|
Report Date : |
11.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
INNOFLEX LAMINATORS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No. 3 and 4, S. No. 26/3-A, Kondhwa Budruk, Pune – 411048, |
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Country : |
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|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
28.05.2009 |
|
|
|
|
Com. Reg. No.: |
134039 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 7.500 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U25209PN2009PTC134039 |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCI0853N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
No. of Employees
: |
Manufacturing and Trading of Packing Materials |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 46192 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Vinod Babulal Kankaria |
|
Designation : |
Director |
|
Contact No.: |
91-09881719647 |
|
Date : |
06.06.2012 |
LOCATIONS
|
Registered Office : |
Plot No. 3 and 4, S. No. 26/3-A, Kondhwa Budruk, Pune – 411048,
Maharashtra, India |
|
Tel. No.: |
91-20-26934156/157 |
|
Fax No.: |
91-20-26934157 |
|
E-Mail : |
sales@ innoflexlaminators.com purchase@ innoflexlaminators.com |
DIRECTORS
AS ON 10.09.2011
|
Name : |
Mr. Vinod Babulal Kankaria |
|
Designation : |
Director |
|
Address : |
430, Orion Residency, 39, |
|
Date of Birth/Age : |
15.08.1971 |
|
Date of Appointment : |
28.05.2009 |
|
|
|
|
Name : |
Mrs. Usha Vinod Kankaria |
|
Address : |
430, Orion Residency, 39, |
|
Designation : |
Director |
|
Date of Birth/Age : |
02.09.1974 |
|
Date of Appointment : |
28.05.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Vinod Babulal Kankaria |
|
450000 |
|
Usha Vinod Kankaria |
|
150000 |
|
Basanti Kankaria |
|
150000 |
|
Total |
|
750000 |
List of Allottee as on 29.09.2011
|
Names of Allottee |
|
No. of Shares |
|
|
|
|
|
Vinod Babulal Kankaria |
|
450000 |
|
Usha Vinod Kankaria |
|
150000 |
|
Basanti Kankaria |
|
150000 |
|
Total |
|
750000 |
AS ON 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Packing Materials |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Bank of ·
Axis Bank |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
SPCM and Associates Chartered Accountant |
|
Address : |
1121/B Subhashnagar, Lane No. 4, Shukarwar Peth, Pune – 411001,
Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000 |
Equity Shares |
Rs.10/- each |
Rs. 7.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000 |
Equity Shares |
Rs.10/- each |
Rs. 7.500 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
7.500 |
7.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
4.048 |
1.774 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
11.548 |
9.274 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
37.992 |
24.768 |
|
|
2] Unsecured Loans |
|
15.362 |
12.844 |
|
|
TOTAL BORROWING |
|
53.354 |
37.612 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.182 |
|
|
|
|
|
|
|
|
TOTAL |
|
64.902 |
47.068 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
39.138 |
14.344 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
4.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.106 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
8.259 |
6.705 |
|
|
Sundry Debtors |
|
33.869 |
16.871 |
|
|
Cash & Bank Balances |
|
0.279 |
0.098 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.776 |
21.190 |
|
Total
Current Assets |
|
43.183 |
44.864 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
18.468 |
10.490 |
|
|
Other Current Liabilities |
|
0.375 |
0.152 |
|
|
Provisions |
|
2.682 |
1.498 |
|
Total
Current Liabilities |
|
21.525 |
12.140 |
|
|
Net Current Assets |
|
21.658 |
32.724 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
64.902 |
47.068 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
SALES |
|
|
|
|
|
TURNOVER |
|
130.617 |
51.833 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
2.462 |
2.381 |
|
|
|
|
|
|
|
Less |
TAX |
|
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
|
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.88 |
4.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.99 |
4.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.21 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
6.48 |
5.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.00 |
3.69 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1)
Year of Establishment |
Yes |
|
2)
Locality of the firm |
Yes |
|
3)
Constitutions of the firm |
Yes |
|
4)
Premises details |
No |
|
5)
Type of Business |
Yes |
|
6)
Line of Business |
Yes |
|
7)
Promoter's background |
Yes |
|
8)
No. of employees |
No |
|
9)
Name of person contacted |
Yes |
|
10)
Designation of contact person |
Yes |
|
11)
Turnover of firm for last two years |
Yes |
|
12)
Profitability for last two years |
Yes |
|
13)
Reasons for variation <> 20% |
-- |
|
14)
Estimation for coming financial year |
No |
|
15)
Capital in the business |
Yes |
|
16)
Details of sister concerns |
No |
|
17)
Major suppliers |
No |
|
18)
Major customers |
No |
|
19)
Payments terms |
No |
|
20)
Export / Import details (if applicable) |
-- |
|
21)
Market information |
-- |
|
22)
Litigations that the firm / promoter involved in |
-- |
|
23)
Banking Details |
Yes |
|
24)
Banking facility details |
Yes |
|
25)
Conduct of the banking account |
-- |
|
26)
Buyer visit details |
-- |
|
27)
Financials, if provided |
Yes |
|
28)
Incorporation details, if applicable |
Yes |
|
29)
Last accounts filed at ROC |
Yes |
|
30)
Major Shareholders, if available |
Yes
|
Form 8
|
Corporate identity number of the company |
U25209PN2009PTC134039 |
|
Name of the company |
INNOFLEX
LAMINATORS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Plot No. 3 and
4, S. No. 26/3-A, Kondhwa Budruk, Pune – 411048, Maharashtra |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable Property |
|
Particular of charge holder |
Bank of India, Pune Main Branch, 8 A Dr. Coyaji Road, East Street,
Camp, Pune – 411001, Maharashtra, India Email - pune.pune@bankofindia.co.in |
|
Nature of instrument creating charge |
Memorandum of Entry of Deposit of Title
Deeds for creation of Equitable Mortgage in favour of Bank of India executed
to secure the enhanced limit released by the Bank to the Borrower Company. |
|
Date of instrument Creating the charge |
21.10.2011 |
|
Amount secured by the charge |
Rs. 53.690 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest as per agreed terms and conditions as per sanction
letter duly consented by the Directors on behalf of the Company. Terms of Repayment As per agreed terms and conditions as per
sanction letter duly consented by the Directors on behalf of the Company. Margin As per agreed terms and conditions as per
sanction letter duly consented by the Directors on behalf of the Company. Extent and Operation of the charge Bank of India Pune Main Branch will have
first and exclusive charge over the Properties as denoted and geographicated
in the SCHEDULEPART-A & SCHEDULE PART-B of the Memorandum of Entry duly
executed in favour of the Bank by the Borrower Company through its Directors.
The charge will be in continuous mode till the repayment of entire loan with
interest thereon. Others The Company, by virtue of the Board
Resolution passed on26/10/2011,has given assent to all the Terms and
Conditions, Covenants, as provided in the Bank's Sanction Letter No.
PN:ADV:MDT:166 Dated 17.09.2011 have executed the related loan document(s)/
Agreement(s) through the Director(s),who have received and signed the documents in physical form
and who have been authorized to file
eform-8 for modifications in the existing limits and in the nature and
scope of the charge on agreed terms |
|
Short particulars of the property charged |
Part-A All that piece and parcel of
immovable property being freehold Right & lease hold right in respect of
Land bearing Plot No.3 & 4 out of S.No.26/3A/1 at Kondhawa Bk within the
limits of PMC. Part-B All that piece & parcel of
immovable property being Flat No.B-1 adm 1020 sq ft.on the first floor of
building in Aashiyana CHS on plot No.33CTS.No.100/33A Gultekadi Pune All the properties at Part-A and Part -B
as denoted and geographicated in the Memorandum of Title Deeds. Property at
Part -A belongs to Mr.Vinod B Kankaria & Mrs Usha Vinod Kankaria while
property at ..Part-B belongs to Babulal Kankaria. |
|
Particulars of the present modification |
By this modification the Company has
extended the security of the Properties to ensure the coverage for the
enhanced sanctioned limit to the tune
of Rupees 5369000.000 Millions |
As per website
Company Profile
They started in 1997 as a small partnership firm in Chinchwad, India in a rented premises. In 2004 they moved to an individually owned factory in Kondhwa, India which set the foundation of what is now a full-fledged manufacturing facility that caters to innovative packaging of food and other miscellaneous products.
Since the establishment of the manufacturing facility, they grew at a rate of 50% year-on-year. This growth is mostly attributed to the confidence and trust they built in their customers, who they provided with quality, innovation and flexibility in the packaging of their products. What makes them different is that they provide a value-addition that promises a successful product image which goes a long way in building the customers trust in them. They take pride in the fact that they have built some very strong business relationships with clients that have been with them since they commenced operations.
Among their service offerings is high reliability and timeliness, which is proven by their track record of them, never delaying a customer's order by holding up the production line. They understand the market has a very low tolerance when it comes to timeliness, and they make every possible effort to prevent any delays in their delivery commitments.
Their workforce operates in shifts, to further increase their production output, quality and service for their customers to meet product demands of faster time to market. They believe that these value-added services along with their skilled man-power sets them apart from their competition and builds customer confidence.
Engage with them and experience a business relationship unlike any other in this industry. With their innovative techniques around designing and developing packaging solutions for the products, they will ensure you don't just get involved with them, you get INNOVOLVED!
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.55.36 |
|
|
1 |
Rs.85.63 |
|
Euro |
1 |
Rs.69.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NLM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.