MIRA INFORM REPORT
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Report Date : |
20.02.2014 |
IDENTIFICATION DETAILS
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Name : |
SIGNODE INDIA LIMITED (w.e.f.23.08.2013) |
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Formerly Known
As : |
Strapex India Limited (w.e.f.24.09.2004) Strapex Packaging India Limited |
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Registered
Office : |
3rd Floor, Jyothi Majestic, H. No.8-2-120/84, Road No2,
Banjara Hills, Hyderabad – 500034, Andhra Pradesh |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
13.08.2003 |
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Com. Reg. No.: |
11-091521 |
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Capital
Investment / Paid-up Capital : |
Rs.50.000 Millions |
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CIN No.: [Company Identification
No.] |
U74950AP2003PLC091521 |
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PAN No.: [Permanent Account No.] |
AAHCS8120M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacture of packing materials, tools, equipments, accessories,
supplies and systems |
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No. of Employees
: |
Information Declined by Management
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RATING & COMMENTS
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MIRA’s Rating : |
Ba (42) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 250000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Company has successfully wiped out its accumulated losses. Financial Position
is improving. There are no external borrowing recorded by the company. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be consideration normal for business dealing 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
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 |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
Management Non Co- Operative (Tel No: 91-22-24449502)
LOCATIONS
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Registered Office : |
3RD Floor, Jyothi Majestic, H. No.8-2-120/84, Road No2,
Banjara Hills, Hyderabad – 500034, Andhra Pradesh |
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Tel. No.: |
91-22-66400204 |
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Fax No.: |
91-22-28252932 |
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E-Mail : |
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Website : |
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Factory : |
Rundram Village , Patancheru Mavdal,
Medak District – 502329. Andhra Pradesh, India |
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Manufacturing Locations: |
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Office Locations: |
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DIRECTORS
As on 30.09.2013
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Name : |
Mr. Ravi Venkata Siva Ramakrishna |
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Designation : |
Managing Director |
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Address : |
Plot No. 24, Huda Layout Road, No. 2, Banjara Hills, Hyderabad –
500033, Andhra Pradesh, India |
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Date of Birth/Age : |
10.03.1956 |
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Date of Appointment : |
22.01.2009 |
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DIN No.: |
0009421 |
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Other Directorship:
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Name : |
Mr. Gaurav Maheshwari |
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Designation : |
Director |
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Address : |
103, KBR Saila Vilas, H.No. 6-3-1089, Gulmohar Avenue, Somjiguda,
Hyderabad – 500082, Andhra Pradesh, India |
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Date of Birth/Age : |
08.11.1973 |
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Date of Appointment : |
21.09.2012 |
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DIN No.: |
00085874 |
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Other Directorship:
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Name : |
Mr. Huns Rudolf Kaiser |
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Designation : |
Director |
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Address : |
Wiesliacher 34, CH 8053, Zurich, 008053, Switzerland |
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Date of Birth/Age : |
19.19.1973 |
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Date of Appointment : |
01.06.2010 |
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DIN No.: |
00086017 |
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KEY EXECUTIVES
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Name : |
Mr. Vanaja Kaleru |
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Designation : |
Secretary |
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Address : |
Plot No. 5, Lalithanagar Colony, West Marredplly, Secunderabad –
500026, Andhra Pradesh, India |
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Date of Birth/Age : |
19.09.1973 |
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Date of Appointment : |
01.06.2010 |
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PAN No: |
AQNPK1119M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Name
of Shareholders |
No.
of Shares |
%age |
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|
4,999,994 |
100.00 |
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|
1 |
0.00 |
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Sudip Ganguly |
1 |
0.00 |
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Uma Devaguptapu |
1 |
0.00 |
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Ravindra Babu Gullapalli |
1 |
0.00 |
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Namburi Lakshmi Narayana Raju |
1 |
0.00 |
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Gaurav Maheshwari |
1 |
0.00 |
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Total |
5,000,000 |
100.00 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies Corporate (Not mentioned above) |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of packing materials, tools, equipments, accessories,
supplies and systems |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information Declined by Management
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Bankers : |
Not Available |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells N (Chartered Accountants) |
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Address : |
7th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City
Phase II, Gurgaon 122002, Haryana, India |
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PAN. No.: |
AACFD3771D |
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Holding Company: |
CIN No: U32301HR1979PLC038643 |
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Ultimate Holding
Company: |
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Subsidiaries : |
CIN No: U30009KA1992PTC012766 |
CAPITAL STRUCTURE
After 30.09.2013
Authorised Capital : Rs.1500.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.1491.860
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10000000 |
Equity Shares |
Rs.10/- Each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
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|
5000000 |
Equity Shares |
Rs.10/- Each |
Rs.50.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
50.000 |
50.000 |
50.000 |
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(b) Reserves & Surplus |
14.983 |
(0.635) |
(13.492) |
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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) |
64.983 |
49.365 |
36.508 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
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(c) Other long term
liabilities |
1.029 |
1.394 |
0.459 |
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(d) long-term provisions |
2.382 |
2.647 |
1.425 |
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Total
Non-current Liabilities (3) |
3.411 |
4.041 |
1.884 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade payables |
23.014 |
28.338 |
20.845 |
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(c) Other current liabilities |
1.593 |
1.728 |
1.135 |
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(d) Short-term provisions |
1.939 |
0.451 |
1.191 |
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Total
Current Liabilities (4) |
26.546 |
30.517 |
23.171 |
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TOTAL |
94.940 |
83.923 |
61.563 |
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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 |
1.283 |
2.279 |
2.252 |
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(ii) Intangible Assets |
0.000 |
0.000 |
0.140 |
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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 |
0.032 |
0.032 |
0.000 |
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(c) Deferred tax assets (net) |
3.885 |
3.341 |
0.000 |
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(d) Long-term Loan and Advances |
2.306 |
2.579 |
1.337 |
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(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total
Non-Current Assets |
7.506 |
8.231 |
3.729 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
11.895 |
14.988 |
11.066 |
|
(c) Trade receivables |
29.342 |
30.796 |
22.083 |
|
(d) Cash and cash equivalents |
42.849 |
24.596 |
20.233 |
|
(e) Short-term loans and
advances |
3.266 |
5.312 |
4.452 |
|
(f) Other current assets |
0.082 |
0.000 |
0.000 |
|
Total
Current Assets |
87.434 |
75.692 |
57.834 |
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|
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TOTAL |
94.940 |
83.923 |
61.563 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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SALES |
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Income |
242.866 |
222.184 |
196.870 |
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Other Income |
1.768 |
0.907 |
1.501 |
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TOTAL
(A) |
244.634 |
223.091 |
198.371 |
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Less |
EXPENSES |
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Cost of Materials Consumed |
29.286 |
29.171 |
26.090 |
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Purchases of Stock-in-Trade |
142.481 |
135.596 |
120.878 |
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Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
2.896 |
(3.382) |
(3.550) |
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|
Employees benefits expense |
22.619 |
21.426 |
20.204 |
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Other expenses |
21.931 |
28.115 |
18.454 |
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TOTAL
(B) |
219.213 |
210.926 |
182.076 |
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Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
25.421 |
12.165 |
16.295 |
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|
Less |
FINANCIAL
EXPENSES (D) |
0.270 |
0.000 |
0.648 |
|
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|
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|
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|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
25.151 |
12.165 |
15.647 |
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|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1.172 |
1.571 |
0.813 |
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|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
23.979 |
10.594 |
14.834 |
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Less |
TAX
(H) |
8.361 |
(2.263) |
2.915 |
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|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
15.618 |
12.857 |
11.919 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (J) |
(0.635) |
(13.492) |
(25.411) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (I+J) |
14.983 |
(0.635) |
(13.492) |
|
|
|
|
|
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|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.188 |
3.298 |
NA |
|
|
TOTAL
EARNINGS |
0.188 |
0.000 |
NA |
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
Raw Materials and components |
19.628 |
25.617 |
24898 |
|
|
Trding Goods |
55.561 |
49.509 |
48855 |
|
|
Capital Goods |
|
|
|
|
|
TOTAL
IMPORTS |
75.189 |
75.126 |
0.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.10/-Each) |
3.120 |
2.570 |
2.380 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.38 |
5.76 |
6.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.87 |
4.77 |
7.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
|
25.28 |
35.18 |
33.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37 |
0.21 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.29 |
2.48 |
2.50 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
196.870 |
222.184 |
242.866 |
|
|
|
12.858 |
9.309 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
196.870 |
222.184 |
242.866 |
|
Profit |
11.919 |
12.857 |
15.618 |
|
|
6.05% |
5.79% |
6.43% |
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 |
No |
|
24] |
Banking
facility details |
No |
|
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 |
REGISTERED OFFICE CHANGE:
Registered office of the company has been shifted
from 506, 5th Floor, Centre Pointandheri Kurla Road, J B Nagar, Andheri (East),
Mumbai - 400059, Maharashtra, India to the Present address w.e.f.31.10.2013
FINANCIAL REVIEW:
The revenues of
the Company increased from Rs 223.100 Million to Rs 244.600 Million, an
increase of 9.6 % over the previous year. The Company made a profit before tax
of Rs 23.900 Million as against profit before tax of Rs 10.500 Million in the
previous year. It is encouraging to see that though the revenues increased
marginally your Company has been able to operate efficiently and make a
substantial increase in Profits.
INDEX OF CHARGE:
No Charges Exit for Company
FIXED ASSETS:
- Plant and
equipment
- Furniture and
fixtures
- Office
equipment
- Other
equipments
- Licenses
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. |
|
|
1 |
Rs. |
|
Euro |
1 |
Rs. |
INFORMATION DETAILS
|
Information
Gathered by : |
|
|
|
|
|
Report Prepared
by : |
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
|
|
PAID-UP CAPITAL |
1~10 |
|
|
OPERATING SCALE |
1~10 |
|
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
|
|
--PROFITABILIRY |
1~10 |
|
|
--LIQUIDITY |
1~10 |
|
|
--LEVERAGE |
1~10 |
|
|
--RESERVES |
1~10 |
|
|
--CREDIT LINES |
1~10 |
|
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
|
|
--LITIGATION |
YES/NO |
|
|
--OTHER ADVERSE INFORMATION |
YES/NO |
|
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
|
|
--EXPORT ACTIVITIES |
YES/NO |
|
|
--AFFILIATION |
YES/NO |
|
|
--LISTED |
YES/NO |
|
|
--OTHER MERIT FACTORS |
YES/NO |
|
|
TOTAL |
|
|
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.