MIRA
INFORM REPORT
|
Report Date : |
07.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DEEPAK POLY PLAST PRIVATE LIMITED |
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Registered Office : |
405, 4th Floor, Vasupujya Smruti Co-Operative Housing
Society Limited, Part -3, Sur Mount S G Highway, Ahmedabad – 380 015, Gujarat
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.06.1997 |
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Com. Reg. No.: |
04-32511 |
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CIN No.: [Company
Identification No.] |
U25200GJ1997PTC032511 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMD00029B |
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PAN No.: [Permanent
Account No.] |
AAACD6653R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Traders of Plastic HDPE, PVC |
RATING &
COMMENTS
|
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 4000 |
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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 steady business. Trade
relations are fair. Its payment are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
405, 4th Floor, Vasupujya Smruti Co-Operative Housing Society
Limited, Part -3, Sur Mount S G Highway, Ahmedabad – 380 015, Gujarat , India
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Tel. No.: |
91-79-25830813 / 26860342 / 26860443 |
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Fax No.: |
91-79-25830813 / 26860431 |
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E-Mail : |
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Website : |
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Corporate Office : |
1311, Phase III, GIDC Industrial Estate, Vatva, Ahmedabad – 382445,
Gujarat, India |
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Tel. No.: |
91-79-25833206 / 25892900 / 25830813 |
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Mobile No.: |
91-9824076791 |
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Fax No.: |
91-79-25833206 / 25830813 / 25892900 |
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E-mail: |
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Factory: |
Plot No 198/1-2, Near Deepak Kiran Food Products, Industrial Estate, Dantali, Via Lapakaman Village, Gota Vadsar Road, Tal - Kalol, Dist. Gandhinagar, Gujarat, India |
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Tel No.: |
91- 2764-286844 / 286855 |
DIRECTORS
|
Name : |
Mr. Deepak Asrani |
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Designation : |
Chairman |
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Address : |
4 Tejdhara Bunglows Part II, On 100 Ft Road, B/H Rahul Tower , Near Anand
Nagar, Satellite, Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
27.10.1967 |
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Date of Appointment : |
13.06.1997 |
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Name : |
Mr. Parmanand Asrani |
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Designation : |
Director |
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Address : |
4 Tejdhara Bunglows Part II, On 100 Ft Road, B/H Rahul Tower , Near
Anand Nagar, Satellite, Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
02.10.1941 |
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Date of Appointment : |
13.06.1997 |
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Name : |
Mr. Rajesh Asrani |
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Designation : |
Director |
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Address : |
4 Tejdhara Bunglows Part II, On 100 Ft Road, B/H Rahul Tower , Near
Anand Nagar, Satellite, Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
14.08.1970 |
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Date of Appointment : |
08.08.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.03.2007):- |
|
No. of Shares |
|
Mr. Deepak Asrani |
|
32000 |
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Mr. Parmanand Asrani |
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17000 |
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Mr. Rajesh Asrani |
|
26250 |
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Mrs. Puja Asrani |
|
6800 |
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Mrs. Jyoti Ben Asrani |
|
6800 |
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Mrs. Priyanka Asrani |
|
1000 |
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Mrs. Reena Asrani |
|
5800 |
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Mrs. Nita Chandi |
|
1000 |
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Mr. Nainesh Bhatt |
|
1000 |
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Total
|
97650 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Traders of Plastic HDPE, PVC |
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Products : |
· Carbon Black Dispersion Tester · Hot Water Bath Reversion Oil Bath · Hydro - Static Pressure Testing M/C. · Hot Air Circulating Oven For Shrinkage,Reversion and E. S. C. R Test · Free Falling Dart Impact Tester · Co-Efficient Of Friction Tester · Heat Deflection / Vicat Softening Temperature Apparatus |
GENERAL
INFORMATION
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Suppliers : |
· Sabar Engineering Industries · Mayank Engineering · Sun Instrument Private limited · Zeal Enterprises · Shree Chamunda Enterprise · Patel Electric Corporation · Shree Sainath Tool Centre · Sun Engineering |
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Customers : |
· ORI Plast Limited · Sardar Irrigation Systems Private Limited · Venkateshwar Pipes · Xpro India Limited · D P Wires Private Limited · Dura Line India Private Limited · Jain Irrigation Systems Limited · Nandi Plasticisers And Pipes Industries · Comfort Polymers Private Limited · Fine Tech Pipe Products · Ganapathy Traders Private Limited · Sintex Industries Limited · R A Marketing Agencies |
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No. of Employees : |
Around 20 |
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Bankers : |
· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India · Central Bank of India · Dena Bank · Bank of Baroda · Citi Bank NA · ICICI Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Joshi Shah and Associates Chartered Accountants |
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Address : |
A /1, Navdeep Apartment, Near Navjovan Press, Opposite Sarap Building,
Ashram Road, Ahmedabad – 380 014, Gujarat, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
97650 |
Equity shares |
Rs. 10/-
each |
Rs. 0.977
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.977 |
0.977 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.069 |
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4] (Accumulated Losses) |
|
[0.027] |
0.000 |
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NETWORTH |
|
0.950 |
1.045 |
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LOAN FUNDS |
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1] Secured Loans |
|
2.600 |
0.493 |
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2] Unsecured Loans |
|
2.575 |
2.122 |
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TOTAL BORROWING |
|
5.175 |
2.615 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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6.125 |
3.660 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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9.607 |
4.351 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.046 |
0.017 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.145 |
1.500 |
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Sundry Debtors |
|
0.818 |
0.686 |
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Cash & Bank Balances |
|
1.559 |
2.077 |
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Other Current Assets |
|
0.095 |
0.034 |
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Loans & Advances |
|
0.509 |
0.287 |
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Total
Current Assets |
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6.126 |
4.584 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
9.405 |
5.275 |
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Provisions |
|
0.271 |
0.241 |
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Total
Current Liabilities |
|
9.676 |
5.516 |
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Net Current Assets |
|
[3.550] |
[0.932] |
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MISCELLANEOUS EXPENSES |
|
0.022 |
0.224 |
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TOTAL |
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6.125 |
3.660 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
23.936 |
23.320 |
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Other Income |
|
0.146 |
0.300 |
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Total Income |
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24.082 |
23.620 |
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Profit/(Loss) Before Tax |
|
0.081 |
[0.118] |
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Provision for Taxation |
|
[0.177] |
[0.190] |
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Profit/(Loss) After Tax |
|
[0.096] |
[0.308] |
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Export Value |
|
NA |
6.420 |
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Expenditures : |
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Financial Charges |
|
0.373 |
0.170 |
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Depreciation & Amortization |
|
0.556 |
0.645 |
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Other Expenditure |
|
23.072 |
22.923 |
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Total Expenditure |
|
24.001 |
23.738 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
[0.39] |
[1.30] |
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Net Profit Margin (PBT/Sales) |
(%) |
|
0.34 |
[0.51] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.51 |
[1.32] |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.09 |
[0.11] |
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Debt Equity Ratio (Total Liability/Networth) |
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15.63 |
7.78 |
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Current Ratio (Current Asset/Current Liability) |
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|
0.63 |
0.83 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U25200GJ1997PTC032511 |
|
Name of the company |
DEEPAK POLY PLAST PRIVATE LIMITED |
|
Address |
405, 4th Floor, Vasupujya Smruti Co-Operative Housing
Society Limited, Part -3, Sur Mount S G Highway, Ahmedabad – 380 015, Gujarat
, India |
|
This Form is for |
Modification of Charge |
|
Type of Charges |
Immovable property |
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Particular of the charge holder
|
HDFC Bank Limited Address: HDFC Bank House Senapati Bapat
Marg, lower Parel (West), Mumbai – 400 013, Maharashtra, India E-mail: RBBform8@hdfcbank.com CIN: L65920MH1994PLC080618 |
|
Nature or description of the instrument creating charge |
Memorandum Recording transaction of
creation of equitable mortgage deposit of title deeds by constructive
delivery |
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Date of the instrument creating charge |
28.01.2008 |
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Amount Secure by the charge |
Rs. 4.800 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest Interest at the rate as may be communicated by the bank from time to
time. Terms of Repayment On Demand Margin: Company shall at all times during the continuance of this security
maintain a sufficient amount to provide the margin of security as may from
time to time advised by the bank Extent and operation of the
Charge The company accorded and gave oral consent to bank to continue to hold
and retain the title deeds (by way of constructive delivery) in respect of
its immovable properties as mentioned under Item No. 14 as security for
repayment of principal, Interest, liquidated damages, costs, charges and
expenses and all other money whatsoever due and payable by the Universe
Technology and Research Centre (A Division of Deepak Polyplast Private Limited)
to the bank. |
|
Short particulars of the Property charged |
Immovable properties lying and situated at Unit No. 405, 4th Floor, in Vasupujya Co-op Housing Society
Limited (Vibhag -3) known “Sur Mount” Vastrapur, Ahmedabad Unit No. 803, 8th Floor, in Vasupujya Co-op Housing Society
Limited (Vibhag-3) known as “Sur Mount” Vastrapur, Ahmedabad |
|
Particulars of the present modification |
The Bank having at the request of company has increased the credit
facility from Rs. 3.500 millions to Rs. 4.800 millions |
WEBSITE DETAILS:
Profile:
For more than ten years, Deepak Group of Industries has been, manufacturing plastics
testing and ancillary Equipments, and guiding in their applications. Quality products
and professional services are outmost priorities. Through the years, the
company has specialized in static and dynamic measurements of Mechanical,
Electrical and rehological parameters through the use of the latest technology.
Focusing on all types of applications, laboratory as well as rugged industrial,
the company has spent all these years in optimizing the techniques of quality,
production using the most advanced technology.
Continual development coupled with a wealth of ideas and
total commitment to quality has helped them to gain reputation for excellence
as a Manufacturer for varied customised application in plastic Industries.
Deepak group of
industries-plastic testing equipments, testing equipments, testing machines,
tensile tester, pipe tester, testing instrument, research instrument,
analytical instrument, plastic machinery, plastic ancillaries, plastic testing
instruments, instruments, scientific instrument, plastic raw material testing,
plastic product testing, quality analysing instruments, electrical testing
instruments, pipe testing instruments, wire cable testing instruments
Quality
·
To manufacture easily operative and user friendly test
Equipments and machines.
·
To manufacture Test equipment and machines accordance with
national and international standards.
·
To achieve excellence in Quality.
·
To make efforts for continual upgradation of quality
and durability of test equipment and machines.
·
To achieve best customer satisfaction and delight.
·
To provide training, consultancy and services to their
esteemed customers.
·
To make sincere efforts to become market leader.
·
To encourage all employees to become Quality conscious
and take pride in their workmanship.
Clientele:-
Their few important customers are
·
IPCL
·
CIPET
·
NIRMA Institute
·
NDDB
·
Government Polytechnic
·
Optel
·
Torrent
·
Movilex
·
K. B. Steel
·
Climax Synthetics
·
Parixit Plastics
·
KWH Hell Plastics
·
Nagarjuna Palma
·
Bharti Duraline
·
Ocean Agro
·
Jyoti Poly Vinyl
·
Pasumai Irrigation
·
Himalayan Plastics
·
Kriti Industries
·
Royal Cushion
·
Plastiblend
·
Netlon India
·
Rotex
·
Polycon
·
Sunvaccum
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 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.40.69 |
|
UK Pound |
1 |
Rs.80.25 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|