MIRA
INFORM REPORT
|
Report Date : |
24.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
NEOPLAST ENGINEERING PRIVATE LIMITED |
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Registered Office : |
Plot No.43, Phase-I, GIDC, Vatva, Ahmedabad-382 445, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.09.1973 |
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Com. Reg. No.: |
04-23777 |
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CIN No.: [Company
Identification No.] |
U29259GJ1973PTC002377 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMN01089E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of machinery and equipment for the PVC compounding
Industry. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 89000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track records.
Available information indicates high financial responsibility of the company.
Trade relations are fair. Business is active. Payments are always correct and
as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
43, GIDC, Industrial Estate, Phase 1, Vatva, Ahmedabad -
382 445, Gujarat, India |
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Tel. No.: |
91 - 79 - 2583 0602, 2583 1185, 2589 1078 |
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Fax No.: |
91 - 79 - 2583 5298 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Vinodchandra Navneetlal Parikh |
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Designation : |
Director |
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Address : |
10, Suflam Flats, Near Jai Hind Press, Ashram Road, Ahmedabad –
380009, Gujarat, India |
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Date of Birth/Age : |
15.11.1932 |
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Date of Appointment : |
29.06.1981 |
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Name : |
Mr. Jitendrabhai Navneetlal Parikh |
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Designation : |
Director |
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Address : |
602-B, Kaushambi Flats, Near Mahalaxmi Cross Road, Paldi, Ahmedabad –
380007, Gujarat, India |
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Date of Birth/Age : |
06.07.1936 |
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Date of Appointment : |
10.09.1973 |
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Name : |
Mr. Chandulal Shaileshbhai Parikh |
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Designation : |
Director |
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Address : |
29, Pathik Gali, Maninagar Char Rasta, Maningar, Ahmedabad – 380008,
Gujarat, India |
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Date of Birth/Age : |
13.11.1945 |
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Date of Appointment : |
10.09.1973 |
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Name : |
Mr. Ashokbhai Jayantilal Shah |
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Designation : |
Director |
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Address : |
B – 22, Vasupujya Banglow, Satelite Road, Ramdevnagar, Ahmedabad –
380054, Gujarat, India |
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Date of Birth/Age : |
29.10.1947 |
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Date of Appointment : |
07.08.1999 |
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Name : |
Mr. Dhrubhai Jayantilal Shah |
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Designation : |
Director |
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Address : |
B – 21, Vasupujya Banglow, Satelite Road, Ramdevnagar, Ahmedabad –
380054, Gujarat, India |
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Date of Birth/Age : |
11.02.1953 |
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Date of Appointment : |
01.04.1978 |
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Name : |
Mr. Ankit Shah |
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Designation : |
Director |
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Name : |
Mr. Tusharbhai Vinodchandra Parikh |
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Designation : |
Director |
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Address : |
10, Suflam Flats, Near Jai Hind Press, Ashram Road, Ahmedabad –
380009, Gujarat, India |
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Date of Birth/Age : |
05.04.1958 |
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Date of Appointment : |
12.10.1998 |
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Name : |
Mr. Shailesh Chandulal Parikh |
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Designation : |
Director |
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Address : |
29, Pathik Gali, Char Rasta, Maninagar, Ahmedabad – 380008, Gujarat,
India |
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Date of Birth/Age : |
13.11.1945 |
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Date of Appointment : |
10.09.1973 |
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Name: |
Shah Dhruvbhai Jayantilal |
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Designation: |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Jagdishbhai Chandulal Parikh |
|
25 |
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Sarlaben Jagdishbhai Parikh |
|
175 |
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Mahendrabhai Chandulal Parikh |
|
200 |
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Sharmisthaben Mahendrabhai Parikh |
|
175 |
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Shaileshchandra Chandulal Parikh |
|
450 |
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Vinodchandra Navnitlal Parikh |
|
140 |
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Pushpaben Vinodchandra Parikh |
|
125 |
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Jitendrakumar Navnitlal Parikh |
|
560 |
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Varshaben Jitendrakumar Parikh |
|
350 |
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Jayantilal Nathalal Shah [HUF] |
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25 |
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Ashokkumar Jayantilal Shah |
|
100 |
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Dhruvkumar Shah |
|
350 |
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Nirmalaben Shah |
|
125 |
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Sangita Parikh |
|
100 |
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Shetal Parikh |
|
100 |
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Sheel Shah |
|
150 |
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Kaplanaben Shah |
|
100 |
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Ankit Shah |
|
150 |
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Atit Shah |
|
150 |
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Jayshreeben Parikh |
|
175 |
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Koshaben Shah |
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100 |
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Shaileshbhai Parikh Joint with J. S. Parikh |
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25 |
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Brinda S Parikh / Joint with Shaileshbhai Parikh |
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25 |
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Vaidehi S Parikh Joint with Shaileshbhai Parikh |
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25 |
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Amit M Parikh Joint with Mitaben A. Parikh |
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25 |
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Parthesh J Parikh Joint with Usmaben P Parikh |
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100 |
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Urvish j Parikh Ashitaben U Parikh |
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100 |
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Vinodchandra Navnitlal Parikh |
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10 |
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Jitendrakumar Navnitlal Parikh |
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15 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of machinery and equipment for the PVC compounding
Industry. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Union Bank of India, Ellisbridge Branch, Ashram Road, Ahmedabad – 9 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shah Bharat and Associate Chartered Accountants |
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Address : |
304 Wall Street – I, Opposite Oreint Club, Ellis Bridge, Ahmedabad –
380006, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
|
5000 |
Preference Shares |
Rs. 100/- each |
Rs. 0.500 Million |
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Total |
|
Rs. 1.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
21.808 |
16.460 |
13.291 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
22.308 |
16.960 |
13.791 |
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LOAN FUNDS |
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1] Secured Loans |
4.968 |
9.529 |
8.475 |
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2] Unsecured Loans |
24.757 |
18.319 |
14.623 |
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TOTAL BORROWING |
29.725 |
27.848 |
23.098 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
52.033 |
44.808 |
36.889 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.910 |
4.251 |
3.839 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
6.257 |
4.061 |
2.172 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
23.013 |
21.575 |
13.165 |
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Sundry Debtors |
16.414 |
13.814 |
11.664 |
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Cash & Bank Balances |
30.401 |
23.469 |
20.514 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
18.560 |
13.937 |
12.011 |
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Total
Current Assets |
88.388
|
88.388 |
57.354 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
35.902 |
28.861 |
18.808 |
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Provisions |
12.620 |
7.438 |
7.668 |
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Total
Current Liabilities |
48.522 |
36.299 |
26.476 |
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Net Current Assets |
39.866 |
36.496 |
30.878 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
52.033 |
44.808 |
36.889 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
142.676 |
89.582 |
64.529 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
142.676 |
89.582 |
64.529 |
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Profit/(Loss) Before Tax |
16.378 |
10.592 |
7.015 |
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Provision for Taxation |
5.328 |
2.862 |
2.231 |
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Profit/(Loss) After Tax |
11.050 |
7.730 |
4.784 |
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Total Earnings |
27.175 |
8.320 |
5.826 |
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Total Imports |
0.628 |
0.370 |
NA |
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Expenditures : |
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Depreciation & Amortization |
1.071 |
0.763 |
0.905 |
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Other Expenditure |
125.227 |
78.227 |
56.609 |
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Total Expenditure |
126.298 |
78.990 |
57.514 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
7.74
|
8.62 |
7.41 |
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Net Profit Margin (PBT/Sales) |
(%) |
11.47
|
11.82 |
10.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
41.08
|
29.02 |
22.71 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.73
|
0.62 |
0.50 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.51 |
3.78 |
1.91 |
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Current Ratio (Current Asset/Current Liability) |
|
1.82 |
2.01 |
2.16 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
NEOPLAST
ENGINEERING PRIVATE LIMITED |
|
Presented By |
Union Bank of
India, Ellisbridge Branch, Ashram Road, Ahmedabad – 9 |
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1) Date and description of instrument creating the change |
Deed of Hypothecation dated 25.02.1983 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.473
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Against Hypothecation
of HCL Computer |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The company’s
goods detailed in Column 3 hereof are hypothecated to the bank and its
assigns by way of first charge as security for payment to the bank on demand
of all monies at any time payable by the company to the bank in respect of
the company’s hypothecation account or for any other liability of the company
to the Bank, together with interest at the rate of 9 ˝ % p.a. above the Bank
Rate subject to minimum rate of 19 ˝ % p.a. or at such rates as may from time
to time fixed by the Bank and notified to the company such interest being
payable by the company as and when demanded by the Bank. The company
undertakes not to create any mortgage charge, lien or encumbrance upon or
over said goods Hypothecated to the Bank, except to the Bank or permit or
suffer any such mortgage, charge, lien or encumbrance to effect
prejudicially. |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of India, Ellisbridge Branch, Ashram Road, Ahmedabad – 9 |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
|
Name of the company |
NEOPLAST
ENGINEERING PRIVATE LIMITED |
|
Presented By |
Mr.
Shaileshchandra Chandulal Parikh |
|
1) Date and description of instrument creating the change |
Hypothecation Agreement of goods and packing credit agreement dated
14.06.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
|
|
4) Gist of the terms and conditions and extent and operation of the charge. |
[other terms and
conditions are as per attached hypothecation and packing credit agreement] |
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of India, Ellisbridge Branch, Ashram Road, Ahmedabad – 9 |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
AS PER WEBSITE
Before 40 years, Neoplast
started as a small structured family-owned enterprise and today it has
established as the most renowned, reputed and reliable partner for the plastic
processing industry in India as well as Global market.
Excellent
achievements by Neoplast’s R&D team, highest efficiency of its production
team and after-sales support from a dedicated team of professionals have been
instrumental in this success. However, it is the customers of Neoplast, who
have the greatest share in its success. Their trust in getting the perfect
solution for their specific requirements and their confidence in Neoplast’s
state-of-the-art technology has made Neoplast a market leader in plastic
machinery.
Neoplast has won its
customers continued trust by always providing them with a perfect solution to
their specific requirements, and this has helped Neoplast to emerge as a market
leader with about 70% Indian market share of high intensity mixers.
Neoplast is
committed to work towards its goal, that of attaining global leadership in the
manufacturing of machinery and equipment for the PVC compounding Industry.
NEWS
Neoplast family
takes immense pleasure in inviting you to their
Stall no.2 C230-B at ArabPlast 2007
Dubai, United Arab Emirates,
from January 13-16, 2007.
Neoplast-your
single source for all plastic processing machineries and solutions, showcases
its innovative products. Neoplast solicits your presence at the stand to discuss your current and future
needs. Looking forward to meeting you.
Its ArabPlast 2007, one of the biggest global trade show of
the plastic industry in India. As usual Neoplast takes part in this great show of the
Plastic industry.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.57 |
|
UK Pound |
1 |
Rs.78.93 |
|
Euro |
1 |
Rs.56.85 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|