MIRA
INFORM REPORT
|
Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
RAJ PACKAGING INDUSTRIES LIMITED [w.e.f. May
1992] |
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|
|
|
Formerly Known
As : |
RAJ PACKAGING INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
# 6-3-1090/C-4, Opposite Kapadialane, Raj |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
18.06.1987 |
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Com. Reg. No.: |
01-007550 |
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Capital
Investment / Paid-up Capital : |
Rs.39.697
Millions |
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CIN No.: [Company Identification
No.] |
L25209AP1987PLC007550 |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on The Stock Exchanges. |
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Line of Business
: |
Manufacturer of Multilayer Co-extruded Plastic Film and Flexible
Packaging Materials. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 245000 |
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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. The financial
position of the company appear to be unhealthy. It has incurred loss from its
operations during 2012. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BB + [Long Term] |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
01.03.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A4 + [Short Term] |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
01.03.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered / Corporate Office : |
# 6-3-1090/C-4, Opposite Kapadialane, Raj Bhavan Road,
Hyderabad-500082, Andhra Pradesh, India
|
|
Tel. No.: |
91-40-23392024 |
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Fax No.: |
91-40-23399033 |
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E-Mail : |
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Website : |
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Factory : |
Survey No. 715, Kondamadugu, Bibinagar, Nalgonda District,
Andhra Pradesh, India |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Prem Kankaria |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. Suresh Chandra Bapna |
|
Designation : |
Director |
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|
Name : |
Mr. V.S.N. Murthy |
|
Designation : |
Director |
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|
Name : |
Dr. R.R. Pujari |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
As a % of (A+B) |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
|
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|
535539 |
13.49 |
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|
127000 |
3.20 |
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|
377320 |
9.50 |
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|
377320 |
9.50 |
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|
1039859 |
26.19 |
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|
Total shareholding of Promoter and Promoter Group (A) |
1039859 |
26.19 |
|
(B) Public Shareholding |
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|
|
|
|
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|
|
1000 |
0.03 |
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|
1000 |
0.03 |
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|
|
|
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|
417365 |
10.51 |
|
|
|
|
|
|
1590578 |
40.07 |
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|
864401 |
21.77 |
|
|
56547 |
1.42 |
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|
56472 |
1.42 |
|
|
75 |
0.00 |
|
|
2928891 |
73.78 |
|
Total Public shareholding (B) |
2929891 |
73.81 |
|
Total (A)+(B) |
3969750 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
3969750 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Multilayer Co-extruded Plastic Film and Flexible
Packaging Materials. |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Licensed/Registered Capacity [In MT] |
4560 |
|
Installed Capacity [In MT] |
4560 |
|
Actual Production of Finished Goods [In MT] |
2671 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
State Bank of India ,Saifabad Branch,
Hyderabad, Andhra Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
C.P. Ranka and Company Chartered Accountants |
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Address : |
Secunderabad, Andhra Pradesh, India |
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Related Parties : |
·
Kankaria Leasing and
Finance Private Limited ·
Chetanya Securities
Private Limited ·
Peekay Securities
Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3969750 |
Equity Shares |
Rs.10/- each
|
Rs.39.697
Millions |
NOTE:
The Company has
only one class of equity shares having par value of Rs.10. Each holder of
equity shares is entitled to only one vote. The shareholders have the right to
receive interim dividend declared by the Board of Directors and final dividend
proposed by the Board of Directors and approved by the shareholders. In the
event of liquidation of the Company, the holder of equity shares will be
entitled to receive the remaining assets of the Company, after distribution of
all preferential amounts. However, no such preferential amounts exist
currently. The distribution will be in proportion to the number of equity
shares held by the shareholders.
THE DETAILS OF SHAREHOLDERS HOLDING MORE THAN 5% SHARES
|
Particular |
As on 31.03.2012 |
|
|
|
No. of Shares |
% of Holding |
|
Mr. Prem Kankaria |
200400 |
5.05 |
As per of the
Company, including its Register of Shareholders/Members and other declarations
received from shareholders regarding beneficial interest, the above
shareholding represents both legal and beneficial ownership of shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
39.697 |
39.697 |
39.697 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
21.733 |
21.929 |
21.499 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
61.430 |
61.626 |
61.196 |
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|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
65.965 |
61.045 |
75.888 |
|
|
2] Unsecured Loans |
34.457 |
29.126 |
3.399 |
|
|
TOTAL BORROWING |
100.422 |
90.171 |
79.287 |
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|
DEFERRED TAX LIABILITIES |
8.513 |
9.393 |
8.577 |
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|
|
|
|
|
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TOTAL |
170.365 |
161.190 |
149.060 |
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|
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APPLICATION OF FUNDS |
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|
|
|
|
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|
FIXED ASSETS [Net Block] |
82.001 |
86.446 |
92.425 |
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|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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INVESTMENT |
0.100 |
0.391 |
0.618 |
|
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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 |
|
|
|
|
|
|
Inventories |
34.616
|
30.738 |
19.587 |
|
|
Sundry Debtors |
58.809
|
53.669 |
45.851 |
|
|
Cash & Bank Balances |
2.542
|
2.077 |
2.218 |
|
|
Other Current Assets |
9.755
|
7.974 |
0.000 |
|
|
Loans & Advances |
11.057
|
9.278 |
8.697 |
|
Total
Current Assets |
116.779
|
103.736 |
76.353 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
18.972
|
20.473 |
12.707 |
|
|
Other Current Liabilities |
9.543
|
8.910 |
2.985 |
|
|
Provisions |
0.000
|
0.000 |
4.644 |
|
Total
Current Liabilities |
28.515
|
29.383 |
20.336 |
|
|
Net Current Assets |
88.264
|
74.353 |
56.017 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
170.365 |
161.190 |
149.060 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
289.597 |
251.772 |
213.292 |
|
|
|
Other Income |
0.978 |
1.169 |
16.123 |
|
|
|
TOTAL (A) |
290.575 |
252.941 |
229.415 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
238.621 |
203.736 |
|
|
|
|
Employee Benefit Expense |
7.416 |
5.938 |
|
|
|
|
Other Expenses |
24.320 |
25.565 |
208.907 |
|
|
|
Changes in
Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
(0.849) |
(2.096) |
|
|
|
|
TOTAL (B) |
269.508 |
233.143 |
208.907 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
21.067 |
19.798 |
20.508 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
15.565 |
11.977 |
5.389 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.502 |
7.821 |
15.119 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.577 |
6.590 |
4.159 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(1.075) |
1.231 |
10.960 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(0.879) |
0.816 |
1.836 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(0.196) |
0.415 |
9.124 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
20.093 |
19.663 |
15.183 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Equity Shares |
0.000 |
0.000 |
3.969 |
|
|
|
Corporate Dividend Tax |
0.000 |
(0.015) |
0.675 |
|
|
BALANCE CARRIED
TO THE B/S |
19.897 |
20.093 |
19.663 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
133.950 |
149.012 |
86.330 |
|
|
|
Stores & Spares |
0.000 |
0.113 |
40.986 |
|
|
TOTAL IMPORTS |
133.950 |
149.125 |
127.316 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.05) |
0.10 |
2.30 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 |
30.09.2012 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
87.060 |
71.360 |
|
Total Expenditure |
|
80.130 |
66.760 |
|
PBIDT (Excl OI) |
|
6.930 |
4.600 |
|
Other Income |
|
0.150 |
0.050 |
|
Operating Profit |
|
7.080 |
4.650 |
|
Interest |
|
3.7300 |
3.630 |
|
PBDT |
|
3.350 |
1.020 |
|
Depreciation |
|
1.670 |
1.610 |
|
Profit Before Tax |
|
1.680 |
(0.590) |
|
Tax |
|
0.520 |
(0.180) |
|
Profit After Tax |
|
1.160 |
(0.410) |
|
Net Profit |
|
1.160 |
(0.410) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(0.07)
|
0.16 |
3.97 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.37)
|
0.49 |
5.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.54)
|
0.65 |
6.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
0.02 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.10
|
1.94 |
1.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.10
|
3.53 |
3.75 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
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 involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
PERFORMANCE:
During the year,
the company has achieved a Turnover of Rs.289.597 Millions as compared to
Rs.251.772 Millions in previous year in value and 2996 M.T as compared to 2668
M.T in volume. The PBDIT for the year stood at Rs.21.067 Millions as compared
to Rs. 19.799 Millions in previous year. The PBT of
the company stood at Rs. (1.076) Millions as compared
to Rs. 1.231 Millions in previous year. There has
been significant decline in the net profit due to enhanced interest and
depreciation after expansion.
The management
will continue their effort in improving the performance of the company to bring
back on track by expanding market, developing various new structures of films,
changing product mix and concentrating more in value added structure to
maintain lead position in the market and to increase not only volume but also
profit margins.
MANAGEMENT’S DISCUSSION AND ANALYSIS:
INDUSTRY STRUCTURE AND DEVELOPMENTS:
RPIL is engaged in
manufacture of multilayer co-extruded plastic film and flexible packaging
material. It is a part of the plastic packaging material industry. The
packaging material is important to several products. So this industry is
growing very rapidly not only at its own but also because of growth of several
industries which are using packing material. Plastic packaging industry in
India, traditionally, are operating as small and medium scale industry. There
has been mushrooming growth of the small processing industries due to not very
high investments and comparative less entry barriers. Unregulated growth has
resulted in growth of unorganized sector which is out of purview of regulatory
environment resulted in overcapacity distorting the balance between demand and
supply.
However, there has
been marked changes due to more and more multinational coming to food packaging,
organized retail sector growing rapidly and mall culture coming to existence
.The customer has been demanding.
This has resulted
into changes in several areas. There are structural changes in the industry –
units growing and migrating from small to medium. More and more numbers are
being added to the organized sector. We can see technological up gradation both
in the machines and processes, development of new generation of raw materials,
there have been changes in the consumers asking for better quality and
sophisticated products. This has resulted into several new players coming into
industry, existing players expanding and creating new capacities thus opening
new horizons. Several new high output machines both in processing as well as
conversion are established. This has resulted into over capacity in many areas
and industry has subjected to cut throat competition among players and the
fittest will survive.
OVERVIEW OF THE ECONOMIC SCENARIO:
The Global Economy
continues to face challenges on the road to recovery. The anticipated recovery
has been far and fragile. Some recovery which was noticed in early 2011 has
lost its momentum at the end mainly due to debt crisis in Euro zone, volatility
and uncertainty in corrective fiscal measures. Near term, the growth prospects
for 2012-13 remain uncertain, with growth petering out in the euro zone and
moderating in the emerging markets, while a better-than-expected recovery is
shaping up in the US. The baseline scenario suggests that global growth may
continue to be low in 2012, with a recession in the euro zone despite attempted
fiscal and debt adjustments to face the situation. The Indian economy despite
witnessing challenging times experienced much balanced and positive growth as
compared to global economies in the year 2010-11. But the tempo was lost. Since
then the Indian economy has seen continued slow down. The growth rate of Indian
Economy in the year 2011-12 was 6.25% lowest in last so many years.
With increasing
global integration, the Indian economy was impacted by global undertainties, while at the same time faced significant
domestic challenges of persistent and high inflation, tight monetary conditions
resulting into high interest rate regime and low investment. The problem is
compounded by delays in policy making particularly in infra structure like
power where entire India is facing acute power shortage – the main driver for
industrial growth. The slowdown in 2011-12 was seen in all the major sectors of
the economy as compared with the previous year. The services sector grew by
8.9%, industry by 3.4% and agriculture by 2.8% as compared with 9.3%, 7.2% and
7% respectively in previous year. Industrial sector growth remained dismissal
due to supply- side bottlenecks particularly essential raw materials, acute
power shortage and less investments in capital goods industry signifying less
capacity augmentation. The inflation rate is very high particularly food
inflation thereby reducing the disposal income in the hands of the people and
resulting in high interest rate regime which is effecting not only
profitability of most of the industries but forcing postponement of new
investments. Overall the industrial climate is not encouraging, confidence
level is very low, policy decisions are not forthcoming thus delaying
investment in essential infra structure without that it is futile to think of
industrial growth.
BUSINESS PERFORMANCE AND OVEVIEW 2011-12:
There has been
marked improvement in capacity utilization by RPIL after the expansion has been
completed in the previous year. The company has been able to achieve higher
output per hour and also per unit of power with new plant. There has been
marked improvement in the quality of film which we are supplying. The new plant
and machinery has given strength to the company to stand in the market amidst
keen competition. The company has been able to improve quality of printing of
film with new printing machine with auto control systems and also improve
performance and reduce the wastage with ARC and Turret System. There has been
notable improvement in the product which the company is capable of deliver to
the customers whether it is oil film or lamination film.
The company has
developed and expanded its market for lamination film supplying to various
converters. The company has added two new customers with bulk requirements. The
share of lamination film to the total volume has steadily been increasing. The
flexible packaging industry particularly converting industry is increasing by
nearly 15% on year to year basis. This is the niche area providing tremendous
support and opportunity for increasing the volume. The sustained efforts put by
the company added by the market situation has resulted into increased orders
for five layer film for oil packaging during the current financial year.
However, the company in fact all plastic processing industry, is totally
dependent on imported high performance raw material (LLDPE-Mettallocene)
for all its value added high performance film. The year has seen high
volatility in exchange rate of rupee as well as depreciation in rupee which has
resulted into increase in cost of very important raw material thus eating away
the profits. Though company has been able to increase volume and turnover but
due to unpredicted increase in raw material prices due to volatility in
exchange rate and rupee depreciation and higher interest burden has lead to
lower profits. The year has been very disappointing after several years of good
performance.
FINANCIAL REVIEW AND WORKING CAPITAL MANAGEMENT:
RPIL has shown
total income of Rs. 301.500 Millions as compared to
Rs.262.800 Millions (both are net of excise) for the year. The company’s
operating profit stood at Rs. 21.067 Millions and net
profit at Rs. (0.196) Million for current year as
against Rs.19.799 Millions and Rs.0.415 Million for previous year. The company
after uninterrupted track record of paying dividend for several years has to
skip dividend for yet another year in view of poor performance. Since increased
activities need increased funds there were stresses on working capital and thus
unsecured loans arranged in the previous year helped to augment medium term
resources. The management feels it is temporary phase and company will soon be
generating enough to fund its requirements. CRISIL has awarded BB- / rating to
company’s Cash Credit and Term Loan facilities with the Bank.
FIXED ASSETS:
·
Land Freehold
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
WEBSITE DETAILS:
PROFILE:
The company was incorporated in June, 1987 as Raj
Packaging Industries Private Limited, and it was converted into Public Limited
Company in May 1992 and changed the name as Raj
Packaging Industries Limited. The company has commenced its commercial production
in June 1989 by installing very sophisticated, imported co-extrusion machines
from Paul Kiefel, Gmbh of
Germany. The Installed capacity was 600 MTs p.a. and
soon achieved this full capacity utilization. The company had gone for
expansion and put up another plant in the year 1995. The company has added
another co-extrusion machine in the year 2005. Today company’s having total
capacity of 2400 Mts. p. consisting of two three layer machines and one five
layer machine.
Company is a leading manufacturer of co extruded film for edible oil packaging.
Film made on sophisticated plant and machinery with the use of new age advance
raw material offers High seal strength, good Hot tack properties combined with
excellent dart impact to with stand the rigors of transportation. That is why
company is able to supply its film to almost all the oils packers in the state
of AP.
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.55.20 |
|
|
1 |
Rs.87.79 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.