MIRA
INFORM REPORT
|
Report Date : |
20.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
ELSON PACKAGING INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
118 A Wing, 1st Floor, Janta Nagar Co-operative Housing , MP
Mills Compound, Mumbai – 400034, Maharashtra
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
28.09.1988 |
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Com. Reg. No.: |
11-048984 |
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Capital
Investment / Paid-up Capital : |
Rs.12.500 Millions |
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CIN No.: [Company Identification
No.] |
U21000MH1988PTC048984 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME02317A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Industrial Packaging. |
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No. of Employees
: |
348 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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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 130000 |
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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 PARTED BY
|
Name : |
Mr. Milesh |
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Designation : |
Director |
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Contact No.: |
91-22-23522867 |
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Date : |
17.02.2012 |
LOCATIONS
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Registered Office : |
118 A Wing, 1st Floor, Janta Nagar Co-operative Housing , MP
Mills Compound, Mumbai – 400034, Maharashtra, India |
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Tel. No.: |
91-22-23522867/ 23522447 |
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Fax No.: |
91-22-23522447 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Located at: ·
Vapi |
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Branch Office : |
608, Om Chambers, Kemps Corner, Mumbai – 400036, Maharashtra, India |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Ashok Parmanand Mody |
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Designation : |
Director |
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Address : |
301,Gift Appartment, Opposite Prabhadevi Temple,
Prabhadevi, Dadar, Mumbai – 400056, Maharashtra, India |
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Date of Birth/Age : |
03.02.1954 |
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Date of Appointment : |
28.09.1988 |
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DIN No.: |
00968733 |
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Other Directorship :
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Name : |
Mrs. Kokila Ashok Mody |
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Designation : |
Director |
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Address : |
301,Gift Appartment, Opposite Prabhadevi Temple,
Prabhadevi, Dadar, Mumbai – 400056, Maharashtra, India |
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Date of Birth/Age : |
06.09.1953 |
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Date of Appointment : |
28.09.1988 |
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DIN No.: |
00968803 |
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Other Directorship :
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Name : |
Mr. Milesh Ashok Mody |
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Designation : |
Director |
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Address : |
301,Gift Appartment, Opposite Prabhadevi
Temple, Prabhadevi, Dadar, Mumbai – 400056, Maharashtra, India |
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Date of Birth/Age : |
31.10.1983 |
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Date of Appointment : |
22.05.2004 |
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DIN No.: |
00968818 |
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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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Ashok Parmanand Mody |
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674700 |
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Kokila Ashok Mody |
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258533 |
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Mehta Polypropylene Industries Private Limited, India |
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266667 |
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Ashok Mody HUF |
|
50000 |
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Kantilal L Mehta |
|
100 |
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Total |
|
1250000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Bodies corporate |
21.00 |
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Directors or relatives of Directors |
79.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Industrial Packaging. |
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Products : |
·
HDPE Bags ·
Paper Laminated Bags |
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Exports : |
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Products : |
Industrial Packaging |
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Countries : |
Middle East |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
Europe ·
US ·
Middle East |
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Terms : |
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Selling : |
Cash/ Credit |
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Purchasing : |
Cash/ Credit |
PRODUCTION STATUS AS ON 31.03.2011
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Paper Bags/HDPE/LDPE |
Nos |
18000000 |
16350172 |
GENERAL INFORMATION
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Suppliers : |
Reliance Industries |
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Customers : |
Wholesalers and Retailers ·
Reliance Industries |
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No. of Employees : |
348 (Approximately) |
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Bankers : |
Union Bank of India, Retail Mart, Mumbai Samachar Marg Branch, 66/80,
Mumbai Samachar Marg, Fort, Mumbai – 400023, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N S Bhatt and Company Chartered Accountants |
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Address : |
A4, Bharat Baug, Lancelot Compound, S V Road, Borivali (West), Mumbai
– 400092, Maharashtra, India |
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Tel. No.: |
91-22-28635016 |
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Fax No.: |
91-22-66972417 |
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E-Mail : |
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PAN.: |
AACPB7602B |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500
Millions |
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Note:
(Out of above 2,50,000 shares of Rs.10/- each has been issued by way of
Bonus Shares out of Reserve).
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 |
12.500 |
12.500 |
12.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
21.559 |
18.098 |
15.314 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
34.059 |
30.598 |
27.814 |
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LOAN FUNDS |
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1] Secured Loans |
91.791 |
72.170 |
81.658 |
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2] Unsecured Loans |
11.684 |
7.556 |
8.722 |
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TOTAL BORROWING |
103.475 |
79.726 |
90.380 |
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DEFERRED TAX LIABILITIES |
2.105 |
2.099 |
2.144 |
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TOTAL |
139.639 |
112.423 |
120.338 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.287 |
13.134 |
13.739 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.016 |
0.016 |
0.016 |
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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 |
60.654
|
56.914 |
55.915 |
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Sundry Debtors |
70.875
|
58.208 |
57.227 |
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Cash & Bank Balances |
7.187
|
8.586 |
8.656 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
14.139
|
12.193 |
10.103 |
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Total
Current Assets |
152.855
|
135.901 |
131.901 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
22.466
|
29.117 |
19.107 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
9.053
|
7.511 |
6.211 |
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Total
Current Liabilities |
31.519
|
36.628 |
25.318 |
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Net Current Assets |
121.336
|
99.273 |
106.583 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
139.639 |
112.423 |
120.338 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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|
359.030 |
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Other Income |
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TOTAL (A) |
359.030 |
311.907 |
278.330 |
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Less |
EXPENSES |
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|
339.431 |
|
259.146 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
339.431 |
293.849 |
259.146 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
19.599 |
18.058 |
19.184 |
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Less |
FINANCIAL
EXPENSES (D) |
13.451 |
12.995 |
14.702 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.148 |
5.063 |
4.482 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.139 |
1.023 |
1.025 |
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PROFIT BEFORE
TAX (E-F) (G) |
5.009 |
4.040 |
3.457 |
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Less |
TAX (H) |
1.548 |
1.255 |
1.161 |
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PROFIT AFTER TAX
(G-H)
(I) |
3.461 |
2.785 |
2.296 |
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EARNINGS IN
FOREIGN CURRENCY |
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|
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|
Export (FOB value) |
2.730 |
2.901 |
3.640 |
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TOTAL EARNINGS |
2.730 |
2.901 |
3.640 |
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IMPORTS |
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Raw Materials |
90.132 |
51.571 |
52.509 |
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TOTAL IMPORTS |
90.132 |
51.571 |
52.509 |
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Earnings Per
Share (Rs.) |
2.77 |
2.23 |
1.84 |
|
Expected Sales (2011-12) : Rs.440.000 Millions
The above information has been parted by Mr. Milesh.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.96
|
0.89 |
0.82 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.93
|
2.71 |
2.37 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.03 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.96
|
3.80 |
4.16 |
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Current Ratio (Current Asset/Current Liability) |
|
4.85
|
3.71 |
5.21 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors for goods |
20.970 |
24.913 |
15.730 |
|
Sundry Creditors for expenses |
1.496 |
4.204 |
3.377 |
|
Total |
22.466
|
29.117 |
19.107 |
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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 |
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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 one year |
Yes |
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12) Profitability for last three years |
No |
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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 |
No |
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17) Major suppliers |
Yes |
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18) Major customers |
Yes |
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19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
No |
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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 |
No |
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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 |
-- |
Note:
The registered address of the company has been shifted from 608, Om Chambers, Kemps Corner, Mumbai –
400036, Maharashtra, India to the present address
OPERATIONAL REVIEW
During the year
ended 31st March, 2011 the company’s performance has significantly improved.
The turnover of the company stood at Rs. 355.928 Millions compared to
Rs.304.434 Millions during the last year. The Company’s Profit After tax during
the year under review is Rs.3461 Millions compared to Profit After tax of
Rs.2.785 Millions during the last year.
FORM 8
|
Corporate identity
number of the company |
U21000MH1988PTC048984 |
|
Name of the
company |
ELSON PACKAGING
INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
608, Om Chambers,
Kemps Corner, Mumbai – 400036, Maharashtra, India Email Id : ELSON.MILESH@GMAIL.COM |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
90226359 |
|
Type of charge |
Book debts Movable property
(not being pledge0 |
|
Particular of
charge holder |
Union Bank of India, Retail Mart, Mumbai Samachar Marg Branch, 66/80,
Mumbai Samachar Marg, Fort, Mumbai – 400023, Maharashtra, India Email Id : msmcredit@unionbankofindia.com
|
|
Nature of
instrument creating charge |
Supplementary
agreement to SD-06 hypothecation agreement
[SD-06(S)] |
|
Date of
instrument Creating the charge |
08.02.2012 |
|
Amount secured by
the charge |
Rs.85.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate of 15.15% per annum with monthly rests or such other rate as may be revised
by the bank from time to time Terms of
repayment On Demand Margin As per sanction
terms Extent and
operation of the charge To secure the
cash credit (hypothecation) limit of Rs.85.000 Millions granted by the bank
to the company |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation by
way of first charge in favour of the bank :- (1) All tangible
movable machineries, plant, fixtures, fittings, other installations,
furniture, computers, accessories and all other articles lying at the borrower's premises
at 14/A GIDC, Vapi. (2) All stocks of
raw materials, semi finished goods and finished goods such as PP/HDPE
granules, paper, HDPE sacks etc. belonging to the borrower and stored at the borrower's premises at 14/A, GIDC,
Vapi or wherever else the same may be including in transit (3) the
borrower's present and future book debts, outstandings, monies, deposits,
receivables, claims and bills, contracts, securities, investments which are
due and owing to the borrower
in the course of its business |
|
Date of
instrument modifying the charge |
20.09.2010 |
|
Particulars of
the present modification |
The cash credit (hypothecation)
limit has enhanced from Rs.82.500 Millions to Rs.85.000 Millions and the
hypothecated goods, book debts and movable property covered by the principal
hypothecation agreement shall continue to be a security for the bank for the
enhanced cash credit (hypothecation) limit of Rs.85.000 Millions together
with interest, additional interest, expenses, costs and all other monies
payable by the borrower to the bank |
Contingent Liabilities (As on 31.03.2011)
Interest and penalty on Excise duty for the year 2000 – 2001 disputed in
Appeal – 1.985 Millions
FIXED ASSETS
·
Plant and Machineries
·
Furniture and Fixture
·
Building (Daman)
·
Office Equipments
·
Computer
·
Motor Car
·
Scooter
TRADE REFERENCES
·
Reliance Industries
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.49.21 |
|
|
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.