MIRA
INFORM REPORT
|
Report Date : |
22.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MKU PRIVATE LIMITED |
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Formerly Known As : |
M KUMAR UDYOG PRIVATE LIMITED |
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Registered Office : |
13 – Narain Kuti, Gandhi Gram, G T Road, Kanpur - 208007, Uttar
Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.05.2001 |
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Com. Reg. No.: |
20-26027 |
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CIN No.: [Company
Identification No.] |
U19202UP2001PTC026027 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KNPM01477A |
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PAN No.: [Permanent
Account No.] |
AACCM6302Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture of personal protection and defence equipment. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 430000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
13 – Narain Kuti, Gandhi Gram, G T Road, Kanpur - 208007, Uttar
Pradesh, India |
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E-Mail : |
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Website : |
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Corporate Office : |
103, Chandralok Complex, 26/72-D, Birhana Road, Kanpur – 208001 [UP],
India |
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Tel. No.: |
91-512-2363491 |
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Fax No.: |
91-512-2354644 |
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Branch Office : |
N – 23 – B, Jangpura Extension, New Delhi – 110014, India |
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Tel. No.: |
91-11-24314543 |
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Fax No.: |
91-11-24310174 |
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Branch Office : |
MKU Defence Solutions, Inc., Office No. 16239, LOB:16, PO
Box 262052, |
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Tel. No.: |
971 48810012 |
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Fax No.: |
971 48810013 |
DIRECTORS
|
Name : |
Mr. Manoj Gupta |
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Designation : |
Director |
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Address : |
13 – Narain Kuti, Gandhi Gram, G T Road, Kanpur - 208007, Uttar
Pradesh, India |
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Date of Birth/Age : |
01.02.1968 |
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Date of Appointment : |
04.05.2001 |
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Name : |
Mr. Kiran Gupta |
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Designation : |
Director |
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Address : |
13 – Narain Kuti, Gandhi Gram, G T Road, Kanpur - 208007, Uttar
Pradesh, India |
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Date of Birth/Age : |
10.07.1951 |
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Date of Appointment : |
04.05.2001 |
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Name : |
Mr. Anurag Gupta |
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Designation : |
Director |
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Address : |
13 – Narain Kuti, Gandhi Gram, G T Road, Kanpur - 208007, Uttar
Pradesh, India |
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Date of Birth/Age : |
31.12.1973 |
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Date of Appointment : |
01.11.2003 |
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Name : |
Mr. Sumit Khandelwal |
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Designation : |
Director |
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Address : |
7 Q Gandhi Gram, G T Road, Kanpur |
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Date of Birth/Age : |
23.08.1975 |
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Date of Appointment : |
22.05.2003 |
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Name : |
Mr. Manish Khandelwal |
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Designation : |
Director |
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Address : |
7 Q Gandhi Gram, G T Road, Kanpur |
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Date of Appointment : |
01.11.2003 |
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Name : |
Mr. Raj Kumar Khandelwal |
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Designation : |
Director |
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Address : |
7 Q Gandhi Gram, G T Road, Kanpur |
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Date of Birth/Age : |
12.07.1946 |
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Date of Appointment : |
01.11.2003 |
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Name : |
Mr. Ajai Shanker Bhatnagar |
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Designation : |
Director |
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Address : |
7/109, Swaroop Nagar, Kohna, Kanpur – 208002, Uttar Pradesh, India |
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Date of Birth/Age : |
27.09.1964 |
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Date of Appointment : |
06.08.2007 |
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Name : |
Mr. Saurabh Gupta |
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Designation : |
Director |
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Address : |
117/H – 1 / 298, Model Town, Pandu Nagar, Shastri Nagar, Kaka Deo,
Kanpur – 208007, Uttar Pradesh, India |
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Date of Birth/Age : |
06.05.1975 |
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Date of Appointment : |
17.06.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Manoj Gupta |
|
1065000 |
|
Kiran Gupta |
|
965000 |
|
Neeraj Gupta |
|
95000 |
|
Gopal Krishna Gupta |
|
445000 |
|
Raj Kumar Khandelwal |
|
75000 |
|
Sumit Khandelwal |
|
15000 |
|
Supriya Gupta |
|
445000 |
|
Master Karan Gupta |
|
5500 |
|
Manna Lal Gupta – HUF |
|
280000 |
|
Shanti Khandelwal |
|
64000 |
|
Prachi Gupta |
|
4500 |
|
Prema Gupta |
|
10000 |
|
Siddarth Gupta |
|
5500 |
|
Srishti Gupta |
|
6500 |
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Anurag Gupta HUF / Gopal Krishna Gupta |
|
50000 |
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Gopal Krishna Gupta / Manoj Gupta / Anurag Gupta |
|
200000 |
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Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of personal protection and defence equipment. |
GENERAL
INFORMATION
|
Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mehrotra Rakesh Kumar and Company Chartered Accountants |
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Address : |
Room No. 10, Sagar Market, 2nd Floor, Karchi Khana, Kanpur
– 208001, Uttar Pradesh, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 70.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4,164,000 |
Equity Shares |
Rs. 10/- each |
Rs. 41.640
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
41.640 |
40.910 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
66.010 |
30.577 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
107.650 |
71.487 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
146.464 |
85.439 |
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2] Unsecured Loans |
|
28.069 |
13.435 |
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TOTAL BORROWING |
|
174.533 |
98.874 |
|
|
DEFERRED TAX LIABILITIES |
|
1.663 |
0.823 |
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|
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TOTAL |
|
283.846 |
171.184 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
111.257 |
39.675 |
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Capital work-in-progress |
|
24.551 |
14.208 |
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INVESTMENT |
|
0.255 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
55.373 |
141.469 |
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Sundry Debtors |
|
87.083 |
64.365 |
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Cash & Bank Balances |
|
4.521 |
1.847 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
67.420 |
60.292 |
|
Total
Current Assets |
|
214.397 |
267.973 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
|
49.190 |
147.560 |
|
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Provisions |
|
19.098 |
8.238 |
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Total
Current Liabilities |
|
68.288 |
155.798 |
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Net Current Assets |
|
146.109 |
112.175 |
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MISCELLANEOUS EXPENSES |
|
1.674 |
5.126 |
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TOTAL |
|
283.846 |
171.184 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.26 |
3.56 |
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Current Ratio (Current Asset/Current Liability) |
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|
3.14 |
1.72 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
MKU PRIVATE LIMITED |
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Presented By |
STATE BANK OF INDIA,
PHOOL BAGH BRANCH, KANPUR |
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1) Date and description of instrument creating the change |
Confirmatory
letter dated creation of equitable mortgage.
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Equitable
Mortgage by way of deposit of title deeds in respect f the company’s immovable
properties being premises, No. 103, Chandralok Complex, 26/71-D, Birhana
Road, Kanpur and Bounded as under East Wall thereafter Office No. 104 and
Gallery of the House West – Wall
thereafter office no. 102 South – common
passage of the house 5 feet wide Together with all
the building, structures now standing therein and together with the fixtures,
fittings and other things attached thereto, free from all other charges and
encumbrances. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above is
mortgage to collaterally secure the following credit facilities granted by
Bank to Polymers Private Limited
Commission,
interest and other charges shall be charged as per Bank’s rates applicable
from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India, Phool Bagh Brach, Kanpur |
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6) Date and brief description of instrument modifying the charge |
Letter evidencing
deposit of title deeds dated 27.10.2005 for extension of equitable mortgage |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
On renewal the
aggregate of credit facilities of Rs. 33.000 Millions granted by bank to A R
Polymers Pvt. Limited have been enhanced from Rs. 33.000 Millions to Rs.
69.000 Millions. Therefore the total amount of charge secured against
equitable mortgage by way of deposit of title deeds in respect of company’s
immovable properties as mentioned in column number [3] above has bow been enhanced from Rs.
33.000 Millions to Rs. 69.000 Millions to secure the credit facilities
granted by bank to A R Polymers Private limited the breakup of enhanced /
revised credit facilities granted by Bank to A R Polymers P Limited are as under
:
Other terms and
conditions remain the same. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10058790 |
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Corporate
identity number of the company |
U19202UP2001PTC026027 |
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Name of the
company |
MKU PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
13 – Gandhi Gram, G T Road, Kanpur, Uttar Pradesh, India |
|
Type of charge |
|
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Particular of
charge holder |
Bank of Baroda Birhana Road,
Kanpur – 208001, Uttar Pradesh, India |
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Nature of description
of the instrument creating or modifying the charge |
Supp. Comp.
Agree. Of Hypo. of goods, BD moveable machinery and vehicles to secure inc.
in following credit facility granted to 100 % EOU Divi packing credit Cum FBP
/ FBD Rs. 50.000 Millions [Increase from Rs. 20.000 Millions to Rs. 100
Millions] standing ad. Limit Rs.
20.000 Millions [Fresh] Inl / Fgn. Letter of credit [DP / DB] Rs. 150.000
Millions [Inc from Rs. 20.000 Millions to Rs. 170.000 Millions] bank
Guarantee [Inl / Fgn.] Rw. Existing limit Rs. 56.200 Millions total Rs. 220
Millions Ext. the charge from Rs. 126.200 Millions to Rs. 346.200 Millions in
agg. |
|
Date of
instrument Creating the charge |
06.10.2007 |
|
Amount secured by
the charge |
Rs. 220.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Bank Noms.
Terms of
repayment As per Bank Noms. Margin Margin 25 % on
Packing Credit Facility Margin 10 % on
Import LC Margin 10 % for
Bid Bank Guarantee and 15 % on others Extent operation
of the charge Stock, book debts
and machinery of 100 % EOU Division of MKU [P] Limited. Others Corporate
Guarantee Provided by A R Thrmosets Pvt. Ltd. And MKU Armors Pvt Ltd for a
sum of Rs. 220 Millions [Increase from Rs. 126.200 Millions to Rs. 346.200
Millions] |
|
Short particulars
of the property charged |
Supplemental
Hypothecation Agreement of Goods, Machinery, Book Debts and other moveable of
100 % EOU Division of the company. Extension Equitable Mortgage of immovable
property of MKU Armos [P] Limited situated at C – 14 UPSIDC Industrial Area,
Rooma, Kanpur and C – 60,61,62 and B 31 at Malwan, Fatehpur in the name of AR
Thermosets Pvt Ltd and extension of Mortgage of property at 13, Gandhi Gram,
Kanpur owned Gopal Krishan and Kiran Gupta etc. |
|
Particulars of
the present modification |
Supp. Comp.
Agree. Of Hypo. of goods, BD moveable machinery and vehicles to secure inc.
in following credit facility granted to 100 % EOU Divi packing credit Cum FBP
/ FBD Rs. 50.000 Millions [Increase from Rs. 20.000 Millions to Rs. 100
Millions] standing ad. Limit Rs.
20.000 Millions [Fresh] Inl / Fgn. Letter of credit [DP / DB] Rs. 150.000
Millions [Inc from Rs. 20.000 Millions to Rs. 170.000 Millions] bank
Guarantee [Inl / Fgn.] Rw. Existing limit Rs. 56.200 Millions total Rs. 220
Millions Ext. the charge from Rs. 126.200 Millions to Rs. 346.200 Millions in
agg. |
AS PER WEBSITE
Profile
In a short span of just 20
years, MKU has taken the mantle of being the leading manufacturer and defence
contractor for the Indian Army, Police and other Special Forces. That too, in
all product categories in which it has a presence. Some other organizations
that depend on MKU for their ballistic needs are:
- Indian
Paramilitary Forces
- Indian Air
Force
- Indian Navy
- National
Cadet Corps
- Border Roads
- Indian State
Police Forces
- Indian
Ministry of Coal & Mines
- Indian
Ministry of Railways
Management
CEO Manoj Gupta is at the helm of MKU's affairs. He is ably
supported by Neeraj Gupta, who leads the International Business Team, and
Anurag Gupta, who takes care of Indian operations. All three of them belong to
one of India's most successful business families. With proven track records and
formidable individual reputations of their own, Manoj, Neeraj and Anurag Gupta
have deftly led MKU to where it stands today.
Being the flagship company of
the GKG Group, MKU has borne the responsibility to live up to the professional
and moral values instilled by the group's Chairman, Mr. G.K.Gupta. Towards this
endeavour, MKU's promoters are whole-heartedly backed by a diverse group of
professionals with recognized expertise in their respective fields. These
professionals skillfully handle various departments such as Manufacturing,
Product Development & Enhancement, National & International Sales,
Marketing & Customer Care, Information Technology, The Legal and Advisory
Cell, and Support & Logistics.
Milestones
- MKU is the
flagship company of the GKG group, a world-leader and specialist in the
production of personal and vehicle protection equipment.
- Ever since
its inception in 1985, MKU has strived to excel, and has today built its
identity as one of the world’s premier manufacturers of ballistic
protection products.
- In this short
span, MKU has taken the mantle of being the leading manufacturer and
defence contractor for the Indian Army, Police and other Special Forces,
in all product categories in which it has a presence.
- It has also
gone beyond boundaries and garnered market-shares and
direct-customer-bases in over 30 countries worldwide.
- Over the past
two years MKU has scaled many summits of success. Its turnover has doubled
and profits have grown at a steady rate with exports contributing to 25%
of its entire turnover.
- Such is its
prowess that it has now envisioned and ventured into inventing
next-generation ballistic solutions that when introduced will redefine the
benchmarks of its industry.
World – renowned Testing Laboratories
MKU products periodically pass
through the most rigorous tests performed at world-renowned laboratories, such
as:
- HP White
(U.S.A.)
- TNO (
Netherlands)
- DRDO ( India)
- Mellrichstadt
Ballistic Laboratory ( Germany)
- Banc Officiel
D’Epreuve De Saint-Etienne ( France)
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.39.49 |
|
UK Pound |
1 |
Rs.78.33 |
|
Euro |
1 |
Rs.56.78 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|