MIRA
INFORM REPORT
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Report Date : |
19.06.2007 |
IDENTIFICATION DETAILS
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Name : |
RADIANT PLASTIC INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
722, 7th
Floor, Maker Chambers V, Nariman Point, Mumbai - 400021, |
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Country : |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
17.01.1980 |
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Com. Reg. No.: |
11-22115 |
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CIN No.: [Company
Identification No.] |
U25209MH1980PTC022115 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR16482E |
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PAN No.: [Permanent
Account No.] |
AACPM2141A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of premium quality Biscuits
and Confectioneries |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
-- |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track. Directors
are reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are however reported as
usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
722, 7th
Floor, Maker Chambers V, Nariman Point, Mumbai - 400021, |
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Tel. No.: |
91-22-22884304
/ 05 / 22882759 |
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Mobile No.: |
91-9322217783 |
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Fax No.: |
91-22-22875329 |
DIRECTORS
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Name : |
Mr. Chandru Assudamal Vasnani |
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Designation : |
Director |
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Address : |
6/F, 6th Floor, |
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Date of Birth/Age : |
05.08.1937 |
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Date of Appointment : |
16.02.1995 |
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Name : |
Mr. Kishin Assudamal Vasnani |
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Designation : |
Director |
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Address : |
6/F, 6th Floor, |
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Date of Birth/Age : |
15.11.1943 |
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Date of Appointment : |
16.02.1995 |
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Name : |
Mr. Naneet Chandru Vasnani |
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Designation : |
Director |
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Address : |
6/F, 6th Floor, |
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Date of Birth/Age : |
08.09.1969 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Hanishka Investments Limited |
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3990 |
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Vaswani Chandru Haneet |
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10 |
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Total |
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4000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of premium quality Biscuits
and Confectioneries |
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Products : |
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Exports : |
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Countries : |
Africa and |
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Imports : |
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Countries : |
Hong Kong and |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
--- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mukund Maniar and Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.400 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.400 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.400 |
0.400 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.043 |
0.043 |
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4] (Accumulated Losses) |
|
[12.534] |
[12.173] |
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NETWORTH |
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[12.091] |
[11.730] |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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15.700 |
14.342 |
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TOTAL BORROWING |
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15.700 |
14.342 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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3.609 |
2.612 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.399 |
0.468 |
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INVESTMENT |
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0.025 |
0.025 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.993 |
0.244 |
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Sundry Debtors |
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1.346 |
5.617 |
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Cash & Bank Balances |
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0.440 |
0.781 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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2.974 |
2.196 |
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Total
Current Assets |
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9.753 |
8.838 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.568 |
6.719 |
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Provisions |
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Total
Current Liabilities |
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6.568 |
6.719 |
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Net Current Assets |
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3.185 |
2.119 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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3.609 |
2.612 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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Sales Turnover |
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16.769 |
27.933 |
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Other Income |
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Total Income |
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16.769 |
27.933 |
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Profit/(Loss) Before Tax |
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[0.382] |
0.554 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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[0.382] |
0.554 |
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Earnings in Foreign Currency : |
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Export Earnings |
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16.434 |
27.716 |
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Total Earnings |
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16.434 |
27.716 |
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Expenditures : |
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Administrative & Selling Expenses |
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0.902 |
0.969 |
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Salaries, Wages, Bonus, etc. |
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0.421 |
0.315 |
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Payment to Auditors |
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0.022 |
0.022 |
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Interest |
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0.027 |
0.010 |
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Depreciation & Amortization |
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0.068 |
0.082 |
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Total Expenditure |
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1.440 |
1.398 |
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KEY RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
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[2.28] |
1.98 |
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Net Profit Margin (PBT/Sales) |
(%) |
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[2.28] |
1.98 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[3.76] |
5.95 |
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Return on Investment (ROI) (PBT/Networth) |
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[0.03] |
[0.05] |
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Debt Equity Ratio (Total Liability/Networth) |
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[1.84] |
[1.80] |
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Current Ratio (Current Asset/Current
Liability) |
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1.48 |
1.32 |
LOCAL AGENCY FURTHER INFORMATION
Fixed
Assets
- Plant and
Machinery
- Office
Premises
- Furniture and
Fixture
- Computers
Bankers Charges Report as per Registry
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Name of the company |
RADIANT PLASTIC
INDUSTRIES PRIVATE LIMITED |
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Presented By |
Jointly by the
company and the chare Holder |
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1) Date and description of instrument creating the change |
Agreement for
Hypothecation of Book Debts and Receivables along with agreement to create
equitable mortgage both dated 30.03.2005 Memorandum
recording Equitable Mortgage by deposit of Title Deeds dated 02.04.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.000
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 |
Hypothecation of
receivable including export receivables. Office premises
situated at 722, 7th
Floor, Maker Chambers V, Nariman Point, Mumbai – 400021 adm. 460 sq. fts.
Within the limits of the Greater Mumbai Municipal Corporation together with
fixture and fittings now standing or to be hereafter installed therein. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Foreign bills
purchased / discounted facility. Rate of interest
is 6.5 % p.a. upto 90 days and 11 % p.a. from 91 to 120 days from the date of
purchased / discount till payment |
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5) Name and Address and description of the person entitled to the charge. |
Indusind Bank
Limited having its Registered office at 2401, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number of the company |
U25209MH1980PTC022115 |
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Name of the
company |
RADIANT PLASTIC INDUSTRIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
722, 7th
Floor, Maker Chambers V, Nariman Point, Mumbai - 400021, |
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This form is for |
Modification of charge |
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Type of charge |
Hypothecation
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Particular of
charge holder |
Indusind Bank
Limited |
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Amount secured by
the charge |
Rs. 25.000
Millions |
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Particulars of
the property charged |
Office premises
situated at 722, 7th
Floor, Maker Chambers V, Nariman Point, Mumbai – 400021 adm. 460 sq. fts. Within
the limits of the Greater Mumbai Municipal Corporation together with fixture
and fittings now standing or to be hereafter installed therein. |
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Charge
identification number of the charge to be modified |
80001390 |
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Brief description
of the instrument modifying the charge under section 135 |
Memorandum
recording extension of equitable
mortgage by deposit of title deed |
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Date of
instrument modifying the charge |
04.04.2006 |
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Particular of the
present modification |
Save and except
creation f equitable mortgage, there is, therefore, no change in the amount
of charge which stands secured at Rs. 25.000 Millions |
AS PER
WEBSITE
Profile
Subject
is a multinational company having a widespread market network in countries like
Besides
the massive product range, Radiant Plastic Industries Private Limited is well
known in the industry for its reliable services and customer centric approaches.
They believe in quality, with an endeavor to enhance their productivity and
serve you with the best products as well as services. This is the attitude that
has enabled us to be at the top for the last 84 years and will continue
forward.
Products
Manufacture
Subject is a prominent manufacturer, exporter, importer,
trader and supplier of a massive range of products. They manufacture the
following products-
- Biscuits and
Confectioneries.
Products
Export
|
Complete Three Wheelers |
Machinery & Spares for Biscuit, Bakery and
Confectionery Industries |
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Diesel Engines |
Packaging Machinery for All Industries |
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Inverters |
Glass Refills for Flasks |
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Laminates/Packaging Materials |
Raw Materials for Biscuits, Bakery and Confectionery
Industries |
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Cables |
Moulds for Plastic Industries |
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Bicycles CKD Form |
Industrial Switches |
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Bicycles Tyres and Tubes |
Britannia Brand Biscuits |
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Stainless Steel Utensils |
Generator Sets |
Products
Import
- Consumer
Electronics- Radios, Radio Cassette Recorders, DVD, MP3 Players, TVs, etc.
- Household
Appliances- Refrigerators, Chest Freezes, Washing Machines, Air Conditioners,
etc.
- Building
Materials- Glass Sheets, Wall Tiles & Floor Tiles, Ceiling Boards, etc.
- Power
Products- Generators, Engines, Water Pumps, etc.
- Automotives- Motor
Cycles, Tyres for Trucks & Passenger Cars, etc.
- Paper
Products
- Plastic Raw
Materials and Machinery
- General
Merchandise- Traditional Chinese Goods, Batteries, Textiles, Metals,
Toys/Bicycles, etc.
Quality
Quality is the first and foremost concern at Radiant Plastic Industries Private
Limited They export the top brands from
Infrastructure
Having huge export import operations spread over three
countries, they possess an extensive business network which subsequently
requires a strong infrastructural base. In the last eight decades, they have
established a sound infrastructural base as the well known fact behind their
ability to handle all their business operations efficiently, successfully and
to the satisfaction of their clients. Besides, they also have a highly
sophisticated manufacturing unit for the production of biscuits and
confectionery items. They are also indebted to their dedicated workforce for
their success and superlative performance in becoming the most reliable brand
in their field.
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 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.40.70 |
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|
1 |
Rs.80.80 |
|
Euro |
1 |
Rs.54.65 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
34 |
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/normal. |
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 |
|