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MIRA
INFORM REPORT
|
Report Date : |
18.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RADIANT PLASTRUDERS (INIDA) PRIVATE LIMITED |
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Registered Office : |
6, Juhu Sea View, Juhu Koliwada, Juhu Tara Road, Santacruz (west),
Mumbai-400044, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.08.1994 |
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Com. Reg. No.: |
11-80499 |
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CIN No.: [Company
Identification No.] |
U25209MH1994PTC080499 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR14644A |
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PAN No.: [Permanent
Account No.] |
AAACR2137G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Plastic Bags and Polythene Bags, Linear
Bags, Garbage Bags and Shopping Bags. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 95000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Management of the company reported non-cooperative during current
investigation. Hence, this report is based on indirect/ secondary sources of
information. Subject is a well established company having satisfactory track records.
Trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered normal for business dealing at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
6, Juhu Sea View, Juhu Koliwada, Juhu Tara Road, Santacruz (west),
Mumbai-400044, Maharashtra, India |
|
Tel. No.: |
91-22-26604645/ 26604685/ 26601448/ 26603214 |
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Fax No.: |
91-22-26606882 |
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E-Mail : |
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Area : |
700 sq ft |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. A Parag Anandpara |
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Designation : |
Director |
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Address : |
A/4, Laxmi Narayan Apartment, 39, Tagore Road, Santacruz (West),
Mumbai-400054, Maharashtra, India |
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Date of Birth/Age : |
09.02.1966 |
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Date of Appointment : |
06.09.1999 |
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Name : |
Mr. Sanjay Anandpara |
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Designation : |
Director |
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Address : |
7, Radharaman Kunj 172, Station Road, Santacruz (west), Mumbai-400054,
Maharashtra, India |
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Date of Birth/Age : |
21.06.1973 |
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Date of Appointment : |
31.05.1997 |
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Name : |
Mr. Pankaj Anandpara |
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Designation : |
Director |
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Address : |
15/16, Saidarshan Apartment, S.V.Road, Santacruz (West),
Mumbai-400054, Maharashtra, India |
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Date of Birth/Age : |
29.01.1959 |
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Date of Appointment : |
19.08.1994 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Hasmukhrai Anandpara |
|
2750 |
|
Pankaj Anandpara |
|
2000 |
|
Parag Anandpara |
|
1950 |
|
Parag Anandpara |
|
3250 |
|
Kokila Anandpara |
|
1500 |
|
Anantrai Anandpara |
|
3000 |
|
Shailesh Anandpara |
|
4050 |
|
Sanjay Anandpara |
|
1250 |
|
Jiten Anandpara |
|
1250 |
|
Radiant Organics Limited |
|
23250 |
|
Total |
|
44250 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
|
Category |
|
Percentage |
|
Bodies Corporate (not mentioned above) |
|
52.00 |
|
Directors or relatives of directors |
|
48.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Plastic Bags and Polythene Bags, Linear Bags,
Garbage Bags and Shopping Bags. |
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Products : |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
Credit 30 to 60 days |
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Purchasing : |
Cash |
PRODUCTION STATUS
|
Particulars |
Unit |
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|
Actual
Production |
|
T. Shirt bags, Garbage bags, HM bags, Plain and Printed |
Meter |
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|
125 Mt. per
month |
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GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
About 36 |
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Bankers : |
Union Bank of India, Juhu Tara Branch |
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Auditors : |
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|
Name : |
Mukesh M Lotia and Company Chartered Accountant |
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Address : |
23, Second Floor, 105, Bombay Samachar Marg, Fort, Mumbai-400023,
Maharashtra, India |
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Holding Company : |
Radiant Organics Private Limited U74999MH1994PTC079151 Address: 6, Juhu Sea View, Juhu, Mumbai, Maharashtra, India. Line of Business: Trading |
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Sister Concern : |
Radiant Trading Corporation Address: 6, Juhu Sea View, Juhu, Mumbai, Maharashtra, India. Line of Business: Chemicals |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
44250 |
Equity Shares |
Rs. 100/-
each |
Rs. 4.425
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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|
|
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1] Share Capital |
4.425 |
4.425 |
4.425 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
16.961 |
14.619 |
11.815 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
21.386 |
19.044 |
16.240 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.341 |
0.000 |
0.000 |
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2] Unsecured Loans |
8.465 |
3.741 |
0.000 |
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TOTAL BORROWING |
8.806 |
3.741 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.522 |
0.099 |
0.032 |
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TOTAL |
30.714 |
22.884 |
16.272 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.471 |
10.456 |
6.724 |
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Capital work-in-progress |
0.844 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
4.019
|
4.426 |
1.765 |
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|
Sundry Debtors |
10.955
|
7.721 |
5.487 |
|
|
Cash & Bank Balances |
0.919
|
1.733 |
1.568 |
|
|
Other Current Assets |
0.066
|
0.000 |
0.000 |
|
|
Loans & Advances |
4.886
|
3.499 |
2.472 |
|
Total
Current Assets |
20.845
|
17.379 |
11.292 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
10.484
|
4.951 |
0.927 |
|
|
Provisions |
1.962
|
0.000 |
0.826 |
|
Total
Current Liabilities |
12.446
|
4.951 |
1.753 |
|
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Net Current Assets |
8.399
|
12.428 |
9.539 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.009 |
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TOTAL |
30.714 |
22.884 |
16.272 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
58.680 |
49.909 |
30.905 |
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|
Other Income |
0.289 |
0.000 |
0.000 |
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Total Income |
58.969 |
49.909 |
30.905 |
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Profit/(Loss) Before Tax |
3.788 |
3.818 |
2.778 |
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Provision for Taxation |
1.448 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
2.340 |
3.818 |
2.778 |
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Expenditures : |
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Cost of Goods Sold |
44.515 |
NA |
NA |
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Administrative Expenses |
8.023 |
NA |
NA |
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Interest |
0.703 |
0.216 |
0.057 |
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Depreciation & Amortization |
1.940 |
1.282 |
0.759 |
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Other Expenditure |
0.000 |
44.593 |
27.311 |
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Total Expenditure |
55.181 |
46.091 |
28.127 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
3.97
|
7.65 |
8.99 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.42
|
7.65 |
8.99 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.78
|
13.72 |
15.42 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.20 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.99
|
0.46 |
0.11 |
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Current Ratio (Current Asset/Current Liability) |
|
1.67
|
3.51 |
6.44 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE
CHART
|
Existence Verification |
|
|
Name |
RADIANT PLASTRUDERS INDIA PRIVATE LIMITED |
|
Address |
6, Juhu Sea View, Juhu Tara Road, Rotary Chowk, Santacruz,
Mumbai-400049, Maharashtra, India |
|
2nd address |
175, Dabhel Industrial Co-Op. Estate Limited, Dabhel Daman |
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Phone/ Mobile Numbers |
91-22-26604645/ 9358 |
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Fax Numbers |
91-22-26606882 |
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Electricity Bill |
HTC 332 |
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Statutory Approvals |
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|
Legal Status of Firm |
Private Limited Company |
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Income Tax Registration |
AAACR2137G |
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Central Sales Tax Registration |
DA/ CST/ 3737 |
|
State Sales Tax Registration |
25000004242 |
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Service Tax Registration |
AAACR2137G ST 001 |
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VAT/ TIN Registration |
25000004242 |
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Excise Registration |
AAACR2137G XM 001 |
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Import Export Code |
0399013890 |
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Name of Bank |
Union Bank of India |
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Current Account Number |
369101010028091 |
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Account Since |
1997 |
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Credibility Factors |
|
|
IndiaMART Client Since |
2002 |
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Years of Establishment |
1994 |
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Trade Affiliations |
|
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SSI Registration |
YES |
|
Chambers of Commerce Membership |
All India Plastics Manufacturing Association |
AS PER WEBSITE:
Profile:
Subject’s experience dates back to the mid 60's, when the
Anandpara family started packaging material, subsequently diversified in to the
core area of supplying the raw materials for textile industries. Before 30
years, the growth in chemical industries was envisaged and the division to
market the inorganic chemicals was started. Experienced for more than 20 years
, Radiant Plastruders is one of the major players in the domain of plastics .
Their plastics bags and polythene bags are very popular products due to their
consistent stress on workmanship, after sales service and reliability.
Industries/Sectors They Serve
They serve a large number of companies with their durable
products, which are efficient in its functioning and cater the various
applications of the industries. Further, the industries they serve are:
- Retail
Industry
- Pharmaceutical
Industry
- Food them
Confectionery Industry
- Automibile
Industry
- Avaition
Industry
- Hotel
Industry
Quality Assurance
The most difficult aspect of doing business is building
trust among customers. Therefore, they undergo a contnous process of achieving
and maintaining highest standard of quality, keeping in mind the mind the
needs, and having confidence.
Quality is paid prime importance at their organization and they follow strict
quality control measures to ensure that their products conform to international
quality standard and meet the functional requirements of their clients. Their
strategic quality policy enables them to maintain the quality of their products
throughout the manufacturing process. These raw material used by them which
includes plastic material undergo rigorous inspection to ascertain that it is
of finest quality. The raw material is procured with certification and they
record the entire quality control procedure to keep a track on the inspection
procedures and ensure that the products match the customer’s specifications.
This is very important as it affects the overall quality of their finished
products. Various quality inspections are performed on the raw material and
products at different stages. Some of the parameters checked by them are:
- Material grade
- Logo and printing contents them clarity
- Resistance to pressure, moisture, heat and weather
- Print and Design clarity
- Packaging strength
- Logo and printing contents
- Finishing
- Size and dimensions
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.46.34 |
|
UK Pound |
1 |
Rs.82.96 |
|
Euro |
1 |
Rs.65.82 |
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 |
NO |
|
--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 |
|
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 |
|