|
Report Date : |
06.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
MASSILLY INDIA PACKAGING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
# 6-19-A, B, Bommarabettu, Muthoor Road, Hiriyadaka Udupi - 576113, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
07.04.2011 |
|
|
|
|
Com. Reg. No.: |
058021 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.900 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28910KA2011PTC058021 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of cans, Lug caps and Metal Printing. |
|
|
|
|
No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Recently Commenced Its Business Activity |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Joint Venture between Massiny Group (France) and Vora
Group (India). Even though the company was incorporated in year 2011. Mr. Nishant from Accouts department has confirmed that the subject
started its commercial activity from 2013. He provided only some general details of the company. However, business is active. Payment terms are unknown. The company can be considered for business dealings on a safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 (SOME GENERAL DETAILS)
|
Name : |
Mr. Nishant |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-820-4299251 |
|
Date : |
06.06.2013 |
LOCATIONS
|
Registered Office/Factory : |
# 6-19-A, B, Bommarabettu, Muthoor Road, Hiriyadaka Udupi - 576113, Karnataka, India
|
|
Tel. No.: |
91-820-4296569 |
|
Fax No.: |
91-820-429569 |
|
E-Mail : |
DIRECTORS
AS ON 05.10.2012
|
Name : |
Mr. Kaushal Dinesh Vora |
|
Designation : |
Director |
|
Address : |
243/2, Wardhaman Nagar, Sion East,
Mumbai 400022, Maharashtra, India |
|
Date of Birth/Age : |
15.09.1979 |
|
Date of Appointment : |
07.04.2011 |
|
DIN No.: |
00794869 |
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 |
U28992KA2007PTC041395 |
GENESIS PACKAGING PRIVATE LIMITED |
Managing director |
05/01/2007 |
05/01/2007 |
- |
Active |
NO |
|
2 |
U28910KA2011PTC058021 |
MASSILLY INDIA PACKAGING PRIVATE LIMITED |
Director |
07/04/2011 |
07/04/2011 |
- |
Active |
NO |
|
Name : |
Mr. Jitendra Girdharlal Vora |
|
Designation : |
Director |
|
Address : |
601, 6th Floor, Nahur Village, Road, Jain Mandir Road, Mulund (East),
Mumbai – 400080, Maharashtra, India |
|
Date of Birth/Age : |
06.02.1953 |
|
Date of Appointment : |
07.04.2011 |
|
|
17.10.2011 |
|
DIN No.: |
00860200 |
|
Name : |
Mr. Stephane Pierre Lequin |
|
Designation : |
Director |
|
Address : |
152 Rue Rambuteau, Macon, 71000, France Macon 71000 |
|
Date of Birth/Age : |
19.10.1973 |
|
Date of Appointment : |
17.10.2011 |
|
DIN No.: |
02678197 |
|
Name : |
Mr. Thomas Jean Noel Bindschedler |
|
Designation : |
Nominee Director |
|
Address : |
4 Rue Gabriel Jeanton, Macon, 71000, France |
|
Date of Birth/Age : |
14.02.1974 |
|
Date of Appointment : |
17.10.2011 |
|
DIN No.: |
02743768 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 05.10.2012
|
Names of Shareholders |
|
No. of Shares |
|
Kaushal Dinesh Vora |
|
866712 |
|
Jitendra Girdharlal Vora |
|
866712 |
|
Missilly Holdings S. A., France |
|
4044656 |
|
Total |
|
5778080 |
AS ON 05.10.2012
|
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 |
70.00 |
|
Directors or relatives of Directors |
30.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of cans, Lug caps and Metal Printing. |
GENERAL INFORMATION
|
No. of Employees : |
30 (Approximately) |
|
|
|
|
Bankers : |
Corporation Bank, Near Tiger Circle, Manipal - 576104,
Karnataka, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shaileshkumar Ansukhlal Hemani Chartered Accountant |
|
Address : |
503/A, Vastu Shubh, Behind Manish Park, Pump House Rajmata Jijabai
Road, Andheri East Mumbai – 400093 Maharashtra India |
|
|
|
|
Holding Company : |
Missilly Holdings S. A., France |
CAPITAL STRUCTURE
After AS ON
05.10.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5778080 |
Equity Shares |
Rs.10/- |
Rs.57.780 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5778080 |
Equity Shares |
Rs.10/- |
Rs.57.780 Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
580000 |
Equity Shares |
Rs.10/- |
Rs.5.800 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90000 |
Equity Shares |
Rs.10/- |
Rs.0.900 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.900 |
|
|
2] Share Application Money |
|
|
73.945 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(0.196) |
|
|
NETWORTH |
|
|
74.649 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
74.649 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.028 |
|
|
Capital work-in-progress |
|
|
27.202 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
17.732 |
|
|
Other Current Assets |
|
|
30.389 |
|
|
Loans & Advances |
|
|
0.170 |
|
Total
Current Assets |
|
|
48.291 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.000 |
|
|
Other Current Liabilities |
|
|
0.872 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
0.872 |
|
|
Net Current Assets |
|
|
47.419 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
74.649 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
|
|
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
|
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
0.074 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2012 |
|
PAT / Total Income |
(%) |
|
|
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
0.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
NA |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
55.38 |
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 |
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 |
No |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
No |
|
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 address of the company
has been shifted from A-1 Pavithra Residency, Next To Ashlesh Hotel Manipal
576104, Karnataka, India to present address 01.07.2012
CONTINGENT LIABILITES
|
|
Particulars |
31.03.2012 Rs.
In Millions |
|
(i) |
Contingent liabilities |
|
|
|
(a) Claims against the
Company not acknowledged as debt (give details) |
NIL |
|
|
(b) Guarantees |
|
|
|
Custom Authories towards
EPCG License |
7.113 |
|
|
(c) Other money for which
the Company is contingently liable |
NIL |
CORPORATE INFORMATION
Subject, one
of the joint venture by Massilly Group - France, with Vora Group in India, was
incorporated on 7th April, 2011 with main object to carry on the business of printing,
manufacturing, marketing etc of twist off cap and other products at Hiriyadaka,
Udupi, Karnataka, India. Massilly Group, France have worldwide presence in many
countries and have expertise in production of Closures, Euro Cap Closures, Food
cans, Aerosol Can, Custom-shaped aerosols Glass, Industrial Glass Family
preserves, Industrial Cans etc; shall provide marketing, technological support
to joint Venture company Massilly India Packaging Private Limited. Massilry
Group - France shall hold 70% Equity holding and Vora Groups, having wide
experience of manufacturing and marketing of metal packaging in India shall
hold 30% Equity holding in the company.
Installation of machinery
for manufacture of twist off caps and metal printing and coating line is in
process of commissioning and wilt be installed till November 2012 and it is
expected that commercial operation will start in the financial year 2012-2013.
REVIEW
OF OPERATION:
This is the first year of
Incorporation of the Company. The accounts have been prepared for the period
from 7lh April, 2011 to 31st March 2012. You shall
observe from the accounts placed before you that the company has not commenced
the business activity in the first year of incorporation. In the first year the
company earned a profit before tax of Rs.0.074 Million. The company has been
incorporated with the main object to carry on the business of printing,
manufacturing of Twist off Caps and other products.
REVIEW
OF PROCESS OF SETTING UP OF PLANT
The land and building acquired
at Hiriadaka has been ideally situated and it is 9 Kilometers away of Manipal
City in Udupi District, Karnataka, India. The addition, alteration and
renovation to the factory building is in progress. All basic infrastructure
facilities like power connections, transportation, water, manpower etc are
easily available from the present location. Udupi city has availability of all
sort of facilities like banking, airport connectivity, health care etc.
Presently installation of plant and machinery is in progress, and some of the
machineries are in process of import and shall be received in the factory very
soon. The Massilly Holding S.A France and its associates are continuously
providing technical support for machinery installation. The management is hopeful
the trial runs will be carried out in the October end and the company shall be
in full operational condition in the December 2012.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U28910KA2011PTC058021 |
|
Name of the
company |
MASSILLY INDIA
PACKAGING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
# 6-19-A, B,
Bommarabettu Muthoor Road Hiriyadaka Udupi
– 576113, Karnataka, India |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10400558 |
|
Type of charge |
Book debts Movable property
(not being pledge |
|
Particular of
charge holder |
Corporation Bank |
|
Nature of instrument
creating charge |
Supplemental
Common Deed Of Hypothecation Of Movables/Assets/Debts |
|
Date of
instrument Creating the charge |
12.03.2013 |
|
Amount secured by
the charge |
Rs.24.500
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Enhanced limit of
Rs.16.000 Millions is non fund based limit as mentioned in Supplemental
Common Deed of Hypothecation of movables/assets/debts dated 12-03-2013. Terms of
Repayment Enhanced limit of
Rs.16.000 Millions is non fund based limit. DBC/BDD -
Rs.1.500 Millions Inland/Import
letter of credit - Rs.12.000 Millions Bank Guarangee
limit - Rs.2.500 Millions Margin Enhanced limit of
Rs.16.000 Millions is non fund based limit. Extent and
Operation of the charge Charge extends on
all the aforesaid assets throughout the period of sanctioned limit by way of
first charge. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All present and
future stocks and raw-materials consisting of Metal Sheets & finished
goods, Plant & Machinery, Spares etc which now belong to and may
hereafter, during the subsistence of the borrowers liabilities belong to the
Borrower and which are/ shall may be brought into or stored or be in at 6-19A
B D & E, Bommarabettu, Muthoor Road, Hiriadka, Udupi and also first
charge over Book Debts. |
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 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.56.42 |
|
|
1 |
Rs.86.54 |
|
Euro |
1 |
Rs.73.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
18 |
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.