MIRA INFORM REPORT
|
Report Date : |
02.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
PACKAGING INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No. 57, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
04.10.1989 |
|
|
|
|
Com. Reg. No.: |
18-046718 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 144.115 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74950TN1989PTC046718 |
|
|
|
|
IEC No.: |
2597000478 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEP02857B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP 3492J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Printed and Laminated Flexible Packaging
Materials |
|
|
|
|
No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1100000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The concern
is progressing slowly but steadily. Reserve appears to be less. 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 |
|
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 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Sham Sundaran |
|
Designation : |
Treasury Manager |
|
Contact No.: |
91-44-28259901 |
|
Date : |
28.09.2012 |
LOCATIONS
|
Registered Office/Factory : |
No. 57, |
|
Tel. No.: |
91-44-28259901 / 02 / 03 / 04 |
|
Fax No.: |
91-44-28259900 / 28259901 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2: |
151/4 and 151/5, |
|
Location : |
Owned |
|
|
|
|
Factory 3 : |
Plot No. C60 B, |
|
Location : |
Leased |
|
|
|
|
Factory 4 : |
A9/2, 172/3, Sipcot Industrial Complex, Jkudikadu Village, Cuddalore Chidambaram
Main Road, Cuddalore- 607005, India |
|
Tel. No.: |
91-414-2239517 / 2239031 |
|
Location : |
Leased |
DIRECTORS
AS ON 08.09.2011
|
Name : |
Mr. Cherian Kenneth Thomas |
|
Designation : |
Whole Time Director and Chief Executive Officer |
|
Address : |
404-B, Keshav Dugar Apartments, No. 1, |
|
Date of Birth/Age : |
11.07.1970 |
|
Date of Appointment : |
29.06.2007 |
|
DIN No.: |
01529431 |
|
|
|
|
Name : |
Mr. Kiznagar Venkatesan Krishnamurthy
|
|
Designation : |
Director |
|
Address : |
Planet, Road No. 8, Sion (East), Mumbai – 400 022, |
|
Date of Birth/Age : |
08.05.1943 |
|
Date of Appointment : |
01.02.2007 |
|
DIN No.: |
00025075 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U67190MH1999PLC119009 |
CENTRUMDIRECT
LIMITED |
Director |
17/07/2001 |
17/07/2001 |
- |
Active |
NO |
|
2 |
U65999MH2002PLC134884 |
ASSET
RECONSTRUCTION COMPANY (INDIA) LIMITED |
Director |
12/07/2003 |
12/07/2003 |
26/07/2010 |
Active |
NO |
|
3 |
U65999TN2003PLC052058 |
SUNDARAM
TRUSTEE COMPANY LIMITED |
Director |
01/01/2009 |
08/12/2003 |
26/10/2010 |
Active |
NO |
|
4 |
L65990MH1994PLC084098 |
RAP
MEDIA LIMITED |
Director |
01/04/2004 |
01/04/2004 |
25/10/2008 |
Active |
NO |
|
5 |
L65990MH1977PLC019986 |
CENTRUM
CAPITAL LIMITED |
Director |
14/04/2004 |
14/04/2004 |
- |
Active |
NO |
|
6 |
L74950MH1982PLC028947 |
ESSEL
PROPACK LIMITED |
Director |
28/01/2005 |
28/01/2005 |
- |
Active |
NO |
|
7 |
U51909AP2000PTC034653 |
BALAN
NATURAL FOOD PRIVATE LIMITED |
Director |
08/02/2005 |
08/02/2005 |
21/05/2012 |
Active |
NO |
|
8 |
L27102MH1994PLC152925 |
JSW
STEEL LIMITED |
Nominee
director |
14/07/2005 |
14/07/2005 |
11/12/2006 |
Active |
NO |
|
9 |
U65191PN1943PLC007308 |
THE RATNAKAR
BANK LIMITED |
Director |
09/09/2006 |
10/05/2006 |
19/06/2007 |
Active |
NO |
|
10 |
U65993MH2006PLC162533 |
ESSEL-CENTRUM
HOLDINGS LIMITED |
Director |
08/07/2006 |
08/07/2006 |
24/03/2009 |
Active |
NO |
|
11 |
L99999MH1962PLC012538 |
BOROSIL
GLASS WORKS LIMITED |
Director |
17/08/2007 |
29/09/2006 |
- |
Active |
NO |
|
12 |
U27100GJ1976FLC013787 |
ESSAR
STEEL INDIA LIMITED |
Director |
31/10/2006 |
31/10/2006 |
- |
Active |
NO |
|
13 |
L24100MH1972PLC016149 |
THIRUMALAI
CHEMICALS LIMITED |
Director |
16/07/2007 |
29/01/2007 |
- |
Active |
NO |
|
14 |
U74950TN1989PTC046718 |
PACKAGING
INDIA PRIVATE LIMITED |
Director |
28/04/2007 |
01/02/2007 |
- |
Active |
NO |
|
15 |
U99999MH1939PLC002994 |
V V
F LIMITED |
Director |
26/09/2008 |
30/04/2008 |
26/11/2011 |
Active |
NO |
|
16 |
L72200PN1990PLC059594 |
KPIT
CUMMINS INFOSYSTEMS LIMITED |
Director |
29/08/2008 |
30/05/2008 |
18/01/2010 |
Active |
NO |
|
17 |
L85110GJ1975PLC054824 |
ESSAR
PORTS LIMITED |
Director |
27/09/2008 |
20/06/2008 |
- |
Active |
NO |
|
18 |
L11100GJ1989PLC032116 |
ESSAR
OIL LIMITED |
Director |
24/09/2010 |
22/01/2010 |
- |
Active |
NO |
|
19 |
U29299MH1975PLC193684 |
LOOP
MOBILE (INDIA) LIMITED |
Director |
30/09/2011 |
24/03/2011 |
23/12/2011 |
Active |
NO |
|
20 |
U72200DL1997PLC085754 |
LOOP
TELECOM LIMITED |
Director |
30/08/2011 |
24/03/2011 |
23/12/2011 |
Active |
NO |
|
21 |
U61200GJ2010PLC060285 |
ESSAR
SHIPPING LIMITED. |
Director |
09/09/2011 |
23/05/2011 |
- |
Active |
NO |
|
Name : |
Mr. Joseph Mariano Fernandes |
|
Designation : |
Director |
|
Address : |
B-1, Uday Bhanu, 65/0, |
|
Date of Birth/Age : |
08.09.1926 |
|
Date of Appointment : |
01.02.2007 |
|
DIN No.: |
00147539 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
L28100MH1964PLC013064 |
SOLID
CONTAINERS LIMITED |
Director |
22/09/2006 |
16/03/2006 |
- |
Active |
NO |
|
2 |
U72200MH2000PTC127738 |
INTREX
INDIA PRIVATE LIMITED |
Director |
16/09/2006 |
16/09/2006 |
- |
Active |
NO |
|
3 |
U74950TN1989PTC046718 |
PACKAGING
INDIA PRIVATE LIMITED |
Director |
28/04/2007 |
01/02/2007 |
- |
Active |
NO |
|
4 |
U74999MH2008PTC179307 |
FAIRPLAY
PROPERTIES PRIVATE LIMITED |
Director |
23/06/2008 |
23/06/2008 |
06/05/2010 |
Active |
NO |
|
Name : |
Mr. Sundararaja Srinivasan |
|
Designation : |
Director |
|
Address : |
2/8, Boria Society, Dr. C Gidwani Marg, Chembur, Mumbai – 400 074, |
|
Date of Birth/Age : |
10.01.1946 |
|
Date of Appointment : |
20.02.2007 |
|
DIN No.: |
00031845 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U17117HP2000PLC026391 |
GPI
TEXTILES LIMITED |
Nominee
director |
24/09/2004 |
24/09/2004 |
04/04/2007 |
Active |
NO |
|
2 |
L24119TN1971PLC006083 |
TUTICORIN
ALKALI CHEMICALS AND FERTILIZERS LIMITED. |
Nominee
director |
19/05/2005 |
19/05/2005 |
21/02/2009 |
Active |
NO |
|
3 |
U74950TN1989PTC046718 |
PACKAGING
INDIA PRIVATE LIMITED |
Director |
28/04/2007 |
20/02/2007 |
- |
Active |
NO |
|
4 |
L45309GJ1988PLC011139 |
ADVANCE
LIFESTYLES LIMITED |
Director |
30/09/2008 |
22/10/2007 |
- |
Active |
NO |
|
5 |
L27106UP1970PLC003353 |
ATMA
STEELS LIMITED |
Nominee
director |
22/06/2009 |
22/06/2009 |
10/01/2011 |
Active |
NO |
|
6 |
L29295PN1993PLC073226 |
RAS
PROPACK LAMIPACK LIMITED |
Nominee
director |
08/09/2009 |
08/09/2009 |
10/01/2011 |
Active |
NO |
|
7 |
U65990MH2010NPL206213 |
VARDAANA
FINANCIAL INCLUSION FOUNDATION |
Director |
03/08/2010 |
03/08/2010 |
31/12/2011 |
Active |
NO |
|
Name : |
Mr. Chandrasekhar Rajagopalan |
|
Designation : |
Director |
|
Address : |
903, Nilgiri Apartments, Neelkanth Vihar Complex, Sahid Bhagat Kanwar
Ram Marg, Vidyavihar (East), Mumbai – 400 077, |
|
Date of Birth/Age : |
23.11.1960 |
|
Date of Appointment : |
18.04.2007 |
|
DIN No.: |
00025283 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
L51909DL1988PLC101836 |
DISH
TV INDIA LIMITED |
Director |
01/06/1995 |
01/06/1995 |
06/01/2007 |
Active |
NO |
|
2 |
L28100MH1964PLC013064 |
SOLID
CONTAINERS LIMITED |
Director |
22/01/1997 |
22/01/1997 |
- |
Active |
NO |
|
3 |
U74140MH2002PTC136737 |
ESSEL
CORPORATE RESOURCES PRIVATE LIMITED |
Director |
06/08/2002 |
06/08/2002 |
- |
Active |
NO |
|
4 |
U21010MH1965GAP013226 |
INDIAN
FLEXIBLE PACKAGING AND FOLDING CARTON MANUFACTURERS ASSOCIATION |
Director |
06/11/2006 |
06/11/2006 |
- |
Active |
NO |
|
5 |
U74950TN1989PTC046718 |
PACKAGING
INDIA PRIVATE LIMITED |
Director |
28/04/2007 |
18/04/2007 |
- |
Active |
NO |
|
Name : |
Mr. Ayakkad Venkateswaran Ganapathy |
|
Designation : |
Director |
|
Address : |
B-7, |
|
Date of Birth/Age : |
04.07.1959 |
|
Date of Appointment : |
15.10.2007 |
|
DIN No.: |
01874770 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74950TN1989PTC046718 |
PACKAGING
INDIA PRIVATE LIMITED |
Director |
06/05/2008 |
15/10/2007 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Ms. Manila Carmen A Gonsalves |
|
Designation : |
Secretary |
|
Address : |
Flat # 8, Building # 9, Piramal Nagar, S V Road, Goregaon (West),
Mumbai – 400 062, Maharashtra, India |
|
Date of Birth/Age : |
14.04.1979 |
|
Date of Appointment : |
20.02.2007 |
|
PAN No.: |
AIKPG3491R |
|
|
|
|
Name : |
Mr. Shan Sundaran |
|
Designation : |
Treasury Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 08.09.2011
|
Names of Equity Shareholders |
No. of Shares |
|
Essel Propack Limited, Mumbai |
416000 |
|
Essel Propack Limited Jointly with Ashok Goel |
100 |
|
Essel Propack Limited Jointly with R Chandrasekhar |
10 |
|
Essel Propack Limited Jointly with Ashish Patel |
10 |
|
Essel Propack Limited Jointly with Ajit Trimbakkar |
10 |
|
Essel Propack Limited Jointly with A V Ganapathy |
10 |
|
Essel Propack Limited Jointly with Vinay Mokashi |
10 |
|
TOTAL
|
416150 |
|
Names of Preference Shareholders |
No. of Shares |
|
Essel Propack Limited, Mumbai |
1025000 |
|
TOTAL |
1025000 |
AS ON 08.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Printed and Laminated Flexible Packaging
Materials |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
|
Flexible Packaging Material of Plastics and Paper (Laminates) |
MT |
13350 |
|
Poly Films |
MT |
8400 |
|
Cylinders |
Nos. |
3600 |
* As certified by
the Management, based on three shift workings in Puducherry and two shift
workings in Uttarakhand and Cuddalore.
Notes:
1)
Licensed capacity is not applicable to the Company.
2)
Installed capacity, being a technical matter, are as
certified by the management and have not been verified by the auditors.
|
Particulars |
Unit |
Production
|
|
Flexible Packaging Material of Plastics and Paper (Laminates) |
Kgs |
9848334 |
|
Poly Films |
Kgs |
5071459 |
|
Cylinders |
Kgs Nos. |
3048 |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
400 (Approximately) |
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Bankers : |
·
ICICI Bank Limited, Landmarkrace cource Circle, Alkapuri,
Baroda-390015, Gujarat, India ·
Kotak
Mahindra Bank Limited, 36-38-A, Nariman Bhavan, Nariman Point, Mumbai – 400
021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
|
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountant |
|
Address : |
10, |
|
Tel. No.: |
91-44-39145000 |
|
Fax No.: |
91-44-39145999 |
|
PAN No.: |
AAAFB9852F |
|
|
|
|
Holding Company : |
Essel Propack
Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000 |
Equity Shares |
Rs.100/- each |
Rs. 45.000 Millions |
|
2550000 |
5% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 255.000 Millions |
|
|
TOTAL |
|
Rs. 300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
416150 |
Equity Shares |
Rs.100/- each |
Rs. 41.615
Millions |
|
1025000 |
5% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 102.500
Millions |
|
1441150 |
TOTAL |
|
Rs. 144.115 Millions |
NOTES
(A)
I. The entire equity share capital is held by Essel
Propack Limited, the holding company and its nominees.2. Of the above equity
shares 550 (Previous period: 550) shares are allotted as fully paid up pursuant
to a contract without payment being received in cash.
(B)
3. The entire preference share capital is held by
Essel Propack Limited, the holding company.4. The 5% cumulative redeemable
preference shares were originally redeemable at par in one installment on
December 05, 2011. During the year, it was resolved to extend the date of
redemption to March 31, 2016 with an option to the shareholders for early
redemption any time after March 31, 2014.Further, it was resolved that the rate
of dividend up to March 31, 2011 is 5%and will be revised to 7% from April 1,
2011.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 [15 Months] |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
144.115 |
144.115 |
144.115 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
141.802 |
85.423 |
66.607 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
285.917 |
229.538 |
210.722 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
501.521 |
603.107 |
762.289 |
|
|
2] Unsecured Loans |
175.475 |
160.698 |
126.293 |
|
|
TOTAL BORROWING |
676.996 |
763.805 |
888.582 |
|
|
DEFERRED TAX LIABILITIES |
50.486 |
43.284 |
32.059 |
|
|
|
|
|
|
|
|
TOTAL |
1013.399 |
1036.627 |
1131.363 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
724.995 |
812.490 |
935.258 |
|
|
Capital work-in-progress |
1.423 |
1.907 |
3.970 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.045 |
0.017 |
0.017 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
186.848
|
153.721
|
132.297 |
|
|
Sundry Debtors |
322.712
|
318.139
|
308.840 |
|
|
Cash & Bank Balances |
4.880
|
40.815
|
11.191 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
80.831
|
59.319
|
46.798 |
|
Total
Current Assets |
595.271
|
571.994 |
499.126 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
164.919
|
220.634 |
238.158 |
|
|
Other Current Liabilities |
136.138
|
123.572
|
62.894 |
|
|
Provisions |
7.278
|
5.575
|
5.956 |
|
Total
Current Liabilities |
308.335
|
349.781 |
307.008 |
|
|
Net Current Assets |
286.936
|
222.213
|
192.118 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1013.399 |
1036.627 |
1131.363 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 [15 Months] |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2142.870 |
2151.093 |
1497.271 |
|
|
|
Job Work Income |
NA |
0.329 |
0.624 |
|
|
|
Other Income |
NA |
13.934 |
149.064 |
|
|
|
TOTAL (A) |
NA |
2165.356 |
1646.959 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Costs |
|
1619.568 |
1183.986 |
|
|
|
Employee Costs |
|
115.429 |
82.346 |
|
|
|
Manufacturing and Other Expenses |
|
204.101 |
182.377 |
|
|
|
TOTAL (B) |
NA |
1939.098 |
1448.709 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
226.258 |
198.250 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
84.576 |
66.503 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
141.682 |
131.747 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
115.871 |
88.950 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
63.680 |
25.811 |
42.797 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.300 |
6.994 |
39.838 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
56.380 |
18.817 |
2.959 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
44.810 |
26.002 |
23.043 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
101.190 |
44.819 |
26.002 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
89.415 |
59.040 |
|
|
TOTAL EARNINGS |
NA |
89.415 |
59.040 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
204.852 |
253.438 |
145.027 |
|
|
|
Stores & Spares |
1.603 |
1.712 |
0.854 |
|
|
|
Capital Goods |
0.000 |
0.000 |
59.159 |
|
|
TOTAL IMPORTS |
206.455 |
255.150 |
205.040 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
123.16 |
32.90 |
5.21 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
2173.200 |
|
|
|
|
|
Expected Sales (2012-2013) : Rs. 2400.000 Millions
The above information has been parted by Mr. Sham Sundaram.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 [15 Months] |
31.12.2008 |
|
PAT / Total Income |
(%) |
NA
|
0.87 |
0.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.97
|
1.20 |
2.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.82
|
1.86 |
2.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.11 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.62
|
5.04 |
5.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.93
|
1.64 |
1.63 |
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE
The Registered office of the company has been shifted from Cavinville, 1st
Floor,
BACKGROUND
Subject is engaged
in the business of manufacture and sale of Printed and Laminated Flexible
Packaging Materials, Mulli Layer Poly Film Co- Extrusion and Rotagravure
printing rollers.
FINANCIAL HIGHLIGHTS
The Company, in
comparison with the fifteen months period ended March 31, 2010, has maintained
its position in the market. This was realized by better prices leading to a
healthy growth momentum. Consequently, the annualized sales revenue grew by 24%
over the previous period.
Profit before
interest, and taxes (PBIT) are also higher by 56% (on an annualized basis) at
Rs. 127.31 Million compared to Rs. 101.90 (103.90) Million in the previous
period. The fully diluted EPS for the year stood at Rs. 123.16 compared to Rs.
32.90 during previous period. The turnover during year 2010-11, increased by
24% (on an annualized basis) as compared to Rs.2,142.87 Million from
Rs.2,156.89 Million in the previous period. Also, PAT (Profit after Tax)
increased from RS.18.81 Million to Rs.56.38 Million for the year ending March
31, 2011, registering a growth of 275% over the previous period's results.
BUSINESS OUTLOOK
The Indian
packaging industry is expected to grow to Rs. 825,000 Million by 2015 from the
current Rs. 650,000 Million. The global packaging industry is currently
estimated at US$ 550 billion. Currently, India stands at the 11th
position in the world packaging industry. Among packaging sources, currently
plastic packaging is at 6.8 million tonne and growing at 20% per annum.
Flexible packaging finds varied use because of its ability to provide strength,
moisture resistance, aroma retention, gloss, grease resistance, heat retention,
seal ability, printability and low odor. The growing potential of this industry
is attracting the attention of global players who are keenly looking at India
as their next growth engine. The continued growth of the Indian economy coupled
with favorable
demographics,
demand expansion in rural markets, rising demand for branded and packaged
products supported by growth in organized retail and differentiated packaging,
are expected to favor the Company. The economy growth is the single most
important factor for influencing packaging consumption. Despite the potential
to emerge as a major exporter, the Company is yet to tap the export markets.
Due to lower manufacturing costs, India is fast becoming a preferred hub for
packaging production. The Company is looking to expand its existing
capabilities to tap the fast growing export market for Indian packaging
products. The rise in organized retailing in India's second- tier cities is
opening huge opportunity for packaging industry. Companies are continually
adding new products to their portfolio and packaging is a big tool for
launching new products in different shapes and sizes. For the packaging
industry, change in Lifestyle trends is positive and encouraging. Consumers are
becoming increasingly demanding with their lack of time as a result, seeking
out convenient and easy food solutions. The present modern economy follows the
slogan, "Better Quality of Life through Better Packaging", by World
Packaging Organisation (WPO). The growth of packaging industry has led to the
sophistication from health's point of view. Rapid growth in packaging usage in
fast-growing economies like Asia, Middle East, latin America and Eastern Europe
has presented new opportunities for the Company. According to the monetary
policy statement released on May 3, 2011, RBI's baseline growth projection for
the Indian economy is expected to slow down to 8% with year-end WPI inflation
estimated at 6% with an upward bias. As the policy challenge shifts to taming
inflation, the economy will have to contend with high interest rates which in
turn could impact growth. The packaging industry in India has been growing at a
rate of more than 15%; however lack of clarity in implementation of Plastic
Rules and Pils against Chewing Tobacco category lends some uncertainty to the
industry. The Company along with Essel Propack Limited (parent company) possess
the knowledge, infrastructure and process capabilities to meet the demanding
needs of the market.
FORM 8
|
Corporate
identity number of the company |
U74950TN1989PTC046718 |
|
Name of the
company |
PACKAGING INDIA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 57, Nungambakkam High Road, 2nd Floor, Nungambakkam, Chennai – 600 034, Tamilnadu, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
ICICI Bank Limited, Landmarkrace cource Circle, Alkapuri,
Baroda-390015, Gujarat, India |
|
Nature of
instrument creating charge |
Deed of
Hypothecation dated April 4, 2012 between Packaging India Private Limited and
ICICI Bank Limited |
|
Date of
instrument Creating the charge |
04.04.2012 |
|
Amount secured by
the charge |
Rs. 300.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Sum of I Base Spread
per annum. As on date the I Base is 10 percent and Spread is 3 percent Terms of repayment 1. Under the
Letters of Credit (sub-limit of Facility) 20 (twenty) equal quarterly
installments commencing at the end of 15th month from the date of first drawdown
under the Facility with a moratorium of 12 months from the date of first
drawdown or 2 under the Buyers Credit facility (sub-limit of the Facility) 6
equal semiannual installments from the
date of first drawdown under the Facility with a moratorium of 12 (twelve)
months from the from the date of first drawdown Margin NIL Extent and operation of the charge (1) First pari-passu charge on the movable
fixed assets, both present and future, of the Borrower located in the plant
at Sitarganj, Uttarakhand; (2) Second pari passu charge on the Current
assets, both present and future, of the Borrower located at plant at
Sitarganj, Uttarakhand; (3) Charge by way of assignment on the insurance
policies pertaining to movable fixed assets, both present and future, at the
plant at Sitarganj, Uttarakhand. |
|
Short particulars
of the property charged (Including location of the property) |
First pari-passu
charge on the movable fixed assets, both present and future, of the Borrower
located in the plant at Sitarganj, Uttarakhand; Second pari passu
charge on the Current assets, both present and future, of the Borrower
located at plant at Sitarganj, Uttarakhand; Charge by way of
assignment on the insurance policies pertaining to movable fixed assets, both
present and future, at the plant at
Sitarganj, Uttarakhand. |
TRADE REFERENCES
- Reliance
- Polyplex
- Hindustan Unilever
FIXED ASSETS
- Land – Freehold
- Land – Leasehold
- Buildings
- Plant and Machinery
- Electrical Installations
- Office Equipment
- Furniture and Fixture
- 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 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. 52.78 |
|
|
1 |
Rs. 85.16 |
|
Euro |
1 |
Rs. 67.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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.