MIRA
INFORM REPORT
|
Report Date : |
21.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
REGENT PLAST PRIVATE LIMITED |
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Registered Office : |
3/4 Choksi Mansion 303, Shahid Bhagat Singh Road, Fort, Mumbai – 400
001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
21.06.1985 |
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Com. Reg. No.: |
11-36642 |
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CIN No.: [Company
Identification No.] |
U25202MH1985PTC036642 |
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IEC No.: |
3088121548 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR15262C |
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PAN No.: [Permanent
Account No.] |
AABCR3050K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Plastic Articles. |
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 200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
General financial position to the company is satisfactory. Payments are
reported as slow but correct. The company is doing well. I can be considered normal
for business dealings at normal trade terms and conditions.
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INFORMATION PARTED
BY
|
Name : |
Mrs. Jaya |
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Designation : |
Secretary of Mr. Kartik Deora |
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Date : |
18.06.2008 |
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Name : |
Ms. Ujwala Khandge |
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Designation : |
Accounts Assistant |
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Date : |
18.06.2008 |
LOCATIONS
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Registered Office : |
3/4 Choksi Mansion 303, Shahid Bhagat Singh Road, Fort, Mumbai – 400
001, Maharashtra, India |
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Tel. No.: |
91-22-22655474 |
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Fax No.: |
91-22-22657780 |
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E-Mail : |
mktg@regentplast.com |
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Factory 1 : |
807, Raheja Centre, 214 Free Press Journal Marg, Nariman Point, Mumbai
– 400 021, Maharashtra, India |
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Tel. No.: |
91-22-22881152 / 22881153 / 22881154 |
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Fax No.: |
91-22-22881155 |
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E-Mail : |
accounts@regentplast.com |
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Area : |
1000 Sq. ft. |
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Location : |
Rented |
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Factory 2 : |
Located at Umagaon |
DIRECTORS
|
Name : |
Mr. Mahabirprasad Deora |
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Designation : |
Director |
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Address : |
17, Fair Field, Churchgate Reclanation, Churchgate, Mumbai – 400 020,
Maharashtra, India |
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Date of Birth/Age : |
22.03.1934 |
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Date of Appointment : |
10.10.1985 |
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Name : |
Mr. Kashi Sitaram Deora |
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Designation : |
Director |
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Address : |
20, Anand Niwas, Sitaram Deora Marg, Churchgate, Mumbai – 400 020,
Maharashtra, India |
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Date of Birth/Age : |
25.11.1948 |
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Date of Appointment : |
09.02.1988 |
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Name : |
Mr. Sunil Jhunjhunwala |
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Designation : |
Director |
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Address : |
306, Akruti, J. P. Road, Opp. Wadia High School, Andheri (W), Mumbai –
400 053, Maharashtra, India. |
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Date of Appointment : |
20.06.1989 |
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Name : |
Mr. Kartik Deora |
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Designation : |
Director |
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Address : |
20 Anand Niwas, A Road, Churchgate, Mumbai – 400 020, Maharashtra,
India |
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Date of Appointment : |
29.09.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Nathamal Saboo |
10 |
|
Kailash Murarka |
10 |
|
Laxmi Murarka |
10 |
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Kashi Sitaram Deora |
10510 |
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Kiran K Deora |
21030 |
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Kashi Sitaram Deora (HUF) |
10000 |
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Kartik Deora |
17500 |
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Darshan Deora |
134000 |
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Mustan and Houldings Private Limited |
30000 |
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West Coast Containers Private Limited |
10000 |
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Transformers Manufacturing Company Private Limited |
10000 |
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|
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Total |
243070 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
Category |
Percentage |
|
Bodies Corporate |
20.57 |
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Directors or relatives of Director |
79.43 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Plastic Articles. |
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Products : |
· Plastic Bottles · Containers · Caps · Closures · Extrusion Blow Moulded · Injection Blow Moulded ·
Injection Moulded Plastic Articles |
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Exports : |
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Countries : |
·
U.S.A. ·
Germany |
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Terms : |
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Selling : |
Advance |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
Above 50 |
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Bankers : |
Bank of Baroda Sir P. M. Road Branch, Laxmi Insurance Building, Ground Floor, Sir P.
M. Road, Mumbai – 400 001, Maharashtra, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
·
Vijay Kumar Jain Chartered Accountants Dahanukar Building, 5th Floor,
480, Kalbadevi Road, Mumbai – 400 002, Maharashtra, India ·
M. L. Bhuwania and Company Chartered Accountants Mumbai. |
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Associates/Subsidiaries : |
Paramount Industry, Daman Shree Shardi Plastics, Daman |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 millions |
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Total |
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Rs.3.000
millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
243070 |
Equity Shares |
Rs.10/- each |
Rs.2.430
millions |
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Total |
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Rs.2.430 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.431 |
2.431 |
2.431 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
38.238 |
32.591 |
31.113 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
40.669 |
35.022 |
33.544 |
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LOAN FUNDS |
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1] Secured Loans |
0.438 |
0.685 |
0.371 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.438 |
0.685 |
0.371 |
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DEFERRED TAX LIABILITIES |
2.682 |
3.102 |
3.320 |
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TOTAL |
43.789 |
38.809 |
37.235 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.623 |
15.154 |
14.557 |
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Capital work-in-progress |
1.395 |
1.395 |
1.395 |
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INVESTMENT |
7.553 |
1.460 |
1.632 |
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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 |
2.019
|
2.325
|
0.735 |
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Sundry Debtors |
2.281
|
1.774
|
3.171 |
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Cash & Bank Balances |
1.702
|
1.389
|
0.449 |
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Other Current Assets |
0.079
|
0.015
|
0.010 |
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Loans & Advances |
25.920
|
21.223
|
20.185 |
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Total
Current Assets |
32.001
|
26.726 |
24.550 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.553
|
2.173
|
1.139 |
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Provisions |
6.230
|
3.753
|
3.760 |
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Total
Current Liabilities |
10.783
|
5.926
|
4.899 |
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Net Current Assets |
21.218
|
20.800
|
19.651 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
43.789 |
38.809 |
37.235 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
14.467 |
5.950 |
7.508 |
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Processing and Labour Charges Received |
17.104 |
18.019 |
19.791 |
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Other Income |
3.280 |
1.906 |
1.457 |
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Total Income |
34.851 |
25.875 |
28.756 |
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Profit/(Loss) Before Tax |
7.484 |
3.370 |
5.352 |
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Provision for Taxation |
1.987 |
1.275 |
1.858 |
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Profit/(Loss) After Tax |
5.497 |
2.095 |
3.494 |
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Expenditures : |
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Cost of Materials |
5.645 |
1.239 |
1.999 |
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Payment to and Provision for Employees |
3.787 |
3.357 |
3.245 |
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Manufacturing Expenses |
11.053 |
11.520 |
11.425 |
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Other Expenses |
4.967 |
4.549 |
4.669 |
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Interest and Financial Charges |
0.116 |
0.099 |
0.130 |
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Depreciation & Amortization |
1.799 |
1.741 |
1.936 |
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Total Expenditure |
27.367 |
22.505 |
23.404 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
15.77
|
8.10 |
12.15 |
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Net Profit Margin (PBT/Sales) |
(%) |
51.73
|
56.64 |
71.28 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.40
|
8.05 |
13.69 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.10 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.28
|
0.19 |
0.16 |
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Current Ratio (Current Asset/Current Liability) |
|
2.97
|
4.51 |
5.01 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance Chart
|
Parameters |
Details |
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Statutory Approvals |
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Income Tax Registration |
AABCR3050K |
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Central Sales Tax Registration |
24750500350 C |
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VAT/ TIN Registration |
24250500350 V |
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Import Export Code |
3088121548 |
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Name of Bank |
Bank of Baroda |
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Current Account Number |
04170200000252 |
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Account Since |
24.05.2000 Onwards |
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Emp PF Reg Number |
GJ / 18099/ /A |
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Trade Affiliations |
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SSI Registration |
Yes – 041904431 |
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Export Promotion Council |
Yes – PLEPC / R / 345 / 0809 |
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Chambers of Commerce Membership |
Indian Merchant Chambers – PVT 4145 |
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Standards & Certifications |
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Quality Management Systems |
YES |
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Environment Management Systems |
YES |
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Safety Certificates |
NO |
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Product Certificates |
NO |
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Other Cerficates |
ISO : 9001 : 2000 |
Trade References :
·
Castrol India Limited – Andheri (E)
·
Moss World Enterprises – U.S.A.
·
Krypton Chemist Limited – Germany
Form No. 8
|
Name of the company |
REGENT PLAST PRIVATE LIMITED |
|
Presented By |
Sir P. M. Road
Branch |
|
1) Date and description of instrument creating the change |
Instrument of
Hypothecation of Goods Dated – 20th June, 1989 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.200 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
all stocks of the Company including raw materials, stock in precess, spares
and finished goods. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
By the instrument
of hypothecation of goods executed by the company under its common seal. The
Company has agreed to hypothecate and hypothecated and charged all stocks of
the Company as mentioned in Column No. 3 here in above to Bank of Baroda, Sir
P. M. Road, Bombay as security against the amount owing and outstanding in
the cash credit account limit of Rs.1.200 millions plus all other charges,
stocks, expenses payable by the company to the bank. Interest payable by the
Company @16.5% p.a. with quarterly rests. The entire
advance is repayable on demand. Margin – 40% on
Raw Materials and Finished Goods 50% on Stock-Process |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Sir P. M. Road Branch, Laxmi Insurance Building, Ground Floor, Sir P.
M. Road, Mumbai – 400 001, Maharashtra, India. |
|
6) Date and brief description of instrument modifying the charge |
Modifying
Instrument of Hypothecation dated – 21st July, 1989 |
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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 original
charge dated 20.06.1989 for Rs.1.200 millions has been modified by extending
the charge against hypothecation of stocks created in the banks favour to
cover the Inland Guarantee limit of Rs. 0.500 million granted by the bank thereby
making a total charge of Rs. 1.700 millions on stocks. |
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.42.97 |
|
UK Pound |
1 |
Rs.84.75 |
|
Euro |
1 |
Rs.66.72 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|