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|
|
MIRA INFORM REPORT
|
Report No. : |
491017 |
|
Report Date : |
08.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
TETRA-PAK INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
TETRA-PAK INDIA LIMITED (w.e.f. 23.07.1993) TETRA-PAK INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. B-53, Chakan MIDC, Phase – 2, Village Vasuli,
Taluka Khed, Pune – 410501, Maharashtra |
|
Tel. No.: |
91-2135-678101 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
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|
|
Date of
Incorporation : |
01.12.1987 |
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|
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Com. Reg. No.: |
11-012926 |
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Capital
Investment / Paid-up Capital : |
INR 1373.200 Million |
|
|
|
|
CIN No.: [Company Identification No.] |
U21014PN1987PTC012926 |
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|
|
|
IEC No.: |
0589030621 |
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|
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GSTIN: |
27AAACT3467B1ZK |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNET01037B |
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|
|
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PAN No.: [Permanent Account No.] |
AAACT3467B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture of Aseptic Packaging Material for Dairy, Spirits and Fruit Processing Industry. (Registered Activity) |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
Litigation : |
Exists |
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Comments : |
Subject is a subsidiary of ‘Tetra Laval Holdings and Finance SA, Switzerland and was incorporated on 1st December 1987. The company is engaged providing packaging solutions. It offers tetra fina, an aseptic packing for liquid products. It also supplies material for tetra packing, including tetra carton, brik packaging machines and food processing systems. For the financial year ended 2017, the company has achieved 7.92% growth in its revenue as compared to previous year revenue’s revenue and has maintained average profitability margin of 5.63%. The sound financial profile of the company is reflected by its healthy solvency indicators due to low debt balance sheet profile along with strong capital base and satisfactory liquidity position. Rating also takes into account of strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. However, rating strengths are partially offset by vulnerability of its operating margins to volatility in raw material prices and working capital intensive operations. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 08.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED BY
|
Name : |
Mr. Mangesh Pai |
|
Designation : |
Manager |
|
Contact No.: |
91-8805093692 |
|
Date : |
07.02.2018 |
91-2135-678101 (Management non Co-operative)
91-9922446079 (Number is ringing)
LOCATIONS
|
Registered Office/ Factory : |
Plot No. B-53, Chakan MIDC, Phase – 2, Village Vasuli,
Taluka Khed, Pune – 410501, Maharashtra, India |
|
Tel. No.: |
91-2135-678101 |
|
Mobile No.: |
91-8805093692 (Mr. Mangesh Pai) |
|
Fax No.: |
91-2135-661801 |
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E-mail: |
|
|
Websites : |
|
|
|
|
|
Corporate Office : |
DLF Cyber Terrace, Building No 5, Tower C, 16th Floor, Cyber City, DLF Phase III, Gurugram – 122002, Haryana, India |
|
Tel. No.: |
91-124-5124600/ 4124600 |
|
Fax No.: |
91-124-5064308/ 4064308 |
|
|
|
|
Regional Office: |
Tower, B, 7th Floor RMZ Millenia Murphy Road, Ulsoor, Bangalore
– 560008, Karnataka, India |
|
Tel. No.: |
91-80-25540681/ 25540372/ 25547553 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Kandarp Bhushan Singh |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 606A, The Aralias, DLF Golf Links, DLF Phase V, Gurgaon – 122002, Haryana, India |
|
Date of Birth/Age : |
05.01.1966 |
|
Qualification: |
B. Tech and PG Diploma in Marketing |
|
Date of Appointment : |
01.01.2011 |
|
PAN No.: |
AZAPS9623A |
|
DIN No. : |
03421754 |
|
|
|
|
Name : |
Mr. Jayesh Gunvantrai Manek |
|
Designation : |
Director |
|
Address : |
C-2, Avanti Appartments, 881 Khare Town, Dharampeth, Nagpur-440010, Maharashtra, India |
|
Date of Appointment : |
10.07.2017 |
|
DIN No. : |
05292913 |
|
|
|
|
Name : |
Mr. Guanjun Zheng Li |
|
Designation : |
Additional Director |
|
Address : |
Room 802, No 3, Lane 718, Huamu Road, Pudong New Area, Shanghai- 201204 China |
|
Date of Appointment : |
09.08.2016 |
|
DIN No. : |
07581967 |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Rajaram Tembe |
|
Designation : |
Secretary and Manager Corporate Affairs |
|
Address : |
20, Suyog Heights, Rambaug Colony, Paud Road, Kothrud, Pune - 411 038,
Maharashtra, India |
|
Date of Birth/Age : |
04.03.1961 |
|
Date of Appointment : |
12.08.1996 |
|
Pan No.: |
AAFPT4848Q |
|
|
|
|
Name : |
Mr. Mangesh Pai |
|
Designation : |
Manager |
|
|
|
|
Name : |
SVD and Associates |
|
Designation : |
Company Secretary |
|
Address : |
4th Floor, Vedwati Apartments, Shivajinagar, Pune – 411005,
Maharashtra, India |
|
Tel. No: |
91-20-69000666 |
|
Email: |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Tetra Laval Holdings and Finance S.A., Switzerland |
|
137319999 |
|
Tetra Laval International S.A., Switzerland |
|
1 |
|
Total |
|
137320000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2017
|
Category |
Percentage |
|
Promoters (Body corporate) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Manufacture of Aseptic Packaging Material for Dairy, Spirits and Fruit Processing Industry. (Registered Activity) |
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Products / Services
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
Information declined by the management |
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Bankers : |
|
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Auditors : |
|
|
Name : |
S.R.B.C and Company LLP Chartered Accountants |
|
Address : |
Panchshil Tech, Park, Yerwada, Pune-411006, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFB9852F |
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|
|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
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|
|
|
Holding Company: |
Tetra Laval Holdings and Finance S.A., Switzerland |
|
|
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|
Fellow Subsidiaries: |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
270000000 |
Equity Shares |
INR 10/- each |
INR 2700.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
137320000 |
Equity Shares |
INR 10/- each |
INR 1373.200
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1373.200 |
1373.200 |
1373.200 |
|
(b) Reserves and Surplus |
2323.770 |
912.692 |
824.676 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3696.970 |
2285.892 |
2197.876 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2419.438 |
4185.031 |
5772.074 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
31.341 |
158.250 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
90.036 |
128.017 |
108.632 |
|
Total Non-current
Liabilities (3) |
2509.474 |
4344.389 |
6038.956 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
3842.027 |
2946.564 |
4240.331 |
|
(b) Trade
payables |
4635.767 |
4680.754 |
3689.613 |
|
(c) Other
current liabilities |
4467.176 |
4093.551 |
3173.812 |
|
(d) Short-term
provisions |
570.633 |
1524.642 |
511.747 |
|
Total Current
Liabilities (4) |
13515.603 |
13245.511 |
11615.503 |
|
|
|
|
|
|
TOTAL |
19722.047 |
19875.792 |
19852.335 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
5557.895 |
6518.890 |
7654.973 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
117.713 |
55.500 |
9.216 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
166.029 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
573.492 |
480.454 |
351.724 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
6415.129 |
7054.844 |
8015.913 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3758.205 |
4046.227 |
3942.239 |
|
(c) Trade
receivables |
6270.910 |
5726.878 |
5353.908 |
|
(d) Cash and
bank balances |
401.247 |
72.355 |
61.494 |
|
(e)
Short-term loans and advances |
1402.889 |
1130.533 |
964.670 |
|
(f) Other
current assets |
1473.667 |
1844.955 |
1514.111 |
|
Total
Current Assets |
13306.918 |
12820.948 |
11836.422 |
|
|
|
|
|
|
TOTAL |
19722.047 |
19875.792 |
19852.335 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
25081.947 |
23242.050 |
20130.094 |
|
|
Other Income |
234.051 |
471.269 |
240.869 |
|
|
TOTAL |
25315.998 |
23713.319 |
20370.963 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
12990.254 |
13273.120 |
11202.874 |
|
|
Purchases of
Stock-in-Trade |
2765.608 |
2322.251 |
2491.747 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
482.417 |
(75.187) |
(118.382) |
|
|
Employee benefit expense |
1461.957 |
1228.510 |
1162.687 |
|
|
CSR expenditure |
22.394 |
21.876 |
0.000 |
|
|
Other expenses |
3636.272 |
3255.080 |
2681.206 |
|
|
TOTAL |
21358.902 |
20025.650 |
17420.132 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
3957.096 |
3687.669 |
2950.831 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
731.336 |
895.914 |
1040.839 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
3225.760 |
2791.755 |
1909.992 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1013.522 |
1044.937 |
1074.219 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
2212.238 |
1746.818 |
835.773 |
|
|
|
|
|
|
|
Less |
TAX |
801.160 |
501.876 |
354.825 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1411.078 |
1244.942 |
480.948 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
4633.590 |
4939.257 |
4997.268 |
|
|
TOTAL EARNINGS |
4633.590 |
4939.257 |
4997.268 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
6831.246 |
6717.351 |
5741.230 |
|
|
Packaging materials, machines and others |
2449.751 |
3011.867 |
0.000 |
|
|
Components and spare
parts |
1050.258 |
1185.212 |
3343.041 |
|
|
Capital Goods |
250.611 |
160.556 |
314.572 |
|
|
TOTAL IMPORTS |
10581.866 |
11074.986 |
9398.842 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
10.28 |
9.07 |
3.50 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
1688.250 |
1831.375 |
772.019 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
4466.088 |
4324.278 |
1608.630 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
3470.322 |
3564.286 |
1452.395 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
91.26 |
89.94 |
97.08 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
4.00 |
4.06 |
3.76 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
107.39 |
109.55 |
98.34 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
1.05 |
0.91 |
0.75 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
0.70 |
0.56 |
0.39 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
0.89 |
0.97 |
0.91 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
2.15 |
3.92 |
4.91 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / NetWorth) |
|
3.66 |
5.79 |
5.28 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
1.54 |
2.88 |
3.49 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
5.41 |
4.12 |
2.84 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
5.63 |
5.36 |
2.39 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
7.15 |
6.26 |
2.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
38.17 |
54.46 |
21.88 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
0.98 |
0.97 |
1.02 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories) /
Current Liabilities] |
|
0.71 |
0.66 |
0.68 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.19 |
0.12 |
0.11 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
5.79 |
6.53 |
7.85 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current
Assets / Total Current Liabilities] |
|
0.98 |
0.97 |
1.02 |
Total Liability =
Short-term Debt + Long-term Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
1373.200 |
1373.200 |
1373.200 |
|
Reserves & Surplus |
824.676 |
912.692 |
2323.770 |
|
Net
worth |
2197.876 |
2285.892 |
3696.970 |
|
|
|
|
|
|
Long-term borrowings |
5772.074 |
4185.031 |
2419.438 |
|
Short term borrowings |
4240.331 |
2946.564 |
3842.027 |
|
Current maturities of
long-term debts |
772.019 |
1831.375 |
1688.250 |
|
Total
borrowings |
10784.424 |
8962.970 |
7949.715 |
|
Debt/Equity
ratio |
4.907 |
3.921 |
2.150 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
20130.094 |
23242.050 |
25081.947 |
|
|
|
15.459 |
7.916 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
20130.094 |
23242.050 |
25081.947 |
|
Profit/ (Loss) |
480.948 |
1244.942 |
1411.078 |
|
|
2.39
% |
5.36
% |
5.63
% |
LEGALS
FILE
|
Case Details |
|
Bench:-Bombay |
|
Presentation Date:- 02/05/2017 |
|||||||
|
Lodging No.:- |
ITXAL/954/2017 |
Filing Date:- |
02/05/2017 |
Reg. No.:- |
ITXA/150/2018 |
Reg. Date:- |
12/01/2018 |
|
Petitioner:- |
THE PR. COMMOSSIONER OF INCOME TAX |
Respondent:- |
TETRA-PAK INDIA PRIVATE LIMITED |
|
Petn.Adv.:- |
SHAM V. WALVE (I3200) |
|
District:- |
PUNE |
|
Bench:- |
DIVISION |
||||
|
Status:- |
Pre-Admission |
|
Last Date:- |
29/01/2018 |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
|
Last Coram:- |
ACCORDING TO SITTING LIST |
|
ACCORDING TO SITTING LIST |
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260 A |
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 |
No |
|
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 |
Yes |
|
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) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
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 three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NATURE OF OPERATIONS
The Company) is a private company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is in the business of liquid packaging solutions and related products provided mainly to dairy, spirits and fruit processing industry.
NATURE OF OPERATIONS
The Company) is a private company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is in the business of liquid packaging solutions and related products provided mainly to dairy, spirits and fruit processing industry.
OPERATIONS
The Company recorded a total income of INR 25315.998 million in the current financial year as against INR 23713.319 million in the last year. The production of packaging material for the year was INR 12.13 billion packs against INR 10.96 billion packs during the previous year while sales of packaging material were INR 12.15 billion packs as against INR 10.7 billion packs for the previous period. The processing division recorded a sale of INR 2911.000 Million as compared to INR 3073.050 Million recorded during previous period. The Company has earned a profit before tax of INR 2212.238 million as against INR 1746.818 million in the previous.
PERFORMANCE AND OUTLOOK:
Since the onset of global financial crisis, global economy is still struggling to revive and grow at a healthy rate. A large number of political and economic disturbances have been witnessed over the past one year, from uprisings in the Middle East and Brexit. Volatility in commodity prices and general uncertainty has impacted business environment across the globe and recovery pace in both mature and emerging markets. The crisis has produced a wide-ranging yet differentiated impact across the globe which includes economic slowdown and contraction in world trade.
India, however, was one of the faster growing large economies in the world, with a currency that performed better than most other emerging market currencies.
The proposed implementation of the Goods and Services Tax (GST) is expected to transform the indirect tax landscape in the country and accelerate economic growth in the long run by simplifying the tax structure, enhancing tax compliance and facilitating the ease of doing business in a unified common market. The Company has geared up to ensure a smooth transition to the new indirect tax regime and harness the supply chain and logistics efficiencies that are expected to accrue post implementation of GST.
During the year, Reserve Bank of India (RBI), reduced repo rates by 50bps. This coupled with the surplus cash liquidity, post demonetisation, led to decline in market interest rates. These events led to depreciation of the Indian Rupee (INR) to a lifetime low of INR 68.86 per US$ in November 2016. However, the INR recovered significantly in February and March 2017 to close the year at INR 64.84 per US$.
The Company continues to grow its sales both in the domestic market as well as export market. The growth is witnessed in all categories namely dairy, juice, still drinks and alcohol. The Company continues to work closely with its customers to assist them in development and marketing of their products.
According to the Economic Survey 2016-17, India is expected to grow at 7.6 percent in FY2018, rising to 7.8 per cent in FY 2019-20. Various reforms are expected to ease domestic supply bottlenecks and increase productivity considering a good monsoon in all parts of the country, the agriculture sector, is likely to be record a decent growth.
With this background, the performance of the Company in the coming year is expected to be satisfactory.
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
291.875 |
764.375 |
|
Foreign currency term loans from banks |
2127.563 |
3420.656 |
|
SHORT TERM BORROWINGS |
|
0.000 |
|
Rupee term loans from banks |
400.000 |
1350.000 |
|
Foreign currency term loans from banks |
536.271 |
1046.124 |
|
Working capital loans from banks |
2905.756 |
550.440 |
|
Total |
6261.465 |
7131.595 |
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
FIXED ASSETS:
· Land
· Buildings
· Office building
· Plant and equipment
· Vehicles
· Office equipment
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 records 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] 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
|
INR |
|
US Dollar |
1 |
INR 64.14 |
|
UK Pound |
1 |
INR 89.50 |
|
Euro |
1 |
INR 64.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPY |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.