MIRA INFORM REPORT
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Report Date : |
15.04.2011 |
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 : |
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Financials (as on) : |
31.03.2010 |
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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 (49) |
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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 470000 |
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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 : |
Subject is an established company having satisfactory track. Trade
relations are fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 |
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Factory : |
D-13, Sector 8, Noida – 201305, |
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Tel. No.: |
91-120-2424105/2424120/ 2522828/ 2523949/ 2538323 |
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Fax No.: |
91-120-2424121 |
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Factory 1 : |
D-1, Site 5 Kasna Surajpur Industrial Area, Greater, Noida, Uttar
Pradesh, India |
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Factory 2 : |
Located at :
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DIRECTORS
As on : 30.09.2010
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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. 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, |
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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. 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. Hemant Vithaldas Shah |
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Designation : |
Whole Time Director |
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Address : |
6, |
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Date of Birth/Age : |
28.07.1965 |
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Date of Appointment : |
01.04.2010 |
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Name : |
Mr. Parth Yogesh Gandhi |
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Designation : |
Whole Time Director |
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Address : |
1203 A Wing, |
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Date of Birth/Age : |
04.07.1987 |
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Date of Appointment : |
01.04.2010 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2010
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Names of Shareholders |
No. of Shares |
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Mr. Yogesh K. Gandhi |
21985 |
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Mr. Yogesh jointly with Mrs. Parul Y. Gandhi |
536000 |
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Mrs. Parul Y. Gandhi |
250000 |
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Mrs. Parul jointly with Mr. Yogesh K. Gandhi |
265000 |
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Mr. Harsh Y. Gandhi |
35000 |
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Mr. Harsh jointly with Mr. Yogesh K. Gandhi |
130250 |
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Mr. Parth jointly with Mr. Yogesh K. Gandhi |
165250 |
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Mr. Bipin M. Parikh |
5 |
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Mr. Ajay S. Desai |
5 |
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Mr. Jitendra H. Shah |
5 |
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Total |
1403500 |
As on : 30.09.2010
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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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 : |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
250 (Approximately) |
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Bankers : |
36-38A Narimanbhavan, 227-D, Nariman Point, Mumbai
-400021, |
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Facilities : |
Note : *Term Loan and Working Capital Loan from bank are secured by first and equitable charge on the movable fixed assets and on the current Assets of the company both present and future **Vehicle and other Loan are secured by hypothecation of vehicle and Computer |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ashok Maheswary and Associates Chartered Accountants |
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Address : |
619, Office Complex Galleria, DLF Phase- IV, Gurgaon –
122009, |
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Tel. No.: |
91-124-4148033 / 4069784 / 4069785 |
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Fax No.: |
91-124-4148180 |
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E-Mail : |
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CAPITAL STRUCTURE
As on : 31.03.2010
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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1403500 |
Equity Shares |
Rs.10/- each |
Rs.14.035 millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
14.035 |
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 |
104.055 |
93.123 |
91.828 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
118.090 |
106.158 |
104.863 |
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LOAN FUNDS |
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1] Secured Loans |
138.751 |
141.613 |
145.788 |
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2] Unsecured Loans |
50.977 |
51.516 |
31.131 |
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TOTAL BORROWING |
189.728 |
193.129 |
176.919 |
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DEFERRED TAX LIABILITIES |
1.447 |
0.000 |
0.000 |
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TOTAL |
309.265 |
299.287 |
281.782 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
189.911 |
194.261 |
205.118 |
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Capital work-in-progress |
26.522 |
29.188 |
21.433 |
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INVESTMENT |
0.370 |
0.371 |
0.371 |
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DEFERREX TAX ASSETS |
0.000 |
0.282 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
65.274
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64.465
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56.402 |
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Sundry Debtors |
74.244
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55.706
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66.297 |
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Cash & Bank Balances |
6.776
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18.759
|
4.311 |
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Other Current Assets |
12.811
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13.906
|
14.808 |
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Loans & Advances |
12.246
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13.965
|
6.931 |
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Total
Current Assets |
171.351
|
166.801
|
148.749 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
77.856
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89.475
|
93.889 |
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Provisions |
1.033
|
1.841
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0.000 |
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Total
Current Liabilities |
78.889
|
91.316
|
93.889 |
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Net Current Assets |
92.462
|
75.485
|
54.860 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
309.265 |
299.587 |
281.782 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
561.608 |
615.148 |
601.158 |
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Other Income |
0.007 |
0.007 |
3.316 |
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TOTAL (A) |
561.615 |
615.155 |
604.474 |
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Less |
EXPENSES |
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Purchases and Manufacturing Expenses |
434.653 |
494.997 |
591.584 |
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Personnel Expenses |
46.039 |
49.751 |
0.000 |
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Administrative, selling and other Expenses |
30.992 |
33.483 |
0.000 |
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Loss on sale of Assets |
1.419 |
0.000 |
0.000 |
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Prior Period Expenses |
0.822 |
0.485 |
0.000 |
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Increase / Decrease in Stock |
4.320 |
(7.500) |
(0.125) |
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TOTAL (B) |
518.245 |
571.216 |
591.459 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
43.370 |
43.939 |
13.015 |
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Less |
FINANCIAL
EXPENSES (D) |
18.311 |
21.468 |
18.988 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
25.059 |
22.471 |
(5.973) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.365 |
19.615 |
18.398 |
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PROFIT BEFORE
TAX (E-F) (G) |
6.694 |
2.856 |
(24.371) |
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Less |
TAX (I) |
2.763 |
1.560 |
4.109 |
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PROFIT AFTER TAX
(G-I) (J) |
3.931 |
1.296 |
(28.480) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
16.286 |
14.991 |
41.472 |
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BALANCE CARRIED
TO THE B/S |
20.218 |
16.286 |
14.991 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
2.019 |
0.000 |
NA |
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TOTAL EARNINGS |
2.019 |
0.000 |
NA |
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IMPORTS |
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Raw Materials |
0.120 |
0.002 |
NA |
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TOTAL IMPORTS |
0.120 |
0.002 |
NA |
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Earnings Per
Share (Rs.) |
2.80 |
0.99 |
(20.32) |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.69
|
0.21 |
(4.71) |
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Net Profit Margin (PBT/Sales) |
(%) |
1.19
|
0.46 |
(4.05) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.85
|
0.79 |
(6.88) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.02 |
(0.23) |
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Debt Equity Ratio (Total Liability/Networth) |
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2.27
|
2.67 |
2.58 |
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Current Ratio (Current Asset/Current Liability) |
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2.17
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1.82 |
1.58 |
LOCAL AGENCY FURTHER INFORMATION
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
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
1979-85:
Manufactures the first mould of the TV Front Mask for EC TV
located in
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
1989:
Manufactures the mould & components for the first Plastic air-cooler in
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:
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:
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
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
|
Corporate
identity number of the company |
U74999MH1986PLC074410 |
|
Name of the
company |
PARADISE PLASTICS
ENTERPRISES LIMITED |
|
Address of the
registered office or of the principal place of business in |
1203/A Highland
Park, Off New Link Road, Lokhandwala
Complex, Andheri (West), Mumbai – 400053, Maharashtra INDIA |
|
This form is for |
Modification of charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Kotak Mahindra
Bank Limited, 15-16 Upper Ground Floor, |
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Nature of
instrument creating charge |
Memorandum Of
Constructive Delivery Of Title Deeds |
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Date of
instrument Creating the charge |
23/07/2010 |
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Amount secured by
the charge |
Rs. 118.300
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As Per Sanction
Letter Dated 28.06.2010 Terms of repayment As Per Sanction
Letter Dated 28.06.2010 Margin As Per Sanction
Letter Dated 28.06.2010 Extent and operation of the charge Extent and
Operation - 100% Other The Above Is To
Secure The Following :- Cash Credit =
35.000 millions Wcdl = (35.000) millions Invoice Financing
Honda Motorcycle and Scooter India Ltd. = 48.000 millions Invoice Financing
Lg Electronics India Limited = (15.000) millions Working Capital
Term Loan = 7.500 millions Term Loan =
27.800 millions Lc = (13.000)
millions Bg = (13.000)
millions |
|
Short particulars
of the property charged (Including location of the property) |
|
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Date of
instrument modifying the charge |
29/06/2010 |
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Particulars of
the present modification |
Revised Credit
Facilities Of Rs. 118.300 millions Already Secured By First and Exclusive
Charge Over All Present and Future Current Assets and Movable Fixed Assets Of
The Co., Shall Now Adlly. Be Secured By Co's Immo. Property I.E. All That
Piece And Parcel Of Land Lying And Situated At Site No. D-1, Industrial Area,
Surajpur Site V, Kasna, Greater Noida (U.P.)
Together With |
Operations :
Due to reduction in rate of Excise duty 41% to
8% the Gross Sales Turnover of the Company has decreased by 11.73% to RS.
557.296 millions as compared to Rs. 622.657 millions in the previous year.
However, Net Sales has remained almost same as previous year. But due to coast
cutting / value added business, the company has earned Profit before tax of Rs.
6.695 millions as against Rs. 2.854 millions in the previous year.
Fixed Assets:
- Electrical Installation
- Furniture and Fixture
- Office Equipment
- Motor Vehicle
- Computer
- Building
- Plant and 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’,
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,
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. 44.48 |
|
|
1 |
Rs. 72.36 |
|
Euro |
1 |
Rs. 64.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
49 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.