MIRA
INFORM REPORT
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Report Date : |
17.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
COMPACK FOAM PRIVATE LIMITED |
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Registered
Office : |
House No.669, Sector -15, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
29.04.2009 |
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Com. Reg. No.: |
05-039026 |
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Capital
Investment / Paid-up Capital : |
Rs.21.300
millions |
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CIN No.: [Company Identification
No.] |
U25190HR2009PTC039026 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RTKC02648C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of disposable food grade polystyrene foam dinnerware. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 85000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new established company having moderate track.
There appears huge accumulated losses recorded by the company. However, trade
relations are reported to be fair. Business is active. Payments are reported
to be slow but correct. The company can be considered for business dealings with some caution.
|
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 – June 30, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Ravi Kandoi |
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Designation : |
Director |
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Contact No.: |
91-9326103780 |
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Date : |
13.08.2012 |
LOCATIONS
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Registered Office : |
House No.669, Sector -15, |
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Tel. No.: |
91-129-2220078 |
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Mobile No.: |
91-9811227687 (Mr. Shrawan Kumar Saraf) 91-9326103780 (Mr. Ravi Kandoi) |
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Fax No.: |
Not Available |
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E-Mail : |
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Location : |
Owned |
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Factory : |
Khasra No.111, |
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Tel. No.: |
91-1332-235295 |
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Location : |
Leased |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Anand Lal Badri Lal Saraff |
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Designation : |
Director |
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Address : |
House – 22, Sector – 15, Faridabab – 121 002, |
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Date of Birth/Age : |
08.08.1974 |
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25.10.2010 |
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DIN No.: |
01541257 |
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Other Directorship :
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Name : |
Mr. Shrawan Kumar Badri Lal Saraf |
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Designation : |
Director |
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Address : |
Village Chandpura, |
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Date of Birth/Age : |
15.05.1966 |
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Date of Appointment : |
25.10.2010 |
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DIN No.: |
01541250 |
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Other Directorship :
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
2 Floor, Sitara Apartment, Ftorda Margao – 403 602, |
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Date of Birth/Age : |
25.06.1969 |
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Date of Appointment : |
29.04.2009 |
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DIN No.: |
00444029 |
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Other Directorship :
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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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533334 |
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Rajeev Saraf |
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3333 |
|
Anand Lal Saraff |
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533333 |
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Shrawan Kumar Saraf |
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1060000 |
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Total |
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2130000 |
As on 30.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of disposable food grade polystyrene foam
dinnerware. |
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Products : |
v Disposable Plates v Disposable Bowls v Disposable Cups v Disposable Dinnerware |
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Exports : |
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Products : |
v Disposable Plates v Disposable Bowls v Disposable Cups v Disposable Dinnerware |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Thermocole Sheets |
Kgs. |
N.A.** |
2376000 |
|
Dinnerware (Thermocole Products) |
Kgs. |
N.A.** |
1663200 |
Installed
capacities are as certified by the management and relied upon the Auditors. The
installed capacities serve multiple purposes and will vary according to product
mix
** Not Applicable as
the products does not fall under compulsory license list.
|
Particulars |
Unit |
Actual
Production Qty*
|
|
Dinnerware (Thermocole Products) |
|
81587 |
* Quantities are in
Boxes Weight of Each Box (net) varies from 4 Kgs to 5 Kgs depending upon the
type of finished products
GENERAL INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
v
State Bank of v
Syndicate Bank, |
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Facilities : |
Notes: Long Term Loan of Rs.80.000 millions from Bank has been sanctioned against pari passu first charge on the entire fixed assets of the company by way of Hypothecation of Moveable Assets and Equitable Mortgage of Immovable Property of the company. Long term Loan from Banks are within one year is Rs.12.312 millions (Previous Year: Rs. Nil) Short Term Loans from Banks are working capital loans, which are secured by hypothecation of Plant and machineries, Inventories and Book Debts of the Company. Both the above LOANS (Long Term and Short Term Loans) are also secured by the Guarantee of the Directors in their personal capacities and further Corporate Guarantee of two associate concerns namely BLS Iron and Steel Private Limited and Bijay Laxmi Earth Movers Private Limited. And further a Equitable mortgage on the Immovable property of BLS Iron and Steel Private Limited and the personal immovable property of Director Shrawan Kumar Saraf and his wife.
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Banking
Relations : |
-- |
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Financial Institution : |
SREI Equipment
Finance Private Limited, 'Vishwakarma', 86C, |
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Auditors : |
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Name : |
Amit Kumar Saraogi and Company Chartered Accountants |
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Address : |
63, |
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Income-tax
PAN of auditor or auditor's firm : |
ACFPA7374Q |
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Enterprises owned or significantly influenced by Key Management
Personnel or their Relatives : |
Bijay Laxmi Earth Movers Private Limited |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital : Rs.60.000 millions
Issued, Subscribed & Paid-up Capital : Rs.21.300
millions
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
2130000 |
Equity Shares |
Rs.10/- each |
Rs.21.300
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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21.300 |
21.300 |
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2] Share Application Money |
|
12.700 |
12.700 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
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(12.819) |
(1.593) |
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NETWORTH |
|
21.181 |
32.407 |
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LOAN FUNDS |
|
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1] Secured Loans |
|
86.128 |
58.759 |
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2] Unsecured Loans |
|
2.403 |
0.800 |
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TOTAL BORROWING |
|
88.531 |
59.559 |
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DEFERRED TAX LIABILITIES |
|
1.375 |
1.375 |
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TOTAL |
|
111.087 |
93.341 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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94.576 |
80.165 |
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Capital work-in-progress |
|
0.000 |
0.463 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
|
19.987
|
3.112
|
|
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Sundry Debtors |
|
0.416
|
0.067
|
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Cash & Bank Balances |
|
2.495
|
29.528
|
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Other Current Assets |
|
0.000
|
0.000
|
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Loans & Advances |
|
3.067
|
3.299
|
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Total
Current Assets |
|
25.965 |
36.006 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
|
7.856 |
22.995 |
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Other Current Liabilities |
|
1.591
|
0.313
|
|
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Provisions |
|
0.030
|
0.015
|
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Total
Current Liabilities |
|
9.477 |
23.323 |
|
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Net Current Assets |
|
16.488
|
12.683
|
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MISCELLANEOUS EXPENSES |
|
0.023 |
0.030 |
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TOTAL |
|
111.087 |
93.341 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
|
69.107 |
0.069 |
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Other Income |
|
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TOTAL |
|
69.107 |
0.069 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
|
80.333 (including
depreciation) |
0.224 |
|
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PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
(0.155) |
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Less/ Add |
DEPRECIATION/ AMORTISATION |
|
|
0.063 |
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PROFIT/ (LOSS)
BEFORE TAX |
|
(11.226) |
(0.218) |
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Less |
TAX |
|
0.000 |
1.375 |
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PROFIT/
(LOSS) AFTER TAX |
|
(11.226) |
(1.593) |
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Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
|
(1.593) |
-- |
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BALANCE CARRIED
TO THE B/S |
|
(12.819) |
(1.593) |
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Earnings/ (Loss)
Per Share (Rs.) |
|
(5.27) |
(0.75) |
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Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
100.000 |
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Expected Sales (2012-2013): Rs.200.000 millions
The above information has been parted by Mr. Ravi Kandoi (Director)
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
(16.24) |
(2308.70) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(9.31) |
(0.19) |
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Return on Investment (ROI) (PBT/Networth) |
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|
(0.53) |
(0.01) |
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Debt Equity Ratio (Total Liability/Networth) |
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|
4.63 |
2.56 |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.74 |
1.54 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
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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 |
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 two years |
Yes |
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12) Profitability for last two years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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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 |
Yes |
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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 |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
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31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
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32)
PAN of Proprietor/Partner/Director, if available |
No |
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33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
FINANCIAL HIGHLIGHTS:
The Company was
incorporated with the object to carry on business of manufacturing of
Disposable Dinnerware [Thermocol Products) and started its manufacturing
activity in the month of March 2010. The Company has incurred a cash loss of
Rs.2.069 millions in the first year, and the Board of Directors expects that
their company will see a significant growth in the years to come with its key
competitive advantages strong marketing base and regulatory strength and the
ability to respond positively to the opportunities that emerge.
OPERATIONS:
The company is a
manufacturer of Food Container Disposables (Thermocol Products) and has started
its manufacturing operation in the month of March 2010. In the first year of
its operation it has earned a net loss of Rs.11.226 millions and a cash loss of
Rs.2.069 millions. But the Company is getting a good response from the market
and is being able to creat a brand name for itself, so the Directors are
positive about achieving good results in the upcoming years.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U25190HR2009PTC039026 |
|
Name of the
company |
COMPACK FOAM PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
House No.669, Sector -15, E-Mail: pankajgarg002@gmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10189985 |
|
Type of charge |
Immovable Property Any interest in immovable property Book Debts Movable Property (not being pledge) Floating Charge Others (Hypothecation of Stocks) |
|
Particular of
charge holder |
State Bank of E-Mail: netra.singh@sbi.co.in |
|
Nature of description
of the instrument creating or modifying the charge |
1. SME 1 Letter
of arrangement 2. SME 3
Guarantee Agreement 3. SME 4
Supplemental Agreement of loan cum hypothecation |
|
Date of
instrument Creating the charge |
09.06.2012 |
|
Amount secured by
the charge |
Rs.125.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Margin: Raw Material
Indigenous: 25% Semi-finished
Goods: 25% Finished Goods:
25% Components/Consumables/Stores:
25% Domestic
Receivables: 25% Term Loan: 23.91% Bank Guarantee:
25% Extent and
Operation of the charge: As per the
Agreements |
|
Short particulars
of the property charged |
Primary Security:
1. Exclusively 1st
Hypothecation Charge on Company's entire current assets comprising of (a)
Stock of RM, SIP, Stores and Spares, Consumables, Spares etc. (present and
future) (b) All present
and future book debts, receivables, as also clean or documentary bills,
domestic or export, whether accepted of otherwise and the
cheques/drafts/instrument etc drawn in its favour. 2. The stipulated
cash margin for LC and BG and underlying stocks of LC limit. 3. 1st
Charge over the Collateral
Security: 1. Extension of
charge on its fixed assets including EM of factory land and building. 2. EM of Res.
House (G+2) No.166, Sector 15, Urban Estate, Faridabad measuring 400 sq. yd. 3. EM of
Industrial Plot measuring (11.55 acre) located at Khasra No. 25/2 and 25/6
Village Lakha, Tehsil and District Raigarh (Chattisgarh) 4. Extension of
charge over current assets of company. Third Party Guarantee:
1. |
|
Particulars of
the present modification |
Credit Facilities
enhanced from Rs.95.000 millions to Rs.125.500 millions [Cash Credit:
Rs.15.800 millions, TL-I (Existing): Rs.57.400 millions, TL-II: Rs.14.000
millions, TL-III (Funded Interest Term Loan): Rs.4.000 millions, TL-IV
(Working Capital Term Loan): Rs.21.000 millions, TL-V (Clean Term Loan):
Rs.5.800 millions, Bank Guarantee: Rs.7.500 millions] |
FIXED ASSETS:
v
v Building
v Plant and Machinery
v Plant and Machinery (Imported)
v Electric Installation
v Office Equipments
v Furniture and Fixtures
v Computer and Peripherals
v Vehicle
v
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 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.55.99 |
|
|
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.68 |
INFORMATION DETAILS
|
Information Gathered
by : |
SBA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
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.