MIRA INFORM REPORT

 

 

Report Date :

16.02.2013

 

 

 

 

Tel. No.:

124 4351200

 

 

IDENTIFICATION DETAILS

 

Name :

AVERY DENNISON (INDIA) PRIVATE LIMITED

 

 

Registered Office :

A-38, Kailash Colony, New Delhi – 110 048

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

08.12.1995

 

 

Com. Reg. No.:

55-074475

 

 

Capital Investment / Paid-up Capital :

Rs.476.507 Millions

 

 

CIN No.:

[Company Identification No.]

U74899DL1995PTC074475

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELA05957A

 

 

PAN No.:

[Permanent Account No.]

AAACA6163D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture of self adhesive paper, films and labels

 

 

No. of Employees :

415 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 5200000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a satisfactory track record. It has incurred some loss from its operations during 2012. However, trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

Profit and loss account of the company is not available.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – 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.

 

LOCATIONS

 

Registered Office :

A-38, Kailash Colony, New Delhi – 110 048, Delhi, India

Tel No.:         

Not Available

Mobile No.:

91-9920869666 (Mr. Parag)

91-9871008251 (Mr. Mahijit Pal)

Fax No.:

Not Available

E-Mail :

muralie.ks@ap.averydennison.com

sk.nema@ap.averydennison.com

shukla@ap.averydennsion.com

parag.bagade@ap.averydennison.com

Website :

www.averydennison.com

 

 

Head Office 1 :

204-206, Tolstoy House, 15 Tolstoy Marg, Connaught Place, New Delhi – 110 001, India

Tel. No.:

91-11-23714408/ 10

E-Mail :

kapil.anand@ap.averydennison.com

ravindersingh@averydennison.com

Area :

2350 sq. ft.

Location :

Leased

 

 

Head Office 2 :

Plot No.6B, Kiadbi Industrial Area, Peenya, 1st Phase, Bangalore – 560058, Karnataka, India

Tel No.:

91-80-41370400

 

 

Corporate Office 1 :

421/422, Shrikant Chambers, Sion Trombey Road, Next to R K Studio, Chembur,  Mumbai - 400071, Maharashtra, India

Tel No.:

91-22-67554625 / 31080968 / 67554626

Fax No.:

91-22-67554623

 

 

Corporate Office 2 / Factory :

Narsinghpur Industrial Area, 6 Kilometer Stone, Delhi-Jaipur Highway, Gurgaon – 122 001, Haryana, India

Tel. No.:

91-124-4351200

Area :

6 Acres

Location :

Industrial

 

 

Branch Office :

90/91, 7TH Main Road, III Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India 

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Karyn Elizabeth Rodriguez

Designation :

Director

Address :

750, Hastinga Rach DR, Rasadena California 91107, Pasadena, 91107, United States of America

Date of Birth/ Age :

31.08.1959

Date of Appointment:

21.06.2001

DIN No.:

02265694

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

U74899DL1995PTC074475

AVERY DENNISON (INDIA) PRIVATE LIMITED

Director

21-06-01

21-06-01

-

Active

NO

2

U18101KA2000PTC026195

PAXAR INDIA PRIVATE LIMITED

Additional director

14-11-07

14-11-07

-

Amalgamated

NO

3

U18101MH1997PTC109511

R V L PACKAGING INDIA PRIVATE LIMITED

Additional director

31-03-08

31-03-08

-

Amalgamated

NO

 

 

Name :

Mr. Rishi Pardal

Designation :

Whole – Time Director

Address :

6A, 6th Floor, Lords Apartment, 94 Satyadev Avenue, MRC Nagar, R.A. Puram, Chennai – 600028, Tamilnadu, India

Date of Birth/ Age :

16.05.1973

Qualification :

Mgmt. Degree from IIIT

Experience :

13 Years

Date of Appointment :

01.01.2011

DIN No.:

02470061

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

U24246TN1981PLC008785

PONDS EXPORTS LIMITED

Director

17-06-09

27-01-09

22-03-10

Active

NO

2

U29253MH2009PTC194394

VITALINK TECHNOLOGIES PRIVATE LIMITED

Director

28-07-09

28-07-09

-

Active

NO

3

U74899DL1995PTC074475

AVERY DENNISON (INDIA) PRIVATE LIMITED

Whole-time director

01-01-11

01-01-11

-

Active

NO

 

 

Name :

Mr. Vikas Arora

Designation :

Director

Address :

1410 N, Curson Ave, APT 205, Los Angeles California, 900467806, United States of America

Date of Birth/ Age :

14.10.1973

Date of Appointment:

30.11.2010

DIN No.:

03161483

 

 

Name :

Mr. Anil Kumar Sharma

Designation :

Whole Time Director

Address :

MF 11, Eldeco Mansionz, RWA, Sohna Road, Gurgaon – 122 001, Haryana, India

Date of Birth/ Age :

06.10.1969

Qualification :

B.E. / B.Tech., MBA

Experience :

19 Years

Date of Appointment:

10.02.2011

DIN No.:

03161485

 

 

Name :

Mr. Satish Subramanian

Designation :

Director

Address :

B 403, Salapuria Splendor, 20 Nr Colony, Off Old Airport Road, Bangalore – 560017, Karnataka, India

Date of Birth/ Age :

20.12.1970

Qualification :

B.Com. (Hons), MBA

Experience :

25 Years

Date of Appointment :

30.09.2011

DIN No.:

03630845

 

 

KEY EXECUTIVES

 

Name :

Komandur Sanathana Krishnan Muralie

Designation :

Secretary

Address :

D/3, 3072, Vasant Kunj, New Delhi – 110 070, India

Date of Birth/Age :

20.05.1966

Qualification :

B.Com., AICWA, ACA, ACS

Experience :

21 Years

Date of Appointment :

03.03.2000

PAN NO. :

ABDPM0006G

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

No. of Shares

Avery Dennison Corporation, USA

 

21474466

Avery Pacific LLC, California

 

216949

Avery Dennison Central Europe GmBh, Germany

 

10400000

Paxar BV, The Netherlands  

 

10400000

RVL Packaging Far East Limited, Hong Kong

 

5159245

Total

 

47650660

 

 

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacture of self adhesive paper, films and labels

 

 

Products :

Product Description

ITC Code

 

Self Adhesive Paper

4811.20

Self Adhesive Film

3919.00

 

PRODUCTION STATUS (As on 31.03.2011)

 

Particulars
Unit

Installed Capacity

Actual Production

 

 

 

 

Self Adhesive Papers

Sqmtrs

203,600000

131391593

Self Adhesive Film

Sqmtrs

--

26718786

Woven Labels

Nos.

312000000

272049061

Hand Tags

Nos.

1,855024000

827262923

Printed labels

Nos.

463000000

468620369

Heat Transfer

Nos.

202800000

195338684

 

 

GENERAL INFORMATION

 

No. of Employees :

415 (Approximately)

 

 

Bankers :

·         American Express Bank Limited

·         Deutsche Bank, Tolstoy House, New Delhi, India

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2012

As on

31.03.2011

Short-term borrowings

 

 

Loans repayable on demand from banks

1951.284

1252.499

Total

1951.284

1252.499

 

Cash credit and overdraft facilities from banks carry interest ranging between 11%-13% p.a., computed on a monthly basis on the actual amount utilized, and are repayable on demand. These are covered by the corporate guarantee provided by Avery Dennison Corporation, USA.

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

BSR and Company

Chartered Accountants

Address :

Building No. 10, 8th Floor, Tower B, DLF Cyber City, Phase II, Gurgaon – 122002, Haryana, India

PAN.:

AAAFB9852F

 

 

Fellow Subsidiary company :

·         Avery Dennison De Argentina S.R.L

·         Avery Dennison Australia Group Holdings Pty Limited

·         Avery Dennison Australia International Holdings Pty Limited

·         Avery Dennison Australia Pty Limited

·         Avery Dennison Materials Pty Limited

·         Avery Dennison Office Products Pty Limited

·         Avery Properties Pty. Limited

·         Paxar Corporation Pty Limited

·         Avery Dennison Zweckform Austria Gmbh

·         Adhipress Bangladesh Limited.

·         Paxar Bangladesh Limited

·         Avery Dennison Belgie Bvba

·         Avery Dennison Benelux Bvba

·         Avery Dennison Coordination Center Bvba

·         Avery Dennison Finance Belgium Bvb

·         Avery Dennison Do Brasil Ltda.

·         Avery Dennison Reflectives Do Brazil Industria E Comercio De Materiais Refletivos Ltda.

·         Dennison Comercio, Importacas E Exportacao Ltda.

·         Jac Do Brasil Industria E Comercio De Produtos Autoadesivos Ltda.

·         Paxar Do Brasil Ltda

·         Tiadeco Participacoes, Ltda.

·         Best Courage International Limited

·         Bonfire Management Limited

·         Eus Ton Financial Limited

·         Infodragon Management Limited

·         Naperville Global Limited

·         New Wales Finance Limited

·         Newclassic Investment Limited

·         Skillfield Investments Limited

·         Tiger Eight Group Limited

·         Avery Dennison Bulgaria Eood

·         Avery Dennison Canada Corporation

·         Paxar Canada Corporation

·         Avery Dennison Chile S.A.

·         Avery Dennison (China) Company Limited

·         Avery Dennison (Fuzhou) Converted Products Limited

·         Avery Dennison (Guangzhou) Company Limited

·         Avery Dennison (Guangzhou) Converted Products Limited

·         Avery Dennison (Kunshan) Company Limited

·         Avery Dennison (Qingdao) Converted Products Limited

·         Avery Dennison (Suzhou) Company Limited

·         Edmond Packaging (Guangzhou) Limited

·         Kunshan Dah Mei Weaving Company Limited

·         Paxar Packaging (Guangzhou) Limited

·         Paxar Systems (Guangzhou) Limited

·         Su Zhou Ji Zhong Garments Accessory Company Limited

·         Suzhou Feng Yi Heng Ye Dye Company Limited

·         Avery Dennison Colombia S. A.

·         Avery Dennison Retail Information Services Colombia S. A.

·         Industrial De Marcas Ltda

·         Paxar De Colombia Ftz Ltda.

·         Avery Dennison Praha Spol. S R. O.

·         Avery Dennison Group Danmark Aps

·         Avery Dennison Nordic Aps

·         Avery Dennison Scandinavia Aps

·         Avery Dennison Security Printing Europe Aps

·         Avery Dennison Dominican Republic, S.R.L.

·         Avery Dennison Retail Information Services Dominican Republic, S. A.

·         Jac Caribe C.S.Z.

·         Avery Dennison Egypt Llc

·         Avery Dennison Converted Products El Salvador S. A. De C. V.

·         Avery Dennison Retail Information Services El Salvador, Ltda. De C. V.

·         Paxar De El Salvador S. A. De C. V.

·         Avery Dennison France S.A.S.

·         Avery Dennison Materials France S.A.R.L.

·         Avery Dennison Materials Sales France S. A. S.

·         Avery Dennison R.I.S. France S. A. S.

·         Avery Dennison Systemes D' Etiquetage France S.A.S.

·         Avery Holding S.A.S.

·         Jackstadt France S.N.C.

·         Avery Dennison Central Europe Gmbh

·         Avery Dennison Deutschland Gmbh

·         Avery Dennison Europe Holding (Deutschland) Gmbh and Co Kg

·         Avery Dennison F Inance Germany Gmbh

·         Avery Dennison Holding Gmbh

·         Avery Dennison Management Gmbh

·         Avery Dennison Materials Gmbh

·         Avery Dennison Materials Sales Germany Gmbh

·         Avery Dennison Vermogensverwaltungs Gmbh and Co K.G.

·         Avery Dennison Zweckform Office Products Europe Gmbh

·         Avery Dennison Zweckform Office Products Manufacturing Gmbh

·         Createro Gmbh

·         Avery Dennison G Investments 111 Limited

·         Avery Dennison G Investments V Limited

·         Avery Dennison Retail Information Services Guatemala, S. A.

·         Paxar D E Guatemala, S. A.

·         Rvl Central America, S. A

·         Avery Dennison Retail Information Services Honduras, S. De R.L.

·         Adhipress (Hong Kong) Limited

·         Alkahn Hong Kong Labels Limited

·         American Trim Products (Asia) Limited

·         Artistic International (Hk) Limited

·         Avery Dennison (Hong Kong) Limited

·         Avery Dennison Label Limited

·         Bonny Nice Industries Limited

·         L and E Packaging Far East Limited

·         Markstar International Limited.

·         Modern Mark International Limited

·         Monarch Service Bureau Limited

·         Paxar (China) Limited

·         Paxar Far East Limited

·         Rinke Far East Limited

·         Ripro Far East Limited

·         Rvl Packaging Far East Limited

·         Rvl Printed Label Far East Limited

·         Universal Packaging and Design, Limited

·         Avery Dennison Hungary Limited In Liquidation

·         P. T. Pacific Label Indonesia

·         P. T. Paxar Indonesia

·         Pt Avery Dennison Indonesia

·         Pt Avery Dennison Packaging Indonesia

·         Avery Dennison (Ireland) Limited

·         Avery Dennison Materials Ireland Limited

·         Adespan S.R.L.

·         Avery Dennison Italia S.R.L.

·         Avery Dennison Office Products Italia S.R.L.

·         Avery Dennison R.I.S. Italia S.R.L.

·         Collitex S.R.L. (Former Astria S.R.L.)

·         Avery Dennison Japan K.K.

·         Avery Dennison Overseas Corporation (Japan Branch)

·         Jintex Limited

·         Avery Dennison Korea Limited

·         Avery Dennison Ris Korea Limited

·         Paxar Korea Limited.

·         Avery Dennison F Inance Luxembourg II Sarl

·         Avery Dennison Finance Luxembourg III Sarl

·         Avery Dennison F Inance Luxembourg S. A. R. L.

·         Avery Dennison Holding Luxembourg S. A. R. L.

·         Avery Dennison Investment Luxembourg Ii Sarl

·         Avery Dennison Investments Luxembourg S.A.R.L.

·         Avery Dennison Investments Luxembourg III SARL

·         Avery Dennison Investments Luxembourg IV SARL

·         Avery Dennison Investments Luxembourg V SCA

·         Avery Dennison Luxembourg S.A.R.L

·         Avery Dennison Luxembourg Sales SARL

·         Avery Dennison Management Kgaa

·         Avery Dennison Management Luxembourg S.A.R.L.

·         Avery Dennison (Malaysia) Sdn. Bhd.

·         Avery Dennison Materials Sdn Bhd

·         Avery Dennison Ris Malaysia Sdn Bhd.

·         Jac Asia Pacific Sdn Bhd

·         Paxar Corporation (Malaysia) Sdn.  Bhd

·         Avery Dennison Holdings (Malta) Limited In Liquidation

·         Avery Dennison (Asia) Holdings Limited

·         Avery Dennison Mauritius Limited

·         Avery D E Mexico SRL De CV

·         Avery Dennison Converted Products De Mexico, S.A. De C.V.

·         Avery Dennison Office Products De Mexico, S De R.L. De C.V.

·         Avery Dennison Retail Information Services De Mexico, S. A. De C.V.

·         Avery Dennison, S.A. De C.V.

·         LandE Americas Servicios, S. A. De C.V.

·         Paxar D E Mexico S. A. De C. V

·         Rvl Americas, S De R.L. De C.V.

·         Rvl Service, S. De R. L. De C. V.

·         Dennison Morocco Sarl (Former Avery Dennison Morocco Sarl) In Liquidation

·         Paxar Maroc Sarl

·         Avery Dennison Bv

·         Avery Dennison Holding and Finance The Netherlands Bv

·         Avery Dennison Hong Kong B.V.

·         Avery Dennison Hong Kong Holding I B.V.

·         Avery Dennison Materials Europe B.V.

·         Avery Dennison Materials Nederland BV

·         Avery Dennison Netherlands Investment o BV

·         Avery Dennison Netherlands Investment I BV

·         Avery Dennison Netherlands Investment Ii B. V.

·         Avery Dennison Netherlands Investment III BV

·         Avery Dennison Netherlands Investment IX BV

·         Avery Dennison Netherlands Investment North America BV

·         Avery Dennison Netherlands Investment VI BV

·         Avery Dennison Netherlands Investment VII B.V.

·         Avery Dennison Netherlands Investment VIII Cooperatief U.A.

·         Avery Dennison Netherlands Investment X B V

·         Avery Dennison Netherlands Investment XI Cooperatief U.A.

·         Avery Dennison Netherlands Investment XII BV

·         Avery Dennison Singapore Investments B.V.

·         Paxar B. V.

·         Avery Dennison Holdings New Zealand Limited

·         Avery Dennison Materials New Zealand Limited

·         Avery Dennison Office Products (Nz) Limited

·         Jac New Zealand Limited

·         Paxar De Nicaragua. S.A.

·         Avery Dennison Norge A/S

·         Avery Dennison Ntp A. S.

·         Paxar Pakistan (Private) Limited

·         Avery Dennison Peru S. R. L.

·         Avery Dennison Retail Information Services Perú Sac

·         Adc Philippines, Inc.

·         Rvl Philippines, Inc.

·         Avery Dennison Polska Sp. Z O.O.

·         Avery Dennison R.I.S. Polska Sp.Zo.O

·         Avery Office Products Puerto Rico L.L.C.

·         Avery  Dennison Materials Rom SRL

·         Avery Dennison S.R.L.

·         Avery Dennison Materials Russia Llc

·         Avery Dennison Group Singapore (Pte) Limited

·         Avery Dennison Singapore (Pte) Limited

·         Monarch Marking (S.E.A.) Pte. Limited

·         Paxar (Singapore) Pte Limited.

·         Rvl Packaging Singapore Pte Limited.

·         Singapore Laces and Labels (Pte) Limited

·         Avery Dennison Office Products (Pty.) Limited.

·         Avery Dennison Retail Information Services (Pty) Limited

·         Avery Dennison South Africa (Proprietary) Limited

·         Jackstadt South Africa (Pty) Limited.

·         Avery Dennison Iberica, S.A.

·         Avery Dennison R.I.S. Iberia S.L.

·         Avery Dennison Lanka (Private) Limited

·         Avery Dennison Scandinavia Ab

·         Avery Dennison Sverige Ab

·         Avery Dennison Europe Gmbh

·         Avery Dennison Holding Ag In Liquidation

·         Avery Dennison Materials Europe Gmbh

·         Avery Dennison Schweiz Ag

·         Avery Dennison Ris Taiwan Limited

·         Avery Dennison (Thailand) Limited

·         Paxar (Thailand) Limited

·         Avery Dennison Etiket Ticaret Limited Sirketi

·         Avery Dennison Tekstil Urunleri Sanayi Ve Ticaret Limited Sirketi

·         Rinke Dis Tiscaret Limited (Sirketi)

·         Rinke Etiket Servis Sanayi Ve Ticaret Limited Sirketi

·         Avery Corp.

·         Avery Dennison Corporation

·         Avery Dennison Foundation

·         Avery Dennison G Holdings I Llc

·         Avery Dennison G Holdings III Llc

·         Avery Dennison Holdings Llc

·         Avery Dennison Office Products Company

·         Avery Dennison Office Products Holdings Company

·         Avery Dennison Overseas Corporation

·         Avery Dennison Retail Information Services Llc

·         Avery Dennison Rfid Company

·         Avery Dennison Shar Ed Services, Inc.

·         Avery Graphic Systems, Inc.

·         Avery Llc

·         Avery Pacific Llc

·         Dennison International Company

·         Dennison Manufacturing Company

·         Paxar Corporation

·         Rf Identics, Inc.

·         Security Printing Division, Inc.

·         Worldwide Risk Insurance, Inc.

·         Avery Dennison Materials Ukraine Llc

·         Avery Dennison Gulf Fzco

·         Adespan U.K. Limited

·         Avery Dennison Labels and Ribbons Limited

·         Avery Dennison Materials U.K. Limited

·         Avery Dennison Office Accessories U.K. Limited

·         Avery Dennison Office Products Manufacturing U.K. Limited

·         Avery Dennison Pension Trustee Limited

·         Avery Dennison Retail Information Services UK Limited

·         Avery Dennison U.K. II Limited

·         Avery Dennison U.K. Limited

·         Avery Guidex Limited

·         Avery Holding Limited

·         Jac (U.K.) Limited

·         Monarch Marking Systems Holdings Limited

·         Paxar Europe (1998) Limited.

·         Avery Dennison, C.A.

·         Avery Dennison (Vietnam) Limited

·         Avery Dennison Ris Vietnam Company Limited.

·         Paxar Portugal

·         Avery Dennison Lenoir

·         Avery Dennison Information Services. LLC

·         Avery Dennison Rbis LLC

·         Avery Dennison Retail Infromation Services S De R L De C V

·         Avery Dennison Romania

·         Paxar Far East Pxrcltd_HK

·         Astria Srl (Paxar)

·         Paxar Systems Group UK

·         Avery Dennison Office Products Australia Pty Limited

·         Avery Dennison (Nottingham )

·         Avery Dennison Portugal

·         Avery Dennison Ris Iberia, Suc. Em Portugal

·         Avery Dennison Hkbvfastner Division

·         Avery Dennison Hong Kong B V [Apg_Gvp]

·         Avery Dennison Emea and South Asia Ibmd Hq

·         Avery Dennison Systeme D Etiquetage France (Adsef)

·         Avery Dennison USA

·         Avery Dennison Apg

 

 

CAPITAL STRUCTURE

 

As on 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

47650660

Equity Shares

Rs.10/- each

Rs.476.507 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

47650660

Equity Shares

Rs.10/- each

Rs.476.507 Millions

 

 

 

 

 

 

Disclosure of shareholding more than five per cent in company

Name of shareholder

Number of shares held in company

Percentage of shareholding in company

Avery Dennison Corporation

2,14,74,466

45.11%

RVL Packaging Far East

51,59,245

10.80%

Avery Dennison Central Europe GMBH

1,04,00,000

21.80%

 

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

476.507

476.507

216.914

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

826.745

850.774

552.158

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

1303.252

1327.281

769.072

LOAN FUNDS

 

 

 

1] Secured Loans

1951.284

1252.499

0.000

2] Unsecured Loans

11.628

19.599

1011.106

TOTAL BORROWING

1962.912

1272.098

1011.106

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

Other Liabilities

0.000

0.000

259.593

 

 

 

 

TOTAL

3266.164

2599.379

2039.771

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1865.648

1120.976

1162.621

Capital work-in-progress

48.848

153.872

45.464

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

23.332

25.641

Other Non-Current Assets

4.845

4.567

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
1001.103

593.862
443.930

 

Sundry Debtors
1711.984

1627.582
1247.388

 

Cash & Bank Balances
59.783

53.821
230.382

 

Other Current Assets
0.560

0.233
0.000

 

Loans & Advances
503.400

558.687
326.352

Total Current Assets
3276.830

2834.185

2248.052

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
1758.893

1339.081
1224.135

 

Other Current Liabilities
121.714

149.496

180.175

 

Provisions
49.400

48.976

37.697

Total Current Liabilities
1930.007

1537.553

1442.007

Net Current Assets
1346.823

1296.632

806.045

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

3266.164

2599.379

2039.771

 

PROFIT & LOSS ACCOUNT

 

 

                           PARTICULARS                          

31.03.2012

31.03.2011

31.03.2010

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

NA

2576.823

1896.276

 

 

Traded (including merchant exports)

NA

122.611

141.124

 

 

Capital Goods

NA

111.321

50.868

 

 

Stores and Spares

NA

16.076

19.152

 

 

Consumables

NA

16.124

12.361

 

TOTAL IMPORTS

NA

2842.955

2119.781

 

 

 

 

 

 

Earnings Per Share (Rs.)

NA

6.31

1.62

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
1.51

0.96

1.31

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.70

1.84

1.56

 

 

 

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

Yes

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

No

12]

Profitability for last three years

No

13]

Reasons for variation <> 20%

----------------------

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

----------------------

22]

Litigations that the firm / promoter 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 Block B-1, Plot No.F-2, Mohan Cooperative Industrial Estate, Mathura Road, Delhi – 110 044 to the present address w.e.f. 04.01.2010.

 

 

OPERATIONS

The state of the Company affairs as at March 31, 2012 is as set out in the Balance Sheet.

 

 

COMPANY OVERVIEW

 

Subject is a private limited company whose shares are largely held by Avery Dennison Corporation USA. It is incorporated under the Companies Act, 1956. The Company is primarily engaged in manufacture of self adhesive paper, films and labels. The Company has operations worldwide and caters to both domestic and international markets.

 

 

CONTINGENT LIABILITIES

Rs. In Millions

Description

31.03.2012

31.03.2011

I. Claims against the Company not acknowledged as debts

 

 

a) Sales Tax demands pending disposal by authorities, amount paid under protest Rs.4.006 Millions (Previous Year Rs.3.555 Millions)

19.727

20.629

b) Liability for pending statutory forms to be deposited with the Sales Tax Authorities.

--

0.412

c) Demand against sales tax exemptions (including interest)

98.046

149.496

d) Demands in respect of Excise matters

208.240

146.124

e) Demands in respect of Service tax matters

4.245

--

f) Income tax matters pending disposal by the tax authorities, amount paid under protest Rs.5.995 Millions (Previous Year Rs.5.995 Millions)

5.995

11.991

 

 

 

II. Guarantees and Counter Guarantees outstanding

 

 

- Excise and Customs Authorities

3.372

3.372

- Sales Tax Authorities

16.347

16.347

- Performance guarantee to customer

 

 

 

III. The Assessing Officer issued an order under section 143(3) of the Income Tax Act, 1961 recommending an addition to the taxable income of Rs 36.930 Millions for the financial year 2006-07 on account of adjustment to arms length price of international transactions pertaining to service fee paid. The Company has filed an appeal before the CIT (Appeals) and the same is currently pending for adjudication. IV. The Assessing Officer issued an order under section 143(3) of the Income Tax Act, 1961 recommending an addition to the taxable income of Rs 36.049 Millions for the financial year 2007-08 on account of adjustment to arms length price of international transactions pertaining to service fee paid. The Company has filed an appeal before the CIT (Appeals) and the same is currently pending for adjudication.

 

V. The Assessing Officer issued an order under section 143(3) of Income tax act, 1961 recommending an addition to the taxable income of Rs 42.623 Millions for the financial year 2007-08 on account of transfer pricing adjustment on Paxar India Private Limited (amalgamated with subject in the year ended March 31, 2010). The Company has filed an appeal before the CIT (Appeals) and the same is currently pending for adjudication.

 

VI. The Company has filed an application dated 28 September 2011 with its authorised dealer for further intimation of the same to the Reserve Bank of India ("RBI") for seeking condonation in respect of delay in of compliance with ECB regulation (Master Circular No 8/ 2010-11 Dated July 1, 2010) regarding the leasing arrangement with an foreign entity. The company has not received a response from RBI till date, the resultant amount of penalty, if any, cannot be ascertained at this stage.

 

 

AMALGAMATION

 

Scheme of Amalgamation of Paxar India Private Limited and RVL Packaging Private Limited with the Company

 

a) The Scheme of Amalgamation under Section 391 to 394 of the Companies Act, 1956 for the amalgamation of Paxar India Private Limited (hereinafter referred to as 'PIPL') and RVL Packaging India Private Limited (hereinafter referred to as 'RVLPIPL'), (together ‘Transferor Companies’) with the Company (‘the Scheme’) and their respective shareholders, with April 1, 2008, being the Appointed Date, had been sanctioned by the Hon’ble High Court of Karnataka, the Hon’ble High Court of Judicature at Bombay and the Hon’ble High Court at Delhi.

 

Upon necessary filings with the respective Registrar of Companies, the Scheme had become effective on February 1, 2010 and the effect thereof had been given in the year ended 31 March 2010

 

In terms of the Scheme, the entire business and undertaking of Transferor Companies including all assets and liabilities, as a going concern, stand transferred to and vested in the Company (hereinafter referred to as ‘Amalgamation’) with effect from the Appointed Date.

 

 

b) PIPL and RVLPIPL stand dissolved without winding up by separate order of the Hon'ble High Court of Karnataka and Hon'ble High Court of Judicature at Bombay.

 

Pursuant to the Scheme and in consideration of the amalgamation, the Company has issued 20,800,000 equity shares ( being 13 shares for every share held in PIPL) of Rs.10/- each to shareholders of PIPL and 5,159,280 equity shares( representing 35 shares for every share held by RVLPIPL) to shareholders of RVLPIPL on July 23,2010.

 

Pursuant to the Scheme, equity shares issued above include –

-10,400,000 Equity shares of Rs 10 each fully paid up to Avery Dennison Central Europe GMBH and 10,400,000 equity shares of Rs 10 each fully paid up to Paxar BV, Netherlands, in exchange for 1,600,000 equity shares of Rs. 10 each fully paid held by them in the share capital of PIPL, and

- 5,159,245 equity shares of Rs. 10 each fully paid up to RVL Packaging Far East Limited, 35 equity shares of Rs. 10 each fully paid up to Avery Pacific LLC in exchange for 147,408 equity shares of Rs. 10 each held by them in the share capital of RVLPIPL in the proportion of equity shares held by them. The calls in arrears from the shareholders have been received during the year 2008-09.

 

As the aforesaid equity shares have been allotted during the current year ended 31 March 2011 and consequent to allotment an amount of Rs 259.593 Millions which had been shown under the Share Capital Suspense in the financial statements as at 31 March 2010 has now been transferred to share capital

 

c) The company had incurred merger expenses aggregating to Rs Nil (Previous Year Rs 52.636 Millions).

 

 

UNSECURED LOAN

Rs. In Millions

 

As on

31.03.2012

As on

31.03.2011

Long-term borrowings

 

 

Long-term maturities of finance lease obligations

11.628

19.599

Total

11.628

19.599

 

Finance Leases Certain items of plant and equipment have been obtained on finance lease basis. The legal title to these items vests with their lessors. The lease term for such plant and machinery is 5 years and interest payable at 8% p.a, with equated monthly payments beginning from the month subsequent to the commencement of the lease. There are no exceptional /restrictive covenants in the lease agreement. The total future minimum lease payments at the balance sheet date, element of interest included in such payments, and

present value of these minimum lease payments are as follows: Non Current : Minimum lease payments Rs.12.171 Millions  Finance charges Rs.0.544 Million Present value of lease payments Rs.11.628 Millions Current : Minimum lease payments Rs.12.172 Millions Finance charges Rs.1.435 Millions Present value of lease payments 10.737 Millions The maturity profile of finance lease obligations is as follows: Payable within 1 year Minimum lease payments 12.171 Millions Finance charges 1.435 Millions value of lease payments Rs.10.737 Millions Payable within 1-5 years - Minimum lease payments R.12.172 Millions Finance charges Rs.0.544 Million Present value of lease payments Rs.11.628 Millions.

 

 

FIXED ASSETS:

 

·         Leasehold Land

·         Leasehold Freehold

·         Buildings

·         Leasehold Improvement

·         Office Equipment

·         Computers

·         Furniture and Fittings

·         Machinery and Equipment – Owned

·         Machinery and Equipment – Leased

·         Vehicles

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.53.99

UK Pound

1

Rs.83.72

Euro

1

Rs.72.09

 

 

INFORMATION DETAILS

 

Report Prepared by :

NTH

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

50

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

-

NB

                                       New Business

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.