MIRA
INFORM REPORT
|
Report Date : |
24.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
CREATIVE POLYPACK LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.06.1986 |
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Com. Reg. No.: |
21-040807 |
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Capital
Investment/ Paid-up Capital: |
Rs.24.715 Millions |
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CIN No.: [Company Identification
No.] |
U21014WB1986PLC040807 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Poly Coated Paper and Paper Board |
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No. of
Employees: |
70 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 500000 |
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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.
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. Srikant |
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Designation : |
Factory Manger |
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Contact No.: |
91-9345457989 |
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Date : |
22.05.2012 |
LOCATIONS
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Registered Office/Head Office : |
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Tel. No.: |
91-33-26531445 |
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Mobile No.: |
91-9345457989 (Mr. Srikant) |
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Fax No.: |
91-33-26533628/26605384 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Factory 1 : |
G -69, UPSIDC Industrial . Area, |
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Tel. No.: |
91-5111-2202279/220317 |
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E-Mail : |
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Factory 2 : |
Dakhinabari, Rajapur, Domjur, |
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Tel. No.: |
91-33-26704692,32421464 |
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Email: |
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Factory 2: |
Hadbast No.195, Khasra No. 530, Village – Tipara, Post, Barotwala, Distirct.
Solan -174103, |
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Email: |
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DIRECTORS
As on 29.09.2011
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Name : |
Mr. Binod Kumar MaheswarI |
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Designation : |
Director |
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Address : |
3B, |
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Date of Birth/Age : |
11.04.1950 |
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Date of Appointment : |
16.06.1986 |
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Din No.: |
00469637 |
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Other Directorship:
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Name : |
Mr. Giriraj Maheswari |
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Designation : |
Director |
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Address : |
3B, |
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Date of Birth/Age : |
06.05.1955 |
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Date of Appointment : |
15.06.1998 |
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Din No.: |
00796252 |
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Other Directorship:
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Name : |
Ms Sangeeta Maheswari |
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Designation : |
Director |
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Address : |
3B, |
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Date of Birth/Age : |
23.05.1955 |
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Date of Appointment : |
04.08.2005 |
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Din No.: |
00469584 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Shrikant |
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Designation : |
Factory Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
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No. of Shares |
|
Binod Kumar Maheswari |
|
445240 |
|
Giriraj Maheswari |
|
1138580 |
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Sangeeta Maheswari |
|
439020 |
|
Binod Kumar Maheswari (H U F) |
|
327100 |
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Creative Product Private Limited |
|
30000 |
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Total |
|
2379940 |
As on 29.09.2011
Equity Shares Break –up
|
Category |
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Percentage |
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Bodies corporate |
|
1.26 |
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Directors or relatives of directors |
|
98.74 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Poly Coated Paper and Paper Board |
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Products : |
·
Soap Wrappers ·
Laminates ·
Extrusion Laminates ·
Product Snapshot
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Exports : |
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Products : |
·
Poly Coated ·
Paper Board |
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Countries : |
Srilanka |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
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Terms : |
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Selling : |
Cash/Credit |
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Purchasing : |
Cash/Credit |
GENERAL INFORMATION
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Suppliers : |
Ballapur Industries Limited Wholesalers, Retailers |
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Customers : |
·
Aarti Soap and Chemicals Industries Private
limited ·
Aditya Industries ·
Balaji Agro Limited ·
Bateji Tea Company Limited ·
C G Food ·
Camel Industries ·
Dona Chemical ·
Dream Bake Private limited ·
Duncan Tea Limited ·
ECOF Industries ·
EID Laminates ·
Emami Limited ·
Gee Pee Foods Private limited ·
Godrej Consumer Product Limited ·
Haldiram Estate Tea Private Limited ·
Hindusthan Unilever Limited ·
ITC Limited ·
J.K Paper Limited |
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No. of Employees : |
70 (Approximately) |
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Bankers : |
Oriental Bank of Commerce, New Alipore Branch, 93, Tollygunge Circular
Road, Kolkata -700053, West Bengal, India |
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Facilities : |
Rs.
In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.K Dutta and Company Chartered Accountant |
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Address : |
Room No.207, 2nd Floor, |
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Pan No.: |
AAFFA4276R |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.201
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
2600000 |
Equity Share |
Rs.10/- each |
Rs.26.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
2379940 |
Equity Share |
Rs.10/- each |
Rs.23.799
Millions |
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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 |
23.799 |
23.799 |
19.400 |
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2] Share Application Money |
7.861 |
5.664 |
0.000 |
|
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3] Reserves & Surplus |
93.302 |
58.914 |
35.227 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
124.962 |
88.377 |
54.627 |
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LOAN FUNDS |
|
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1] Secured Loans |
135.850 |
123.450 |
84.373 |
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2] Unsecured Loans |
55.709 |
37.558 |
29.760 |
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TOTAL BORROWING |
191.559 |
161.008 |
114.133 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
3.993 |
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TOTAL |
316.521 |
249.385 |
172.753 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
161.405 |
117.444 |
80.398 |
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Capital work-in-progress |
0.000 |
0.000 |
0.935 |
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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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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
138.750
|
125.284 |
80.485 |
|
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Sundry Debtors |
128.191
|
93.150 |
81.565 |
|
|
Cash & Bank Balances |
16.436
|
13.285 |
11.974 |
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
38.704
|
48.028 |
22.732 |
|
Total
Current Assets |
322.081
|
279.747 |
196.755 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
138.738
|
118.566 |
89.553 |
|
|
Other Current Liabilities |
9.104
|
19.422 |
9.275 |
|
|
Provisions |
19.123
|
9.818 |
6.507 |
|
Total
Current Liabilities |
166.965
|
147.806 |
105.335 |
|
|
Net Current Assets |
155.116
|
131.941 |
91.420 |
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
316.521 |
249.385 |
172.753 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
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SALES |
|
|
|
|
|
|
|
Income |
2080.751 |
966.306 |
897.231 |
|
|
|
Conversion Charges |
0.000 |
0.000 |
0.493 |
|
|
|
Other Income |
12.934 |
16.662 |
17.742 |
|
|
|
TOTAL (A) |
2093.685 |
982.968 |
915.466 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing other Operating Expenses |
1671.461 |
|
|
|
|
|
Manufacturing Services Costs |
271.132 |
179.971 |
|
|
|
|
Employee related Expenses |
14.214 |
9.739 |
|
|
|
|
Administrative selling other
Expenses |
34.587 |
23.332 |
|
|
|
|
TOTAL (B) |
1991.394 |
929.795 |
872.977 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
102.291 |
53.173 |
42.489 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
27.315 |
14.966 |
16.851 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
74.976 |
38.207 |
25.638 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
23.893 |
14.822 |
14.410 |
|
|
|
|
|
|
|
|
|
|
Prior Period
Items Before Tax |
0.802 |
(0.204) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
51.885 |
23.181 |
11.227 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
17.497 |
8.557 |
3.224 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
34.388 |
14.624 |
8.003 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
47.169 |
32.545 |
24.695 |
|
|
|
|
|
|
|
|
|
|
INCOME
TAX EARLIER |
0.000 |
0.000 |
(0.154) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
81.557 |
47.169 |
32.544 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NIl |
1.472 |
2.596 |
|
|
Particulars |
|
|
31.30.2012 |
|
Sales Turnover |
|
|
2500.000 |
|
|
|
|
|
The above information has been parted by Mr. Shrikant
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.64
|
1.48 |
0.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.49
|
2.33 |
1.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.73
|
5.84 |
4.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.26 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.94
|
3.49 |
4.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.93
|
1.89 |
1.87 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
Yes |
|
Major
Customers |
Yes |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
Form 8:
|
Corporate
identity number of the company |
U21014WB1986PLC040807 |
|
Name of the
company |
CREATIVE POLYPACK LIMITED |
|
Address of the
registered office or of the principal place of business in |
Email: cpplfsr@cal2vsnl.net.in |
|
This form is for |
Creation of charge |
|
Type of charge |
·
Others
|
|
Particular of
charge holder |
Oriental Bank of Commerce, New Alipore Branch, 93, Tollygunge Circular
Road, Kolkata -700053, West Bengal, India |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of Gurantee |
|
Date of
instrument Creating the charge |
05.11.2011 |
|
Amount secured by
the charge |
Rs.94.900
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Corporate
guarantee has been provided to secure the repayment of all liabilities / advances already made /
to be made by the bank to VIBGYOR printing & packaging Private Limited Terms of Repayment Corporate
guarantee has been provided to secure the repayment of all liabilities / advances already made /
to be made by the bank to VIBGYOR printing & packaging Private Limited Margin Corporate
guarantee has been provided to secure the repayment of all liabilities / advances already made /
to be made by the bank to VIBGYOR printing & packaging Private Limited Extent and Operation of the charge Corporate
guarantee Provided by the Company |
|
Short particulars
of the property charged |
Corporate
guarantee Provided by the Company |
Operating Performance and Prospects The companies
turnover/Gross Receipts increased from Rs.983.000 Millions to Rs.2093.700
Millions. The Directors are endeavoring to increase the turnover further. The
profit before tax also showed sharp rise from Rs.23.386 Millions to Rs.51.083
Millions
FIXED ASSETS
·
Lease hold Land
·
Factory Shed and Building
·
Plant and Machinery
·
Electrical Installation
·
Fire Extinguisher
·
Furniture and Fixture
·
Weighting Scale
·
Air Conditioner
·
Intercom etc.
·
Office Equipment
·
Computer and
Accessories
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.55.93 |
|
|
1 |
Rs.88.15 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
BYI |
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 |
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 |
|
48 |
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.