MIRA
INFORM REPORT
|
Report Date : |
31.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
PARADISE PLASTIC ENTERPRISES LIMITED - |
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Registered Office : |
701-A, Highland Park, Lokhandwala Complex, New Link Road, Andheri
(West), Mumbai – 400 053, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.01.1986 |
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Com. Reg. No.: |
074410 |
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CIN No.: [Company
Identification No.] |
U74999MH1986PLC074410 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP17816B |
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PAN No.: [Permanent
Account No.] |
AABCP5932G |
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Legal Form : |
Subject is a Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturers, Importers, Exporters, Stockiest, Agents,
Distributors, Buyers or Sellers of products & articles & plastics,
rubber or other synthetic or chemical including container, cabinets,
packagers, domestic & household utility goods, sheets, films, tapes,
laminates, industrial components, stationery goods, office requisites, sports
goods & it’s accessories and parts thereof. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 267328 |
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Status : |
Satisfactory |
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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 satisfactory track.Directors is reported as experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
701-A, Highland Park, Lokhandwala Complex, New Link Road, Andheri (West), Mumbai – 4000 53, Maharashtra, India. |
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Tel. No.: |
91-22-28688783/28684240 |
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E-Mail : |
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Factory 1 : |
D-13, Sector 8, Noida – 201 305, |
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Tel. No.: |
91-120-2424105 |
DIRECTORS
|
Name : |
Mr. Bhupendra M. Gandhi |
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Designation : |
Chairman |
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Address : |
701-A, Highland Park, Lokhandwala Complex, New Link Road,
Andheri (West), Mumbai – 400 053, Maharashtra |
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Date of Birth/Age : |
22.10.1932 |
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Date of Appointment : |
28.08.1998 |
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Name : |
Mr. Yogesh K. Gandhi |
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Designation : |
Managing Director |
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Address : |
701-A, Highland Park, Lokhandwala Complex, New Link Road,
Andheri (West), Mumbai – 400 053, Maharashtra, India. |
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Date of Birth/Age : |
02.12.1955 |
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Date of Appointment : |
01.04.1998 |
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Name : |
Mr. Jitendra V. Gandhi |
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Designation : |
Director |
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Address : |
F-524, Ram Vihar, Sector 30, Noida – 201 301, Uttar
Pradesh |
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Date of Birth/Age : |
15.05.1944 |
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Date of Appointment : |
01.04.1998 |
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Name : |
Mr. Jayendra V. Gandhi |
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Designation : |
Director |
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Address : |
332, Shreeji Sadan, |
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Date of Birth/Age : |
27.03.1946 |
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Date of Appointment : |
22.08.2003 |
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Name : |
Mr. Kantilal Y. Gandhi |
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Designation : |
Director |
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Address : |
1203-A, Highland Park, Lokhandwala Complex, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra |
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Date of Birth/Age : |
05.06.1981 |
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Date of Appointment : |
22.08.2003 |
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Name : |
Mr. Harsh Y Gandhi |
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Designation : |
Joint Managing Director |
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Address : |
Plot No. B-62, Sector -14 Noida 201 301, |
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Date of Birth/Age : |
05.06.1981 |
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Date of Appointment : |
22.08.2003 |
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Name : |
Mr. K. M.Gandhi |
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Designation : |
Chairman & Executive Director |
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Name : |
Parul Y.Gandhi |
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Designation : |
Executive Director |
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Address : |
1203-A, Highland Park, Lokhandwala Complex, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra |
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Date of Birth/Age : |
29.10.1959 |
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Date of Appointment : |
01.10.2004 |
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Name : |
Mr. Shailesh J. Jobla |
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Designation : |
Additional Director |
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Address : |
12, Mahesh Villa, V. B. Lane Extension, Ghatkopar (East), Mumbai -400 077, Mharashtra |
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Date of Birth/Age : |
22.05.1957 |
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Date of Appointment : |
01.04.2204 |
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Name : |
Mr. Vithaldas H. Shah |
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Designation : |
Additional Director |
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Address : |
6, |
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Date of Birth/Age : |
09.10.1936 |
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Date of Appointment : |
01.04.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay PS Saini |
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Designation : |
Company Secretary |
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Address : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mr. Kantilal M. Gandhi |
12,500 |
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Mr. Kantilal jointly with |
1,10,000 |
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Mr. Yogesh K. Gandhi |
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Mrs. Padmavati K. Gandhi |
12,500 |
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Mrs Neela K. Gandhi |
4000 |
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Mrs. Nelaa jointly with |
8,500 |
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Mr. Kantilal M. Gandhi |
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Mrs. Manisha K. Gandhi |
10,000 |
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Mrs. Manisha jointly with |
2,500 |
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Mrs. Kantilal M. Gandhi |
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Mr. Manoj K. Gandhi HUF |
15,000 |
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Mrs. Rajul M. Gandhi |
15,000 |
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Mr. Yogesh K. Gandhi |
22,000 |
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Mr. Yogesh jointly with |
4,81,000 |
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Mrs Parul Y. Gandhi |
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Mrs. Parul Y. Gandhi |
1,50,000 |
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Mrs. Parul jointly with |
1,30,000 |
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Mr. Yogesh K. Gandhi |
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Mr. Harsh Y. Gandhi |
35,000 |
|
Mr. Harsh jointly with |
17,05,000 |
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Mr. Yogesh K. Gandhi |
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Mr. Parth jointly with |
1,25,000 |
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Mr. Yogesh K. Gandhi |
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Total |
1,30,500 |
Equity share breakup (percentage of tatal epuity)
|
S. No. |
Category |
Percentage |
|
1 |
Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Importers, Exporters, Stockiest, Agents, Distributors,
Buyers or Sellers of products & articles & plastics, rubber or other
synthetic or chemical including container, cabinets, packagers, domestic
& household utility goods, sheets, films, tapes, laminates, industrial
components, stationery goods, office requisites, sports goods & it’s
accessories and parts thereof. |
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Products : |
Automotive, Home Appliances, Consumer Electronics, Business
Appliances, Generator, CD Cover, Helmets, Other |
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Brand Names : |
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PRODUCTION STATUS
Actual Production
|
Particulars |
Unit |
31.03.2005 |
31.05.2004 |
|
Plastic Components |
(Nos.) millions |
5.127 |
6.481 |
GENERAL INFORMATION
|
Customers : |
Maruti Udyog Pvt. Ltd., Salora International Ltd., Lucas – TVS Ltd.,
Onida Savak Ltd., Godrej –GE Appliance, Honda Siel Cars India Pvt. Ltd., Siel
Honda Power Products Ltd., Daewoo Motors India Ltd., LG Electronics India
Pvt. Ltd., Matushita Television and Audio (India) Ltd., Subros Ltd., Xerox
ModiCorp. Ltd., Advantec Coils Private Ltd. Sanden Vikas (India) Ltd.,
Whirlpool Of India Ltd., Delphi Automotive System (p) Ltd., Sony, Moser Baer
(India) Ltd., Honda Motorcycle & Scooters (India) Ltd., Kihin Panalfa
Ltd., Denso India Ltd., BPL Ltd., Steel Bird Hi-Tech India Ltd. |
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No. of Employees : |
250 |
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Bankers : |
United Western Bank Limited Kotak Mahindra Bank Limited 36-38A Narimanbhavan, 227-D, Nariman Point, Mumbai -21, |
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The Shamrao Vithal Co-operative Bank Limited Canara Bank, Sector 1, Noida, Uttar Pradesh |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Kamdar Desai & Patel, Chartered Accountants |
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Address : |
Neelkanth Niwas, 169/C, Dadar T. T., Mumbai – 400 014, Maharashta. |
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Tel. No.: |
91-22-24125897 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30,00,000 |
Equity |
Rs. 10/- each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13,03,500 |
Equity |
Rs. 10/- each |
Rs.13.035 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
13.035 |
13.035 |
13.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
53.797 |
51.096 |
46.400 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
66.832 |
64.131 |
59.400 |
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LOAN FUNDS |
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1] Secured Loans |
76.369 |
93.842 |
92.500 |
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2] Unsecured Loans |
21.290 |
22.017 |
22.200 |
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TOTAL BORROWING |
97.659 |
115.859 |
114.700 |
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DEFERRED TAX LIABILITIES |
0.137 |
0.739 |
0.000 |
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TOTAL |
164.628 |
180.729 |
174.410 |
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APPLICATION OF FUNDS |
0.000 |
0.000 |
0.000 |
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FIXED ASSETS [Net Block] |
91.387 |
87.468 |
83.400 |
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Capital work-in-progress |
0.050 |
0.000 |
0.000 |
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INVESTMENT |
0.050 |
0.050 |
0.100 |
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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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|
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Inventories |
35.051
|
46.863 |
46.000 |
|
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Sundry Debtors |
52.829
|
72.204 |
56.900 |
|
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Cash & Bank Balances |
5.205
|
10.828 |
21.600 |
|
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Other Current Assets |
0.000
|
0.036 |
0.000 |
|
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Loans & Advances |
21.735
|
17.700 |
11.700 |
|
Total
Current Assets |
114.820
|
147.631 |
136.200 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
27.976
|
42.661 |
38.800 |
|
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Provisions |
13.703
|
11.760 |
06.800 |
|
Total
Current Liabilities |
41.679
|
54.421 |
45.600 |
|
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Net Current Assets |
73.141
|
93.210 |
90.060 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
164.628 |
180.729 |
174.410 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
412.818 |
510.100 |
445.700 |
|
|
Other Income |
0.696 |
00.227 |
04.200 |
|
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Total Income |
413.514 |
510.327 |
449.900 |
|
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|
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Profit/(Loss) Before Tax |
4.502 |
13.682 |
09.700 |
|
|
Provision for Taxation |
1.799 |
5.238 |
2.700 |
|
|
Profit/(Loss) After Tax |
2.703 |
8.444 |
07.000 |
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Expenditures : |
|
|
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|
|
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Manufacturing Expenses |
0.000 |
0.000 |
45.600 |
|
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Administrative Expenses |
0.000 |
0.000 |
24.000 |
|
|
Raw Material Consumed |
234.613 |
293.192 |
225.800 |
|
|
Consumption of stores and spares parts |
1.283 |
2.228 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
16.875 |
16.205 |
0.000 |
|
|
Managerial Remuneration |
1.551 |
1.814 |
0.000 |
|
|
Payment to Auditors |
0.050 |
0.055 |
0.000 |
|
|
Interest |
9.229 |
12.613 |
13.300 |
|
|
Insurance Expenses |
2.843 |
2.934 |
0.000 |
|
|
Power & Fuel |
20568 |
22.023 |
20.000 |
|
|
Depreciation & Amortization |
11.997 |
11.534 |
19.500 |
|
|
Other Expenditure |
110.003 |
134.717 |
133.100 |
|
Total Expenditure |
409.012 |
497.315 |
829.500 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
0.65
|
1.65 |
2.15 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.09
|
2.68 |
2.17 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.13
|
9.26 |
7.12 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.21 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.62
|
0.84 |
0.76 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.75
|
2.73 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U74999MH1986PLC074410 |
|
Name of the company |
PARADISE PLASTICS ENTERPRISES LIMITED |
|
Address |
1203-A, Highland Park,
Lokhandwala Complex, New Link Road, Andheri (West), Mumbai – 400 053,
Maharashtra. |
|
This Form is for |
Modification of Chage |
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Type of Charges |
Immovable Property |
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Particular of the charge holder |
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Nature or description of the instrument creating charge |
Kotak Mahindra Bank Limited |
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Date of the instrument creating charge |
06.02.2007 |
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Amount Secure by the charge |
Rs. 18.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
*Rate of interest- Floating interest below 2% of PLR which is 13.50% p.a.Penal interest @ 2% p.m. *Terms of repayment- As per terms and conditions mentioned in the agreement and bank rule. *Margin- As per terms and conditions mentioned in the agreement and bank rule. *Extent and operation of the charge- An first / exclusive change by way of Hypothecation of movable assets of borrower both present & future in favor of Bank. Equitable mortgage in respect in immovable properties belonging to borrower situated at D-1 admeasuring 7190.64 sq. mtrs. situated at Industrial Area Surajpur Site V, Kasna, Greater Noida, Uttar Pradesh |
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Description of the property charge whether it is a charge on |
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Modification charge Charge identification number of the charge to be modified |
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Date of instrument modifying the charge |
06.09.2006 |
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Particulars of the Property charged |
D-1 admeasuring 7190.64 sq. mtrs. stuated at Industrial Area Surajpur Site V, Kasna, Greater Noida, Uttar Pradesh |
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Particulars of the present modification |
Additional Property situated at D-1 admeasuring 7190.64 sq. mtrs. stuated at Industrial Area Surajpur Site V, Kasna, Greater Noida, Uttar Pradesh mortagage as security. |
History:
Subject was
incorporated on 26th January, 1986 at Kolkata in West Bengal having
Company Registration Number 74410.The company’s registered office has been
shifted from
Fixed Assets:
Electrical Installation
Furniture & Fixture
Office Equipment
Motor Vehicle
Computer
Building
Plant & Machinery
Mould
Material Handling Crates
COMPANY PROFILE:
(a) Established in 1998 : Closely held by the Manekchand Gandhi family.
Expanded project of Mutual Inds. Ltd.
(established – 1979)
(b) An ISO 9002 & QS9000 Certified company and going for TS -16949
by March 2004)
(c) A highly motivated manpower base comprising of professionals with
vast experiences.
(d) Indigenously developed tool room skills poised for major up
gradation.
(e) Moulding capacities created to meet constantly growing market
segments.
(f) Driving to meet customer’s stringent quality needs.
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.40.64 |
|
|
1 |
Rs.80.44 |
|
Euro |
1 |
Rs.54.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|