MIRA INFORM REPORT
|
Report Date : |
04.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
CAN-PACK INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. L-18/25 to L-18/28 and L-19, MIDC, Waluj, Aurangabad –
431136, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
26.11.2007 |
|
|
|
|
Com. Reg. No.: |
11-176188 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2561.360 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52390MH2007PTC176188 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKC01878C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCC2125J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Aluminum Beverage Cans. |
|
|
|
|
No. of Employees
: |
Information Declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 13200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Can-Pack SA, Poland. It is an established
company having moderate track record. Management has failed to file its latest financials of 2013 with the government
department. As per available financials of 2012, the management has reported a
decent profit, with the help of which the company has wiped a part of its
accumulated losses. The ratings also take into consideration the continuous infusion of funds
from the part of promoters as capital. In view of strong support from holding company, the subject can be
considered for business dealings with slight caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
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 DECLINED BY
|
Name : |
Mr. Sanjeev Kumar |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-240-6600000 |
|
Date : |
03.03.2014 |
LOCATIONS
|
Registered Office : |
Plot No. L-18/25 to L-18/28 and L-19, MIDC, Waluj, Aurangabad –
431136, Maharashtra, India |
|
Tel. No. : |
91-240-6600000 |
|
Mobile No. : |
91-9665022275 (Mr. Sanjeev Kumar) |
|
Fax No. : |
91-240-6600001 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 23.04.2013
|
Name : |
Mr. Milind Madhavrao Gurjar |
|
Designation : |
Managing Director |
|
Address : |
402, IM Sai CHS, Plot No. 21, Road No.3, Sector 3, New Panvel, Navi Mumbai – 410206, Maharashtra, India |
|
Date of Birth/Age : |
15.08.1964 |
|
Date of Appointment : |
01.11.2012 |
|
PAN No.: |
AENPG2326L |
|
DIN No. : |
06431167 |
|
|
|
|
Name : |
Mariusz Krystyn Stolarczyk |
|
Designation : |
Director |
|
Address : |
Jasien, Klonowa, 150, Poland - 32800 |
|
Date of Birth/Age : |
22.01.1971 |
|
Date of Appointment : |
13.11.2012 |
|
DIN No. : |
06426276 |
|
|
|
|
Name : |
Mr. Ramchandra Parasram Une |
|
Designation : |
Managing Director |
|
Address : |
House No.12/7, Roopam, Sainagar, Sector N-6, CIDCO, Aurangabad – 431003, Maharashtra, India |
|
Date of Birth/Age : |
28.09.1965 |
|
Date of Appointment : |
01.12.2012 |
|
PAN No. : |
AACPU7350B |
|
DIN No. : |
06430005 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjeev Kumar |
|
Designation : |
Company Secretary |
|
Address : |
H-204, Kailash Arcade, N-5, CIDCO Aurangabad – 431003, Maharashtra,
India |
|
Date of Birth/Age : |
02.10.1970 |
|
Date of Appointment : |
24.02.2009 |
|
PAN No.: |
AMZPK4423G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.04.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Can-Pack S.A., Poland |
23397040 |
65.00 |
|
Pol-AM-Pack S.A., Poland |
12600001 |
35.00 |
|
Total |
35997041 |
100.00 |
Allottee as on 12.09.2013
|
Names of Allottee |
|
No. of Shares |
|
Can-Pack S.A., Poland |
|
9322851 |
|
Total |
|
9322851 |
Allottee as on 22.11.2013
|
Names of Allottee |
|
No. of Shares |
|
Can-Pack S.A., Poland |
|
6961997 |
|
Total |
|
6961997 |
As on 23.04.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
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 : |
Manufacturer of Aluminum Beverage Cans. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON: 31.12.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Aluminum Beverage Cans (In Millions) |
Nos. |
900.00 |
750.00 |
663.32 |
Notes:
In addition to the above, the company holds following industrial licenses for which there are no production during the year.
1) Aluminum Easy Open Ends 970 Millions.
2) Aluminum Can recycling to produce aluminum stocks for beverage cans 7000 MT.
GENERAL INFORMATION
|
Customers : |
· Coca-Cola · Pepsi · Lion · Carlsberg · United Breweries Limited · Abinben · Sab Millers India |
|
|
|
|
No. of Employees : |
Information Declined by management |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sell Chartered Accountants |
|
Address : |
G/6, Garden Colony, A Wing, 2nd L J Cross Road, Mahim (West), Mumbai – 400016, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFD7919A |
|
|
|
|
Holding company: |
Can-Pack SA, Poland |
|
|
|
|
Fellow Subsidiary
Company: |
· Can Pack Middle East DMCC · Can Pack Middle East LLC · Can Pack Middle East FZE · Zeto SA · Pol Am Pack SA · IMET Bev Can Trading Private Limited |
CAPITAL STRUCTURE
After 23.04.2013
Authorised Capital : Rs. 7950.730 Millions
Issued, Subscribed & Paid-up Capital : Rs.
6695.827 Millions
As on 23.04.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43357300 |
Equity Shares |
Rs.100/- each |
Rs. 4335.730 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35997041 |
Equity Shares |
Rs.100/- each |
Rs. 3599.704 Millions |
|
|
|
|
|
As on 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36482300 |
Equity Shares |
Rs.100/- each |
Rs. 3648.230 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25613596 |
Equity Shares |
Rs.100/- each |
Rs. 2561.360
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
2,561.360 |
2,479.978 |
|
(b) Reserves & Surplus |
|
(173.771) |
(471.576) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
924.193 |
81.381 |
|
Total
Shareholders’ Funds (1) + (2) |
|
3,311.782 |
2,089.783 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1,478.987 |
1,917.576 |
|
(b) Deferred tax liabilities (Net) |
|
48.935 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
7.199 |
4.084 |
|
Total Non-current
Liabilities (3) |
|
1,535.121 |
1,921.660 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
492.996 |
479.394 |
|
(b) Trade
payables |
|
866.075 |
1,073.208 |
|
(c) Other
current liabilities |
|
168.264 |
46.639 |
|
(d) Short-term
provisions |
|
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
|
1,527.335 |
1,599.241 |
|
|
|
|
|
|
TOTAL |
|
6,374.238 |
5,610.684 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
3,162.813 |
3,458.729 |
|
(ii)
Intangible Assets |
|
85.545 |
90.050 |
|
(iii)
Capital work-in-progress |
|
384.492 |
4.979 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
663.570 |
67.075 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
4,296.420 |
3,620.833 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1,027.976 |
972.485 |
|
(c) Trade
receivables |
|
538.601 |
614.299 |
|
(d) Cash
and cash equivalents |
|
163.185 |
37.414 |
|
(e)
Short-term loans and advances |
|
290.715 |
365.416 |
|
(f) Other
current assets |
|
57.341 |
0.237 |
|
Total
Current Assets |
|
2,077.818 |
1,989.851 |
|
|
|
|
|
|
TOTAL |
|
6,374.238 |
5,610.684 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1855.714 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(10.059) |
|
|
NETWORTH |
|
|
1845.655 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
2024.518 |
|
|
TOTAL BORROWING |
|
|
2024.518 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3870.173 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3070.300 |
|
|
Capital work-in-progress |
|
|
98.574 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
81.827 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
561.948
|
|
|
Sundry Debtors |
|
|
183.690
|
|
|
Cash & Bank Balances |
|
|
30.782
|
|
|
Other Current Assets |
|
|
243.092
|
|
|
Loans & Advances |
|
|
37.617
|
|
Total
Current Assets |
|
|
1057.129
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
410.511
|
|
|
Other Current Liabilities |
|
|
24.758
|
|
|
Provisions |
|
|
2.388
|
|
Total
Current Liabilities |
|
|
437.657
|
|
|
Net Current Assets |
|
|
619.472
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3870.173 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
5010.530 |
3359.650 |
2322.320 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
4129.280 |
2883.570 |
2034.020 |
|
|
|
|
|
|
|
|
Less |
FOREIGN EXCHANGE LOSS |
74.130 |
442.820 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
807.120 |
33.260 |
288.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
136.260 |
119.270 |
117.270 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
670.860 |
(86.010) |
171.030 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
324.120 |
293.680 |
260.560 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
346.740 |
(379.690) |
(89.530) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
48.930 |
81.830 |
(81.850) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
297.810 |
(461.520) |
(7.680) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(471.580) |
(10.060) |
(2.380) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(173.770) |
(471.580) |
(10.060) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sale of Finished Goods (including scrap) |
1458.613 |
608.306 |
551.625 |
|
|
|
Sale of Miscellaneous Items |
0.000 |
0.058 |
2.613 |
|
|
|
Reimbursement of Expenses |
0.000 |
0.000 |
41.652 |
|
|
TOTAL EARNINGS |
1458.613 |
608.364 |
595.890 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
2216.311 |
1591.242 |
|
|
|
Finished goods |
|
10.167 |
0.000 |
|
|
|
Spare Parts |
|
54.617 |
19.851 |
|
|
|
Tangible Fixed Assets (including capital work in progress) |
|
260.065 |
60.236 |
|
|
|
Material in Transit |
|
264.047 |
85.218 |
|
|
TOTAL IMPORTS |
3221.313 |
2805.207 |
1756.547 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(11.63) |
(18.47) |
(0.41) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
5.94
|
(13.74) |
(0.33)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.79
|
(6.77) |
(2.17)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
(0.18) |
(0.05)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.60
|
1.15 |
1.10
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
1.24 |
2.42
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2479.978 |
2561.360 |
|
Reserves & Surplus |
(471.576) |
(173.771) |
|
Share Application money pending allotment |
81.381 |
924.193 |
|
Net
worth |
2,089.783 |
3,311.782 |
|
|
|
|
|
Long-term borrowings |
1917.576 |
1478.987 |
|
Short term borrowings |
479.394 |
492.996 |
|
Total
borrowings |
2,396.970 |
1,971.983 |
|
Debt/Equity
ratio |
1.147 |
0.595 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
2322.320 |
3359.650 |
5010.530 |
|
|
|
44.668 |
49.138 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
2322.320 |
3359.650 |
5010.530 |
|
Profit |
(7.680) |
(461.520) |
297.810 |
|
|
(0.33%) |
(13.74%) |
5.94% |
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 |
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
CURRENT MATURITIES OF
LONG TERM DEBTS: NOT AVAILABLE
INDEX OF CHARGES: NO CHARGES
EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULAR |
31.12.2012 (Rs.
In Millions) |
31.12.2011 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Other external commercial borrowings |
1478.987 |
1917.576 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Other external commercial borrowings |
492.996 |
479.394 |
|
Total |
1971.983 |
2396.970 |
PERFORMANCE ANALYSIS
During the year the total income has been increased to Rs. 5010.530 million which is almost 49% higher from total income of previous year. Total expenditure increased to Rs. 4203.410 million which is almost 26% higher from total expenditure of previous year. The profit before depreciation, interest and taxes were Rs. 807.120 million and after considering the depreciation interest and taxes the profit reduced to Rs. 297.810 million. However the total profit after taxes has been adjusted against the carry forward losses of the previous years and after this adjustment the carry forward losses was reduced to Rs. 173.770 millions.
REVIEW OF CURRENT
OPERATIONS
The Company increased its installed capacity to 950 Millions cans per annum during the year under consideration.
Based on the approval of the Management of the Company the construction of green field glass bottles manufacturing unit has been started during the year under consideration. It was expected that the by end of the year 2013 the production of glass mill project will be started.
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
The company has developed excellent relationships with all beverage manufacturers and has consolidated its market position in India and the neighboring countries and enjoys a 65% market share during the year under consideration. The total 2-pc beverage can market for the region (India, Sri-Lanka & Nepal) is estimated to be 1200 Million cans and is expected to grow in double digits year on year for the next 5 years.
The company made record sales in 2012 and achieved an outstanding 800 Million can sales in 2012.
The market is currently dominated by UB, Coca-Cola, Pepsi, SAB Miller and Carlsberg group which constitute about 80% of the market and there are a few other companies which complete the pie.
Recently the Company has been awarded the India Star award 2012, Asia Star award 2012, Can maker silver award 2012.
FIXED ASSETS
v
Tangible
Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Motor Vehicles
· Computer Equipments
· Ships Vessels
v
Intangible
Assets
· Brands and Trade Marks
· Trade Marks
· Computer 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 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] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.86 |
|
|
1 |
Rs.103.52 |
|
Euro |
1 |
Rs.85.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.