MIRA
INFORM REPORT
|
Report Date : |
09.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
TILAK POLYPACK PRIVATE LIMITED |
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Registered Office : |
729/2, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
08.02.1995 |
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Com. Reg. No.: |
04-24526 |
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Capital Investment / Paid-up Capital : |
Rs.5.000 millions |
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CIN No.: [Company Identification No.] |
U17119GJ1995PTC024526 |
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TAN No.: [Tax Deduction & Collection Account No.] |
AHMT00613E |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of Co-Extruded Multilayer Film. |
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No. of Employees : |
52 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 60000 |
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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 a well-established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY (General Detail)
|
Name : |
Mr Agam |
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Designation : |
Director |
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Contact Details : |
91-9824540191 |
|
Date : |
06.05.2011 |
LOCATIONS
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Registered Office / Factory : |
729/2, |
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Tel. No.: |
91-2764-286358 |
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Mobile No. : |
91-9426465460 (Mr. Shailesh Patel) |
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Fax No.: |
91-2764-286358/286370 |
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E-Mail : |
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Website : |
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Area : |
40000 Sq. ft. |
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Location : |
Owned |
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DIRECTORS
(As on 26.09.2008)
|
Name : |
Mr. Pankaj Mithalal Shah |
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Designation : |
Chairman cum Managing Director |
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Address : |
15, Kekaran Society, Near |
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Date of Birth/Age : |
09.04.1951 |
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Qualification : |
Mechanical Engineer |
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Date of Appointment : |
08.02.1995 |
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Name : |
Mr. Agam Pankaj Shah |
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Designation : |
Director |
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Address : |
15, Kekaran Society, Near |
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Date of Birth/Age : |
25.10.1981 |
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Qualification : |
Engineer (Software) |
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Date of Appointment : |
25.07.2000 |
KEY EXECUTIVES
|
Name : |
Mr. Shailesh Patel |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 26.09.2008)
|
Names of Shareholders |
No. of Shares |
|
Pankaj Mithalal Shah |
21001 |
|
Meenakshi Pankaj Shah |
10000 |
|
Ragini Mithalal Shah |
1 |
|
Pankaj Mithalal Shah HUF |
1001 |
|
Agam Pankaj Shah |
14001 |
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Arti Pankaj Shah |
4000 |
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Total |
50004 |
Equity share
breakup (As on 30.09.2008)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
PRODUCTION STATUS AS ON
31.03.2008)
|
Licensed Capacity |
900 t.p.a. |
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Installed Capacity |
900 t.p.a. |
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Actual Production |
830394 Kgs. |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
52 ( In Office + In Factory) Approximately |
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Bankers : |
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Facilities : |
CC – Rs. 40.000 Millions (Bank of |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
C Patel and Company Chartered Accountant |
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Address : |
2, Sahyadri Apartment, Near Stadium Under Pass, Navrangpura, Ahmedabad
– 380 009, |
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Tel. No.: |
91-79-26441279 / 26448017 |
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CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
50004 |
Equity Shares |
Rs.100/- each |
Rs.5.000
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 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.009 |
8.419 |
6.585 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.009 |
13.419 |
11.585 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
16.056 |
15.800 |
12.020 |
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2] Unsecured Loans |
7.732 |
6.949 |
9.027 |
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TOTAL BORROWING |
23.788 |
22.749 |
21.047 |
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DEFERRED TAX LIABILITIES |
1.956 |
1.802 |
1.741 |
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TOTAL |
40.753 |
37.970 |
34.373 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.222 |
13.469 |
13.704 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.140 |
0.140 |
0.140 |
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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 |
6.042
|
6.807
|
5.931 |
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Sundry Debtors |
21.777
|
18.667
|
15.333 |
|
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Cash & Bank Balances |
1.956
|
0.402
|
0.328 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
2.540
|
1.399
|
1.345 |
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Total
Current Assets |
32.315
|
27.275 |
22.937 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
0.709
|
0.594 |
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Sundry Creditors |
|
1.680
|
1.294 |
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Provisions |
0.676
|
0.525
|
0.520 |
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Total
Current Liabilities |
5.924
|
2.914
|
2.408 |
|
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Net Current Assets |
26.391
|
24.361
|
20.529 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
40.753 |
37.970 |
34.373 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
106.264 |
90.384 |
79.036 |
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Other Income |
2.137 |
2.725 |
1.889 |
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TOTAL (A) |
108.401 |
93.109 |
80.925 |
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Less |
EXPENSES |
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Manufacturing Expenses |
6.517 |
5.260 |
4.836 |
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Administrative Expenses |
3.987 |
4.352 |
5.373 |
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Raw Material Consumption |
87.465 |
75.160 |
65.283 |
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Payment to and Provision for Directors |
0.720 |
0.400 |
0.400 |
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Payment to and Provision for Employees |
2.367 |
2.366 |
1.832 |
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Increase/(Decrease) in Finished Goods |
1.534 |
(0.083) |
(1.281) |
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Prior Period Expenses |
0.000 |
0.411 |
0.000 |
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TOTAL (B) |
102.590 |
87.866 |
76.443 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.811 |
5.243 |
4.482 |
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Less |
FINANCIAL
EXPENSES (D) |
2.824 |
1.763 |
1.209 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.987 |
3.480 |
3.273 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.707 |
1.060 |
0.921 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.280 |
2.420 |
2.352 |
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Less |
TAX (I) |
0.830 |
0.585 |
0.280 |
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PROFIT AFTER TAX
(G-I) (J) |
1.450 |
1.835 |
2.072 |
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Earnings Per
Share (Rs.) |
28.99 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
1.34 |
1.97
|
2.56 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.15 |
2.68
|
2.98 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.90 |
5.94
|
6.42 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.18
|
0.20 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.98 |
1.91
|
2.02 |
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|
Current Ratio (Current Asset/Current Liability) |
|
5.45 |
9.36
|
9.53 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
(Rs.
In millions)
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
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Creditors for Goods |
NA |
1.680 |
1.294 |
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CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from 15A, Manek
Baug Society, S M Road, Ahmedabad – 380 015, Gujarat, India to the present
address w.e.f. 07.04.2007.
FIXED ASSETS
- Land
- Electric Fittings
- Machinery
- Computer
- Tata Safari
- Furniture and Fixture
- Water Cooler
- Air Conditioner
- Laboratory Equipment
TRADE REFERENCES
- Reliance
Industries Limited
- Ruchi Sugar
Limited,
- Amul Dairy
- Raviraj Foil
Limited – Sanand Ahmedabad
- Green Pack
Polymers Limited
FORM NO. 8
|
Corporate
identity number of the company |
U17119GJ1995PTC024526 |
|
Name of the
company |
TILAK POLYPACK PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
729/2, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Bank of Kalol Branch, M |
|
Nature of
instrument creating charge |
Supplemental
Instrument of Extension relating to deposit of title deeds |
|
Date of
instrument Creating the charge |
05.01.2009 |
|
Amount secured by
the charge |
Rs.22.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest Rate of interest – 0.75% over PLR. ·
Terms
of repayment On Demand ·
Margin Margin – 25% ·
Extent
and operation of the charge Charge on immovable property of factory premises at Plot No. 729/2, |
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. 44.78 |
|
|
1 |
Rs. 73.43 |
|
Euro |
1 |
Rs. 65.27 |
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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.