MIRA
INFORM REPORT
|
Report Date : |
07.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
UNIGLOBE PACKAGING PRIVATE LIMITED |
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Registered
Office : |
320-322, 3rd Floor, Arun Chambers, Tardeo Road, Mumbai –
400034, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.04.1999 |
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Com. Reg. No.: |
119671 |
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Capital Investment
/ Paid-up Capital : |
Rs. 14.834 Millions |
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CIN No.: [Company Identification
No.] |
U25202MH1999PTC119671 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU03314D |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Flexible Packaging Materials. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 764760 |
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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 company having satisfactory track. The
company is doing well. Trade relations are reported as fair. Business is
active. Payments are 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Registered Office : |
320-322, 3rd Floor, Arun Chambers, Tardeo Road, Mumbai –
400034, Maharashtra, India |
|
Tel. No.: |
91-22-67160101 |
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Fax No.: |
91-22-24918129 |
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E-Mail : |
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Factory : |
Plot No. 36, 37 51 to 54, Silver Industrial Estate, Bhimpore, Daman,
India |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Chandhur T. Thadhani |
|
Designation : |
Director |
|
Address : |
2B Cosmopolisl D Ruparel Marg, Malabar
Hill,Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
02.04.1927 |
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Date of Appointment : |
29.04.1999 |
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|
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Name : |
Mr. Rajiv T. Thadhani |
|
Designation : |
Director |
|
Address : |
201, 2nd Floor, Green Acress, Chs. Ltd. Pali Hill Bandra
(W), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
05.12.1962 |
|
Date of Appointment : |
29.04.1999 |
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Name : |
Mr. Vikram C. Thadhani |
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Designation : |
Director |
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Address : |
2B Cosmopolisl D Ruparel Marg, Malabar
Hill,Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
14.11.1970 |
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Date of Appointment : |
29.04.1999 |
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|
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Name : |
Mr. Praveen C. Thadhani |
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Designation : |
Director |
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Address : |
2B Cosmopolisl D Ruparel Marg, Malabar
Hill,Mumbai – 400006, Maharashtra, India |
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Date of Appointment : |
30.09.2004 |
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Name : |
Mr. Punwani Ram |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
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No. of Shares |
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Chandhur T. Thadhani |
|
497750 |
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Rajiv T. Thadhani |
|
726800 |
|
Vikram C. Thadhani |
|
258850 |
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Total |
|
1483400 |
AS ON 30.09.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Flexible Packaging Materials. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Bank of India, SSI Andheri (East) Branch, Mathuria
Apartment,, 49, Sir M.V.Road, Andheri (East),, Mumbai - 400069, Maharashtra,
India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Contractor Nayak and Kishnadwala Chartered Accountant |
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Address : |
Jash Chambers, 3rd Floor, 7A, Sir P.M. Road, Fort, Mumbai –
400001, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs. 10 each |
Rs. Rs. 30.000 Millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,483,400 |
Equity Shares |
Rs. 10 each |
Rs. 14.834 Millions |
|
|
|
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|
Note – Out of the above shares 8,94,000 shares are
issued for the consideration other than cash
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 |
14.834 |
14.834 |
14.834 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
176.356 |
136.125 |
126.198 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
191.190 |
150.959 |
141.032 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
228.211 |
212.708 |
47.402 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
228.211 |
212.708 |
47.402 |
|
|
DEFERRED TAX LIABILITIES |
5.859 |
0.000 |
2.263 |
|
|
|
|
|
|
|
|
TOTAL |
425.260 |
363.667 |
190.697 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
285.046 |
217.464 |
62.166 |
|
|
Capital work-in-progress |
0.975 |
54.245 |
33.871 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.569 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
77.405
|
46.837 |
38.810 |
|
|
Sundry Debtors |
114.250
|
86.998 |
97.926 |
|
|
Cash & Bank Balances |
5.547
|
2.551 |
11.423 |
|
|
Other Current Assets |
0.286
|
0.145 |
0.054 |
|
|
Loans & Advances |
14.550
|
20.728 |
14.846 |
|
Total
Current Assets |
212.038
|
157.259 |
163.059 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
67.511
|
62.189 |
65.656 |
|
|
Provisions |
5.288
|
3.681 |
2.743 |
|
Total
Current Liabilities |
72.799
|
65.870 |
68.399 |
|
|
Net Current Assets |
139.239
|
91.389 |
94.660 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
425.260 |
363.667 |
190.697 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
689.468 |
493.425 |
446.606 |
|
|
|
Other Income |
0.189 |
0.101 |
0.268 |
|
|
|
TOTAL (A) |
689.657 |
493.526 |
446.874 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Raw Materials |
373.587 |
261.461 |
256.433 |
|
|
|
Manufacturing Expenses |
203.760 |
153.714 |
137.235 |
|
|
|
Administrative, Selling and Distribution Expenses |
20.407 |
17.711 |
12.240 |
|
|
|
Increase/(Decrease) in Finished Goods |
(7.841) |
4.415 |
(9.111) |
|
|
|
Exchange Differences (Net) |
(11.559) |
15.070 |
(1.597) |
|
|
|
TOTAL (B) |
578.354 |
452.371 |
395.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
111.303 |
41.155 |
51.674 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
20.299 |
11.222 |
2.231 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
91.004 |
29.933 |
49.443 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
35.605 |
17.916 |
6.688 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
55.399 |
12.017 |
42.755 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.165 |
2.087 |
5.811 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
40.234 |
9.930 |
36.944 |
|
|
|
|
|
|
|
|
|
Less |
Prior Period
Expenses |
-- |
-- |
0.045 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
128.489 |
119.555 |
82.656 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.993 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
168.723 |
128.492 |
119.555 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
171.543 |
85.767 |
173.453 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
27.12 |
6.69 |
24.90 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.83
|
2.01 |
8.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.03
|
2.43 |
9.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.14
|
3.20 |
18.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.07 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.57
|
1.84 |
0.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.91
|
2.38 |
2.38 |
LOCAL AGENCY FURTHER INFORMATION
Note – the registered office address of the company has
been shifted from 2B Cosmopolisl D Ruparel Marg, Malabar Hill, Mumbai – 400006,
Maharashtra, India, to present address w.e.f. 01.12.2010
FINANCIAL PERFORMANCE
The flexible packaging
industry has shown trends of increased demands of laminated flexible packaging
in the year ended March 31, 2010. Adding to the decline of monolyered
polyethylene films has been the attempt by several companies to cut costs of
packaging, thus reducing their consumption of secondary and tertiary packaging
materials. For this reason Unit I of the company saw reduced sales in
comparison with the previous year while unit II saw its overall sales increase
fairly substantially.
New Developments
The company
completed the construction and commenced commercial production of the new plant
in September 2008. On the other hand completion of the frontal façade, lobby
area and compound development have taken much longer and were only completed
towards the end of the financial year. The company now has a total installed
capacity of 12000 Metric Tonnes per annum.
The new
technologically advanced equipment along with the high output extrusion
lamination and three layer blown film lines have not only increased the production
capabilities of the company, but have also taken the company in the direction
of becoming a total flexible solutions company, and will provide the company
huge savings with reductions in wastages. The company, in an attempt to improve
social responsibility has also started re‐granulating its wastages for re‐consumption.
As a result of all
of the above factors, the company has already started developing specialised
films and laminate structures for the packaging of processed and packaged
foods, edible oils, soaps and shampoos as well as lami‐tubes, with the idea to widen its customer
base as well as gain foot holds into industries where the company did not have
a presence in the past.
Form 8
|
Corporate identity number of the company |
U25202MH1999PTC119671 |
|
Name of the company |
UNIGLOBE
PACKAGING PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
320-322, 3rd
Floor, Arun Chambers, Tardeo Road, Mumbai – 400034, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of charge holder |
Bank of India, SSI
Andheri (East) Branch, Mathuria Apartment,, 49, Sir M.V.Road, Andheri
(East),, Mumbai - 400069, Maharashtra, India SSIAndheriE.MumbaiNorth@bankofindia.co.in |
|
Nature of instrument creating charge |
Deed of Modification |
|
Date of instrument Creating the charge |
28.07.2011 |
|
Amount secured by the charge |
Rs. 269.700 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest Interest/Commission as per Schedule -III
of attached Supplemental deed of hypotheacation or at such other rate/s of
interest/commission as may be notified by the bank from time to time. Terms of Repayment CC(stock), CC(BDs), Rupee WCDL (CC Stock,
CC Book debts), L/C(F/I)(DP/DA 90 days): On Demand BG: Annual Review TL II, TL III: As per repayment schedule. Margin As required by the bank from time to time. Extent and Operation of the charge Security & charge hereby created shall
be by way of 1st charge on all said hypothecated assets for due repayment as
provided in deed of all monies including principal sums, interest/commission, costs, charges
& expenses & all other monies whatsoever due owing & payable by
borrower to the bank under or in respect of or in connection with or in any
wise concerning or relating to said facilities agreed to be granted &/or
granted by the bank to borrower &also for due repayment of all Contd.in Others present & future indebtedness &
liabilities of borrower to bank of any kind in any manner whether solely or
jointly primary or collateral accrued or accruing with all relative
interest/commission, charges, costs & expenses. Revised Facilities &
Limits (Rs.in Lakh):Cc(Stock) Rs.200,Cc(Bds)Rs.600,Rupee Wcdl:Cc(Stock)Rs.100,Cc(Bds)Rs.500,
Total Wc Rs.1200,L/C(F/I)(Dp/Da 90 Days)Rs.400, Bg:Rs.17 Total Rs.1617,Tl Ii
Rs.1,Tl Iii Rs.1079,Fcl(Within Tl Iii)(Eq.To Lc/Buyers Credit Usd)Rs.651
Aggregate Rs.2697. |
|
Short particulars of the property charged |
All tangible movable machineries and
plant, present & future,b) All tangible movable properties and assets
& stocks of whatsoever nature of the Borrower both present & future
wheresoever situate at Plot No.36, 37, 51 to 54, Silver
Industrial Estate, Bhimpore, Daman or wherever else, c) All present &
future book debts, outstanding, money receivables, claims,bills which are now
due and owing or which may any time hereafter during the
continuance of this security become due and owing to the Borrower. Details as
per Supplemental deed attached. |
|
Date of instrument modifying the charge |
26.07.2011 |
|
Particulars of the present modification |
The Bank & borrower agree to allow the
Borrower to avail/repay credit facilities in respect of WC limit of Rs.60.000
millions (equivalent to US$1350000) by way of FC Loan under FCNR 'B' Scheme
in terms of RBI Credit policy permitting the Bank to grant FC loans. |
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.49.08 |
|
|
1 |
Rs.78.65 |
|
Euro |
1 |
Rs.67.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.