MIRA
INFORM REPORT
|
Report Date : |
02.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
SAIN PACKAGING PRIVATE LIMITED |
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Registered
Office : |
C – 5/2 A, Rana Pratap Bagh, Delhi 110007 |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.02.2004 |
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Com. Reg. No.: |
124886 |
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Capital
Investment / Paid-up Capital : |
Rs.7.500 millions |
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CIN No.: [Company Identification
No.] |
U74950DL2004PTC124886 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELS29014G |
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PAN No.: [Permanent Account No.] |
AAKCS1776L |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturers of Printed Card Board Boxes. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
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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 37460 |
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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. 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 business dealings with some
cautions. |
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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India |
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 |
LOCATIONS
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Registered Office : |
C – 5/2 A, Rana Pratap Bagh, Delhi 110007, India |
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E-Mail : |
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Website : |
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Corporate Office : |
B 20, Shakti Nagar Extn., New Delhi 110052, India |
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Tel. No.: |
91-11-27251196 |
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Factory : |
1424 H S I D C, Industrial Estate, Rai, Sonipat, Haryana, India |
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Tel. No.: |
91-130-2366725 / 2366726 |
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Fax No.: |
91-130-2366725 |
DIRECTORS
AS ON 09.09.2010
|
Name : |
Mr. Sachin Gupta |
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Designation : |
Director |
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Date of Birth/Age : |
25.03.1971 |
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Date of Appointment : |
27.02.2004 |
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DIN No.: |
01111152 |
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Name : |
Mr. Mitter Sain Gupta |
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Designation : |
Director |
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Date of Birth/Age : |
17.03.1938 |
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Date of Appointment : |
27.02.2004 |
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DIN No.: |
01111191 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 09.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. Sachin Gupta |
630000 |
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Mr. Mitter Sain Gupta |
120000 |
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Total |
750000 |
AS ON 09.09.2010
|
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 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Printed Card Board Boxes. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Punjab
National Bank, Kundli, Sonepat 131001, Haryana, India ·
ICICI Bank |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dalip Sachdeva and Associates Chartered Accountant |
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Address : |
2507, Hudson Lines (Basement), Main Market, Kingsway Camp, Delhi
110009, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 09.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1000000 |
Equity Shares |
Rs. 10 each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs. 10 each |
Rs.7.500 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.500 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.865 |
0.977 |
0.688 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.365 |
5.977 |
5.688 |
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LOAN FUNDS |
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1] Secured Loans |
10.858 |
13.425 |
10.200 |
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2] Unsecured Loans |
7.211 |
4.437 |
15.838 |
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TOTAL BORROWING |
18.069 |
17.862 |
26.038 |
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DEFERRED TAX LIABILITIES |
0.451 |
0.342 |
0.259 |
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Punjab National Bank |
30.743 |
25.195 |
0.000 |
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TOTAL |
58.628 |
49.376 |
31.985 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
26.223 |
24.975 |
21.272 |
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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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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
6.656
|
9.167 |
8.187 |
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Sundry Debtors |
49.597
|
43.472 |
22.710 |
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Cash & Bank Balances |
0.519
|
0.131 |
0.371 |
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Other Current Assets |
0.000
|
0.467 |
0.003 |
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Loans & Advances |
2.464
|
2.510 |
0.707 |
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Total
Current Assets |
59.236
|
55.747 |
31.978 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
24.168
|
30.266 |
19.420 |
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Other Current Liabilities |
2.164
|
0.604 |
1.910 |
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Provisions |
0.569
|
0.524 |
0.000 |
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Total
Current Liabilities |
26.901
|
31.394 |
21.330 |
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Net Current Assets |
32.335
|
24.353 |
10.648 |
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MISCELLANEOUS EXPENSES |
0.070 |
0.048 |
0.065 |
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TOTAL |
58.628 |
49.376 |
31.985 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
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SALES |
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Sales |
|
85.258 |
55.082 |
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Other Income |
|
0.000 |
0.000 |
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TOTAL (A) |
|
85.258 |
55.082 |
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Less |
EXPENSES |
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Cost of Materials |
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Manufacturing Expenses |
|
84.611 |
54.261 |
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Employees Remuneration |
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Administrative Expenses |
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TOTAL (B) |
|
84.611 |
54.261 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
0.647 |
0.821 |
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Less |
FINANCIAL EXPENSES (D) |
|
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
0.647 |
0.821 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
NA |
NA |
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PROFIT BEFORE TAX
(E-F) (G) |
|
0.647 |
0.821 |
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Less |
TAX (H) |
|
0.235 |
0.191 |
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PROFIT AFTER TAX
(G-H) (I) |
|
0.412 |
0.630 |
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Earnings Per
Share (Rs.) |
|
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
0.48 |
1.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.75 |
1.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
0.80 |
1.54 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.06 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
|
8.13
|
11.33 |
8.37 |
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Current Ratio (Current Asset/Current Liability) |
|
2.20
|
1.77 |
1.50 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
Registered office of the company has been shifted from B 20, Shakti Nagar Extn., New Delhi 110052, India to the present address w.e.f. 27.03.2008
FIXED ASSETS:
·
Plant and Machinery
·
Car
·
Cutting Dies
·
Computer
·
Land and Building
·
Furniture and Fittings
·
Voltage Stabilizer
FORM 8
|
Corporate identity
number of the company |
U74950DL2004PTC124886 |
|
Name of the
company |
SAIN PACKAGING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
C – 5/2 A, Rana Pratap Bagh, Delhi 110007, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge Others |
|
Particular of
charge holder |
Punjab National Bank,
Kundli, Sonepat 131001, Haryana, India Email: mainiramesh63@yahoo.co.in |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation of Goods and Book Debts to secure Cash Credit Facility. Agreement of
Hypothecation of Movable Assets forming part of Fixed / Block Assets. Agreement of
Hypothecation of Current Assets. |
|
Date of
instrument Creating the charge |
27.08.2011 |
|
Amount secured by
the charge |
Rs. 40.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Base rate + 4.50%
per annum on Cash Credit limit with monthly rests and Base rate + 4.50% + 2.00% per annum on
Adhoc Cash Credit limit with monthly rests. Base Rate is 10.75% presently. Terms of repayment On Demand. Margin 25% on Stock and
Book Debts. Extent and operation of the charge First Charge For
Rs. 40.000 millions with interest and charges thereon. Cash Credit
Limit - Rs. 36.500 millions Adhoc Cash Credit
Limit- Rs. 3.500 millions Other In case of any
default bank will charge 2% additional interest. |
|
Short particulars
of the property charged (Including location of the property) |
First charge for Rs.40.000
millions on all Stocks, Book Debts present and future at plot No. 1424,
HSIIDC, Rai , Sonepat, Haryana or at
any other place . First charge for
Rs.40.000 millions on all Current Assets present and future at plot No. 1424,
HSIIDC, Rai , Sonepat, Haryana or at
any other place . First charge for
Rs.40.000 millions on all movable assets forming part of Fixed / Block assets
present and future at plot No. 1424, HSIIDC, Rai , Sonepat, Haryana or at any other place . |
|
Particulars of
the present modification |
First charge for
Rs.40.000 millions (including Cash Credit Adhoc limit of Rs.3.500 millions)
on all Stocks, Book Debts, Current Assets and all movable assets forming part
of Fixed / Block assets present and future at plot No. 1424, HSIIDC, Rai , Sonepat, Haryana or at any other place . |
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.49.15 |
|
|
1 |
Rs.78.25 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
|
30 |
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.