MIRA INFORM REPORT
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Report Date : |
15.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
HASSIA PACKAGING PRIVATE LIMITED (w.e.f. 03.10.2006) |
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Formerly Known
As : |
HASSIA REDATRON PACKAGING MACHINERY PRIVATE LIMITED |
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Registered
Office : |
Gat No.768/3, Sanaswadi, Taluka
Shirur, Koregaon Bhima, Pune – 412 207, |
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Country : |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
19.06.1997 |
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Com. Reg. No.: |
11-108901 |
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Capital
Investment / Paid-up Capital : |
Rs.42.000 Millions |
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CIN No.: [Company Identification
No.] |
U29195PN1997PTC108901 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
PNEH00824F |
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PAN No.: [Permanent Account No.] |
AAACH4374D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject’s primary
business is to manufacture, export, import and deal in all types of packaging
machines, allied systems and accessories. |
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No. of Employees
: |
120 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 326000 |
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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 record. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal 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.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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|
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: BBB |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
30.10.2014 |
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Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A3 |
|
Rating Explanation |
Moderate degree of safety. It carry higher credit risk. |
|
Date |
30.10.2014 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Sanjay |
|
Designation : |
Accounts Department |
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Contact No.: |
91-2137-302785 |
|
Date : |
13.12.2014 |
LOCATIONS
|
Registered Office/ Factory : |
Gat No.768/3, Sanaswadi, Taluka
Shirur, Koregaon Bhima, Pune – 412 207, Maharashtra, India |
|
Tel. No.: |
91-2137-253210/ 209/ 302800/ 803/ 804/ 805/ 806 91-20-22532081 |
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Fax No.: |
91-2137-302819/ 253206 |
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E-Mail : |
info@oystar.hassiapackaging.com
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|
Website : |
DIRECTORS
AS ON 25.03.2014
|
Name : |
Mr. Ravi Krishnamachari |
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Designation : |
Managing Director |
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Address : |
10/10, |
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Date of Birth/Age : |
11.06.1959 |
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Qualification : |
B.Sc., M.B.A |
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Experience : |
32 Years |
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Date of Appointment : |
19.06.1997 |
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DIN No.: |
00327292 |
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Name : |
Mr. Markus Adolf Ehl |
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Designation : |
Nominee Director |
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Address : |
Schaiblesweg 8, Bad |
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Date of Birth/Age : |
03.06.1961 |
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Date of Appointment : |
31.08.2011 |
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DIN No.: |
03631106 |
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Name : |
Mr. Dieter Steinbach |
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Designation : |
Nominee Director |
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Address : |
Durlacher Strasse 17, Ettlingen – 76275, Germany |
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Date of Birth/Age : |
29.12.1952 |
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Date of Appointment : |
31.08.2011 |
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Date of cessation : |
31.10.2013 |
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DIN No.: |
03631109 |
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Name : |
Mr. Joesf Spieler |
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Designation : |
Nominee Director |
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Address : |
Muhlsteig 9, Ulm 89075 Germany |
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Date of Birth/Age : |
25.05.1954 |
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Date of Appointment : |
26.03.2012 |
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Date of cessation : |
24.02.2014 |
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DIN No.: |
01514814 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS
AS ON 25.03.2014
|
Names of Shareholders |
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No. of Shares |
|
Oystar Verwaltungs GmbH, Germany |
|
419999 |
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Markus Adolf Ehl, Germany |
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1 |
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Total |
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420000 |
AS ON 25.03.2014
|
Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject’s
primary business is to manufacture, export, import and deal in all types of
packaging machines, allied systems and accessories. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS (AS ON 31.12.2011)
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Particulars |
Unit |
As
at December 31, 2011 |
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Licensed Capacity* |
No. |
200 |
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Installed Capacity** |
No. |
200 |
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Actual Production |
No. |
106 |
Note:
* Licensed Capacity is based on Industrial
license issued by Government of India
** As certified by management and relied upon
by the auditors, being a technical matter.
GENERAL INFORMATION
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Supplier : |
Not Divulged |
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Customer : |
Not Divulged |
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No. of Employees : |
120 (Approximately) |
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Bankers : |
Canara Bank, M.G. Road, Pune –
411 001, Maharashtra, India |
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Facilities : |
Note: LONG TERM BORROWINGS The terms of repayment of the long-term borrowings is as follows:
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
Muttha Towers, 5th Floor, Suite No.8, Airport Road,
Yerwada, Pune-411006, Maharashtra, India |
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PAN No.: |
AADFP9359C |
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Ultimate Holding Company: |
Odewald and Compagnie GmbH and Company |
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Immediate Holding Company : |
Oystar
Holding GmbH |
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Holding Company : |
Oystar Verwaltungs GmbH, Germany |
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Fellow Subsidiary : |
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CAPITAL STRUCTURE
AS ON 31.12.2013
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
420000 |
Equity Shares |
Rs.100/- each |
Rs.42.000 Millions |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
420000 |
Equity Shares |
Rs.100/- each |
Rs.42.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
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|
(1)
Shareholders' Funds |
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(a) Share Capital |
42.000 |
42.000 |
42.000 |
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(b) Reserves & Surplus |
72.090 |
51.984 |
92.525 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
114.090 |
93.984 |
134.525 |
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(3) Non-Current
Liabilities |
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(a) Long-term borrowings |
0.000 |
0.981 |
0.136 |
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(b) Deferred tax liabilities (Net) |
1.611 |
1.416 |
1.020 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
3.914 |
2.244 |
2.511 |
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Total Non-current
Liabilities (3) |
5.525 |
4.641 |
3.667 |
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(4) Current Liabilities |
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(a) Short term
borrowings |
54.921 |
49.675 |
18.782 |
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(b) Trade payables |
88.587 |
54.940 |
70.602 |
|
(c) Other current
liabilities |
26.995 |
27.693 |
58.717 |
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(d) Short-term
provisions |
4.419 |
3.603 |
2.653 |
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Total Current
Liabilities (4) |
174.922 |
135.911 |
150.754 |
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TOTAL |
294.537 |
234.536 |
288.946 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
86.530 |
94.210 |
91.352 |
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(ii) Intangible Assets |
1.180 |
1.095 |
1.345 |
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(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
17.163 |
9.423 |
23.646 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current
Assets |
104.873 |
104.728 |
116.343 |
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
49.710 |
46.543 |
67.042 |
|
(c) Trade receivables |
76.198 |
28.161 |
44.572 |
|
(d) Cash and cash
equivalents |
37.210 |
16.875 |
49.690 |
|
(e) Short-term loans
and advances |
26.213 |
38.159 |
11.158 |
|
(f) Other current
assets |
0.333 |
0.070 |
0.141 |
|
Total Current Assets |
189.664 |
129.808 |
172.603 |
|
|
|
|
|
|
TOTAL |
294.537 |
234.536 |
288.946 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
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SALES |
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Income |
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Other Income |
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TOTAL |
335.325 |
378.593 |
347.852 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
294.707 |
306.587 |
275.937 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
40.618 |
72.006 |
71.915 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
10.318 |
10.236 |
10.208 |
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PROFIT BEFORE
TAX |
30.300 |
61.770 |
61.707 |
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Less |
TAX |
10.194 |
20.396 |
20.871 |
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PROFIT AFTER TAX
|
20.106 |
41.374 |
40.836 |
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Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
47.847 |
92.525 |
51.689 |
|
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|
|
Transferred from Surplus in statement of Profit and Loss during the
year |
4.137 |
4.137 |
0.000 |
|
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|
APPROPRIATIONS |
|
|
|
|
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|
|
Interim Dividend on Equity Shares for the year |
0.000 |
70.480 |
0.000 |
|
|
|
Dividend Distribution tax on interim dividend on Equity Shares |
0.000 |
11.435 |
0.000 |
|
|
|
Transfer to General Reserve |
0.000 |
4.137 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
72.090 |
47.847 |
92.525 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export on FOB basis |
132.186 |
163.133 |
104.614 |
|
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TOTAL EARNINGS |
132.186 |
163.133 |
104.614 |
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IMPORTS |
|
|
|
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Raw Materials |
26.339 |
14.870 |
13.463 |
|
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TOTAL IMPORTS |
26.339 |
14.870 |
13.463 |
|
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|
Earnings Per
Share (Rs.) |
47.87 |
98.51 |
97.23 |
|
|
Particulars |
|
|
31.12.2014 |
|
Sales Turnover |
|
|
330.000 |
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|
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|
The above information has been parted by Mr. Sanjay.
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Net Profit Margin |
(%) |
6.00 |
10.93 |
11.74 |
|
|
|
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|
Operating Profit Margin |
|
12.11 |
19.02 |
20.67 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.29 |
26.34 |
21.36 |
|
|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.66 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.48 |
0.54 |
0.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08 |
0.96 |
1.14 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
42.000 |
42.000 |
42.000 |
|
Reserves & Surplus |
92.525 |
51.984 |
72.090 |
|
Net worth |
134.525 |
93.984 |
114.090 |
|
|
|
|
|
|
long-term borrowings |
0.136 |
0.981 |
0.000 |
|
Short term borrowings |
18.782 |
49.675 |
54.921 |
|
Total borrowings |
18.918 |
50.656 |
54.921 |
|
Debt/Equity ratio |
0.141 |
0.539 |
0.481 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
347.852 |
378.593 |
335.325 |
|
|
|
8.837 |
(11.429) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
347.852 |
378.593 |
335.325 |
|
Profit |
40.836 |
41.374 |
20.106 |
|
|
11.74% |
10.93% |
6.00% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
Particulars |
31.12.2013 (Rs. in Millions) |
31.12.2012 (Rs. in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
Sales Tax
Deferral Loan |
0.000 |
0.136 |
|
Total |
0.000 |
0.136 |
COMPANY OVERVIEW
The Company, a
subsidiary of Oystar Verwaltungs GmbH Germany, was incorporated under The Companies
Act, 1956 of India on June 19, 1997.
The Company’s
primary business is to manufacture, export, import and deal in all types of
packaging machines, allied systems and accessories.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10066852 |
31/03/2012 * |
120,000,000.00 |
CANARA BANK |
11, M.G. ROAD, CAMP, PUNE, MAHARASHTRA - 411001, |
B37763554 |
* Date of charge modification
FIXED ASSETS:
Tangible Assets:
·
Freehold Land
·
Factory and Building
·
Plant and Machinery
·
Office Equipment
·
Computers
·
Furniture and Fixture
·
Vehicle
Intangible Assets:
·
Technical Knowhow
·
Software
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.62.44 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.