MIRA
INFORM REPORT
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Report Date : |
01.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
RAJIV PETROCHEMICALS PRIVATE LIMITED |
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Registered Office : |
Rajiv House, 4 Smrutikunj, Near Navrangpura Post Offices,
Navrangpura, Ahmedabad 380009, Gujarat. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.10.1993 |
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Com. Reg. No.: |
04 - 20527 |
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CIN No.: [Company
Identification No.] |
U23209GJ1993PTC020527 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMR01211A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer and Distributor of poly propane goods, PVC Resin, Master
Batch, Stabilizers (Plasticizers). |
RATING &
COMMENTS
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MIRAs 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 239675 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well estimated concern having satisfactory track records.
Trade relations are fair. Financial position are good. Payments are usually
correct and as per commitments. Nothing adverse reported. The concern can be considered good for normal business dealings at
usual trade terms and conditions Profit and Loss details may follow soon. |
INFORMATION PARTED
BY
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Name : |
Mr. Ashok Brambhat |
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Designation : |
Accountant Officers |
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Contact No.: |
91-98997128 |
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Date : |
19.07.2008 |
LOCATIONS
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Registered Office : |
Rajiv House, 4 Smrutikunj, Near Navrangpura Post Offices,
Navrangpura, Ahmedabad 380009, Gujarat, India |
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Tel. No.: |
91-79-26448383 |
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Fax No.: |
91-79-26423595 |
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E-Mail : |
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Website : |
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Area : |
10000 sq ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Rajiv Vastupal Mehta |
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Designation : |
Director |
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Address : |
30-31, Vasantkunj, New Sharda Mandir, Ahmedabad 380007, Gujrat |
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Date of Birth/Age : |
28.10.1957 |
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Date of Appointment : |
24.06.1999 |
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Name : |
Mr. Arti Rajiv Mehta |
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Designation : |
Director |
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Address : |
30-31, Vasantkunj, New Sharda Mandir, Ahmedabad 380007, Gujrat |
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Date of Birth/Age : |
27.08.1958 |
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Date of Appointment : |
24.06.1999 |
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Name : |
Mr. Jitendra Jatilal Patel |
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Designation : |
Director |
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Address : |
5, Manav Seva Society, Opp. Balol Nagu, Raiup, Ahmedabad, Gujarat,
India |
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Date of Birth/Age : |
01.08.1958 |
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Qualification : |
16.11.1999 |
KEY EXECUTIVES
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Name : |
Ms. Kadambari M. Dave |
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Designation : |
Company Secretary |
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Address : |
I 14, Hariom Park, Near Ghosla Society, Jay Ambenagar Road, Thaltej,
Ahmedabad 380 054, Gujarat, India |
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Tel No.: |
91-79-30026994 |
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Mobile No.: |
91-9376136121 |
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E-mail.: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Mr. Rajiv Vastupal Mehta |
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347500 |
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Mr. Arti Rajiv Mehta |
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60000 |
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Mrs. Ranaben Vastupal Mehta |
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5000 |
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Mrs. Induben Ambalal Parekh |
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37300 |
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Mr. Jitendra Jatilal Patel |
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100 |
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Mr. Chunilal Ganeshdas Patel |
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100 |
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M/s. Doorstep Financial Ser Limited |
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150000 |
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M/s. G.K. Financial and Industrial Limited |
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50000 |
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M/s. Bharatipura Financial and Industrial Limited |
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200000 |
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Total |
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850000 |
As on 31.03.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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47.00 |
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Directors or relatives of directors |
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53.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Distributor of poly propane goods, PVC Resin, Master
Batch, Stabilizers (Plasticizers). |
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Products : |
v PVC Resin v PP v HIPS v EPS |
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Imports : |
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Countries : |
v China v Malaysia v Thailand v Qatar v Doha. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C, Credit and Advance. |
GENERAL INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
20 |
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Bankers : |
Syndicate Bank Navrangpura Branch, Navrangpura, Ahmedabad 380009, Gujrat, India |
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Facilities : |
OD 50.000 Millions NFB 32.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jain Kedia and Sharma Chartered Accountant |
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Address : |
13,Mill Officers Colony, Behind Gajjar Chambers, Ashram Road,
Ahmedabad 380009, Gujarat, India. |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 10.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
850000 |
Equity Shares |
Rs. 10/- Each |
Rs. 8.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
8.500 |
8.500 |
8.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
39.435 |
19.479 |
14.054 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
47.935 |
27.979 |
22.554 |
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LOAN FUNDS |
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1] Secured Loans |
92.702 |
50.269 |
33.691 |
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2] Unsecured Loans |
23.916 |
28.339 |
39.904 |
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TOTAL BORROWING |
116.618 |
78.608 |
73.595 |
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DEFERRED TAX LIABILITIES |
0.391 |
0.604 |
0.672 |
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TOTAL |
164.944 |
107.191 |
96.822 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.343 |
4.886 |
5.116 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
29.183
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3.930 |
2.024 |
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Sundry Debtors |
244.375
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178.245 |
120.433 |
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Cash & Bank Balances |
18.754
|
25.547 |
12.787 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
30.929
|
10.944 |
14.811 |
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Total
Current Assets |
323.241
|
218.666 |
150.055 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
155.101
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114.543 |
57.570 |
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Provisions |
7.539
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1.818 |
0.779 |
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Total
Current Liabilities |
162.640
|
116.361 |
58.349 |
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Net Current Assets |
160.601
|
102.305 |
91.706 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
164.944 |
107.191 |
96.822 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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626.648 |
343.679 |
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Total Income |
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626.648 |
343.679 |
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Profit/(Loss) Before Tax |
|
19.743 |
8.356 |
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Provision for Taxation |
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(0.213) |
2.931 |
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Profit/(Loss) After Tax |
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19.956 |
5.425 |
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Imports : |
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CIF Value |
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376.172 |
217.285 |
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Total Imports |
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376.172 |
217.285 |
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Expenditures : |
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Depreciation & Amortization |
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0.528 |
0.584 |
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Other Expenditure |
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606.377 |
334.739 |
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Total Expenditure |
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606.905 |
335.323 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.18
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1.58 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
3.15
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2.43 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.15
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2.43 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.41
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0.30 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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3.39
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4.16 |
2.59 |
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Current Ratio (Current Asset/Current Liability) |
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1.99
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1.88 |
2.57 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Company is in the process of merger on w.e.f. 01.01.2007 of M/s. Pari Plast Industries Private Limited. A loss making unit manufacturing HDPE Bags. Pari Plast Industries Private Limited is having accumulated unabsorbed losses as per income tax. In view of these losses and pending of the merger petition before honorable high court of Gujarat, no provision for income tax is made in the current year.
Trade References
v Dacron Poly
Synthex limited - Kalol
Form 8
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Name of the company |
RAJIV
PETROCHEMICAL PRIVATE LIMITED |
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Presented By |
Rajiv Vastupal Mehta
- Director |
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1) Date and description of instrument creating the change |
Composite
Hypothecation Agreement, dated 19.07.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.85.000
Millions (Rupees Eighty Five Millions Only) |
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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 |
The charges shall
operate on all securities of the browser describe in general term in schedule
and Schedule lll A and B of instrument creating charges and shall include
products. Raw material stock in progress. Finish good and stock in trade etc
of stock of PVC resins and polypropylene lying at the browser godown at
aslali or navrang pura where ever else and receivables as per particular
described in schedule I and schedule lll A and B of the instrument
creating charge |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge shall
secure INLC (SODH) limit of Rs. 15.000 Millions and FLC/ILC/EXRG limit of Rs.
70.000 Millions granted by the bank their section letter No. NAV dated
03.07.2003 the rate of interest per guideline of the bank from time to time
and 50% book debts for INCL limit and other terms and as per section. |
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5) Name and Address and description of the person entitled to the charge. |
v Syndicate Bank Navrangpura Branch, Navrangpura, Ahmedabad |
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6) Date and brief description of instrument modifying the charge |
Composite Hypothecation
dated 21.04.2005 of Rs. 155.000 Millions |
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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. |
The year ended as
per composite deed of hypothecation dated 21.04.2005 for Rs. 155.000 Millions
to cover enhanced limit particularly mentioned in schedule l of the deed
including SODH limit of Rs. 20.000 Millions. DATBD/LC of Rs. 45.000 Millions
and combine limit of Rs. 90.000 Millions under FCL\ILC\BG\FXBG. The interest
rate will be 9% (i.e. PLR 2%) other terms and conditions as per the
sectioned letter No. NVP/AHD/2005/041 dated 19.01.2005 the charges shall
operate on all securities of the borrower describe in general term as per
schedule lll part A and part D the instrument creating charges and shall
include products, raw material, stock in trade in the trade of PVC resins and
polypropylene at navrangpura or wherever else and term deposit and book
debts. |
Form 8
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U23209GJ1993PTC020527 |
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Name of the
company |
Rajiv
Petrochemical Private Limited |
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Address of the
registered office or of the principal place of business in India of the company |
Rajiv House, 4 Smrutikunj, Near Navrangpura Post Offices,
Navrangpura, Ahmedabad 380009, Gujarat, India |
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Type of charge |
Equity mortgage
or mortgage of property by depositing the title deeds |
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Particular of
charge holder |
Syndicate Bank Navrangpura Branch, Navrangpura, Ahmedabad 380009, Gujrat, India. |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of
deposit of title deeds date 14.08.2006
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Date of instrument
Creating the charge |
14.08.2006 |
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Amount secured by
the charge |
Rs. 2.400
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
P.L.R. 1.50%,
Margin 20% Stock and 30% for book
debt |
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Short particulars
of the property charged |
Immovable
property The personal
guarantee given by the director of the company Mrs. Arti Rajiv Mehta, Flat
No.16, Admeasuring 200 sq ft yds on the fourth floor in the building known as
haridwar Apartment, Gulbai Tekara, Ambawadi, Ahmedabad. |
Performance During
the Year
The company has made sales of PVC Resin manufactured by Finolex Industries Limited, LDPE Lot rene (Import) manufactured by Qatar, Masterbatches of Plast ichemix Industries, Polyester film of M/s. Jindal Polyester Limited and ASPET Goods of M/s. South Asian Pet Rochem Limited.
Further the company has also carried out the business of consignment activity business of M/s. LG Polymers (India) and Synergy Natural Cares.
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 Intl
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 companys 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. 42.49 |
|
UK Pound |
1 |
Rs. 84.21 |
|
Euro |
1 |
Rs. 66.33 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
46 |
This score serves as a reference to assess SCs 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 |
|