MIRA
INFORM REPORT
|
Report Date : |
22.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
NARENDRA PLASTIC PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
714-725, 7th Floor, Corporate Avenue, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
02.05.2006 |
|
|
|
|
Com. Reg. No.: |
11-161549 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.67.800
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25200MH2006PTC161549 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN13834C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCN3024E |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Plastic Bags. |
|
|
|
|
No. of Employees
: |
800 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade relations
reported as 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Nayan Joshi |
|
Designation : |
Manager |
|
Contact No.: |
91-22-42525252 |
LOCATIONS
|
Registered Office : |
714-725, 7th Floor, Corporate Avenue, |
|
Tel. No.: |
91-22-42525252/ 26852800/ 2500 |
|
Fax No.: |
91-22-26852412/ 42525251 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Survey No. 436/1/2, 1st Floor, Village Dabel, Damon –
36210, |
|
Tel. No.: |
91-260-3290870 |
|
Fax No.: |
91-260-2243042 |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Plot A, 195, Phase – I, ELDECO, Sidcul Industrial Park, Jail Compound
Road, Sitar Gauj – 262405, Uttaranchal, India. |
|
Location : |
Owned |
|
|
|
|
North Regional Office : |
A-261, Okhla Industrial Area 1, |
|
Tel. No.: |
91 -11 - 4061 4559 / 2681 0764 |
|
Fax No.: |
91- 11- 4181 1554 |
|
E-Mail : |
|
|
|
|
|
East Regional Office : |
C/O Communication Centre, 37/1B, |
|
|
|
|
South Regional Office : |
Parshwa Arcade, # 10 K,2nd floor, Dr. Rajkumar Road,4th "N"
Block, Rajaji Nagar, Bangalore 560 010, India. |
|
Tel. No.: |
91- 80- 2312 3158 |
|
E-Mail : |
|
|
|
|
|
Overseas Office : |
|
|
Tel. No.: |
+ 65 - 9644 5441 |
|
E-Mail : |
DIRECTORS
As 30.09.2010
|
Name : |
Mr. Punit Narendra Kumar Punamiya |
|
Designation : |
Director |
|
Address : |
Punit Himachal Co Housing Society, Block No. 1/D, Sunder Nagar, S. V.
Road, Malad (West), Mumbai– 400064, Maharashtra, India. |
|
Date of Birth/Age : |
25.09.1976 |
|
Date of Appointment : |
03.05.2006 |
|
Other Directorship : |
Narendra Exim Private Limited [U51909MH2004PTC150170] |
|
Din No.: |
00054804 |
|
|
|
|
Name : |
Mr. Navratan Mulchand Punamiya |
|
Designation : |
Director |
|
Address : |
E-310, Royal Samrat, S. V. Road, Goregaon (West), Mumbai – 400 062, |
|
Date of Birth/Age : |
06.10.1952 |
|
Date of Appointment : |
03.05.2006 |
|
Other Directorship : |
Narendra Poly Prints Limited U25209MH1991PTC064043 |
|
Din No.: |
00054744 |
|
|
|
|
Name : |
Mr. Lalit Kumar Nav Ratan Punamiya |
|
Designation : |
Director |
|
Address : |
810-E, Royal Samrat, 3rd Floor, |
|
Date of Birth/Age : |
20.07.1978 |
|
Date of Appointment : |
02.05.2006 |
|
Din No.: |
00030859 |
|
|
|
|
Name : |
Mr. Neemit Kumar Narendra Punamiya |
|
Designation : |
Director |
|
Address : |
Punit Himachal Co Housing Society, Block No. 1/D, Sunder Nagar, S. V.
Road, Malad (West), Mumbai– 400064, Maharashtra, India. |
|
Date of Birth/Age : |
04.04.1972 |
|
Date of Appointment : |
03.05.2006 |
|
Din No.: |
00131614 |
|
|
|
|
Name : |
Mr. Tadayuki Okui |
|
Designation : |
Additional Director |
|
Address : |
N C P A |
|
Date of Birth/Age : |
16.12.1957 |
|
Date of Appointment : |
31.01.2008 |
|
Din No.: |
01494456 |
|
|
|
|
Name : |
Mr. Rajendra Naredrakumar Pai |
|
Designation : |
Additional Director |
|
Address : |
B-38, L.G. Apartmentsl, |
|
Date of Birth/Age : |
01.10.1966 |
|
Date of Appointment : |
31.01.2008 |
|
Din No.: |
01836412 |
|
|
|
|
Name : |
Mr. Yoichiro Urata |
|
Designation : |
Whole Time Director |
|
Address : |
5-21-16, Takanodai, Nerimaku, Tokoyo-1770033, |
|
Date of Birth/Age : |
26.11.1964 |
|
Date of Appointment : |
31.01.2008 |
|
|
|
|
Name : |
Mr. Kazuaki Sakai |
|
Designation : |
Additional Director |
|
Address : |
No. 207, 1-20, Tsudanuma 6 Cho-Me, Narashino-Shi, |
|
Date of Birth/Age : |
24.12.1962 |
|
Date of Appointment : |
08.02.2010 |
|
Din No.: |
02741576 |
KEY EXECUTIVES
|
Name : |
Mr. Nayan Joshi |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Lalit Kumar Nav Ratan Punamiya |
|
944208 |
|
Manisha Punamiya |
|
194996 |
|
Punit Narendra Kumar Punamiya |
|
639936 |
|
Navratan Mulchand Punamiya |
|
450016 |
|
Vimala Punamiya |
|
442159 |
|
Ladkuwar Punamiya |
|
592267 |
|
Neemit Narendra Punamiya |
|
390626 |
|
Hajabai Mulchand POunamiya |
|
7911 |
|
Narendra Exim Private Limited, |
|
927602 |
|
Narendra M Punamiya (HUF) |
|
28454 |
|
Neemit Narendra Punamiya (HUF) |
|
7009 |
|
Lalit Navratan Punamiya (HUF) |
|
1394 |
|
Navratan Mulchand Punamiya (HUF) |
|
23422 |
|
Itochu Corporation |
|
2030000 |
|
Ashtavinayak Trading Private Limited, |
|
100000 |
|
|
|
|
|
Total |
|
6780000 |
As 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
29.94 |
|
Bodies
corporate |
|
15.16 |
|
Directors
or relatives of directors |
|
54.90 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Plastic Bags. |
|
|
|
|
Products : |
v
Carrier
Bags v
Vest-Type
Carrier Bags (T- Shirt Bags) v
Fresh
Products Bags (T- Shirt Bags on Roll) v
Knot
Bags (T – Shirt Bags on Roll) v
Garbage
Bags v
Butcher
Sheets v
Polypropylene
Bags (Also in ready to use sizes). v
H D
P E Bags |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Plastic Bags, Sheets, Tubings and Others Ancillary Goods |
MT |
36000 |
26702 |
GENERAL INFORMATION
|
No. of Employees : |
800 [Approximately] |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Amit Desai and Associates Chartered Accountant |
|
Address : |
Plot No. 125/7, Jawahar Nagar, Road No. 8, Goregaon (East),
Mumbai-400062, |
|
Tel. No.: |
91-22-28744596 |
|
Fax No.: |
91-22-28765200 |
|
E-Mail : |
|
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6780000 |
Equity Shares |
Rs.10/- each |
Rs.67.800
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
67.800 |
67.800 |
67.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
628.385 |
538.039 |
475.467 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
696.185 |
605.839 |
543.267 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
812.849 |
704.049 |
334.115 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
812.849 |
704.049 |
334.115 |
|
|
DEFERRED TAX LIABILITIES |
6.381 |
3.269 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1515.415 |
1313.157 |
877.382 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
474.614 |
391.274 |
265.855 |
|
|
Capital work-in-progress |
241.917 |
271.284 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
20.400 |
90.300 |
50.300 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
1.072 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
304.447
|
190.727
|
237.610 |
|
|
Sundry Debtors |
615.846
|
465.596
|
253.463 |
|
|
Cash & Bank Balances |
69.078
|
17.818
|
124.282 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
114.722
|
91.536
|
75.641 |
|
Total
Current Assets |
1104.093
|
765.677
|
690.996 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
286.673
|
188.330 |
114.628 |
|
|
Other Current Liabilities |
0.000
|
0.000
|
0.000 |
|
|
Provisions |
38.978
|
17.132
|
16.340 |
|
Total
Current Liabilities |
325.651
|
205.462
|
130.968 |
|
|
Net Current Assets |
778.442
|
560.215
|
560.028 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.042 |
0.084 |
0.127 |
|
|
|
|
|
|
|
|
TOTAL |
1515.415 |
1313.157 |
877.382 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2107.300 |
1992.700 |
1311.600 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
250.200 |
157.700 |
108.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
67.200 |
44.500 |
25.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
183.000 |
113.200 |
83.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
50.600 |
29.200 |
21.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
132.400 |
84.000 |
62.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
27.800 |
13.500 |
6.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
104.600 |
70.500 |
55.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
124.200 |
61.600 |
10.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
12.200 |
6.800 |
3.200 |
|
|
|
Tax on Dividend |
2.100 |
1.100 |
0.500 |
|
|
BALANCE CARRIED
TO THE B/S |
214.500 |
124.200 |
61.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
305.921 |
449.420 |
219.139 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
382.524 |
303.904 |
125.182 |
|
|
|
Capital Goods |
37.644 |
53.226 |
21.742 |
|
|
TOTAL IMPORTS |
420.168 |
357.130 |
146.924 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.43 |
10.40 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
6.28
|
4.22
|
4.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.39
|
5.78
|
6.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.14
|
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.64
|
1.54
|
0.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.39
|
3.44
|
5.28 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered
office of the company has been shifted from 3, Vakil Industrial Estate,
Financial Results:
The Company
continues to be the largest manufacturer and exporter of plastic packaging
products in
During the year, the
Company's performance has considerably improved as compared to previous year.
Capacity utilisation at Uttarakhand Plant has also improved with complete
infrastructure in place. Production facilities are being upgraded at Daman Unit
by adding balancing equipments to cater to the demand in export / organised
retail segments.
The Company has
planned capacity expansion of 8000 MT at Daman Unit-
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U25200MH2006PTC161549 |
|
Name of the
company |
NARENDRA PLASTIC
PRIVATE LIMITED (PART IX) |
|
Address of the
registered office or of the principal place of business in |
714-725, 7th Floor, Corporate Avenue, |
|
Type of charge |
Book Debts Others |
|
Particular of
charge holder |
State Bank of Mauritius Limited, 101, Raheja Centre, Free Press
Journal Road, Nariman Point, Mumbai-400021, Maharashtra, India |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Hypothecation
Agreement dated 13.07.2011 |
|
Date of
instrument Creating the charge |
13.07.2011 |
|
Amount secured by
the charge |
Rs.200.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest SBM base rate
plus 2.75% p.a., presently 12.00% p.a. and PCFC L+2% (L means Libor). Terms of
Repayment Capital on Demand
and interest payable monthly. Extent and
Operation of the charge First pari-passu
charge on all the current assets of the Company. |
|
Short particulars
of the property charged |
All the goods,
RM, FG, UFG, book debts, receivables, and all other current assets both
present & future. |
Fixed Assets:
·
·
·
Plant and Machinery
·
Electric Installation
·
Furniture and Fixtures
·
Vehicles
·
Intangible Assets
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.45.61 |
|
|
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.