1. Summary Information
|
|
|
Country |
INDIA |
|
Company Name |
AVERY DENNISON (INDIA)
PRIVATE LIMITED |
Principal Name 1 |
MR. RISHI PARDAL |
|
Status |
MODERATE |
Principal Name 2 |
MR. ANIL KUMAR SHARMA |
|
|
|
Registration # |
55-074475 |
|
Street Address |
A-38, KAILASH COLONY, NEW DELHI – 110 048,
INDIA |
||
|
Established Date |
08.12.1995 |
SIC Code |
-- |
|
Telephone# |
NOT AVAILABLE |
Business Style 1 |
MANUFACTURER |
|
Fax # |
NOT AVAILABLE |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
SELF ADHESIVE
PAPER |
|
|
# of employees |
415
(APPROXIMATELY) |
Product Name 2 |
SELF ADHESIVE
FILM |
|
Paid up capital |
RS.476,506,600/- |
Product Name 3 |
BAR CODES |
|
Shareholders |
FOREIGN HOLDINGS-100% |
Banking |
AMERICAN EXPRESS BANK LIMITED |
|
Public Limited Corp. |
NO |
Business Period |
19 YEARS |
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
B (35) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
ULTIMATE HOLDING COMPANY |
-- |
AVERY DENNISON CORPORATION |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,668,929,000 |
Current Liabilities |
1,784,075,000 |
|
Inventories |
1,117,194,000 |
Long-term Liabilities |
2,576,654,000 |
|
Fixed Assets |
1,831,478,000 |
Other Liabilities |
83,711,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
4,444,440,000 |
|
Invest& other Assets |
11,578,000 |
Retained Earnings |
708,232,000 |
|
|
|
Net Worth |
1,184,739,000 |
|
Total Assets |
5,629,179,000 |
Total Liab. & Equity |
5,629,179,000 |
|
Total Assets (Previous Year) |
5,196,171,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
NA |
Net Profit |
(116,441,000) |
|
Sales(Previous yr) |
NA |
Net Profit(Prev.yr) |
(21,957,000) |
MIRA
INFORM REPORT
|
Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
AVERY DENNISON (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered Office : |
A-38, Kailash Colony, New Delhi – 110 048 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
08.12.1995 |
|
|
|
|
Com. Reg. No.: |
55-074475 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.476.507
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74899DL1995PTC074475 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELA05957A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACA6163D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is primarily engaged in manufacture of self-adhesive paper,
films and labels. |
|
|
|
|
No. of Employees : |
415 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4739000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. Company has incurred loss from its operation in the year 2013. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some caution.
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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. Manish |
|
Contact No.: |
91-9871998060 |
|
Date : |
03.05.2014 |
LOCATIONS
|
Registered Office : |
A-38, Kailash Colony, New Delhi – 110 048, India |
|
Tel No.: |
Not Available |
|
Mobile No.: |
91-9920869666 (Mr. Parag) 91-9871008251 (Mr. Mahijit Pal) 91-9871998060 (Mr. Manish) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office 1 : |
204-206, Tolstoy House, 15 Tolstoy Marg, Connaught Place, New Delhi –
110 001, India |
|
Tel. No.: |
91-11-23714408/ 10 |
|
E-Mail : |
|
|
Area : |
2350 sq. ft. |
|
Location : |
Leased |
|
|
|
|
Head Office 2 : |
Plot No.6B, Kiadbi Industrial Area, Peenya, 1st Phase, Bangalore
– 560 058, Karnataka, India |
|
Tel No.: |
91-80-41370400 |
|
|
|
|
Corporate Office 1 : |
421/422, Shrikant Chambers, Sion Trombey Road, Next to R.K. Studio,
Chembur, Mumbai – 400 071,
Maharashtra, India |
|
Tel No.: |
91-22-67554625 / 31080968 / 67554626 |
|
Fax No.: |
91-22-67554623 |
|
|
|
|
Corporate Office 2/ Factory: |
Narsinghpur Industrial Area, 6 Kilometer Stone, Delhi-Jaipur Highway,
Gurgaon – 122 001, Haryana, India |
|
Tel. No.: |
91-124-4351200/ 2215581/ 582/ 583 |
|
Fax No.: |
91-124-2215591/ 592 |
|
Area : |
6 Acres |
|
Location : |
Industrial |
|
|
|
|
Branch Office : |
90/91, 7th Main Road, III Phase, Peenya Industrial Area,
Bangalore – 560 058, Karnataka, India |
|
Tel No.: |
91-80-41370400 |
|
Fax No.: |
91-80-41370600 |
DIRECTORS
AS ON 13.09.2013
|
Name : |
Mr. Rishi Pardal |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole-Time Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
6A, 6th Floor, Lords Apartment, 94 Satyadev Avenue, MRC Nagar,
R.A. Puram, Chennai – 600 028, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/ Age : |
16.05.1973 |
||||||||||||||||||||||||||||||||||||
|
Qualification : |
Mgmt. Degree from IIIT |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.01.2011 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
02470061 |
||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AIFPP2134F |
||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Anil Kumar Sharma |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole-Time Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
MF 11, Eldeco Mansionz, RWA, Sohna Road, Gurgaon – 122 001, Haryana,
India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/ Age : |
06.10.1969 |
||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.E. / B. Tech., MBA |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment: |
10.02.2011 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
03161485 |
||||||||||||||||||||||||||||||||||||
|
PAN No.: |
ABAPS0242D |
||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Satish Subramanian |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
B-403, Salapuria Splendor, 20 Nr Colony, Off Old Airport Road,
Bangalore – 560 017, Karnataka, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/ Age : |
20.12.1970 |
||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.Com. (Hons), MBA |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
30.09.2011 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
03630845 |
||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AJPPS8117G |
||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Komandur Sanathana Krishnan Muralie |
|
Designation : |
Secretary |
|
Address : |
D/3, 3072, Vasant Kunj, New Delhi – 110 070, India |
|
Date of Birth/Age : |
20.05.1966 |
|
Qualification : |
B.Com., AICWA, ACA, ACS |
|
Date of Appointment : |
03.03.2000 |
|
PAN NO. : |
ABDPM0006G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 13.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Avery Dennison Corporation, USA |
|
21474466 |
|
Avery Pacific LLC, USA |
|
216949 |
|
Avery Dennison Central Europe GmbH, Germany |
|
10400000 |
|
Paxar B V, The Netherlands |
|
10400000 |
|
RVL Packaging Far East Limited, Hong Kong |
|
5159245 |
|
Total |
|
47650660 |
AS ON 13.09.2013
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies,
Foreign Financial Institutions, Non-resident Indian or Overseas corporate
bodies or others] |
|
100.00 |
%20PRIVATE%20LIMITED%20-%20265456%2009-May-2014_files/image002.gif)
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in manufacture of self-adhesive paper,
films and labels. |
||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011):
|
Details of
production |
U.O.M |
For the year ended 31.3.2011 |
|
I- Paper and
Films |
|
|
|
Installed Capacity (Annual) |
Sq. mtrs. |
203,600,000 |
|
Actual Production |
|
|
|
1.Self Adhesive
Paper |
Sq. mtrs. |
131,391,593 |
|
2.Self Adhesive
Film |
Sq. mtrs. |
26,718,786 |
|
II- Woven Labels |
|
|
|
Installed Capacity (Annual) |
Numbers (Nos.) |
312,000,000 |
|
Actual Production |
Numbers (Nos.) |
272,049,061 |
|
III. Hand Tags |
|
|
|
Installed Capacity (Annual) |
Numbers (Nos.) |
1,855,024,000 |
|
Actual Production |
Numbers (Nos.) |
827,262,923 |
|
IV. Printed
labels |
|
|
|
Installed Capacity (Annual) |
Numbers (Nos.) |
463,000,000 |
|
Actual Production |
Numbers (Nos.) |
468,620,369 |
|
V. Heat Transfer |
|
|
|
Installed Capacity (Annual) |
Numbers (Nos.) |
202,800,000 |
|
Actual Production |
Numbers (Nos.) |
195,338,684 |
Note:
The installed capacities,
being a technical matter, are certified by management and have been relied upon
by the auditors *
GENERAL INFORMATION
|
No. of Employees : |
415 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
American Express Bank Limited ·
Deutsche Bank, Tolstoy House, New Delhi, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
Notes: Cash credit and overdraft facilities from banks carry interest ranging between 11%-13% p.a., computed on a monthly basis on the actual amount utilized, and are repayable on demand. These are covered by the corporate guarantee provided by Avery Dennison Corporation, USA. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Delhi, India |
|
PAN No.: |
AAAFB9852F |
|
|
|
|
Ultimate holding
company: |
Avery Dennison Corporation |
|
|
|
|
Subsidiaries of
ultimate holding company: |
·
Avery Corp. ·
Avery Dennison R.I.S. France S. A. S. ·
Avery Dennison (China) Company Limited ·
Avery Dennison R.I.S. Iberia S.L. ·
Avery Dennison (Guangzhou) Company Limited ·
Avery Dennison R.I.S. Italia S.R.L. ·
Avery Dennison (Hong Kong) Limited ·
Avery Dennison Retail Information Services (Pty)
Limited ·
Avery Dennison (Kunshan) Company Limited ·
Avery Dennison Retail Information Services
Honduras, S. De R.L. ·
Avery Dennison (Malaysia) Sdn. Bhd. ·
Avery Dennison Retail Information Services LLC ·
Avery Dennison (Suzhou) Co. Limited ·
Avery Dennison Retail Information Services UK
Limited ·
Avery Dennison (Thailand) Limited ·
Avery Dennison Rfid Company ·
Avery Dennison Belgie Bvba ·
Avery Dennison RIS Iberia SL ·
Avery Dennison Benelux Bvba ·
Avery Dennison Ris Taiwan Limited ·
Avery Dennison Bulgaria Eood ·
Avery Dennison Ris Vietnam Co. Limited ·
Avery Dennison Bv ·
Avery Dennison Scandinavia Ab ·
Avery Dennison Central Europe Gmbh ·
Avery Dennison Singapore (Pte) Limited ·
Avery Dennison Colombia S. A. ·
Avery Dennison South Africa (Proprietary) Limited ·
Avery Dennison Deutschland Gmbh ·
Avery Dennison Tekstil Urunleri Sanayi Ve Ticaret
Limited Sirketi ·
Avery Dennison Do Brasil Limiteda. ·
Collitex S.R.L. (Former Astria S.R.L.) ·
Avery Dennison Egypt LLC ·
Dennison Manufacturing Company ·
Avery Dennison Etiket Ticaret Limited Sirketi ·
P. T. Paxar Indonesia ·
Avery Dennison Finance Germany Gmbh ·
Paxar (China) Limited. ·
Avery Dennison France S.A.S. ·
Paxar Bangladesh Limited ·
Avery Dennison Gulf Fzco ·
Paxar Far East Limited ·
Avery Dennison Hong Kong B.V. ·
Paxar Pakistan (Private) Limited ·
Avery Dennison Korea Limited ·
Pt Avery Dennison Indonesia ·
Avery Dennison Lanka (Private) Limited ·
Su Zhou Feng Yi Heng Ye Dye Co. Limited ·
Avery Dennison Mauritius Limited. ·
Avery Dennison Ntp A. S. ·
Avery Dennison Peru S. R. L. |
CAPITAL STRUCTURE
AS ON 13.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
47650660 |
Equity Shares |
Rs.10/- each |
Rs.476.507 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
47650660 |
Equity Shares |
Rs.10/- each |
Rs.476.507
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
476.507 |
|
(b) Reserves & Surplus |
|
|
708.232 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
|
1184.739 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
|
20.137 |
|
(c) Other long
term liabilities |
|
|
0.000 |
|
(d) Long-term
provisions |
|
|
42.864 |
|
Total Non-current
Liabilities (3) |
|
|
63.001 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
2576.654 |
|
(b)
Trade payables |
|
|
1631.819 |
|
(c)
Other current liabilities |
|
|
152.256 |
|
(d) Short-term
provisions |
|
|
20.710 |
|
Total Current
Liabilities (4) |
|
|
4381.439 |
|
|
|
|
|
|
TOTAL |
|
|
5629.179 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
1819.478 |
|
(ii)
Intangible Assets |
|
|
12.000 |
|
(iii)
Capital work-in-progress |
|
|
11.578 |
|
(iv) Intangible assets under development or
work-in-progress |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
213.129 |
|
(e) Other
Non-current assets |
|
|
1.237 |
|
Total Non-Current
Assets |
|
|
2057.422 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
1117.194 |
|
(c)
Trade receivables |
|
|
2118.354 |
|
(d) Cash
and cash equivalents |
|
|
59.648 |
|
(e)
Short-term loans and advances |
|
|
276.561 |
|
(f)
Other current assets |
|
|
0.000 |
|
Total
Current Assets |
|
|
3571.757 |
|
|
|
|
|
|
TOTAL |
|
|
5629.179 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
476.507 |
476.507 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
826.745 |
850.774 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1303.252 |
1327.281 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1951.284 |
0.000 |
|
|
2] Unsecured Loans |
|
11.628 |
1280.786 |
|
|
TOTAL BORROWING |
|
1962.912 |
1280.786 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3266.164 |
2608.067 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1865.648 |
1120.976 |
|
|
Capital work-in-progress |
|
48.848 |
323.105 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
23.331 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1001.103
|
589.135
|
|
|
Sundry Debtors |
|
1711.984
|
1627.582
|
|
|
Cash & Bank Balances |
|
59.783
|
58.533
|
|
|
Other Current Assets |
|
5.405
|
0.111
|
|
|
Loans & Advances |
|
503.400
|
393.261
|
|
Total
Current Assets |
|
3281.675
|
2668.622
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
1758.893
|
1277.462
|
|
|
Other Current Liabilities |
|
121.714
|
201.529
|
|
|
Provisions |
|
49.400
|
48.976
|
|
Total
Current Liabilities |
|
1930.007
|
1527.967
|
|
|
Net Current Assets |
|
1351.668
|
1140.655
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3266.164 |
2608.067 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
NA |
NA |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(116.441) |
(21.957) |
300.689 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1333.100 |
825.800 |
771.492 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
2576.823 |
|
|
|
Traded (including merchant exports) |
NA |
NA |
122.611 |
|
|
|
Capital Goods |
NA |
NA |
111.321 |
|
|
|
Stores and Spares |
NA |
NA |
16.076 |
|
|
|
Consumables |
NA |
NA |
16.124 |
|
|
TOTAL IMPORTS |
NA |
NA |
2842.955 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(2.44) |
(0.46) |
6.31 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.17 |
1.51
|
0.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82 |
1.70
|
1.75
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
No |
|
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 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
INDEX OF CHARGES:
|
S.No |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90194318 |
29/08/2001 * |
11,500,000.00 |
THE BANK OF NOVASCOTIA |
BANGLORE BRANCH;
M G ROAD, BANGLORE, KARNATAKA - 560001, INDIA |
- |
|
2 |
90194273 |
07/06/2002 * |
11,500,000.00 |
STATE BANK OF
INDIA |
INDUSRIAL
FINANCE BRANCH, RESIDENCY ROAD, BANGLORE, KARNATAKA - 560025, INDIA |
- |
* Date of charge modification
|
Unsecured Loans |
|
31.03.2013 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable
on demand |
|
|
|
- Overdraft facilities from banks |
|
1226.654 |
|
- Working capital facilities from banks |
|
1350.000 |
|
Total
|
|
2576.654 |
Notes:
SHORT TERM
BORROWINGS
Overdraft
facilities from banks carry interest ranging between 11.75%-12.5% p.a.,
computed on a daily basis on the actual amount utilized, and are repayable on demand.
These are covered by the corporate guarantee provided by Avery Dennison
Corporation, USA.
Working Capital facilities from banks carry interest ranging between
12%-13% p.a., computed on a monthly basis on the actual amount utilized, and
are repayable on demand. These are covered by the corporate guarantee provided
by Avery Dennison Corporation, USA.
|
Unsecured Loans |
|
31.03.2012 (Rs.
in Millions) |
|
Long-term
borrowings |
|
|
|
Long-term maturities of finance lease obligations |
|
11.628 |
|
Total
|
|
11.628 |
Notes:
Finance Leases Certain items of plant and equipment have been obtained on finance lease basis. The legal title to these items vests with their lessors. The lease term for such plant and machinery is 5 years and interest payable at 8% p.a, with equated monthly payments beginning from the month subsequent to the commencement of the lease. There are no exceptional /restrictive covenants in the lease agreement. The total future minimum lease payments at the balance sheet date, element of interest included in such payments, and
present value of these minimum lease payments are as
follows: Non Current : Minimum lease payments Rs.12.171 Millions Finance charges Rs.0.544 Million Present
value of lease payments Rs.11.628 Millions Current : Minimum lease payments
Rs.12.172 Millions Finance charges Rs.1.435 Millions Present value of lease
payments 10.737 Millions The maturity profile of finance lease obligations is
as follows: Payable within 1 year Minimum lease payments 12.171 Millions
Finance charges Rs.1.435 Millions value of lease payments Rs.10.737 Millions
Payable within 1-5 years - Minimum lease payments Rs.12.172 Millions Finance
charges Rs.0.544 Million Present value of lease payments Rs.11.628 Millions.
Note:
The Registered Office of the company has been shifted from Block B-1, Plot No.F-2, Mohan
Cooperative Industrial Estate, Mathura Road, Delhi – 110 044 to the present address w.e.f. 04.01.2010.
COMPANY OVERVIEW:
Subject is a
private limited company incorporated under the Companies Act, 1956. The Company
is a subsidiary of Avery Dennison Corporation USA .The Company is primarily
engaged in manufacture of self-adhesive paper, films and labels. The Company
caters to both domestic and international markets
AMALGAMATION:
Scheme of Amalgamation of Paxar India Private Limited and RVL Packaging
Private Limited with the Company
a) The Scheme of Amalgamation under Section 391 to 394 of the Companies
Act, 1956 for the amalgamation of Paxar India Private Limited (hereinafter
referred to as 'PIPL') and RVL Packaging India Private Limited (hereinafter
referred to as 'RVLPIPL'), (together ‘Transferor Companies’) with the Company
(‘the Scheme’) and their respective shareholders, with April 1, 2008, being the
Appointed Date, had been sanctioned by the Hon’ble High Court of Karnataka, the
Hon’ble High Court of Judicature at Bombay and the Hon’ble High Court at Delhi.
Upon necessary filings with the respective Registrar of Companies, the
Scheme had become effective on February 1, 2010 and the effect thereof had been
given in the year ended 31st March 2010
In terms of the Scheme, the entire business and undertaking of
Transferor Companies including all assets and liabilities, as a going concern,
stand transferred to and vested in the Company (hereinafter referred to as
‘Amalgamation’) with effect from the Appointed Date.
b) PIPL and RVLPIPL stand dissolved without winding up by separate order
of the Hon'ble High Court of Karnataka and Hon'ble High Court of Judicature at
Bombay.
Pursuant to the Scheme and in consideration of the amalgamation, the
Company has issued 20,800,000 equity shares (being 13 shares for every share
held in PIPL) of Rs.10/- each to shareholders of PIPL and 5,159,280 equity
shares (representing 35 shares for every share held by RVLPIPL) to shareholders
of RVLPIPL on July 23, 2010.
Pursuant to the Scheme, equity shares issued above include –
-10,400,000 Equity shares of Rs.10 each fully paid up to Avery Dennison
Central Europe GmbH and 10,400,000 equity shares of Rs.10 each fully paid up to
Paxar BV, Netherlands, in exchange for 1,600,000 equity shares of Rs.10 each
fully paid held by them in the share capital of PIPL, and
- 5,159,245 equity shares of Rs.10 each fully paid up to RVL Packaging
Far East Limited, 35 equity shares of Rs.10 each fully paid up to Avery Pacific
LLC in exchange for 147,408 equity shares of Rs.10 each held by them in the
share capital of RVLPIPL in the proportion of equity shares held by them. The
calls in arrears from the shareholders have been received during the year
2008-09.
As the aforesaid equity shares have been allotted during the current
year ended 31st March 2011 and consequent to allotment an amount of
Rs.259.593 millions which had been shown under the Share Capital Suspense in
the financial statements as at 31st March 2010 has now been
transferred to share capital
c) The company had incurred merger expenses aggregating to Rs. Nil
(Previous Year Rs.52.636 millions).
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
in millions) |
31.03.2012 (Rs.
in millions) |
|
I. Claims against the company not acknowledged as debts: |
|
|
|
a) Sales tax
demands [Net of amount paid under protest Rs.3.383 millions (previous year
Rs.4.006 millions)] |
125.831 |
117.774 |
|
b) Excise matters |
208.240 |
208.240 |
|
c) Service tax matters |
4.245 |
4.245 |
|
d) Income tax
matters [net of amount paid under protest amounting to Rs.5.995 millions
(previous year Rs.5.995 millions)] |
5.995 |
5.995 |
|
II. Guarantees and counter guarantees outstanding |
|
|
|
- Excise and customs authorities |
1.237 |
3.372 |
|
- Sales tax authorities |
0.887 |
16.347 |
III. The Assessing
officer issued an order under section 143(3) of the Income Tax Act, 1961 recommending
an addition to the taxable income of Rs.36.929 millions for the financial year
2006-07 on account of adjustment to arms length price of international
transactions pertaining to service fee paid. The Company has filed an appeal
before the CIT (Appeals) and the same is currently pending for adjudication.
IV. The Assessing
officer issued an order under section 143(3) of Income Tax Act, 1961
recommending an addition to the taxable income of Rs.42.623 millions for the
financial year 2006-07 on account of transfer pricing adjustment on Paxar India
Private Limited (amalgamated with Avery Dennison (India) Private Limited in the
year ended March 31, 2010). The Company has filed an appeal before the CIT
(Appeals) and the same is currently pending for adjudication.
V. The Assessing
officer issued an order under section 143(3) of the Income Tax Act, 1961
recommending an addition to the taxable income of Rs.39.049 millions for the
financial year 2007-08 on account of adjustment to arms length price of international
transactions pertaining to service fee paid. The Company has filed an appeal
before the CIT (Appeals) and the same is currently pending for adjudication.
VI. The Assessing
officer issued an order under section 143(3) of Income Tax Act, 1961 recommending
an addition to the taxable income of Rs.212.101 millions for the financial year
2008-09 on account of adjustment to arms length price of international
transactions pertaining to service fee paid. The Company has filed an appeal
before the CIT (Appeals) and the same is currently pending for adjudication.
VII. The Assessing
officer issued an order under section 143(3) of Income Tax Act, 1961
recommending an addition to the taxable income of Rs.5.666 millions for the
financial year 2008-09 on account of adjustment of interest on Overdue
receivables. The Company has filed an appeal before the CIT (Appeals) and the
same is currently pending for adjudication.
VIII. The Company
has filed an application dated 28 September 2011 with its authorized dealer for
further intimation of the same to the Reserve Bank of India ("RBI")
for seeking condonation in respect of delay in of compliance with ECB
regulation (Master Circular No 8/ 2010-11 Dated July 1, 2010) regarding the
leasing arrangement with an foreign entity. The Company has not received a
response from RBI till date, the resultant amount of penalty, if any, cannot be
ascertained at this stage.
FIXED ASSETS:
Tangible Assets
·
Leasehold Land
·
Freehold Land
·
Buildings
·
Leasehold Improvement
·
Office Equipment
·
Computers
·
Furniture and Fittings
·
Plant and Machinery
·
Vehicles
Intangible Assets
·
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 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.59.99 |
|
UK Pound |
1 |
Rs.101.75 |
|
Euro |
1 |
Rs.83.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
35 |
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.