|
Report Date : |
16.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
AVERY DENNISON ( |
|
|
|
|
Registered
Office : |
A-38, Kailash
Colony, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
08.12.1995 |
|
|
|
|
Com. Reg. No.: |
55-074475 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.476.507 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1995PTC074475 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELA05957A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA6163D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and
Exporter of Self Adhesive Paper and Self Adhesive Film. |
|
|
|
|
No. of Employees
: |
415
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5300000s |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established
company having satisfactory track. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and conditions. Profit and loss
account of the company is not available. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office : |
A-38, Kailash
Colony, |
|
Tel No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
204-206, Tolstoy
House, 15 Tolstoy Marg, |
|
Tel. No.: |
91-11-23714408/
10 |
|
E-Mail : |
|
|
Area : |
2350 sq. ft. |
|
Location : |
Leased |
|
|
|
|
Corporate
Office : |
Paras Complex,
Near Palaspa Phata, Mumbai – Goa Road, Village Kolhke Taluka Panvel, District
Raigad 410 218, Maharashtra, India |
|
Tel No.: |
91-22-7901815 |
|
Fax No.: |
91-22-7901817 |
|
|
|
|
Factory : |
Narsinghpur
Industrial Area, 6 Kilometer Stone, |
|
Tel. No.: |
91-124-2215581/
582/ 583 |
|
Fax No.: |
91-124-2215591/
592 |
|
Area : |
6 Acres |
|
Location : |
Industrial |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Azima Moiz |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
RM 710, 7/F, J
Residence, |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/
Age : |
07.06.1969 |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment: |
15.07.2010 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01437448 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Karyn
Elizabeth Rodriguez |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
750, |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/
Age : |
31.08.1959 |
||||||||||||||||||||||||||||||||||||
|
Date of
Appointment: |
21.06.2001 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
02265694 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Vikas Arora |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
1410 N, Curson
Ave, APT 205, Los Angeles California, 900467806, United States of America |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/
Age : |
14.10.1973 |
||||||||||||||||||||||||||||||||||||
|
Date of
Appointment: |
15.10.2010 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
03161483 |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Anil Kumar
Sharma |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole Time
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
MF 11, Eldeco
Mansionz, RWA, |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/
Age : |
06.10.1969 |
||||||||||||||||||||||||||||||||||||
|
Date of
Appointment: |
10.02.2011 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
03161485 |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Rishi Pardal |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole – Time
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
6A, 6th
Floor, Lords Apartment, |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/
Age : |
16.05.1973 |
||||||||||||||||||||||||||||||||||||
|
Date of
Appointment : |
01.01.2011 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
02470061 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Satish
Subramanian |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
B 403, Salapuria
Splendor, 20 Nr Colony, Off Old Airport Road, Bangalore – 560017, Karnataka,
India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/
Age : |
20.12.1970 |
||||||||||||||||||||||||||||||||||||
|
Date of
Appointment : |
27.09.2011 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
03630845 |
||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Komandur
Sanathana Krishnan Muralie |
|
Designation : |
Secretary |
|
Address : |
D/3, 3072, Vasant
Kunj, |
|
Date of Birth/Age : |
20.05.1966 |
|
Date of Appointment : |
03.03.2000 |
|
PAN NO. : |
ABDPM0006G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names
of Shareholders |
No. of Shares |
|
Avery Dennison
Corporation, |
21474466 |
|
Avery Pacific
LLC, |
216949 |
|
Avery Dennison
Central Europe GmBh, |
10400000 |
|
|
10400000 |
|
RVL Packaging Far
East Limited, |
5159245 |
|
Total |
47650660 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Self Adhesive Paper and Self Adhesive Film. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
|
Unit
|
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Self Adhesive Papers |
|
Sqmtrs |
203,600000 |
131391593 |
|
Self Adhesive Film |
|
Sqmtrs |
-- |
26718786 |
|
Woven Labels |
|
Nos. |
312000000 |
272049061 |
|
Hand Tags |
|
Nos. |
1,855024000 |
827262923 |
|
Printed labels |
|
Nos. |
463000000 |
468620369 |
|
Heat Transfer |
|
Nos. |
202800000 |
195338684 |
GENERAL INFORMATION
|
No. of Employees : |
415
(Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· American Express Bank Limited · Deutsche Bank, Tolstoy House, |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lovelock and
Lewes Chartered
Accountants |
|
Address : |
Building 8, 7th
and 8th Floor, Tower B, |
|
Tel. No.: |
91-11-26864390/26523750 |
|
Mobile No.: |
91-11-26864391 |
|
PAN.: |
AABFL5878L |
|
|
|
|
Holding Company : |
|
|
|
|
|
Fellow Subsidiaries
: |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
47650660 |
Equity Shares |
Rs.10/- each |
Rs.476.507 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
47650660 |
Equity Shares |
Rs.10/- each |
Rs.476.507
Millions |
|
|
|
|
|
Footnotes
(A) * of the above shares 47,650,660 Equity Shares are held
by Avery Dennison Corporation,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
476.507 |
216.914 |
216.914 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
850.774 |
552.158 |
149.180 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1327.281 |
769.072 |
366.094 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1280.786 |
1011.106 |
989.073 |
|
|
TOTAL BORROWING |
1280.786 |
1011.106 |
989.073 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Other Liabilities |
0.000 |
259.593 |
0.0000 |
|
|
|
|
|
|
|
|
TOTAL |
2608.067 |
2039.771 |
1355.167 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1120.976 |
1162.621 |
675.287 |
|
|
Capital work-in-progress |
323.105 |
45.464 |
15.322 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
23.331 |
25.641 |
46.467 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
589.135
|
443.930
|
344.068
|
|
|
Sundry Debtors |
1627.582
|
1247.388
|
658.182
|
|
|
Cash & Bank Balances |
58.533
|
230.382
|
24.607
|
|
|
Other Current Assets |
0.111
|
0.000
|
0.298
|
|
|
Loans & Advances |
393.261
|
326.352
|
303.125
|
|
Total
Current Assets |
2668.622
|
2248.052 |
1330.280 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1277.462
|
1224.135
|
641.080 |
|
|
Other Current Liabilities |
201.529
|
180.175 |
63.866 |
|
|
Provisions |
48.976
|
37.697 |
7.243 |
|
Total
Current Liabilities |
1527.967
|
1442.007 |
712.189 |
|
|
Net Current Assets |
1140.655
|
806.045 |
618.091 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2608.067 |
2039.771 |
1355.167 |
|
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2576.823 |
1896.276 |
NA |
|
|
|
Traded (including merchant exports) |
122.611 |
141.124 |
NA |
|
|
|
Capital Goods |
111.321 |
50.868 |
NA |
|
|
|
Stores and Spares |
16.076 |
19.152 |
NA |
|
|
|
Consumables |
16.124 |
12.361 |
NA |
|
|
TOTAL IMPORTS |
2842.955 |
2119.781 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.31 |
1.62 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.12
|
3.19 |
4.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.75
|
1.56 |
1.87 |
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 |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
No |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
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 |
NOTE:
The Registered Office of the company has been shifted from Block B-1, Plot No.F-2, Mohan Cooperative
Industrial Estate, Mathura Road, Delhi – 110 044 to the present
address w.e.f. 04.01.2010.
OPERATIONS
The state of the Company affairs as at March 31, 2011 is as set out in the Balance Sheet.
CONTINGENT LIABILITIES
Rs, In Millions
|
Description |
31.03.2011 |
31.03.2010 |
|
I. Claims against the Company not acknowledged as debts |
|
|
|
a) Sales Tax demands pending disposal by authorities, amount paid under protest Rs.4.006 Millions (Previous Year Rs.3.555 Millions) |
20.629 |
2.589 |
|
b) Liability for pending statutory forms to be deposited with the Sales Tax Authorities. |
0.412 |
14.836 |
|
c) Demand against sales tax exemptions (including interest) |
78.697 |
78.697 |
|
d) Demands in respect of Excise matters |
146.124 |
146.124 |
|
e) Income tax matters pending disposal by the tax authorities, amount paid under protest Rs.5.995 Millions (Previous Year Rs.5.995 Millions) |
11.991 |
27.040 |
|
II. Bills of Exchange discounted |
-- |
74.157 |
|
II. Guarantees and Counter Guarantees outstanding |
|
|
|
- Excise and Customs Authorities |
3.372 |
4.380 |
|
- Sales Tax Authorities |
16.347 |
16.347 |
FIXED ASSETS:
·
·
Leasehold Freehold
·
Buildings
·
Leasehold Improvement
·
Office Equipment
·
Computers
·
Furniture and Fittings
·
Machinery and Equipment – Owned
·
Machinery and Equipment – Leased
·
Vehicles
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.53.84 |
|
|
1 |
Rs.86.72 |
|
Euro |
1 |
Rs.69.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.