MIRA
INFORM REPORT
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Report Date : |
29.11.2008 |
IDENTIFICATION DETAILS
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Name : |
PADMINI PETROPLAST PRIVATE LIMITED |
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Registered Office : |
105, 1st Floor, Tirupati Udyog, I |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.12.1998 |
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Com. Reg. No.: |
11-117499 |
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CIN No.: [Company
Identification No.] |
U51909MH1998PTC117499 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP17975G/ MUMP10677C |
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PAN No.: [Permanent
Account No.] |
AABCP4496R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Distributor of Engineering Thermoplastics |
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 85000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Trade relations are fair. Business is active. No complaints have been
heard from market sources. The company can be considered good for normal for business dealings. |
LOCATIONS
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Registered Office/ Factory : |
105, 1st Floor, Tirupati Udyog, I |
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Tel. No.: |
91-22-26855665 |
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Fax No.: |
91-22-26862351 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Prakash Ghisulal Shah |
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Designation : |
Managing Director |
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Address : |
4/9, |
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Date of Birth/Age : |
07.09.1965 |
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Date of Appointment : |
17.12.1998 |
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Name : |
Mr. Pravin Ghisulal Shah |
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Designation : |
Director |
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Address : |
4/9, |
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Date of Birth/Age : |
12.12.1971 |
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Date of Appointment : |
17.12.1998 |
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Name : |
Mr. Lalit Ghisulal Shah |
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Designation : |
Director |
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Address : |
4/9, |
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Date of Birth/Age : |
21.03.1969 |
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Date of Appointment : |
17.12.1998 |
KEY EXECUTIVES
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Name : |
Mr. Priya Satam |
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Designation : |
Purchae Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Prakash G Shah |
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240086 |
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Pravin G Shah |
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87600 |
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Lalit G Shah |
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71600 |
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Sheela P Shah |
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75010 |
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Seema L Shah |
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34510 |
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Ghisulal Shah |
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20000 |
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Kanchaben Shah |
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18000 |
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Kaviat Shah |
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35000 |
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Prakash G Shah |
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70014 |
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Total |
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651820 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Distributor of Engineering Thermoplastics |
GENERAL INFORMATION
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Bankers : |
The Saraswat Co-operative Bank Limited, Pratiksha Apartment, Opposite
Filmistan Studio, |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Deepak Maru and Company Chartered Accountant |
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Address : |
2/5, Gajanan Colony, Goregaon (East), Mumbai-400062, |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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651820 |
Equity Shares |
Rs. 10/-
each |
Rs. 6.518
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 |
6.518 |
6.518 |
6.518 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.488 |
7.365 |
4.148 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
17.006 |
13.883 |
10.666 |
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LOAN FUNDS |
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1] Secured Loans |
65.035 |
45.111 |
11.246 |
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2] Unsecured Loans |
35.930 |
35.270 |
10.220 |
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TOTAL BORROWING |
100.965 |
80.381 |
21.466 |
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DEFERRED TAX LIABILITIES |
0.368 |
0.000 |
0.000 |
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TOTAL |
118.339 |
94.264 |
32.132 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.282 |
14.927 |
3.615 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.275 |
0.275 |
0.025 |
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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 |
34.957
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31.513 |
0.000 |
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Sundry Debtors |
104.761
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94.120 |
0.000 |
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Cash & Bank Balances |
4.658
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7.515 |
0.000 |
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Other Current Assets |
0.000
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0.000 |
55.846 |
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Loans & Advances |
1.439
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1.220 |
0.000 |
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Total
Current Assets |
145.815
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134.368 |
55.846 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
49.778
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54.854 |
25.919 |
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Provisions |
0.255
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0.482 |
1.475 |
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Total
Current Liabilities |
50.033
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55.336 |
27.394 |
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Net Current Assets |
95.782
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79.032 |
28.452 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.030 |
0.040 |
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TOTAL |
118.339 |
94.264 |
32.132 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
269.988 |
300.626 |
127.338 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
269.988 |
300.626 |
127.338 |
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Profit/(Loss) Before Tax |
5.118 |
4.823 |
3.717 |
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Provision for Taxation |
1.996 |
1.625 |
1.475 |
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Profit/(Loss) After Tax |
3.122 |
3.198 |
2.242 |
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Total Expenditure |
264.870 |
295.803 |
123.621 |
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 |
(%) |
1.16
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1.06 |
1.76 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.90
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1.60 |
2.92 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.04
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3.23 |
6.25 |
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Return on Investment (ROI) (PBT/Networth) |
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0.30
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0.35 |
0.35 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.88
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9.78 |
4.58 |
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Current Ratio (Current Asset/Current Liability) |
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2.91
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2.43 |
2.04 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
·
Office Premises
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Godown Premises
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Residential Flat
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Computer
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Furniture and Fixture
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Office Equipments
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Vehicles
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U51909MH1998PTC117499 |
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Name of the
company |
PADMINI PETROPLAST PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
105, 1st Floor, Tirupati Udyog, I |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
The Saraswat Co-operative Bank Limited, Pratiksha Apartment, Opposite
Filmistan Studio, |
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Nature of description
of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Movable Property |
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Date of
instrument Creating the charge |
09.02.2008 |
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Amount secured by
the charge |
Rs. 5.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest At such rate and
rest as may from time to time be fixed by the bank Terms of
Repayment On Demand and /
or as per sanctioned terms and conditions Margin Margin as
determined by the Bank form time to time Extent and
Operation of the charge The charge
operates as a continuing security for the amount from time to time due to the
bank. |
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Short particulars
of the property charged |
Hypothecation by way
of first charge on all the stock tangible movable property (both present and
future) and lying and being at the Company’s place of business at 105,
Tirupati Udyog Bhavan, Goregaon (East), Mumbai-400063 or wherever else the
same may be and on all the book debts, outstandings, monies receivable,
claims and bills which are now due and owing. |
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Name of the company |
PADMINI PETROPLAST PRIVATE LIMITED |
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Presented By |
The Saraswat Co-operative Bank Limited, Pratiksha Apartment, Opposite Filmistan
Studio, |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Movable property for L/C on D/A basis dated 14th
February 2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500
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 by
way of first charge on all the Import Goods, tangible movable property
including the stocks for the time being whether new or manufactured or in
process property/ machinery/ plant (both present and future) as and when
imported or proured by the Company’s place of business at 276/9 Vardhaman
Bhiwandi thane and all other tangible movables property belonging to the
company’s ands lying and being at the Company’s place of business at 105,
Tirupati Udyog, Goregaon (East), or at company’s place of business or place
of works or wherever else the same may be or be held by any party anywhere to
the order and disposition of the Company’s in the course of transit as
security for the due payment ot the bank with interest and all costs, charges
and expenses incurred by the Bank for the protection, preservation and
perfection of this security. Hypothecation by
way of first charge on all the book debts, outstanding, monies receivables,
claims and bills which are now due and owing or which may at any time hereafter
during the continuance of this security become due and owing to the Company
in the course of his business by any person, firm ,company, Government or any
Local Public Body or Authority as security for due repayment to the Bank at
any time or times hereinafter become due and owing form the Company’s to the
Bank including monies owing upon any cheques, promisary notes or bills of
Exchange made drawn, accepted or endorsed or discounted or purchased or paid
at the request or on behalf of or
credit of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
operates as a continuing security for the balance form time to time due to
the bank |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat Co-operative Bank Limited, Pratiksha Apartment, Opposite
Filmistan Studio, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
AS PER WBSITE
Profile:
Along with commodity materials, Padmini started offering POM-Celcon - first ever engineering thermoplastics to molders, toolmakers to generate market awareness.
Eventually, Padmini started building strong relationship with OEMs & part suppliers, quality conscious Injection molders. This strong support and foundation lead them to success and growth for future. All in spite and continued competition from Homopolymer and Korean brands.
Formation... Padmini
Petroplast Private Limited (Established Year 1999)
By mid 1999.
His dynamism and ability made a difference when Mr. Prakash Shah deeply realized to concentrate marketing on Celcon / Duracon. separating from commodity business.
Meeting market demand was not possible without consolidation of strength on Celcon / Duracon business. And was born 'Padmini Petroplast Private Limited' - a company dedicated for sale & distribution of engineering thermoplastics. The unending journey started as Authorised distributor of Polyplastics Asia Pacific Singapore Pte Limited to achieve new milestones.
Needless to mention, the unique features of Celcon / Duracon - opening the OEM doors, backed by the hardcore marketing efforts turned out to be a winning combination.
Padmini's... Strength
'Customer Care' - Always a key word at Padmini ... may it be order execution, fairness in trade or material processing guidance - they attempt for the accuracy and speed.
The dedicated sales professionals, team members lead 'Padmini' to be the user's first choice in the suppliers crowd.
The undoubted strength lies in...
• Competitive cost, services / shorter lead time
• Meeting targets - with principals and OEMs.
• Availability of Speciality grades, usually ex-stock.
•
• Organizing timely customer - focused seminars
• Keen presence in trade fairs - Local & National levels.
It is impossible to achieve success without Polyplastics - the world leaders in POM who have deliver their best to develop and strengthen the feet in thermoplastics business.
Background & Glimpse
about the founder ... Mr. Prakash G. Shah
ln the year l990...
His successive venture in plastic industry took place in 1992, when he entered into trading business of commodity plastics raw material. This includes material viz. ABS, HIPS, ABS, PPE, HDPE etc. in alliance with local manufactures. Further, he installed extrusion line, to cater commodity - color market through the newly formed company -' Padmini Petrochem'
Its all about his entrepreneurial ability, being customer-focused technocrat, which today has resulted into the establishment spreading to multiple locations. It's his strategic business move in 1996 when Padmini was appointed as Dealer of Colour-Chem and the success story began with Celcon....
His key words ... Have clear vision, actions in-line, urge for customer-care, and building organization by binding people. That's how he lead Padmini group at worth INR 200 Millions today with consistent average growth of 20% p.a. since inception.
Authorised
Distributors of :
Polyplastics
Polyplastics group is a specialized producer of high
performance resins known as engineering plastic (ETP’s). The product portfolio includes
Polyacetal, Polybutylene Terephthalate, advanced engineering plastic such as
the in-the-spotlight liquid crystal polymer and Polyphenylene sulfide, and
further more the transparent resin cyclic olefin copolymer.
·
POM
·
PBT
·
PPS
·
LCP
·
COC
Basf
BASF is the largest chemical company in the world and
is one of the leading producers of Styrenics worldwide. As a global
supplier, BASF offers a vast product line starting from commodity polymers to
engineering plastic, available in consistent natural shades and limited
standard colors for large quantities. BASF products assure the stable
quality, shade consistency and is widely used among OEMs and part suppliers.
ABS
Altuglas
Altuglas International, one of Arkema’s business units, is
the world’s leading producer of PMMA (Polymethyle Methacrylate) supplying
approx. 20% of the world’s demand.
Acrylic
Rhodia Engineering Plastics
POLYMIDES
6 & 66
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.49.84 |
|
|
1 |
Rs.76.81 |
|
Euro |
1 |
Rs.64.38 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 |
|
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 |
|