1. Summary Information
|
|
|
Country |
|
|
Company Name |
PADMINI PETROPLAST PRIVATE LIMITED |
Principal Name 1 |
Mr. Prakash Ghisulal Shah |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Lalit Ghisulal Shah |
|
|
|
Registration # |
11- 117499 |
|
Street Address |
105 Tirupati Udyog Bhavan, Opposite Laghu Udyog, I B, Patel Goregaon
East, Mumbai-400063, |
||
|
Established Date |
17.12.1998 |
SIC Code |
-- |
|
Telephone# |
91-22-40623500 to 30/ 2685566 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-2686235/ 40623555 |
Business Style 2 |
Distributor |
|
Homepage |
Product Name 1 |
Engineering Thermoplastics |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
11,518,000/- |
Product Name 3 |
-- |
|
Shareholders |
Directors or Relatives of directors (100.00%) |
Banking |
Abhyudaya Co-Operative Bank Limited |
|
Public Limited Corp. |
NO |
Business Period |
13 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba (44) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
208,096,000 |
Current Liabilities |
117,223,000 |
|
Inventories |
98,175,000 |
Long-term Liabilities |
209,314,000 |
|
Fixed Assets |
15,253,000 |
Other Liabilities |
1,903,000 |
|
Deferred Assets |
000 |
Total Liabilities |
328,440,000 |
|
Invest& other Assets |
38,746,000 |
Retained Earnings |
20,312,000 |
|
|
|
Net Worth |
31,830,000 |
|
Total Assets |
360,270,000 |
Total Liab. & Equity |
360,270,000 |
|
Total Assets (Previous Year) |
235,070,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales/ Turnbover |
423,991,000 |
Net Profit |
1,545,000 |
|
Sales(Previous yr) |
335,433,000 |
Net Profit(Prev.yr) |
4,883,000 |
MIRA
INFORM REPORT
|
Report Date : |
04.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
PADMINI PETROPLAST PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
105 Tirupati Udyog Bhavan, Opposite Laghu Udyog, I B, Patel Goregaon
East, Mumbai-400063, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
17.12.1998 |
|
|
|
|
Com. Reg. No.: |
11- 117499 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs. 11.518
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909MH1998PTC117499 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP17975G/ MUMP10677C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP4496R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Distributor of Engineering Thermoplastics |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 127000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are 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 |
LOCATIONS
|
Registered Office : |
105 Tirupati Udyog Bhavan, Opposite Laghu Udyog, I B, Patel Goregaon
East, Mumbai-400063, |
|
Tel. No.: |
91-22-40623500 to 30/ 2685566 |
|
Fax No.: |
91-22-2686235/ 40623555 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Prakash Ghisulal Shah |
|
Designation : |
Managing Director |
|
Address : |
4/9, |
|
Date of Birth/Age : |
07.09.1965 |
|
Date of Appointment : |
17.12.1998 |
|
DIN No.: |
00240969 |
|
|
|
|
Name : |
Mr. Lalit Ghisulal Shah |
|
Designation : |
Director |
|
Address : |
4/9, |
|
Date of Birth/Age : |
21.03.1969 |
|
Date of Appointment : |
17.12.1998 |
|
DIN No.: |
00241013 |
|
|
|
|
Name : |
Mr. Pravin Ghisulal Shah |
|
Designation : |
Director |
|
Address : |
4/9, |
|
Date of Birth/Age : |
12.12.1971 |
|
Date of Appointment : |
17.12.1998 |
|
DIN No.: |
00241076 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Prakash Ghisulal Shah |
|
440086 |
|
Pravin Ghisulal Shah |
|
87600 |
|
Lalit Ghisuala Shah |
|
71600 |
|
Sheel Prakash Shah |
|
75010 |
|
Seema Lalit Shah |
|
34510 |
|
Ghisulala Shah |
|
20000 |
|
Kanchaben Shah |
|
108000 |
|
Kaviat Shah |
|
35000 |
|
Prakash G Shah HUF Lalit G Shah HUF Ghisulal Shah HUF |
|
70000 |
|
Prakash Shah Jointly with Kamal Rajpria, Vandaan Divekar Pawar, Manish
M Shirke and chandulal Shah |
|
1 |
|
Prakash Shah Jointly with Arvind Mehta, Kapila T Shah, Navinchand R
Vakharia |
|
1 |
|
Prakash Shah Jointly with Minakshi Patel, Niru M Sanghvi, Kirti
Khotari and Motiben Mehta |
|
1 |
|
Prakash Shah Jointly with Madhuben J Dhadhai, Hitendra Vora, Vinod S
Waghela and Pratesh Gohil |
|
1 |
|
Prakash Shah Jointly with Jayaben Mehta, Deepiak Waghela, Bakul
Chauhan and Naresh Shah |
|
1 |
|
Prakash Sha Jointly with Sushila Goenka, Manta Mehta, S K Sanghavi and
|
|
1 |
|
Prakash Shah Jointly with Sushila M Goenka, Manta Meha, S K Sanghavi
and |
|
1 |
|
Prakash Shah Jointly with Royal Finance, Bhanuben Shah, Nirupa Mehta
and Dinesh Jain |
|
1 |
|
Prakash Shah Jointly with Pratibha V Mehat, Mukat Steel and Fabs
Private Limited, Kaypex International and Maharashtar Steels Profiles |
|
1 |
|
Prakash Shah Jointly with Rajesh Jain, Champaklal Kothari, Fortune
Finance, Blue Star Investment and Ramniklal R Soni |
|
1 |
|
Prakash Shah jointly with Bhanubhen Mota, Viajy V Bhanushali,
Dhirajlal Shah and Ajay Johi |
|
1 |
|
Prakash Shah Jointly with Sankardas Bherumals, Vishal Corporation, D.
B. Pehaljani and Tarabai Kotumal |
|
1 |
|
Prakash Shah Jointly with G C Hinduaj (HUF), Kamal P Lalwani, Sanjayb
P Lalawani and Arjun Chaturbhuj Hinduja |
|
1 |
|
Prakash Shah Jointly with Shipa Hinduja, Priay Hinduja and Gridhari
Chaturbhuj Hinduja |
|
1 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributor of Engineering Thermoplastics |
GENERAL INFORMATION
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institute: |
Reliance Capital Limited, “H” Block, 1st Floor, Dhirubhai
Ambani Knowledge City, Koparkhairne, Navi Mumbai-400710, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Deepak Maru and Company Chartered Accountant |
|
Address : |
2/5, Gajanan Colony, Jawahar Nagar, Goregaon (West), Mumbai-400062, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1151820 |
Equity Shares |
Rs. 10/-
each |
Rs. 11.518
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 |
11.518 |
11.518 |
6.518 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
20.312 |
18.767 |
13.884 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
31.830 |
30.285 |
20.402 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
175.596 |
149.027 |
73.720 |
|
|
2] Unsecured Loans |
33.718 |
30.213 |
35.657 |
|
|
TOTAL BORROWING |
209.314 |
179.240 |
109.377 |
|
|
DEFERRED TAX LIABILITIES |
1.530 |
1.217 |
1.518 |
|
|
|
|
|
|
|
|
TOTAL |
242.674 |
210.742 |
131.297 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
15.253 |
15.509 |
22.657 |
|
|
Capital work-in-progress |
37.971 |
22.006 |
10.552 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.775 |
0.275 |
0.275 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
98.175
|
75.439 |
24.002 |
|
|
Sundry Debtors |
191.980
|
107.597 |
118.325 |
|
|
Cash & Bank Balances |
3.287
|
9.441 |
7.966 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
12.829
|
4.803 |
2.481 |
|
Total
Current Assets |
306.271
|
197.280 |
152.774 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
113.637
|
21.488 |
51.639 |
|
|
Other Current Liabilities |
3.586
|
2.003 |
2.552 |
|
|
Provisions |
0.373
|
0.837 |
0.770 |
|
Total
Current Liabilities |
117.596
|
24.328 |
54.961 |
|
|
Net Current Assets |
188.675
|
172.952 |
97.813 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
242.674 |
210.742 |
131.297 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
423.991 |
335.433 |
259.695 |
|
|
|
|
|
|
|
|
|
|
TOTAL EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2.908 |
6.556 |
6.173 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.363 |
1.673 |
2.776 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1.545 |
4.883 |
3.396 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.34 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.90
|
3.08 |
3.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.22 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
10.27
|
6.72 |
8.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.60
|
8.11 |
2.78 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U51909MH1998PTC117499 |
|
Name of the
company |
PADMINI PETROPLAST PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
105 Tirupati Udyog Bhavan, Opposite Laghu Udyog, I B, Patel Goregaon
East, Mumbai-400063, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
10222219 |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
Abhyudaya
Co-Operative Bank Limited, Administrative Office, K.K. Tower, Abhyudaya Bank
Lane, Off G.D. Ambekar Marg, Parel Village, Mumbai-400012, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of Simple
Mortgage |
|
Date of
instrument Creating the charge |
30.06.2010 |
|
Amount secured by
the charge |
Rs. 285.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
: @13% p.a. (Floating) or at such other rate as may be decided, from time to
time, by the bank. Margin As may be decided
from time to time, by the bank. Extent and
Operation of the charge To secure the due
repayment followings credit facilities of Rs. 285.000 Millions, together with
accrued interest thereon, granted by the bank to the company. 1) Cash Credit facility of Rs. 140.000
Millions (enhanced from Rs. 110.000
Millions) 2) Letter of Credit Facility of Rs. 100.000
Millions 3) Term Loan of Rs. 45.000 Millions (Fresh) |
|
Short particulars
of the property charged |
Office No. 201, 2nd
Floor, Administrative 157.48 sq. mtrs. carpet area 1695 sq.ft. (including of
AHU) stilt parking space No. 7, 8, 9 and 10 Atlanta Centre, S. No. 111(Pt.)
112(Pt.) CTS No. 494, Sonawalla Road,
Phadi, Goregaon (East), Mumbai. Office No. 202, 2nd
Floor, Adm. 146.74 sq. mtrs. of Carpet area equivalent to 1579 sq.ft.
(inclusive of AHU) |
|
Particulars of
the present modification |
By this
modification, the immovable property (ies) so mortgaged shall now hold good
also to secure additional cash credit facility of Rs. 30.000 Millions and Term
Loan of Rs. 45.000 Millions (Fresh) granted to the company. Hence the
aggregate credit facilities secured by Charge have been enhanced from Rs.
210.000 Millions to Rs. 285.000 Millions (Being cash Credit of Rs. 140.000
Millions, Letter of Credit facility of Rs. 100.000 Millions and Term Loan of
Rs. 45.000 Millions) Therefore the overall charge now stands at Rs. 285.000
Millions |
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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
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 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.