MIRA INFORM REPORT
|
Report Date : |
25.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
RAJDEEP PLASTIC CONTAINERS ( |
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Formerly Known
As : |
MACPHLL AND COMPANY PRIVATE LIMITED |
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Registered
Office : |
Wagle Industrial Estate, B – 3, Thane – 400604, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
07.06.1962 |
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Com. Reg. No.: |
11-012375 |
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Capital
Investment / Paid-up Capital : |
Rs. 5.711 Millions |
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CIN No.: [Company Identification
No.] |
U99999MH1962PTC012375 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNER06894G |
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PAN No.: [Permanent Account No.] |
AABCM9348R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Exclusively Virgin Quality HM – HDPE Jerry Cans and
Open Top Drums. |
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No. of Employees
: |
70 (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 |
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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 record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered 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.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce
business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
Not Available
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Vijay |
|
Designation : |
Accounts Department |
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Contact No.: |
91-22-25836346 |
|
Date : |
21.11.2014 |
LOCATIONS
|
Registered Office : |
Wagle Industrial Estate, B – 3, Thane – 400604, Maharashtra, India |
|
Tel. No.: |
91-22-25836346 / 25836347 |
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Fax No.: |
91-22-25837879 |
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E-Mail : |
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Website : |
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Factory : |
Plot No.E-8, MIDC, Taloja Industrial Area, Taluka -
Panvel, Dist. Raigad, Taloja - 410 208, Maharashtra, India |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Jayesh Bhawanji Nagda |
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Designation : |
Director |
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Address : |
301 Shreenidhi, 76 Bhau Daji Road, Matunga, Mumbai – 400019,
Maharashtra, India |
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Date of Birth/Age : |
26.04.1973 |
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Date of Appointment : |
04.12.1997 |
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DIN No.: |
00387673 |
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Name : |
Mr. Bhawanji Panchubhai Nagda |
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Designation : |
Director |
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Address : |
301 Shreenidhi, 76 Bhau Daji Road, Matunga, Mumbai – 400019,
Maharashtra, India |
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Date of Birth/Age : |
20.04.1939 |
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Date of Appointment : |
28.02.2001 |
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DIN No.: |
00387754 |
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||
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Name : |
Mr. Hitendra Khushalchand Haria |
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Designation : |
Director |
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Address : |
307A New Anant Bhuvan, 257 65 Narshi Nath Street, Mumbai – 400009,
Maharashtra, India |
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Date of Birth/Age : |
18.04.1967 |
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Date of Appointment : |
05.09.2013 |
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DIN No. : |
01853821 |
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MAJOR SHAREHOLDERS
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Jayesh B Nagda |
52084 |
91.19 |
|
Bhawanji P Nagda |
1265 |
2.21 |
|
Hemlata B Nagda |
1344 |
2.35 |
|
Deepak B Nagda |
850 |
1.49 |
|
Bhawanji P Nagda |
695 |
1.22 |
|
Hemlata B Nagda |
875 |
1.53 |
|
Total |
57113 |
99.99 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
%20PRIVATE%20LIMITED%20-%20295377_MIRA%2025-Nov-2014_files/image002.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Exclusively Virgin Quality HM – HDPE Jerry Cans and
Open Top Drums. |
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Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Gulf Countries |
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Terms : |
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Selling : |
Cash, L\C and Credit |
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Purchasing : |
Cash, L\C and Credit |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
70 (Approximately) |
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Bankers : |
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Facilities : |
Not Available |
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Finance
Institution: |
·
ECL Finance Limited, Edelweiss House, Off. C.S.T.
Road, Kalina, Mumbai – 400098, Maharashtra, India ·
Reliance Capital Limited, ‘H’ Block, 1st
Floor, Dhirubhai Ambai Knowledge City, Koparkhairne, Navi Mumbai – 400710,
Maharashtra, India |
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Auditors : |
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Name : |
M. P. Chitale and Company Chartered Accountants |
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Address : |
Hamam House Ambalal Doahi Marg, Fort, Mumbai – 400001, Maharashtra,
India |
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PAN No.: |
AAAPM5229P |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
57113 |
Equity Shares |
Rs.100/- each |
Rs. 5.711 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
5.711 |
5.711 |
5.711 |
|
(b) Reserves &
Surplus |
188.591 |
47.812 |
42.644 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
194.302 |
53.523 |
48.355 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
11.124 |
16.304 |
12.066 |
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(b) Deferred tax
liabilities (Net) |
1.021 |
1.137 |
1.244 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.887 |
2.497 |
1.949 |
|
Total Non-current Liabilities
(3) |
15.032 |
19.938 |
15.259 |
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(4) Current Liabilities |
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(a) Short term borrowings |
63.008 |
65.870 |
54.116 |
|
(b) Trade payables |
21.177 |
30.420 |
25.317 |
|
(c) Other current
liabilities |
33.038 |
87.767 |
46.559 |
|
(d) Short-term provisions |
24.801 |
4.700 |
4.500 |
|
Total Current Liabilities
(4) |
142.024 |
188.757 |
130.492 |
|
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|
|
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TOTAL |
351.358 |
262.218 |
194.106 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
38.295 |
39.131 |
40.657 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.163 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.690 |
3.552 |
3.552 |
|
(e) Other Non-current
assets |
20.432 |
0.018 |
0.191 |
|
Total Non-Current Assets |
62.580 |
42.701 |
44.400 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
18.312 |
14.848 |
13.457 |
|
(c) Trade receivables |
54.493 |
64.948 |
61.308 |
|
(d) Cash and cash
equivalents |
10.875 |
1.567 |
4.252 |
|
(e) Short-term loans and
advances |
204.698 |
136.902 |
70.338 |
|
(f) Other current assets |
0.400 |
1.252 |
0.351 |
|
Total Current Assets |
288.778 |
219.517 |
149.706 |
|
|
|
|
|
|
TOTAL |
351.358 |
262.218 |
194.106 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
TOTAL (A) |
250.000 (Approximately) |
NA |
NA |
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
171.161 |
30.876 |
26.892 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
11.653 |
12.444 |
11.421 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
159.508 |
18.432 |
15.471 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.159 |
7.056 |
5.550 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
152.349 |
11.376 |
9.921 |
|
|
|
|
|
|
|
Less |
TAX (H) |
11.571 |
6.208 |
4.209 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
140.778 |
5.168 |
5.712 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
47.812 |
42.644 |
36.932 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J) |
188.590 |
47.812 |
42.644 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(Rs.) |
2464.90 |
90.49 |
100.01 |
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
290.000 |
|
|
|
|
|
Expected Sales (2014-2015): Rs. 350.000 Millions
The above information has been parted by Mr. Vijay (Accounts Department)
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
43.38 |
4.34 |
5.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.78 |
0.21 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.38 |
1.54 |
1.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.03 |
1.16 |
1.15 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
5.711 |
5.711 |
5.711 |
|
Reserves & Surplus |
42.644 |
47.812 |
188.591 |
|
Net worth |
48.355 |
53.523 |
194.302 |
|
|
|
|
|
|
long-term borrowings |
12.066 |
16.304 |
11.124 |
|
Short term borrowings |
54.116 |
65.870 |
63.008 |
|
Total borrowings |
66.182 |
82.174 |
74.132 |
|
Debt/Equity ratio |
1.369 |
1.535 |
0.382 |
%20PRIVATE%20LIMITED%20-%20295377_MIRA%2025-Nov-2014_files/image004.gif)
LOCAL AGENCY FURTHER INFORMATION
Current Maturities of
Long Term Debts: Not Available
|
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 |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
11] |
Turnover of
firm for last two years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons for
variation <> 20% |
------------------------ |
|
14] |
Estimation for
coming financial year |
Yes |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
No |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
Yes |
|
20] |
Export /
Import details (if applicable) |
Yes |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
---------------------- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
No |
|
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 |
BUSINESS ACTIVITIES:
Manufacturing of plastic Containers in various sizes. The Company has increased its manufacturing capacity by adding more machines as well as upgrading the overall plant. The Company has appointed one more additional director Mr. Hiten K. Haria
VIEW INDEX OF
CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10469454 |
27/12/2013 |
23,000,000.00 |
ECL FINANCE LIMITED |
Edelweiss House,
Off. C.S.T Road, Kalina, Mumbai, |
B93242337 |
|
2 |
10461630 |
21/11/2013 |
7,000,000.00 |
RELIANCE CAPITAL LTD |
"H" BLOCK 1ST FLOOR, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai, Maharashtra - 400710, INDIA |
B90109042 |
|
3 |
10445609 |
30/08/2013 |
15,440,950.00 |
RELIANCE CAPITAL LTD |
"H" BLOCK 1ST FLOOR, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai, Maharashtra - 400710, INDIA |
B83343137 |
|
4 |
10321099 |
06/11/2012 * |
78,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B62439815 |
* Date of charge modification
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. 61.77 |
|
|
1 |
Rs.96.78 |
|
Euro |
1 |
Rs.76.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.