MIRA
INFORM REPORT
|
Report Date : |
25.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
ADDTECH PACKAGING PRIVATE LIMITED |
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Registered
Office : |
6-3, Pramukh Industrial Estate, Survey No. 245/ 1, Dhemni Road, Dadra U.T.,
Dadra Nagar Haveli – 396230 |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
28.05.2004 |
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Com. Reg. No.: |
54-000179 |
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Capital
Investment / Paid-up Capital : |
Rs. 13.033 Millions |
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CIN No.: [Company Identification
No.] |
U21029DN2004PTC000179 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTA01804F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of flexible packaging materials |
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No. of Employees
: |
17 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 74000 |
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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 an established company having moderate track. Even though,
the company has recorded increase in the sales turnover, the profitability
has slightly decreased during the year 2011. There appears some accumulated
loses in the records of the company. However, trade relations are reported as 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
INFORMATION PARTED BY
|
Name : |
Mr. Jatin Lad |
|
Designation : |
Accountants |
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Contact No.: |
91-260-2669074 |
|
Date : |
23.06.2012 |
LOCATIONS
|
Registered Office/ Factory : |
6-3, Pramukh Industrial Estate, Survey No. 245/ 1, Dhemni Road, Dadra
U.T., Dadra Nagar Haveli – 396230, India |
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Tel. No.: |
91-260-2669074 |
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Fax No.: |
91-260-2669064 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
AS ON 24.09.2011
|
Name : |
Mr. Dutta Surjo Narayan |
|
Designation : |
Director |
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Address : |
C-204, Hitarth Co Op Hsg Society, |
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Date of Birth/Age : |
11.07.1973 |
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Date of Appointment : |
28.05.2004 |
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DIN No.: |
01848321 |
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Name : |
Mrs. Dutta Pratibha Narayan |
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Designation : |
Director |
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Address : |
C-204, Hitarth Co Op Hsg Society, |
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Date of Birth/Age : |
18.10.1938 |
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Date of Appointment : |
13.01.2005 |
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DIN No.: |
01848279 |
KEY EXECUTIVES
|
Name : |
Rajendra Prasad Saraf |
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Designation : |
Company Secretary |
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Address : |
1-2 Sahara Market, 2nd Floor, |
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Mobile No.: |
91-9824726811 |
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Email ID : |
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|
|
|
Name : |
Mr. Jatin Lad |
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Designation : |
Accountants |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2011
|
Names of Equity Shareholders |
|
No. of Shares |
|
Mrs. Pratibha
Narayan Dutta |
|
465000 |
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Mr. Surjo Narayan
Dutta |
|
88221 |
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Mrs. Rama Dutta |
|
100 |
|
Ricky Gunawan |
|
125000 |
|
Samto Utomo |
|
125000 |
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Total |
|
803321 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Mrs. Pratibha
Narayan Dutta |
|
125000 |
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Mr. Surjo Narayan Dutta |
|
125000 |
|
Ricky Gunawan |
|
125000 |
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Samto Utomo |
|
125000 |
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Total |
|
500000 |
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Names of Allottees |
|
No. of Shares |
|
Partho Narayan
Dutta |
|
609090 |
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Surjo Narayan
Dutta |
|
57994 |
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Total |
|
667084 |
AS ON 24.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
31.00 |
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Directors
or relatives of directors |
|
69.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of flexible packaging materials |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
Credit (60 Days-91 Days) |
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Purchasing : |
L/C and Credit (30 Days-60 Days-91 Days) |
PRODUCTION STATUS AS ON (31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Polyester Film and Aluminium and LDPE Film in Pouch |
M.T. |
N.A. |
850 |
10177947 |
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Polyester Film and Aluminium and LDPE Film in roll |
M.T. |
N.A. |
850 |
48411 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Manufacturer
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No. of Employees : |
17 (Approximately) |
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Bankers : |
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Facilities : |
CC – Rs. 10.000 Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G B Laddha and Company Chartered Accountants |
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Address : |
1-2 Sahara Market, 2nd Floor, |
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Tel. No.: |
91-260-3267788/ 6456677/ 6457788/ 6458899 |
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Mobile No.: |
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Fax No.: |
91-260-2425966 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAEFG2280N |
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Enterprises in which control exists : |
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CAPITAL STRUCTURE
AFTER 24.09.2011
Authorised Capital : Rs. 20.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 19.704 Millions
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
850000 |
Equity Shares |
Rs. 10/- each |
Rs. 8.500 Millions |
|
500000 |
Preference Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
|
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Total |
|
Rs. 13.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
803321 |
Equity Shares |
Rs. 10/- each |
Rs. 8.033
Millions |
|
500000 |
Preference Shares |
Rs. 10/- each |
Rs. 5.000
Millions |
|
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Total |
|
Rs. 13.033 Millions |
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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|
|
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1] Share Capital |
13.033 |
13.033 |
13.033 |
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2] Share Application Money |
6.700 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(1.226) |
(1.542) |
(1.883) |
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NETWORTH |
18.507 |
11.491 |
11.150 |
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LOAN FUNDS |
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1] Secured Loans |
14.972 |
11.142 |
12.925 |
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2] Unsecured Loans |
0.638 |
0.638 |
0.638 |
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TOTAL BORROWING |
15.610 |
11.780 |
13.563 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
34.117 |
23.271 |
24.713 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
16.524 |
12.330 |
11.795 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.090 |
0.069 |
0.015 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
8.258
|
6.427 |
5.032 |
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Sundry Debtors |
14.400
|
4.991 |
7.895 |
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Cash & Bank Balances |
2.960
|
1.555 |
1.551 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
4.783
|
2.258 |
3.257 |
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Total
Current Assets |
30.401
|
15.231 |
17.735 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
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Sundry Creditors |
12.330
|
3.980 |
4.573 |
|
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Other Current Liabilities |
0.197
|
0.000 |
0.000 |
|
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Provisions |
0.371
|
0.379 |
0.259 |
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Total
Current Liabilities |
12.898
|
4.359 |
4.832 |
|
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Net Current Assets |
17.503
|
10.872 |
12.903 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
34.117 |
23.271 |
24.713 |
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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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|
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Income |
50.135 |
|
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|
|
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Other Income |
0.305 |
0.486 |
N.A. |
|
|
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TOTAL (A) |
50.440 |
36.387 |
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
38.406 |
|
|
|
|
|
Manufacturing Expenses |
4.889 |
4.516 |
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|
|
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Administrative and Other Expenses |
3.308 |
2.798 |
|
|
|
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TOTAL (B) |
46.603 |
32.813 |
N.A. |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.837 |
3.574 |
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|
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Less |
FINANCIAL
EXPENSES (D) |
1.734 |
1.591 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.103 |
1.983 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.740 |
1.661 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.363 |
0.322 |
0.043 |
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Less |
TAX (H) |
0.047 |
(0.019) |
(0.380) |
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|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
0.316 |
0.341 |
0.423 |
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1.542) |
(1.883) |
(1.460) |
|
|
|
|
|
|
|
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|
|
BALANCE CARRIED
TO THE B/S |
(1.226) |
(1.542) |
(1.883) |
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|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.39 |
0.26 |
N.A. |
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Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
60.000 |
|
|
|
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|
Expected Sales (2012-2013) : Rs. 100.000 Millions (New Products lanch)
The above information has been parted by Mr. Jatin Lad (Accountants)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.63
|
0.94 |
N.A. |
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.72
|
0.90 |
N.A. |
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|
|
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.77
|
1.17 |
0.15 |
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.03 |
0.00 |
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.54
|
1.40 |
1.65 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.36
|
3.49 |
3.67 |
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. Constitution of the firm |
Yes |
|
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 |
|
11. Turnover of firm for last three years |
Yes |
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12. Profitability for last three years |
Yes |
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13. Reasons for variation <> 20% |
-- |
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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 |
Yes |
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18. Major customers |
Yes |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
|
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
|
Corporate
identity number of the company |
U21029DN2004PTC000179 |
|
Name of the
company |
ADDTECH PACKAGING
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
G-3, Pramukh
Industrial Estate Survey No. 245/1 Dhemni Road, Dadra U.T, Dadar Nagar Haveli - 396230, India |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
80048997 |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Punjab National
Bank, First Floor, Narayan Chambers, Off Highway, Vapi – 396195, Email ID : bo03903@pnb.co.in
|
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation of
goods and book debts to secure cash credit facility Hypothecation of
assets to secure term loans |
|
Date of
instrument Creating the charge |
10.0./2008 |
|
Amount secured by
the charge |
Rs. 12.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit : BPLR
(14%) +1.00 I.E. 15% Term Loan : BPLR
(14%) + 1.00+ 0.5 Term Premia I.E.15.50% Terms of Repayment Cash credit 12
months to be renewed every yea Term loan : 60
Equal Monthly Installments of Rs. 0.058 Millions each . The First Installment
will start from 31.03.2009. Renewal Letter Of
Credit : Renewable Margin Cash Credit :25%
against stock. 50% against receivables Term Loan : 25% Renewal Letter Of
Credit : 15% Extent and Operation of the charge The charge is secured
against the property of the company until the amount borrowed, interest
thereon and all other incidental charges are fully paid-up. |
|
Short particulars
of the property charged |
1. Various Raw
Materials Viz Manufacturing Material, Raw Material Including Excisable Raw
Materials, Stock In Process, Semi Finished Goods, Finished Goods Including
Bought Out Finished Good Viz Manufacturing Of Flexible Plastic Laminates 2. Book Debts
Outstanding Decrees Money Receivables, Govt. Subsidy , Claims, Bill Contracts
and Investment Narration in case of Affixing Common Seal by Company 3. All assets and
movable property of any kind belonging to the borrower. |
|
Particulars of
the present modification |
Cash Credit 4.000
Millions to 7.000 millions with sublimit 5.000 millions Term loan nil to
3.500 millions Renewal letter of
credit 2.000 millions to 2.000 millions Total 6.000
millions to 12.500 millions |
TRADE REFERENCES
- Bayer
Corporation Science
- Dev Agro Science
- Santosh
Polymers
FIXED ASSETS:
- Plot
- Land at Morai
- Cabin
- Air Conditioner
- Office
- Electric Hoist
- Electrical Installation
- Fire Equipments
- Laboratory Equipments
- Motor Car Swift
- Office Equipments
- Plant and Machinery
- Punching Machine
- Weighting Scale
- Furniture and Fixtures
- Hero Honda Dawn
- Computer
AS PER WEBSITE DETAILS
PROFILE
Subject was established in the year 2004 as an extension of the flagship company, Pratibha Metal Works. while the current product range at Pratibha Metal Works includes P.P. Caps Seals having wide array of applications in Food, Pharma, Chemical and Petroleum Industries, Add tech aims at offering a spectrum of flexible packaging Solutions having varied applications.
Today Subject is fully geared to offer to its customers, a range of flexible packaging solutions like laminated and printed multi-layered substrates and plastic films. The unit is equipped to produce a wide array of products that are used by manufacturers of Pharmaceutical, Agrochemical, Food and beverage, confectionery, retail as well as electronic goods.
LOCATION
To continue with its philosophy of just in time supplies,
the management decided to put up the unit in the vicinity of large units of
Chemicals, Food and Pharma Industry having such requirements. As a result, it
was decided to set up the unit in Silvassa, the small industrial town in the
Union Territory of Dadra and Nagar Haveli. Silvassa is at a distance of less
than 20 kms. from Vapi, the Pharma and Chemicals hub of
As a means to promote industrial growth in this area, the
Central Government has declared a Tax holiday of 15 years, which shall be
applicable to all the business carried out by subject till year 2017 A.D. Most importantly, the unit is located
in the pollution free zone of Silvassa, which ensures no contamination to the
products. Availability of raw material in this region is not at all a problem
as most raw material manufacturers/suppliers are located in this region of
Vapi,
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. 56.99 |
|
|
1 |
Rs. 88.97 |
|
Euro |
1 |
Rs. 71.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.