MIRA
INFORM REPORT
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Report Date : |
25.04.2012 |
IDENTIFICATION DETAILS
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Name : |
JAIN PACKAGING PRIVATE LIMITED |
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Registered
Office : |
35-K, Laxmi Industrial Estate, New |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
25.10.1982 |
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Com. Reg. No.: |
11-028565 |
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Capital Investment
/ Paid-up Capital : |
Rs.2.500 Millions |
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CIN No.: [Company Identification
No.] |
U25200MH1982PTC028565 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ09153E |
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PAN No.: [Permanent Account No.] |
AAACJ1039R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Printed and Coated Aluminium Sheets. |
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No. of Employees
: |
170 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 425000 |
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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 an 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Shambu Jain |
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Designation : |
Finance Manager |
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Contact No.: |
91-9930363792 |
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Date : |
25.04.2012 |
LOCATIONS
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Registered Office : |
35-K, Laxmi Industrial Estate, New |
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Tel. No.: |
91-22-26366848/ 50 |
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Mobile No.: |
91-9930363792 (Mr. Shambu Jain - Finance Manager) |
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Fax No.: |
91-22-26364715 |
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E-Mail : |
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Website : |
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Area : |
3000 sq ft |
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Location : |
Owned |
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Factory 1 : |
Plot No.26 and 28, Survey No.144/2, |
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Tel. No.: |
91-260-2645434 |
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Fax No.: |
91-260-2645432 |
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Area : |
30000 sq ft |
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Location : |
Owned |
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Factory 2 : |
B-19/20, Dewan and Shah Industrial Complex No.2, Village – Waliv,
Taluka Vasai, District Thane, |
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Tel. No.: |
91-250-2480241 |
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Fax No.: |
91-250-2481351 |
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Location : |
Owned |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Nikhil Prakash Jain |
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Designation : |
Chairman cum Managing Director |
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Address : |
A-402, |
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Date of Birth/Age : |
16.02.1980 |
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Date of Appointment : |
31.10.2003 |
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DIN No.: |
00137929 |
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Name : |
Mr. Mahendrasingh Chhotubhai Solanki |
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Designation : |
Whole Time Director |
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Address : |
House No.6/1, |
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Date of Birth/Age : |
02.03.1962 |
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Date of Appointment : |
01.04.2008 |
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DIN No.: |
01919238 |
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Name : |
Mrs. Nidhi Nikhil Jain |
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Designation : |
Director |
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Address : |
A-402, |
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Date of Birth/Age : |
02.03.1962 |
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Date of Appointment : |
27.09.2010 |
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DIN No.: |
01938205 |
KEY EXECUTIVES
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Name : |
Mr. Shambu Jain |
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Designation : |
Finance Manager |
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Name : |
Shalini Hegde and Associates |
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Designation : |
Company Secretaries |
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Address : |
A-60/1220, Azad Nagar, |
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Tel. No.: |
91-22-26734304 |
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Tele Fax No.: |
91-22-26734305 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
No. of Shares |
|
Nikhil Prakash Jain |
7400 |
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Sulabha Prakash Jain |
14550 |
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Nipra Industries Private Limited, |
2000 |
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Orbit Packagings Private Limited, |
50 |
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Prakash Gigalal Jain |
1000 |
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Total |
25000 |
As on 29.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
|
8.20 |
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Directors
or relatives of directors |
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91.80 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Printed and Coated Aluminium Sheets. |
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Products : |
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PRODUCTION STATUS (31.03.2011)
Installed Capacity
– Not Determined
Licensed Capacity
– Not Determined
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Particulars |
Unit |
Actual
Production |
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Printed/ Coated Aluminium Sheets |
MT |
2683 |
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M.S. Sheets |
MT |
122 |
GENERAL INFORMATION
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No. of Employees : |
170 (Approximately) |
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Bankers : |
v
The Shamrao Vithal Co-operative Bank Limited, 12
Udyog Nagar, v
Canara Bank, Andheri (West), Mumbai – 400 068, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jain and Kothari Chartered Accountants |
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Address : |
43, |
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Income-tax
PAN of auditor or auditor's firm : |
AACFJ6082B |
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Other Related Parties
(Entities in which Directors or their relatives have significant influence) :
|
v
Nipra Industries Private Limited v
Orbit Packaging Private Limited v
Sharp Packaging v
Oscar Industries |
CAPITAL STRUCTURE
As on 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
103.872 |
83.063 |
64.632 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
106.372 |
85.563 |
67.132 |
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LOAN FUNDS |
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1] Secured Loans |
141.015 |
79.920 |
80.374 |
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2] Unsecured Loans |
3.275 |
1.293 |
0.117 |
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TOTAL BORROWING |
144.290 |
81.213 |
80.491 |
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DEFERRED TAX LIABILITIES |
0.411 |
0.592 |
0.624 |
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TOTAL |
251.073 |
167.368 |
148.247 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
46.249 |
51.444 |
49.869 |
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Capital work-in-progress |
56.761 |
0.000 |
3.915 |
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INVESTMENT |
0.500 |
0.500 |
0.050 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
80.296
|
27.332
|
26.275
|
|
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Sundry Debtors |
139.993
|
102.776
|
63.014
|
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Cash & Bank Balances |
4.760
|
3.348
|
1.714
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Other Current Assets |
0.000
|
0.000
|
0.000
|
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Loans & Advances |
41.600
|
18.760
|
18.777
|
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Total
Current Assets |
266.649
|
152.216
|
109.780
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
105.911 |
22.224
|
9.902
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Other Current Liabilities |
14.048
|
12.284
|
5.324
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Provisions |
(0.873)
|
2.284
|
0.141
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Total
Current Liabilities |
119.086
|
36.792
|
15.367
|
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Net Current Assets |
147.563
|
115.424
|
94.413
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
251.073 |
167.368 |
148.247 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Sales and Services |
576.178 |
442.680 |
275.305 |
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Other Income |
3.238 |
1.859 |
0.545 |
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TOTAL |
579.416 |
444.539 |
275.850 |
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Less |
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Office Expenses |
545.253 |
412.671 |
260.522 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
545.253 |
412.671 |
260.522 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
34.163 |
31.868 |
15.328 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
6.525 |
6.490 |
6.825 |
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PROFIT BEFORE
TAX |
27.638 |
25.378 |
8.503 |
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Less |
TAX |
6.829 |
6.947 |
2.317 |
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PROFIT AFTER TAX
|
20.809 |
18.431 |
6.186 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.563 |
2.132 |
0.946 |
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Less |
APPROPRIATIONS |
|
|
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|
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Transfer to General Reserve |
15.000 |
10.000 |
5.000 |
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BALANCE CARRIED TO
THE B/S |
16.372 |
10.563 |
2.132 |
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EARNINGS IN
FOREIGN CURRENCY |
59.299 |
31.754 |
NA |
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IMPORT VALUE |
56.664 |
0.000 |
15.253 |
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|
Earnings Per
Share (Rs.) |
832.00 |
737.00 |
247.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.59 |
4.15 |
2.24 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.80
|
5.73 |
3.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.83 |
12.46 |
5.33 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.30 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.48 |
1.38 |
1.43 |
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Current Ratio (Current Asset/Current Liability) |
|
2.24 |
4.14 |
7.14 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Due to MSME |
-- |
-- |
-- |
|
- Others |
105.911 |
22.224 |
9.902 |
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Total |
105.911 |
22.224 |
9.902 |
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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 |
|
6) Line of
Business |
Yes |
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7) Promoter’s
background |
Yes |
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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 |
|
12) Profitability
for last three years |
Yes |
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13) Reasons for
variation <> 20% |
-- |
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14) Estimation
for coming financial year |
No |
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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 |
|
20) Export /
Import details (if applicable) |
No |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
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 |
Yes |
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29) Last accounts
filed at ROC |
Yes |
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30) Major
Shareholders, if available |
Yes |
Bankers Charges Report
as per Registry
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Corporate
identity number of the company |
U25200MH1982PTC028565 |
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Name of the
company |
JAIN PACKAGING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
35-K, Laxmi Industrial Estate, New E-Mail: info@nipra.co.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10099160 |
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Type of charge |
Immovable Property Any interest in immovable property |
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Particular of
charge holder |
The Shamrao Vithal Co-operative Bank Limited, 12 Udyog Nagar, E-Mail: legaldept@svcbank.com |
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Nature of
description of the instrument creating or modifying the charge |
Recording Letter
Evidencing Deposit of Title Deeds |
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Date of instrument
Creating the charge |
28.12.2011 |
|
Amount secured by
the charge |
Rs.259.050
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As may be decided
by the Bank, from time to time Terms of
Repayment: As maybe decided
by the Bank from time to time. Margin: As maybe decided
by the Bank from time to time. Extent and
Operation of the charge: To secure due repayment
of credit facilities aggregating Rs.259.050 millions together with cost,
interest, charges, expenses thereof, granted by the Bank to the Company. Others: Total Facilities: CC: 125.000
millions (enhanced by 25.000 millions) L/C: Rs.40.000
millions (enhanced by 20.000 millions) BG: Rs.1.000
million TLs: 8.085
millions, 18.015 millions, 3.200 millions, 3.750 millions and 60.000 millions
------------------- Total: Rs.259.050
millions (L/C: 45.000
millions is to be retired out of the said term loan limit) |
|
Short particulars
of the property charged |
Linkage in
respect of 1) 2) 3) Gala No.19 and
20 situated at Ground Floor, admeas. 1350 sq.ft. b.u.a. each in Dewan and
Shah Industrial Complex No.2, situated on Plot No.1 of S.Nos.74 of Village
Waliv Taluka Bassein Thane 4) Flat No.103
admeas. 410 sq.ft. b.u.a. 1st Floor, in Ashoka CHS Limited
situated at Survey No.118, Hissa No.11, Village Gokhivare, Vasai (East)
District Thane 5) Flat No.207 on
the 2nd Floor admeas. 500 sq.ft. b.u.a. in Ashoka CHS Limited
situated at Survey No.118, Village Gokhivare, Vasai (East) District Thane |
|
Date of latest
modification prior to the present modification |
18.11.2011 |
|
Particulars of
the present modification |
By the present
modification the immoveable property charged shall now hold good to secure
additional CC of Rs.25.000 millions and L/C of Rs.20.000 millions. The
aggregate facilities secured by the charge have been modified from Rs.214.050
millions to Rs.259.050 millions (being CC: 125.000 millions, L/C: Rs.40.000
millions, BG: Rs.1.000 million, Term Loans of 8.085 millions, 18.015
millions, 3.200 millions, 3.750 millions and 60.000 millions). (L/C: 45.000
millions is to be retired out of the said term loan limit. Hence the overall
charge stands modified to Rs.259.050 millions |
FIXED ASSETS
v Land
v Building
v Plant and Machineries
v Motor Car
v Furniture and Fixtures
v Computers
v Motor Cycle
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.52.79 |
|
|
1 |
Rs.85.17 |
|
Euro |
1 |
Rs.69.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.