MIRA
INFORM REPORT
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Report Date : |
04.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
PARADISE PLASTIC ENTERPRISES LIMITED |
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Registered Office : |
1203-A, Highland Park, Lokhandwala Complex, Off New Link
Road, Andheri (West), Mumbai – 400053, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.01.1986 |
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Com. Reg. No.: |
074410 |
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CIN No.: [Company
Identification No.] |
U74999MH1986PLC074410 U99999WB1986PLC040080 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP17816B |
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PAN No.: [Permanent
Account No.] |
AABCP5932G |
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Legal Form : |
Subject is a Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturers and Importers of Plastic Raw Material
Machines (Moulding) and Plastic Processing M/C and Testing Equipments. |
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 350000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company, having satisfactory track.Directors is reported as experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
1203-A, Highland Park, Lokhandwala Complex, Off New Link
Road, Andheri (West), Mumbai – 400053, Maharashtra |
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Tel. No.: |
91-22-28688783/28684240/ 26369636 |
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E-Mail : |
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Website : |
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Corporate Office : |
1/1A, Biplabi Anukul Chandrast, Kolkata – 700072, West Bengal, India |
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Factory : |
D-13, Sector 8, Noida – 201305, Uttar Pradesh, India |
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Tel. No.: |
91-120-2424105/2424120/ 2522828/ 2523949/ 2538323 |
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Fax No.: |
91-120-2424121 |
DIRECTORS
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Name : |
Mr. Bhupendra M. Gandhi |
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Designation : |
Chairman |
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Address : |
701-A, Highland Park, Lokhandwala Complex, New Link Road, Andheri
(West), Mumbai – 400 053, Maharashtra |
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Date of Birth/Age : |
22.10.1932 |
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Date of Appointment : |
28.08.1998 |
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Name : |
Mr. Yogesh K. Gandhi |
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Designation : |
Managing Director |
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Address : |
701-A, Highland Park, Lokhandwala Complex, New Link Road,
Andheri (West), Mumbai – 400 053, Maharashtra, India. |
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Date of Birth/Age : |
12.12.1955 |
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Date of Appointment : |
01.04.1998 |
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Name : |
Mr. Jitendra V. Gandhi |
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Designation : |
Director |
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Address : |
F-524, Ram Vihar, Sector 30, Noida – 201 301, Uttar
Pradesh |
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Date of Birth/Age : |
15.05.1944 |
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Date of Appointment : |
01.04.1998 |
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Name : |
Mr. Jayendra V. Gandhi |
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Designation : |
Director |
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Address : |
332, Shreeji Sadan, Chandvarkar Road, Matunga, Mumbai – 400 019, Maharashtra |
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Date of Birth/Age : |
27.03.1946 |
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Date of Appointment : |
22.08.2003 |
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Name : |
Mr. Kantilal Y. Gandhi |
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Designation : |
Director |
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Address : |
1203-A, Highland Park, Lokhandwala Complex, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra |
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Date of Birth/Age : |
05.06.1981 |
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Date of Appointment : |
22.08.2003 |
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Name : |
Mr. Harsh Y Gandhi |
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Designation : |
Joint Managing Director |
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Address : |
Plot No. B-62, Sector -14 Noida 201 301, Uttaranchal, India |
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Date of Birth/Age : |
05.06.1981 |
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Date of Appointment : |
22.08.2003 |
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Name : |
Mr. K. M.Gandhi |
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Designation : |
Chairman & Executive Director |
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Name : |
Mr. Parul Y.Gandhi |
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Designation : |
Executive Director |
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Address : |
1203-A, Highland Park, Lokhandwala Complex, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra |
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Date of Birth/Age : |
28.01.1959 |
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Date of Appointment : |
01.10.2004 |
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Name : |
Mr. Shailesh J. Jobla |
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Designation : |
Additional Director |
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Address : |
12, Mahesh Villa, V. B. Lane Extension, Ghatkopar (East), Mumbai -400 077, Mharashtra |
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Date of Birth/Age : |
22.05.1957 |
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Date of Appointment : |
01.04.2204 |
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Name : |
Mr. Vithaldas H. Shah |
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Designation : |
Additional Director |
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Address : |
6, Renuka Tilak Road, Ghatkopar (East), Mumbai -400 077, Maharshta |
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Date of Birth/Age : |
09.10.1936 |
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Date of Appointment : |
01.04.2004 |
KEY EXECUTIVES
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Name : |
Mr. Ajay PS Saini |
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Designation : |
Company Secretary |
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Address : |
New Delhi |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.05.2000)
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Names of Shareholders |
No. of Shares |
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Mr. Kantilal M. Gandhi |
12500 |
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Mr. Kantilal jointly with |
110000 |
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Mrs. Padmavati K. Gandhi |
12500 |
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Mrs Neela K. Gandhi |
4000 |
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Mrs. Nelaa jointly with |
8500 |
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Mrs. Manisha K. Gandhi |
10000 |
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Mrs. Manisha jointly with |
2500 |
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Mr. Manoj K. Gandhi HUF |
15000 |
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Mrs. Rajul M. Gandhi |
15000 |
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Mr. Yogesh K. Gandhi |
22000 |
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Mr. Yogesh jointly with |
481000 |
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Mrs. Parul Y. Gandhi |
150000 |
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Mrs. Parul jointly with |
130000 |
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Mr. Harsh Y. Gandhi |
35000 |
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Mr. Harsh jointly with |
1705000 |
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Mr. Parth jointly with |
125000 |
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Total |
130500 |
(As on 31.03.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Importers of Plastic Raw Material
Machines (Moulding) and Plastic Processing M/C and Testing Equipments. |
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Products : |
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Brand Names : |
Paradise |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
250 |
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Bankers : |
36-38A Narimanbhavan, 227-D, Nariman Point, Mumbai -400021, Maharashtra, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kamdar Desai & Patel, Chartered Accountants |
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Address : |
Neelkanth Niwas, Purandare Park Society, 169/C, Dr. Ambedkar Road, Dadar T. T., Mumbai – 400 014, Maharashtra, India |
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Tel. No.: |
91-22-24125897 |
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Name : |
Mehul and Associates Chartered Accountant |
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Address : |
47, Annapurna Industrial Estate, 2nd Floor, Tilak Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1303500 |
Equity Shares |
Rs.10/- each |
Rs.13.035 millions |
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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 |
13.035 |
13.035 |
13.035 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
56.564 |
53.797 |
51.096 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
69.599 |
66.832 |
64.131 |
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LOAN FUNDS |
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1] Secured Loans |
139.439 |
76.369 |
93.842 |
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2] Unsecured Loans |
25.212 |
21.290 |
22.017 |
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TOTAL BORROWING |
164.651 |
97.659 |
115.859 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.137 |
0.739 |
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TOTAL |
234.250 |
164.628 |
180.729 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
100.635 |
91.387 |
87.468 |
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Capital work-in-progress |
40.851 |
0.050 |
0.000 |
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INVESTMENT |
0.370 |
0.050 |
0.050 |
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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 |
45.873
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35.051
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46.863 |
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Sundry Debtors |
60.603
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52.829
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72.204 |
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Cash & Bank Balances |
6.537
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5.205
|
10.828 |
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Other Current Assets |
7.341
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0.000
|
0.036 |
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Loans & Advances |
7.607
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21.735
|
17.700 |
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Total
Current Assets |
127.961
|
114.820
|
147.631 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
52.568
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27.976
|
42.661 |
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Provisions |
0.000
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13.703
|
11.760 |
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Total
Current Liabilities |
52.568
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41.679
|
54.421 |
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Net Current Assets |
75.692
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73.141
|
93.210 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Capital Advance |
16.702 |
0.000 |
0.000 |
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TOTAL |
234.250 |
164.628 |
180.729 |
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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 |
503.476 |
412.818 |
510.100 |
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Other Income |
1.452 |
0.696 |
00.227 |
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Total Income |
504.928 |
413.514 |
510.327 |
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Profit/(Loss) Before Tax |
15.665 |
4.502 |
13.682 |
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Provision for Taxation |
6.862 |
1.799 |
5.238 |
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Profit/(Loss) After Tax |
8.803 |
2.703 |
8.444 |
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Expenditures : |
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Raw Material Consumed |
294.934 |
234.613 |
293.192 |
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Consumption of stores and spares parts |
85.389 |
1.283 |
2.228 |
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Salaries, Wages, Bonus, etc. |
23.678 |
16.875 |
16.205 |
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Managerial Remuneration |
1.948 |
1.551 |
1.814 |
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Payment to Auditors |
0.100 |
0.050 |
0.055 |
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Interest |
9.973 |
9.229 |
12.613 |
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Insurance Expenses |
2.992 |
2.843 |
2.934 |
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Power & Fuel |
24.009 |
20568 |
22.023 |
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Depreciation & Amortization |
13.049 |
11.997 |
11.534 |
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Other Expenditure |
33.191 |
110.003 |
134.717 |
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Total Expenditure |
489.263 |
409.012 |
497.315 |
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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 |
(%) |
1.74
|
0.65
|
1.65 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.11
|
1.09
|
2.68 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.85
|
6.13
|
9.26 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.06
|
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.12
|
0.62
|
0.84 |
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Current Ratio (Current Asset/Current Liability) |
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2.43
|
2.75
|
2.73 |
LOCAL AGENCY
FURTHER INFORMATION
History:
1979-80:
The Gandhi Family that had been in the Spices industry for
more than 9 decades diversifies into Plastics. Based out of Mumbai, they
undertake the challenging task of manufacturing moulds in India
1979-85:
Manufactures the first mould of the TV Front Mask for EC TV
located in Hyderabad. The success of the same leads to business from all the TV
manufacturers (like Onida, Crown, Dyanora, Beltek etc.) in West, South, North
and East India.
1985-86:
Manufactures the largest mould for TATA LCV radiator grills
& dashboard. After the resounding success of these components, the
confidence level of TATA increases which results in TATA handing over the
business of manufacturing moulds for all its vehicles including TATA Sumo,
Sierra, Safari.
1986-88:
Manufactures moulds for hand drilling tools for Ralliwolf:
Aluminium converted into Plastic; Manufactures streetlight domes: Glass
converted to Plastics; Manufactures battery containers for Mines: Rubber
converted to Plastics
1988:
Gandhi Family establishes Paradise Plastics
to cater to its North India based customers. Paradise starts with one
customer namely Salora in 1988, taps the vast market in North India, viz.
Maruti, DCM Toyota, Yamaha etc.
1989:
Manufactures the mould & components for the first Plastic air-cooler in
India for Symphony.
1990-91:
Manufactures components for wet
grinders and highly precise moulds for XEROX components.
1992-93:
Manufactures Portable generator
parts for Honda Power Siel.
1997:
Paradise Registers a turnover of Rs.110.000 Millions. Receives an ISO: 9002: 1994 Certification
1998:
Mr. Y. K. Gandhi takes over
Paradise Plastics. Increase in business by roping in Maruti and companies from
other sectors.
1999:
Introduces Gas Injection Moulding.
Ropes in Daewoo Motors as a client. Upsurge in growth.
2000:
Paradise registers a turnover of Rs.180.000 Millions. Upgrades the ISO Certification to a QS: 9000: 1998
Certification.
2001-02:
Daewoo Motors closes shop on account of bankruptcy.
Whirlpool, LG and Advantec are brought in as clients. HMSI brought in as a
client resulting in tremendous growth for Paradise.
2003-04:
Total Infrastructural change in Painting and Assembly lines.
A conventional Paintshop is converted into a clean, pressurized room. Receives ISO/TS 16949:2002 Certification.
2005:
Registers a turnover of Rs.510.000 Millions. Introduces a
fully automated ERP System
2006-07:
In the pipeline are two plants at Manesar and Greater Noida
and a fully functional tool room.
Form 8 Particular for creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U74999MH1986PLC074410 |
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Name of the company |
PARADISE PLASTICS ENTERPRISES LIMITED |
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Address |
1203-A, Highland Park, Lokhandwala Complex, New Link Road,
Andheri (West), Mumbai – 400053, Maharashtra, India |
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This Form is for |
Modification of Chage |
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Type of Charges |
Immovable Property |
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Nature or description of the instrument creating charge |
Kotak Mahindra Bank Limited 36-38A Narimanbhavan, 227-D, Nariman Point, Mumbai -400021, Maharashtra, India |
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Nature of instrument creating charge |
Memorandum of Deposit of Title Deeds Dated 6th February 2007 |
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Date of the instrument creating charge |
06.02.2007 |
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Amount Secure by the charge |
Rs.20.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest- Floating interest below 2% of PLR which is 13.50% p.a.Penal interest @ 2% p.m. Terms of repayment- As per terms and conditions mentioned in the agreement and bank rule. Margin- As per terms and conditions mentioned in the agreement and bank rule. Extent and operation of the charge- An first / exclusive change by way of Hypothecation of movable assets of borrower both present & future in favor of Bank. Equitable mortgage in respect in immovable properties belonging to borrower situated at D-1 admeasuring 7190.64 sq. mtrs. situated at Industrial Area Surajpur Site V, Kasna, Greater Noida, Uttar Pradesh |
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Particulars of the Property charged |
D-1 admeasuring 7190.64 sq. mtrs. stuated at Industrial Area Surajpur Site V, Kasna, Greater Noida, Uttar Pradesh |
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Particulars of the present modification |
Additional Property situated at D-1 admeasuring 7190.64 sq. mtrs. stuated at Industrial Area Surajpur Site V, Kasna, Greater Noida, Uttar Pradesh mortagage as security. |
History:
Subject was incorporated on 26th January, 1986 at
Kolkata in West Bengal having Company Registration Number 74410.The company’s registered
office has been shifted from West Bengal to Mumbai w.e.f. 15th
October, 1993 and a New Company Registration Number 40080 of Mumbai ROC was
obtained.
Fixed Assets:
- Electrical Installation
- Lease Hold Land
- Furniture & Fixture
- Office Equipment
- Motor Vehicle
- Computer
- Building
- Plant & Machinery
- Mould
- Material Handling Crates
Website Details
Profile:
As an industry leader, Subject leads from the front. Propelled by opportunity and compelled by familial collaboration, PPEL today, stands testimony to the enterprise, steel and efficacy of its Chairman cum Managing Director, Mr. Yogesh K. Gandhi.
Steered by a pioneering vision of the Gandhi Family, Mr. Yogesh K. Gandhi
ventured into customized plastic mouldings in 1980. His versatility, verve and
resilience have successfully impacted the dimensions of Paradise Plastics. Due
to his intensive involvement, Paradise Plastics has seen a constant upsurge in
growth.
Over the years, Mr. Gandhi has built this company and its reputation on the
principle of ‘From
concept to completion’. Couple that with cutting-edge
technology, products engineered to customization and outstanding customer
service, all at competitive prices and its no surprise that Paradise Plastics
has a very loyal customer base.
They work with companies of all sizes, ranging from inventors and entrepreneurs
to large global corporations. Globally, their committed adherence to quality
standards is ratified by an ISO/TS 16949:2002 certification.
The product range includes Automotive parts, Consumer Electronics, Business
Machines and Appliances of general use. Some clients like Maruti Suzuki, Honda,
Whirlpool, LG, Panasonic, Advantec, BPL, Moser Baer and Xerox have partnered in
our success and borne witness to our unprecedented growth of 400% in the last 5
years.
Rooted in a culture of ‘Development,
Improvement, Progress’,
Paradise Plastics upholds the tradition of continual education. Employee
training programmes in technology upgradation and service skills regularly run
their course at their organization.
They excel in PU Painting and re-engineering plastic mouldings from other
materials like wood, metal, glass etc. Their expansion projects involve the
construction of a fully-equipped manufacturing Tool Room as well as newer factories
at both Greater Noida (U.P.) and Manesar (Haryana).
Subject it is their consistent endeavor to raise the bar of design quality,
manufacturing performance and product delivery. They ensure transparency in the
management and compliance of their operations and stake an absolute claim on
customer delight.
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.40.64 |
|
UK Pound |
1 |
Rs.80.44 |
|
Euro |
1 |
Rs.54.65 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|