MIRA
INFORM REPORT
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Report Date : |
11.01.2011 |
IDENTIFICATION DETAILS
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Name : |
PARADISE PLASTOPACK PRIVATE LIMITED |
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Registered
Office : |
57, Rajasthani, Udyog Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
05.05.2006 |
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Com. Reg. No.: |
55-148613 |
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CIN No.: [Company Identification
No.] |
U25111DL2006PTC148613 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELP12527E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Co-extruded Multilayer Films and Bags. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 11300 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. |
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 |
INFORMATION PARTED BY
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Name : |
Mr. Harmeet Singh |
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Designation : |
Director |
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Contact No.: |
91-9810868570 |
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Date : |
07.01.2011 |
LOCATIONS
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Registered Office/Factory : |
57, Rajasthani, Udyog Nagar, |
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Tel. No.: |
91-11-27693764 |
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Mobile No.: |
91-9810860570 (Mr. Harmeet Singh) |
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Fax No.: |
91-11-27692747 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
DIRECTORS
As on 29.09.2009
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Name : |
Mr. Harmeet Singh |
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Designation : |
Directors |
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Address : |
45, Ishwar Colony, |
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Date of Birth/Age : |
15.12.1962 |
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Date of Appointment : |
05.05.2006 |
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Name : |
Mrs. Harjeet Kaur |
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Designation : |
Director |
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Address : |
1/6, Rishi Apartment, Battery Lane, Civil Line, |
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Date of Birth/Age : |
06.12.1953 |
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Date of Appointment : |
05.05.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2009
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Names of Shareholders |
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No. of Shares |
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Mr. Harmeet Singh |
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205000 |
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Mrs. Harjeet Kaur |
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205000 |
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Total |
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410000 |
List of Allotees : (As on 15.04.2009)
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Name of Shareholders |
No. of Shares |
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Mr. Kuldip Singh Babra |
150000 |
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Singhal Share Services Private Limited ( |
50000 |
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Total |
200000 |
As on 29.09.2009
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Co-extruded Multilayer Films and Bags. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit (30 / 60 / 90 days) |
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Purchasing : |
Cash and Credit (30 / 60 / 90 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
30 (Approximately) |
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Bankers : |
Centurion Bank of B – 11, Gujranwala Town, Part 1, Opp. Model Town, Ring Road, Delhi –
110009, Delhi, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
H. S. Ahuja and Company Chartered Accountant |
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Address : |
H-61, |
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Tel. No.: |
91-11-23714305 |
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Fax No.: |
91-11-23359044 |
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E-Mail : |
CAPITAL STRUCTURE
As on 29.09.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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410000 |
Equity Shares |
Rs.10/- each |
Rs.4.100
Millions |
As on 31.03.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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210000 |
Equity Shares |
Rs.10/- each |
Rs.2.100
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.717 |
0.110 |
0.024 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.817 |
0.210 |
0.124 |
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LOAN FUNDS |
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1] Secured Loans |
7.278 |
6.943 |
4.760 |
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2] Unsecured Loans |
3.000 |
2.400 |
0.400 |
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TOTAL BORROWING |
10.278 |
9.343 |
5.160 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.095 |
9.553 |
5.284 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.548 |
7.622 |
7.685 |
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Capital work-in-progress |
0.000 |
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 |
4.165
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6.676 |
5.426 |
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Sundry Debtors |
16.039
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10.253 |
3.118 |
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Cash & Bank Balances |
0.287
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0.064 |
0.268 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.770
|
0.873 |
0.933 |
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Total
Current Assets |
22.261
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17.866 |
9.745 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
12.829
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14.661 |
11.299 |
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Other Current Liabilities |
2.511
|
1.167 |
0.793 |
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Provisions |
0.374
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0.107 |
0.054 |
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Total
Current Liabilities |
15.714
|
15.935 |
12.146 |
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Net Current Assets |
6.547
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1.931 |
(2.401) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.095 |
9.553 |
5.284 |
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Expected Sales ( 2010-2011 ) : Rs.200.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2009 |
31.03.2008 |
31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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9.23
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120.37 |
139.56 |
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Current Ratio (Current Asset/Current Liability) |
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1.42
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1.12 |
0.80 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :-
(Rs.
in Millions)
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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Sundry Creditors |
12.829
|
14.661 |
11.299 |
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Total |
12.829 |
14.661 |
11.299 |
OPERATIONS :-
During the year turnover of the company has been to the tune of
Rs.113.958 Millions as compared to previous year’s turnover of Rs.70.323
Millions. It is hoped that the company will do better in the current year.
CHANGE OF ADDRESS
:-
Registered office of the company hass been shifted from 1/6, Rishi
Apartment, Battery Lane, Civil Line, New Delhi – 110054, Delhi, India to the
present address w.e.f. 11.02.2009
FORM 8:-
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10054467 |
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Corporate
identity number of the company |
U25111DL2006PTC148613 |
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Name of the
company |
PARADISE PLASTOPACK
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
57, Rajasthani, Udyog Nagar, |
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Type of charge |
Book Debts Movable Property Stocks, Fixed
Assets |
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Particular of
charge holder |
Centurion Bank of B – 11, Gujranwala Town, Part 1, Opp. Model Town, Ring Road, Delhi –
110009, Delhi, India |
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Nature of
description of the instrument creating or modifying the charge |
CBOP - 11,
Supplemental Hypothecation Of Goods, vehicles, Plant and machinery,
Stocks and Books debts. |
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Date of
instrument Creating the charge |
20.05.2008 |
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Amount secured by
the charge |
Rs.16.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: CC: 2.50% below
BPLR i.e. 12.50% p.a. with monthly rest. FLC: 0.40% per quarter subject to a
minimum of Rs.750.00, swift charges (For any kind of transactions): Rs.750.00
any amendments to LC: Rs. 500.00 per LC, retirement of bills under LC: 0.25%
with the minimum of Rs 500.00,Import direct/Advance remittance: 0.25% with a
minimum of Rs.500.00 Penal ROI: 2.00% in case of accounts remaining
overdrawn. Terms of Repayment
: CC: 12 Months. FLC ( DA/ DP- 90
days): 12 months. Margin : CC: 25% on stocks
less than 120 days and 30% on book debts less than 90 days. FLC ( DA/ DP- 90
days): 25% cash margin in the form of duly discharged FDRs in bank's favour. Extent and Operation
of the charge : First and
exclusive charge over the entire assets of the company. |
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Short particulars
of the property charged |
Hypothecation of
all present and future stocks and book debts and all other present future
current assets of the firm. Hypothecation of all present and future fixed assets including plant and machinery
except those vehicles, which are specially hypothecated to other banks and
financial institution. |
WEBSITE DETAILS :-
ABOUT US :-
Subject. is a Company with more than 25 years of experience
in manufacturing whole range of Multilayer Films and bags and has grown up as
one of the leading manufacturer of Quality films in
Creativity and Research and Development have become a way of life at our
Company; as a result their company is credited with various firsts in the Films
and Bags manufacturing sector. For example they have pioneered in inventing
typical “BREAD PACKAGING” for companies like where for the first time large
glass clear PP bags are Printed on the C.I. Press.
Always in pursuit of excellence, they have set stringent
quality parameters at their state of the art Laboratory and have been
constantly upgrading Systems and Technology for developing films / bags for
standard and typical requirements of their long list of Customers, many of whom
are leaders in their respective fields.
They have a reputation of always honoring our commitments in
time and keeping in mind the tight schedules and lead periods of their clients,
they have equipped ourselves with Uninterrupted Power Suppliers (UPS) and Best
of Generators.
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.45.44 |
|
|
1 |
Rs.70.61 |
|
Euro |
1 |
Rs.58.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
26 |
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.