MIRA
INFORM REPORT
|
Report Date : |
09.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
RAJIV PLASTICS LIMITED [w.e.f. 27.01.2009] |
|
|
|
|
Formerly Known
As : |
RAJIV PLASTICS PRIVATE LIMITED [w.e.f. 08.11.2005] MINOCHA BUTTON STORE PRIVATE LIMITED |
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|
Registered
Office : |
33/9, East Patel Nagar, New Delhi - 110008 |
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Country : |
India |
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|
Financials (as
on) : |
31.03.2012 |
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|
Date of
Incorporation : |
25.10.1982 |
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Com. Reg. No.: |
55-014577 |
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Capital
Investment / Paid-up Capital : |
Rs.26.550 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1982PLC014577 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELR13238B |
|
|
|
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PAN No.: [Permanent Account No.] |
AADCR3525R |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Plastic Materials. |
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|
No. of Employees
: |
Not Available |
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 600000 |
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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 a satisfactory track record. Financially
company has performed well during the current year. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
33/9, East Patel Nagar, New Delhi – 110008, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Hemant Minocha |
|
Designation : |
Directors |
|
Address : |
2nd Floor, Modi Sadan, 11th Road, JVPD Scheme, Juhu, Mumbai – 400049,
Maharashtra, India |
|
Date of Birth/Age : |
10.01.1974 |
|
Date of Appointment : |
31.12.2005 |
|
DIN No.: |
00614057 |
|
|
|
|
Name : |
Mr. Inder Mohan Minocha |
|
Designation : |
Directors |
|
Address : |
52 Enlor, Santacruz (West), Mumbai – 400093, Maharashtra, India |
|
Date of Birth/Age : |
23.06.1948 |
|
Date of Appointment : |
25.10.1982 |
|
DIN No.: |
00613951 |
|
|
|
|
Name : |
Mr. Manish Mohan Minocha |
|
Designation : |
Directors |
|
Address : |
52 El-Nor, Main Avenue, Santacruz (West), Mumbai – 400093,
Maharashtra, India |
|
Date of Birth/Age : |
29.11.1971 |
|
Date of Appointment : |
02.02.1998 |
|
DIN No.: |
00613692 |
|
|
|
|
Name : |
Mr. Sumit Minocha |
|
Designation : |
Directors |
|
Address : |
2nd Floor, Modi Sadan, Mumbai - 400049 Maharashtra, India |
|
Date of Birth/Age : |
01.07.1978 |
|
Date of Appointment : |
31.12.2005 |
|
DIN No.: |
01228037 |
MAJOR SHAREHOLDERS
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Inder Mohan Minocha |
|
31120 |
|
Pushpa Minocha |
|
75000 |
|
Manish Mohan Minocha |
|
50060 |
|
Hemant Minocha |
|
53060 |
|
Sumit Minocha |
|
53060 |
|
Janhavi Manish Minocha |
|
3000 |
|
Parul Minocha |
|
50 |
|
Mahima Minocha |
|
50 |
|
Akansha Lad |
|
25 |
|
D.R Patel |
|
25 |
|
Deepak Bajaj |
|
25 |
|
Jailakshmi Prakash Kamat |
|
25 |
|
Total |
|
265500 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plastic Materials. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel
(West), Mumbai - 400013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
---- |
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Auditors : |
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|
Name : |
Chander Parkash and Company Chartered Accountants |
|
Address : |
207, Padma Tower-II 22, Rajendra Place New Delhi - 110008 India |
|
Tel. No.: |
91-11-25731059/60, 41539570 |
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Mobile No.: |
91-9810056108 |
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Fax No.: |
91-11-25741070 |
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E-Mail : |
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PAN No.: |
AAHPP1487F |
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Associates/Subsidiaries : |
Rajiv Plastic Industries |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs.100/- each |
Rs. 30.000 Millions |
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|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
265500 |
Equity Shares |
Rs.100/- each |
Rs. 26.550 Millions |
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
26.550 |
26.550 |
26.550 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
124.730 |
72.864 |
33.100 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
151.280 |
99.414 |
59.650 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
28.050 |
6.168 |
10.523 |
|
|
2] Unsecured Loans |
163.700 |
161.800 |
150.099 |
|
|
TOTAL BORROWING |
191.750 |
167.968 |
160.622 |
|
|
DEFERRED TAX LIABILITIES |
10.769 |
7.884 |
5.606 |
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|
|
|
|
|
|
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TOTAL |
353.799 |
275.266 |
225.878 |
|
|
|
|
|
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|
APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
138.542 |
121.883 |
109.817 |
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|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
73.102
|
42.435 |
27.825 |
|
|
Sundry Debtors |
153.416
|
113.562 |
93.046 |
|
|
Cash & Bank Balances |
4.436
|
8.696 |
2.876 |
|
|
Other Current Assets |
6.392
|
4.230 |
2.099 |
|
|
Loans & Advances |
44.720
|
31.168 |
27.505 |
|
Total
Current Assets |
282.066
|
200.091 |
153.351 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
31.496
|
22.400 |
23.802 |
|
|
Other Current Liabilities |
10.683
|
6.951 |
3.950 |
|
|
Provisions |
24.630
|
17.357 |
10.382 |
|
Total
Current Liabilities |
66.809
|
46.708 |
38.134 |
|
|
Net Current Assets |
215.257
|
153.383 |
115.217 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.844 |
|
|
|
|
|
|
|
|
TOTAL |
353.799 |
275.266 |
225.878 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
659.337 |
486.372 |
334.060 |
|
|
|
Other Income |
10.209 |
2.389 |
0.466 |
|
|
|
TOTAL (A) |
669.546 |
488.761 |
334.526 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
497.819 |
355.476 |
|
|
|
|
Changes in inventories |
(16.216) |
(1.349) |
277.634 |
|
|
|
Employee benefit expense |
18.979 |
12.334 |
|
|
|
|
Other expenses |
64.006 |
38.202 |
|
|
|
|
TOTAL (B) |
564.588 |
404.663 |
277.634 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
104.958 |
84.098 |
56.892 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
22.083 |
19.647 |
16.982 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
82.875 |
64.451 |
39.910 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.943 |
4.906 |
3.874 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
76.932 |
59.545 |
36.036 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
25.010 |
19.633 |
12.555 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
51.922 |
39.912 |
23.481 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on F.O.B |
278.602 |
187.136 |
167.918 |
|
|
|
Others |
9.794 |
1.780 |
0.000 |
|
|
TOTAL EARNINGS |
288.396 |
188.916 |
167.918 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
201.734 |
129.111 |
78.997 |
|
|
TOTAL IMPORTS |
201.734 |
129.111 |
78.997 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
195.56 |
150.33 |
88.44 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.75
|
8..16 |
7.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.66
|
12.24 |
10.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.29
|
18.49 |
13.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.51
|
0.60 |
0.60 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.27
|
1.69 |
2..69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.22
|
4.28 |
4.02 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U74899DL1982PLC014577 |
|
Name of the
company |
RAJIV PLASTICS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
33/9, East Patel Nagar,
Delhi-110008, India |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10018159 |
|
Type of charge |
·
Book
Debts ·
Movable
Property ·
Floating
Charge |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel
(West), Mumbai - 400013, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplementary
letter of hypothecation |
|
Date of
instrument Creating the charge |
17.03.2012 |
|
Amount secured by
the charge |
Rs. 89.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the bank from time to time. Terms of Repayment Working capital
facilities shall be repayable on demand. Term loan
facilities shall be repayable in suitable installments. Margin As may be
stipulated by the bank from time to time Extent and Operation of the charge Hypothecation by
way of first charge on compnay’s stocks, book debts, etc, as a continuing
security to secure below for the repayments of rs. 89.000 Millions together
withinterest, cost, charges, expenses and other moneys due and payableby the
company to the bank. Others Nil |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
·
Stock
in trade consisting of raw materials, goods in process of manufacturing
finished goods, and other merchandise whatsoever being movable properties ·
All
the debts that is all the book debts, outstanding, monies receivables,
claims, bills, invoice documents, contracts guaranteeand rights. |
|
Date of
instrument modifying the charge |
27.04.2010 |
|
Particulars of
the present modification |
The charge shall
now stand from Rs. 89.000 Millions against the security of stocks, book debts of the company. |
Contingent Liabilities
(Rs. In
Millions)
|
Particulars |
Amount |
|
Bank Guarantees outstanding in favour of parties |
77.000 |
FIXED ASSETS:
·
Plant and Machinery
·
Furniture and Fixture
·
Air Conditioners
·
Office Equipment
·
Factory Building
·
Office Building
·
IT Equipment
·
Weighimg Equipments
·
Electrical Installations
·
Motor Vehicles
·
Land
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 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 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.53.57 |
|
|
1 |
Rs.84.25 |
|
Euro |
1 |
Rs.71.79 |
INFORMATION DETAILS
|
Report Prepared
by : |
SPN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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.