MIRA
INFORM REPORT
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Report Date : |
04.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
SYNTHETIC PACKERS PRIVATE LIMITED |
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Registered Office : |
262/263, 4th Phase, Peenya Industrial Area, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
12.10.1979 |
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Com. Reg. No.: |
08-3633 |
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Capital Investment / Paid-up Capital : |
Rs. 32.500 Millions |
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CIN No.: [Company
Identification No.] |
U51495KA1979PTC003633 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS00717D |
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PAN No.: [Permanent
Account No.] |
AABCS7571C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of HM/ HDPE/ LEPE Bags. |
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No. of Employees : |
200 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 275192 |
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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. 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 |
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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
|
Name : |
Ms. Bhavani |
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Designation : |
Office Executive |
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Contact No.: |
91-80-28394404 |
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Date : |
02.04.2012 |
LOCATIONS
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Registered Office / Factory : |
262/263, 4th Phase, Peenya Industrial Area, |
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Tel. No.: |
91-80-28394404 |
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Fax No.: |
91-80-28392305 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
1/A, Shesha Nilaya, 2nd Cross, Shankarapuram, |
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Branches : |
Located At: v
Mumbai v
v
Vijaywada v
Vishakapatnam |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Anil Kabra |
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Designation : |
Chairman |
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Address : |
No. 2, 3rd |
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Date of Birth/Age : |
17.12.1958 |
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Date of Appointment : |
16.08.1980 |
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Name : |
Mrs. Champa Kabra |
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Designation : |
Whole Time Director |
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Address : |
No. 2, 3rd |
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Date of Birth/Age : |
10.04.1959 |
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Date of Appointment : |
18.06.1987 |
KEY EXECUTIVES
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Name : |
Mr. K S Ramasubramanian |
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Designation : |
Company Secretary |
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Address : |
No.1910, 8th A Cross, H A L III Stage, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Mr. Anil Kabra |
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1137500 |
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Mrs. Champa Kabra |
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1137490 |
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Ms. Natasha Kabra |
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487500 |
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Mr. Naushik Kabra |
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487500 |
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Mrs. Aankanksha Devi |
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2 |
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Mrs. Gomati Rana |
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2 |
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Mr. Y. Raghavendra Dev |
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2 |
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S R L Devi |
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2 |
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Mr. Y R Dev |
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2 |
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Total |
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3250000 |
As on 30.09.2011
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of HM/ HDPE/ LEPE Bags. |
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Exports : |
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Products : |
·
HM/ HDPE/ LEPE Bags |
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Countries : |
·
Thailand ·
European Countries |
GENERAL INFORMATION
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Customers : |
v Wholesalers v Retailers v Manufacturer |
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No. of Employees : |
200 (in office + in factory) approximately |
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Bankers : |
v
State Bank of Peenya Industrial Estate Branch, B-96, II Cross, I Stage, v
CITI Bank v
HDFC Bank v
ICICI Bank v
Axis Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Y V Jagannadha Rao and Company Chartered Accountant |
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Address : |
No.18/1, |
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Tel. No.: |
91-80-41221539/41221639 |
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E-Mail : |
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Associates/Subsidiaries
: |
Synpack Zipper Bags Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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32,50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 32.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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32,50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 32.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
32.500 |
15.000 |
15.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
36.298 |
35.449 |
22.584 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
68.798 |
50.449 |
37.584 |
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LOAN FUNDS |
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1] Secured Loans |
51.138 |
48.708 |
109.168 |
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2] Unsecured Loans |
14.815 |
22.403 |
27.900 |
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TOTAL BORROWING |
65.953 |
71.111 |
137.068 |
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DEFERRED TAX LIABILITIES |
4.829 |
4.855 |
4.567 |
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TOTAL |
139.580 |
126.415 |
179.219 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
111.188 |
102.373 |
94.630 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
14.465 |
6.552 |
5.725 |
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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 |
30.074
|
40.492 |
40.852 |
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Sundry Debtors |
106.353
|
76.668 |
55.691 |
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Cash & Bank Balances |
0.722
|
0.764 |
1.920 |
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Other Current Assets |
0.086
|
0.000 |
0.000 |
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Loans & Advances |
25.384
|
20.983 |
12.114 |
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Total
Current Assets |
162.619
|
138.907 |
110.577 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Current Liabilities |
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31.715 |
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Provisions |
92.094
|
73.731 |
0.000 |
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Total
Current Liabilities |
148.692
|
121.417 |
31.715 |
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Net Current Assets |
13.927
|
17.490 |
78.862 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
139.580 |
126.415 |
179.219 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Sales Turnover |
712.848 |
555.776 |
402.582 |
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Profit/(Loss) Before Tax |
27.112 |
17.526 |
1.658 |
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Provision for Taxation |
7.473 |
4.000 |
0.480 |
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Profit/(Loss) After Tax |
19.639 |
13.526 |
1.178 |
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Total Expenditures: |
685.426 |
538.249 |
400.924 |
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Earnings Per Share (Rs.) |
6.04 |
12 |
1.00 |
Expected Sales (2011-2012) : Rs. 800.000 Millions
The above information has been parted by (Ms. Bhavani – Office
Executive)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.80 |
3.15 |
0.41
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.90 |
7.26 |
0.79
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Return on Investment (ROI) (PBT/Networth) |
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0.39 |
0.34 |
0.04
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Debt Equity Ratio (Total Liability/Networth) |
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3.11 |
3.81 |
0.84
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Current Ratio (Current Asset/Current Liability) |
|
1.09 |
1.14 |
3.49
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LOCAL AGENCY FURTHER INFORMATION
FORM 8
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Corporate
identity number of the company |
U85110KA1979PTC003633 |
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Name of the
company |
SYNTHETIC PACKERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
262/263, 4th Phase, Peenya Industrial Area, |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
Property Book Debts Movable property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Deposit of Title
Deeds |
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Date of
instrument Creating the charge |
15.12.2011 |
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Amount secured by
the charge |
Rs. 393.400
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest For Working
Capital Limits :Present effective rate is 13.25% p.a. with monthly rests. For Term Loan:
Present effective rate is 13.75 % p.a on monthly rests. Terms of
Repayment a.Repayable on
demand b.Term Loan
repayable on monthly installments as specified in the Supplemental Agreement
of Loan cum Hypothecation with a 10 month moratorium period. Margin RM (domestic):
25%, RM (imported): 25%, SIP: 25%, FG: 25%, Receivables (Cover 90 days): 25%
Letter of Credit: 15%, BG: 15% Extent and
Operation of the charge The charge extends
and operates on all stocks, receivables and other Current Assets, Plant and
Machinery , Land and Building as fully described in item 15(i) to 15(iv) as
First Charge. Others Nil |
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Particulars of
the property charged |
Hypothecation of
Stock, Receivables and other Current Assets situated No.262 & 263, IV
Phase, Peenya Indl. Area, Bangalore- 560058 Hypothecation of
Plant & Machinery situated at No.262 & 263, IV Phase, Peenya Indl.
Area, Bangalore- 560058 Equitable
Mortgage of Factory Land & Building (land : 43,300 sft and Building:
18,258sft )situated at No.262 & 263,IV Phase, Peenya Industrial Area,
Bangalore-560058 Extension of
Equitable Mortgage of Factory Land & Building (Land : 10,084 sft and
Building: 15,399 sft )situated at A-171, IV Cross, I Phase, Peenya Industrial
Area, Bangalore-560058 |
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Date of
instrument modifying the charge |
30.11.2011 |
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Particulars of
the present modification |
Extension of
Equitable Mortgage of Factory Land & Building (Land : 10,084 sft and Building:
15,399 sft ) situated at A-171, IV Cross, I Phase, Peenya Industrial Area,
Bangalore-560058 given as security to the Bank in addition to the
securities offered as fully described
in item no.15 for the total limits of Rs.393.400 millions sanctioned to the Company. |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90193924 |
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Corporate
identity number of the company |
U85110KA1979PTC003633 |
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Name of the
company |
SYNTHETIC PACKERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
262/263, 4th Phase, Peenya Industrial Area, |
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Type of charge |
v
Book
Debts v
Immovable
Property v
Others |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement of Loan cum Hypothecation (SME 4) Memorandum for
recording extension of mortgage by deposit of title deeds (SME 7) Letter of confirmation
for extension of mortgage by deposit of title deeds (SME 8) (All the
documents relate to the same modification) |
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Date of
instrument Creating the charge |
05.11.2007 |
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Amount secured by
the charge |
Rs. 174.200
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC: Interest @
1.25% below SBAR (SBAR = 12.75% w. e. f. 09.04.2007) with a minimum of 11.50%
p. a. rising or falling therewith. Present effective rate 11.50% p.a. TL: Interest @
12.5% below SBAR (SBAR = 12.75% w. e. f. 09.04.2007) with a minimum of 11.50%
rising or falling therewith. Present effective rate 11.50% p.a. Terms of
Repayment CC: Repayable on
demand TL: Repayable in
60 monthly installments of Rs. 0.120 million per month with a moratorium
period of 2 months from the date of 1st disbursement. Margin CC: 25.00% TL: 15.30% LC/BG: 15.00% Extent and
Operation of the charge Charge extends on
all the assets throughout the period of sanctioned limits by way of first
charge. |
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Short particulars
of the property charged |
Hypothecation of
the whole of the present and future stocks of raw materials, semi finished
goods, finished goods, book debts, machineries etc beginning to the company.
EM on Company’s immovable properties situated at No. 262 and 263, 4th
Phase, Peenya Industrial Area, |
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Date of latest
modification prior to the present modification |
20.08.2007 |
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Particulars of
the present modification |
Total limits
enhanced from Rs. 147.000 millions to Rs. 174.200 millions all other terms
conditions and existing securities to continue. |
FIXED ASSETS
v Land
v
v Work in process
v Plant and Machinery
v Electrical Fitting
v Vehicles
v Office Equipments
v Garden Equipments
v Furniture and Fixtures
v Computer
v Electrical Installation
v Kitchen Equipments
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter's background |
---------------------- |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact
person |
Yes |
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11) Turnover of firm for last
three years |
Yes |
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12) Profitability for last
three years |
Yes |
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13) Reasons for variation
<> 20% |
No |
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14) Estimation for coming
financial year |
Yes |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
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20) Export / Import details (if
applicable) |
Yes |
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21) Market information |
---------------------- |
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22) Litigations that the firm
/ promoter involved in |
---------------------- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
---------------------- |
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26) Buyer visit details |
---------------------- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if
applicable |
---------------------- |
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29) Last accounts filed at ROC |
---------------------- |
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30) Major Shareholders, if
available |
---------------------- |
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. 50.56 |
|
|
1 |
Rs. 81.04 |
|
Euro |
1 |
Rs. 67.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.