] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.11]
|
[0.04] |
[0.19] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
[1.44]
|
[1.63] |
[1.77] |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97
|
1.65 |
1.86 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The Company has made an operating profit before interest and depreciation but if they account for the interest accrued but not debited by the Banks and financial institutions, and the depreciation, the company has suffered further losses during the period and the reason has been the paucity of working capital. The Company has not been able to arrange requisite funds to improve its operations despite available opportunities.
These losses have resulted in further erosion in the net worth of the Company. The Management is expecting a turnaround through a series of revival measures including one time settlements with banks and financial institutions and infusion of funds by a strategic investor. The Directors are managing the operations hands on and the company has in the last year revitalized the operations.
There is an upswing in the economy with good prospects for the company with its FMCG customers and Modern Retail. With aforesaid measures, they hope to put the company on its revival path.
SICKNESS
As members are aware, the net worth of the company had got eroded and that it had filed a reference with the Board of Industrial and Financial Reconstruction (BIFR) in accordance with the Provision of Sick Industrial Companies (Special Provisions) Act. The company was consequently declared sick in June 2008 and has now to accordingly file a rehabilitation scheme with the BIFR.
Contingent Liability
Rs.in ‘000
|
Particulars |
31.03.2009 |
31.03.2008 |
|
Guarantees given by banks on behalf of the company remaining
outstanding |
Expired without
being invoked |
8.842 |
|
Disputed excise duty demand pending before the tribunal |
5.102 |
5.102 |
|
Disputed related to sales tax |
12.181 |
9.479 |
|
P.F. [damages and interest] |
0.510 |
0.520 |
|
Cumulative dividend on preference shares |
11.835 |
11.835 |
|
Total |
29.628 |
35.778 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U25202DL1989PLC037604 |
|
Name of the
company |
S B PACKAGING
LIMITED |
|
Address of the
registered office or of the principal place of business in |
3rd
Floor Vardhman plaza Corner Inder
Enclave, Paschim Vihar, |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
90368410 |
|
Type of charge |
|
|
Particular of
charge holder |
Assets Care and
Reconstruction Enterprise Limited, 5th Floor, IFCI Tower, 61,
Nehru Place, New Delhi – 110019, Delhi, India |
|
Nature of
instrument creating charge |
Assignment agreement
dated 30.03.2011 entered into between State Bank of |
|
Date of
instrument Creating the charge |
30.03.2011 |
|
Amount secured by
the charge |
Rs.866.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- The rate of interest charged is as per the agreement executed between S B Packaging Limited and State Bank of Terms of Repayment
- The terms of repayment is as per the agreement executed between S B Packaging Limited and State Bank of Margin - The
margin is as per the agreement executed between S B Packaging Limited and State Bank of Extent and
Operation of the charge - As per the agreement executed between S B Packaging Limited and State Bank of |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Equitable
mortgage of immovable properties of which is situated at Plot no.7,Vardhman
Plaza, LSC, Indira Enclave, Paschim Vihar, New Delhi measuring 2546sq.ft.in
the name of SBPL. Land and Building situated at Killa No.30/8/1,Khewat
No.139,Khatoni No.169 measuring 5 Kanal 0 Marla in the name of SBPL at Vill
Garhi Sampla, Distt Rohtak, Haryana. L/B situated at Killa
No.30/3(8-0),Khewat no.130/127,Khatoni No.160,Killa No 30/4/1(2-12) and Killa
28/23/2(1-3) in Khewat No.131/128 Khatoni No 163,measuring 1 Kanal 17 Marla
(37/235 part) L/B situated at Killa No.30/3(8-0) in Khewat No.130, Khatoni
No.160 measuring 2 Kanal (1/4th part) in the name of SBPL at Vill Garhi Sampla,Distt
Rohtak,Haryana. L/B situated at Khasra No 135/126 measuring 13 Kanal 12
Marlas, Khasra No 156/138 measuring 17 Marlas, Khasra No.141/130 measuring 4
Kanal. Equitable mortgage of movable assets such as plant and machinery at
factory premises and stocks and book debts as per assignment agreement. |
|
Date of
instrument modifying the charge |
04.06.1998 |
|
Particulars of
the present modification |
By the Deed of
Assignment dated 30.03.2011,State Bank of |
FIXED ASSETS :
- Land
- Building
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Office Equipments
- Electric Installations
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] 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.44.34 |
|
|
1 |
Rs.73.69 |
|
Euro |
1 |
Rs.65.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
- |
|
--LEVERAGE |
1~10 |
- |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
7 |
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.