MIRA INFORM REPORT
|
Report Date : |
09.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
CLEAR MIPAK PACKAGING SOLUTIONS LIMITED (w.e.f. 01.06.2010) |
|
|
|
|
Formerly Known
As : |
CLEAR PLASTICS LIMITED (w.e.f. 16.09.2003) CLEAR PLASTICS PRIVATE LIMITED |
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Registered
Office : |
C-130, Solaris I, Opposite L and T Gate No.6, Powai, Mumbai-400072,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
15.01.1986 |
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Com. Reg. No.: |
11-038626 |
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Capital
Investment / Paid-up Capital : |
Rs.44.717 Millions |
|
|
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CIN No.: [Company Identification
No.] |
U25202MH1986PLC038626 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC12227F |
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PAN No.: [Permanent Account No.] |
AAACC4489N |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Company is engaged in the manufacturing of rigid plastic
containers |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2780000 |
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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. It has
achieved a better increase in its sales turnover during 2012 but has incurred
loss. However, trade relations are reported as decent. Business is active.
Payments are reported to be usually correct and as per commitments. The company can be considered 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.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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 DENIED
MANAGEMENT NON CORPORATIVE (91-22-28574660)
LOCATIONS
|
Registered Office : |
C-130, Solaris I, Opposite L and T Gate No.6, Powai, Mumbai-400072,
Maharashtra, India |
|
Tel. No.: |
91-22-40016500 / 42236252 |
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Fax No.: |
91-22-28574665 |
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E-Mail : |
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Factory 1 (Unit MP) : |
A-1/912-913, GIDC, Umergaon, District Valsad-396171, Gujarat, India |
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Factory 2 (Unit - Dadra) |
Survey No.259 /21/1, Demini Road, Arihant Indutrial Estate, Dadra-396230,
Silvasa, Union Territory |
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Factory 3 (Unit I and II Naroli) : |
709/3/1/1, Vadfalia Bhilad Naroli Road, Naroli-396235, Union Territory
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Factory 4 (Unit Sarigam - PPMF) : |
4615 / 4616 Plastic Zone No.46, Manda Village, GIDC, Sarigam-396155, |
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Factory 5 (Unit PK) : |
Plot No.6-10, OIDC, Udyog Nagar Industrial Estate, Village Ringwada,
Daman-396210, Silvasa, Union Territory |
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Factory 6 (Unit I & II Himachal Pradesh) : |
Khasra No.544/151, Village Dhana, Tehsil Malagarh, District
Solan-174101, Himachal Pradesh, India |
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Factory 7 (Unit Sitarganj, Uttarakhand) : |
Plot No.D-63, Phase II, Eldeco Sidcul Industrial Park, Sitarganj, Uttarakhand,
India |
DIRECTORS
As on: 30.09.2012
|
Name : |
Mr. Rameshchandra Shantilal Gandhi |
|
Designation : |
Director |
|
Address : |
Amee, Near Vinayak Society, Behind Akota Sadium, Opposite Sanskruti
Apartment, Vadodara-390020, Gujarat, India |
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Date of Birth/Age : |
18.06.1929 |
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Date of Appointment : |
08.01.2005 |
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DIN No.: |
00199192 |
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Name : |
Mr. Bhupendra Parsottam Dusara |
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Designation : |
Director |
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Address : |
A-403, Veena Sitar, Mahavir Nagar, Opposite Panchsheel Arcade, Kandivali
(West), Mumbai-400067, Maharashtra, India |
|
Date of Birth/Age : |
06.07.1963 |
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Date of Appointment : |
16.04.2003 |
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DIN No.: |
00007948 |
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|
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Name : |
Mr. Rajiv Trimbak Gandhe |
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Designation : |
Director |
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Address : |
Flat No.L2503, 5th Floor, Poonam Pragati Co-operative
Housing Society, Poonam Nagar, Off M C Road, Andheri (East), Mumbai-400093,
Maharashtra, India |
|
Date of Birth/Age : |
31.12.1958 |
|
Date of Appointment : |
27.10.2007 |
|
DIN No.: |
01882491 |
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|
|
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Name : |
Mr. Mahdendra Chottalal Sheth |
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Designation : |
Director |
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Address : |
51, Shivtirath No.1, 4/6, Bhulabhai Desai Road, Mumbai-400026,
Maharashtra, India |
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Date of Birth/Age : |
22.12.1948 |
|
Date of Appointment : |
16.04.2003 |
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DIN No.: |
00056975 |
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Name : |
Mr. Jatin Ramesh Shah |
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Designation : |
Director |
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Address : |
5/17, Dhanvantari Bhuvan, 143/B, August Kranti Road, Mumbai-400036,
Maharashtra, India |
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Date of Birth/Age : |
22.05.1965 |
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Date of Appointment : |
26.06.2010 |
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DIN No.: |
00032475 |
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Name : |
Mr. Malav Ashwin Dani |
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Designation : |
Director |
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Date of Birth/Age : |
25.11.1975 |
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Date of Appointment : |
04.02.2012 |
|
DIN No.: |
01184336 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2012
|
Names of Shareholders |
No. of Shares |
|
Hitech Plast Limited, India |
1939016 |
|
Hitech Plast Limited, India |
743992 |
|
Ashok K Goyal (Nominee of Hitech Plast Limited, India) |
2 |
|
Ashwin S Dani (Nominee of Hitech Plast Limited, India) |
1 |
|
Jalaj A Dani (Nominee of Hitech Plast Limited, India) |
1 |
|
Hasit A Dani (Nominee of Hitech Plast Limited, India) |
1 |
|
Ina A Dani (Nominee of Hitech Plast Limited, India) |
1 |
|
Vita J Dani (Nominee of Hitech Plast Limited, India) |
1 |
|
Bhupendra P Dusara (Nominee of Hitech Plast Limited, India) |
2 |
|
Ramesh C Shah (Nominee of Hitech Plast Limited, India) |
2 |
|
Geetanjali Trading and Investment Private Limited, India |
1725014 |
|
Coatings Specialities (India) Limited, India |
63666 |
|
Jatin R Shah (Nominee of Hitech Plast Limited, India) |
1 |
|
TOTAL
|
4471700 |
As on: 30.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the manufacturing of rigid plastic
containers |
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Products : |
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PRODUCTION STATUS (AS ON: 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Containers |
|
|
|
|
In-House |
MT |
11568 |
8708 |
|
Contract |
-- |
-- |
866 |
Notes:
- Installed capacities are as certified by the management on which
auditors have relied.
- All manufacturing units
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
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Bankers : |
Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227/D, Nariman Point,
Mumbai-400021, Maharashtra, India |
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Facilities : |
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Long Term
Borrowing :
Short Term
Borrowing:
^ Default in terms of repayment of principal and interest – NIL Short Term Loan
borrowings from banks and Cash Credit Accounts are secured by hypothecation
of inventories, book debts and other current assets. Cash credit is repayable
on demand and carries interest @10.50% to 15%p.a. |
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Banking
Relations : |
-- |
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|
Auditors : |
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|
Name : |
Shah and Company Chartered Accountants |
|
Address : |
Maker Bhavan, No.2 3rd Floor, 18, New Marine Lines, Mumbai
- 400020, Maharashtra, India |
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Tel. No.: |
91-22-66333558 / 59 / 60 |
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Fax No.: |
91-22-66333561 / 22037935 |
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E-Mail : |
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PAN No. : |
AABFS2985F |
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Holding Company : |
CIN No.: -
L28992MH1991PLC168235 |
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Ultimate Holding Company : |
CIN No.:
U65990MH1979PTC021049 |
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Fellow Subsidiaries : |
CIN No.:
U65990MH1978PLC020745
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Employee Benefit Fund Where Control Exists : |
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Related Party : |
CIN No.:
L24220MH1945PLC004598 |
CAPITAL STRUCTURE
As on: 30.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs.10/- each |
Rs.90.000 Millions |
|
500000 |
Number of Unclassified Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 95.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4471700 |
Equity Shares |
Rs.10/- each |
Rs.44.717 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
44.717 |
44.717 |
|
(b) Reserves & Surplus |
|
651.336 |
654.104 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
696.053 |
698.821 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
109.112 |
48.955 |
|
(b) Deferred tax liabilities (Net) |
|
27.133 |
30.499 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
2.513 |
1.162 |
|
Total Non-current
Liabilities (3) |
|
138.758 |
80.616 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
318.454 |
234.161 |
|
(b) Trade payables |
|
73.364 |
100.627 |
|
(c) Other current
liabilities |
|
92.574 |
120.524 |
|
(d) Short-term
provisions |
|
8.819 |
1.526 |
|
Total Current
Liabilities (4) |
|
493.211 |
456.838 |
|
|
|
|
|
|
TOTAL |
|
1328.022 |
1236.275 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
677.916 |
538.619 |
|
(ii) Intangible Assets |
|
0.313 |
0.421 |
|
(iii) Capital
work-in-progress |
|
8.630 |
54.640 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1.100 |
1.100 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
30.764 |
30.960 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
718.723 |
625.740 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
192.330 |
215.308 |
|
(c) Trade receivables |
|
334.769 |
308.280 |
|
(d) Cash and cash
equivalents |
|
18.067 |
33.441 |
|
(e) Short-term loans
and advances |
|
56.732 |
48.264 |
|
(f) Other current
assets |
|
7.401 |
5.242 |
|
Total Current Assets |
|
609.299 |
610.535 |
|
|
|
|
|
|
TOTAL |
|
1328.022 |
1236.275 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
35.406 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
518.151 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
553.557 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
256.508 |
|
|
2] Unsecured Loans |
|
|
35.856 |
|
|
TOTAL BORROWING |
|
|
292.364 |
|
|
DEFERRED TAX LIABILITIES |
|
|
28.894 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
874.815 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
435.206 |
|
|
Capital work-in-progress |
|
|
47.064 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1.100 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
144.985 |
|
|
Sundry Debtors |
|
|
276.609 |
|
|
Cash & Bank Balances |
|
|
27.912 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
64.239 |
|
Total
Current Assets |
|
|
513.745 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
70.425 |
|
|
Other Current Liabilities |
|
|
49.345 |
|
|
Provisions |
|
|
2.530 |
|
Total
Current Liabilities |
|
|
122.300 |
|
|
Net Current Assets |
|
|
391.445 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
874.815 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1547.451 |
1414.655 |
832.689 |
|
|
|
Other Income |
9.233 |
9.484 |
11.206 |
|
|
|
TOTAL |
1556.684 |
1424.139 |
843.895 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1007.365 |
911.350 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(9.160) |
(16.459) |
|
|
|
|
Employee benefit expense |
99.876 |
77.798 |
|
|
|
|
Other expenses |
319.284 |
283.062 |
|
|
|
|
TOTAL |
1417.365 |
1255.751 |
740.808 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
139.319 |
168.388 |
103.087 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
58.387 |
36.404 |
31.421 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
80.932 |
131.984 |
71.666 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
85.874 |
68.951 |
50.801 |
|
|
|
|
|
|
|
|
|
|
TOTAL
PROFIT/(LOSS) BEFORE PRIOR PERIOD
ITEMS, EXCEPTIONAL ITEMS, EXTRAORDINARY ITEMS AND TAX |
(4.942) |
63.033 |
20.865 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS BEFORE TAX |
2.197 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(7.139) |
63.033 |
20.865 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(1.371) |
20.316 |
10.153 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX |
(5.768) |
42.717 |
10.712 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
135.164 |
92.447 |
52.409 |
|
|
|
|
|
|
|
|
|
Add |
PROFIT AND LOSS BALANCE
MIPAK ON AMALGAMATION |
0.000 |
0.000 |
29.326 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
129.396 |
135.164 |
92.447 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export at FOB Value |
NA |
13.218 |
0.770 |
|
|
TOTAL EARNINGS |
NA |
13.218 |
0.770 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
112.145 |
46.037 |
|
|
|
Capital Goods |
NA |
34.691 |
10.820 |
|
|
TOTAL IMPORTS |
NA |
146.836 |
56.857 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.29) |
10.19 |
4.99 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(0.37)
|
3.00 |
1.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.14)
|
4.45 |
2.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.55)
|
5.48 |
2.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
0.09 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.61
|
0.40 |
0.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.34 |
4.20 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Current maturities of long-term debt |
58.444 |
57.905 |
0.000 |
|
|
|
|
|
|
Total |
58.444 |
57.905 |
0.000 |
|
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 |
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 |
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 |
UNSECURED LOAN:
|
Particulars |
31.03.2012 [Rs.
in Millions] |
31.03.2011 [Rs.
in Millions] |
|
Long Term
Borrowing |
|
|
|
Deposits |
9.112 |
7.411 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
Unsecured borrowings |
119.150 |
0.000 |
|
|
|
|
|
Total |
128.262 |
7.411 |
OPERATIONS:
The Company’s sales (including other income)
increased by 9.3% to Rs. 1556.700 millions as compared to Rs. 1424.100 millions
during the previous year. However, PBIDT reduced to Rs. 139.300 millions as
compared to Rs. 168.300 millions for the previous year, due to low sales volume
than anticipated and margin was under pressure, due to competition. For the
year, due to interest cost being higher at Rs. 58.400 millions as compared to
Rs. 36.300 millions and depreciation being higher at Rs. 85.800 millions as
compared to Rs. 69.000 millions the profitability was significantly impacted.
Net loss after tax was Rs. 5.800 millions as compared to Rs. 42.700 millions in
the previous year.
COMPANY
INFORMATION:
The Company is a public limited Company
domiciled in India and incorporates under the provisions of the Companies Act,
1956. The Company is engaged in the manufacturing of rigid plastic containers
specially catering to customers relating to FMCG, Agro chemical, lube, pharma
and customer are using our products for their export market.
INDEX CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10114047 |
21/02/2012 * |
430,500,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI,
Maharashtra-400021, INDIA |
B37176971 |
|
2 |
10062340 |
16/07/2010 * |
305,500,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra-400021,
INDIA |
A91837435 |
|
3 |
80014528 |
25/01/2012 * |
760,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI,
Maharashtra-400021, INDIA |
B34398735 |
|
4 |
80003358 |
05/02/2009 * |
181,500,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI,
Maharashtra-400021, INDIA |
A56952765 |
*
Date of charge modification
FIXED ASSETS
- Freehold Land
- Leasehold
Land
- Building
- Mould
- Plant and
Machinery
- Furniture
- Computer
- Office
Equipments
- Vehicles
- Computer
Software
- Patent
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.61.11 |
|
|
1 |
Rs.94.77 |
|
Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
|
Information Gathered
by : |
JML |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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 |
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.