MIRA INFORM REPORT

 

 

Report No. :

349336

Report Date :

20.11.2015

 

IDENTIFICATION DETAILS

 

Name :

RAJALAKSHMY PACKAGING PRIVATE LIMITED

 

 

Registered Office :

R.S. No.92/7, Plot No.14 and 15, Sri Gokulam Nagar, Thavalakuppam, Ariyankuppam Commune Panchayat, Pondicherry – 605 007

Tel. No.:

91-413-2618169

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

17.11.2008

 

 

Com. Reg. No.:

59-002235

 

 

Capital Investment / Paid-up Capital :

Rs.5.000 Million

 

 

CIN No.:

[Company Identification No.]

U25202PY2008PTC002235

 

 

IEC No.:

2509000047

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHER10117C

 

 

PAN No.:

[Permanent Account No.]

AAECR1906P

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Importer of Packaging Material for Food Products such as Milk, Oil, Atta and Industrial Products.

 

 

No. of Employees :

70 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (28)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 80000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated on 17th November, 2008 and is based in Pondicherry, India. It is engaged into business of manufacturing of packaging material for food products such as milk, oil, atta and industrial products. It has moderate track record.

 

The company possesses moderate financial risk profile marked by low reserves and low profitability. There is hefty debt level which creates risk to liquidity position of the company.

 

However, management has reported a significant improvement in its revenue base during FY 14.

 

Trade relations are reported of be fair. Business is active. Payment are reported to be slow but correct.

 

In view of modest financial profile, the company can be considered for business dealings with some caution. 

 

NOTES :

Any query related to this report can be made on e-mail : infofdept@mirainform.com while quoting report number, name and date.

 

 

HENKEL’s Rating :

400 (High risk) 

450 (Very high risk)

 

Credit Rating

Henkel Rating (Customer Risk Assesment- CRA)

Mira Inform

Risk Category

Credit Limit

Description

Aaa

100

Inter Company, credit limit not required

Very low risk (blue ships)

Aa

200, 201

(120% of Gross Annualised Sales/365)*Credit Term.

Low risk

A

300, 301

(100% of Gross Annualised Sales/365)*Credit Term.

Moderate risk

Ba

350

(90% of Gross Annualised Sales/365)*Credit Term.

Significant risk

B

400

(80% of Gross Annualised Sales/365)*Credit Term.

High risk

450

Very high risk

Ca or C

500*

NIL/ Legal/ Bad/No Transaction

Doubtful accounts

007*

NIL

Small unrated customers

009*

NIL

Inactive customers

999*

Initially First Invoice vales, CRA will be done and based on report the CL would get revised.

New customer

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 31-03-2015.

 

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Senthil Raj

Designation :

Production Incharge

Contact No.:

91-9489044597

Date :

10.11.2015

 

LOCATIONS

 

Registered Office/ Factory :

R.S. No.92/7, Plot No.14 and 15, Sri Gokulam Nagar, Thavalakuppam, Ariyankuppam Commune Panchayat, Pondicherry – 605 007, India 

Tel. No.:

91-413-2618169/ 2615445

Mobile No.:

91-9489044597 (Mr. Senthil)

Fax No.:

91-413-2615445

E-Mail :

senthil@myrppl.com

rajalakshmypackaging@yahoo.in

Website :

http://www.rajalakshmypackaging.com  

Area :

2.5 Acer

Location :

Owned

Locality:

Commercial

 

 

DIRECTORS

 

AS ON 30.08.2014

 

Name :

Rajalakshmi Sureshbabu

Designation :

Managing Director

Address :

1, Thamaraikulam Street, Thavalakuppam - 605007, Pondicherry, India

Date of Birth/Age :

25.10.1973

Date of Appointment :

17.11.2008

DIN No.:

02403658

 

 

Name :

Hemalatha Moorthy

Designation :

Director

Address :

No 246,Cuddalore Road (West), Thavalakuppam, Puducherry - 605007, Pondicherry, India

Date of Birth/Age :

12.08.1988

Date of Appointment :

05.05.2009

DIN No.:

02695955

 

 

Name :

Latha

Designation :

Director

Address :

No 18, Ward 2, Thatchar St, Orathur (P), Villupuram - 605601, Tamil Nadu, India

Date of Birth/Age :

30.11.1982

Date of Appointment :

05.05.2009

DIN No.:

02704828

 

 

Name :

Umashankar Nirmala

Designation :

Director

Address :

Orathur, Orathur(P),, Villupuram (Tk), Villlupuram Dt, 605601 - Tamil Nadu, India

Date of Birth/Age :

28.06.1975

Date of Appointment :

05.05.2009

DIN No.:

02704851

 

 

KEY EXECUTIVES

 

Name :

Mr. Senthil Raj

Designation :

Production Incharge

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.08.2014

 

Names of Shareholders

No. of Shares

% of Holdings

S. Rajalakshmi

35000

70.00

S. Umashankar

5000

10.00

S. Suresh Babu

10000

20.00

 

 

 

Total

50000

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.08.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Importer of Packaging Material for Food Products such as Milk, Oil, Atta and Industrial Products.

 

 

Products :
  • Milk
  • Oil
  • Atta and Industrial Products

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

 

Products :

Raw Material

Countries :

Saudi Arabia

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour

Market Goodwill

Overall

 

 

 

Remark:

Not Divulged

 

 

Customers :

Wholesalers, Retailers and Manufacturer

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality

Delivery Behaviour

Overall

 

 

 

Remark:

Not Divulged

 

 

No. of Employees :

70 (Approximately)

 

 

Bankers :

Banker Name

City Union Bank

Branch Address

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Axis Bank Car Loan

0.031

0.202

UCO Bank Tl_Unit - II

36.063

23.747

 

 

 

Total

36.094

23.949

NOTE:

 

Primary security of proposed land and building and Plant and Machinery is valued at Rs. 68.905 Million. Vacant plots at Thavalakuppam, House at Cuddalore, and Industrial land at Kanadamangalam valued at Rs. 99.194 Million

 

Auditors :

 

Name :

MS Ravichandran

Chartered Accountant

Address :

2, Anthoniar Street, Sorakalpet, Cuddalore – 607001, Tamilnadu, India

PAN N Income-tax PAN of auditor or auditor's firm :

ACZPR5086N

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AS ON 30.08.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000

Equity Shares

Rs.100/- each

Rs. 5.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000

Equity Shares

Rs.100/- each

Rs. 5.000 Million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

FINANCIAL DETAILS FILE ATTACHED

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flow from (used in) operation

NA

NA

NA

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

5.000

5.000

5.000

Reserves & Surplus

1.468

2.050

2.104

Share Application money pending allotment

0.000

11.600

21.900

Net worth

6.468

18.650

29.004

 

 

 

 

long-term borrowings

0.354

23.949

36.094

Short term borrowings

0.000

0.000

0.000

Total borrowings

0.354

23.949

36.094

Debt/Equity ratio

0.055

1.284

1.244

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

63.150

56.927

92.750

 

 

(9.854)

62.928

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

63.150

56.927

92.750

Profit

0.724

0.581

0.054

 

1.15%

1.02%

0.06%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

Yes

5

Buyer visit details

----

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

----

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last two years

Yes

27

Reasons for variation <> 20%

----

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

----

33

Market information

----

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE: Registered office of the company has been shifted from No. 45C, Thamaraikulam Street, Nalavadu Road, Thavalakuppam, Pondicherry – 605007, India to the present address w.e.f. 11.03.2013.

 

 

OPERATION AND FUTURE OUTLOOK OF THE PROJECT:

 

The company had achieved a turnover of Rs. 62.700 Million (excluding other income of Rs. 111.200 Million (previous year Rs. 0.363 Million) against Rs. 56.900 Million in the previous year due to improvement in market condition giving an operating profit of Rs. 14.728 Million (previous years Rs. 3.671 Million. But the company had earned a profit of Rs. 0.054 Million against previous year profit of Rs. 0.581 Million due to depreciation and interest payment. However the demand for the products is good generally and quality is also appreciated by customers.

 

The directors are confident of achieving good performance and positive outcome during the coming years. The company would put continues efforts to develop products and sales by strategic planning in this challenging business environment.

 

 

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10590185

23/07/2015

68,000,000.00

CITY UNION BANK LIMITED

Villianur Branch, Vasantham Nagar, Puducherry,

Pondicherry - 605110, INDIA

C63729875

2

10590159

20/07/2015

45,000,000.00

CITY UNION BANK LIMITED

Villianur Branch, Vasanth Nagar, Puducherry,

Pondicherry - 605110, INDIA

C63730923

 

 

FIXED ASSETS

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 66.14

UK Pound

1

Rs. 100.55

Euro

1

Rs. 71.26

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

JYO

 

 

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

--PROFITABILITY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

2

--RESERVES

1~10

2

--CREDIT LINES

1~10

3

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

28

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.