MIRA
INFORM REPORT
|
Report Date : |
27.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
KLASSIC WHEELS PRIVATE LIMITED |
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Registered Office : |
Basant Plot No.6/7, Near Chandan Estate, Ahmednagar-414001,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.08.1994 |
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Com. Reg. No.: |
11-80196 |
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CIN No.: [Company
Identification No.] |
U29119PN1994PTC080196 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEK05715D |
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PAN No.: [Permanent
Account No.] |
AABCK3834G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Parts and Accessories for Motor Vehicles and their Engines. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 134028 |
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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
records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Basant Plot No.6/7, Near Chandan Estate, Ahmednagar-414001,
Maharashtra, India |
|
Tel. No.: |
91-241-2341208/ 2419012/2777317 |
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Fax No.: |
91-241-2779414 |
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E-Mail : |
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Factory : |
L-2 Block, M.I.D.C.
Area, Ahmednagar 414111, Maharashtra State, India |
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Tel. No.: |
91-241- 2779412+, 2779415, 2419011,2777317. |
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Fax No.: |
91-241- 2779414 |
DIRECTORS
|
Name : |
Mr. Ramesh Hemichand Munot |
|
Designation : |
Director |
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Address : |
Basant Plot No.6/7, Near Chandan Estate, Ahmednagar-414001,
Maharashtra, India |
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Date of Birth/Age : |
03.01.1947 |
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Date of Appointment : |
09.08.1994 |
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Name : |
Mr. Mohan Hemichand Munot |
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Designation : |
Director |
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Address : |
A-52, Abhimanshree Housing Society, Pashan Road, Pune-411008,
Maharashtra |
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Date of Birth/Age : |
03.03.1949 |
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Date of Appointment : |
09.08.1994 |
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Name : |
Mr. Neeraj A Munot |
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Designation : |
Director |
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Address : |
A-9, Abhimanshree Housing Society, Pashan Road, Pune-411008,
Maharashtra |
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Date of Birth/Age : |
17.07.1970 |
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Date of Appointment : |
09.08.1994 |
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|
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Name : |
Mr. Sunil S Munot |
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Designation : |
Director |
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Address : |
Hirkesh, Near Keshar Gulab Compound, Station Road, Ahmednagar-414001,
Maharashtra |
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Date of Birth/Age : |
30.10.1964 |
|
Date of Appointment : |
25.05.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Suhas Jahagirdar |
|
Designation : |
Company Secretary |
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Address : |
5 Datta Digambar Apartments, 316, Shaniwar Peth, Pune – 411030, India |
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Tel No.: |
91-20-65289023 |
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Mobile: |
91-9822667422 |
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Email: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mr. Shantilal N Munot |
150000 |
|
Mr. Ramesh N Munot |
34600 |
|
Mr. Mohan N Munot |
210000 |
|
Mr. Neeraj A Munot |
35100 |
|
Ms. Basantabai N Munot |
370000 |
|
Ms. Vimalbai S Munot |
50000 |
|
Mr. Sunil S Munot |
187200 |
|
Mr. Amrutlal N Munot |
190200 |
|
Ms. Savita A Munot |
126000 |
|
Ms. Chitra R Munot |
134500 |
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Mr. Sagar R Munot |
135000 |
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Mr. Sumit R Munot |
105000 |
|
Ms. Jayashree M Munot |
120000 |
|
Ms. Rashmi M Munot |
79000 |
|
Ms. Manjushree S Munot |
20000 |
|
Ms. Varsha N Munot |
50000 |
|
Total |
1996600 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Parts and Accessories for Motor Vehicles and their
Engines. |
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Products : |
Production of Wheel Rims and Foam |
GENERAL
INFORMATION
|
Customers : |
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Bankers : |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
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 |
|
1996600 |
Equity Shares |
Rs.10/- each |
Rs.19.966
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
19.966 |
19.966 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
13.541 |
12.256 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
33.507 |
32.222 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
239.770 |
93.509 |
|
|
2] Unsecured Loans |
|
39.199 |
36.272 |
|
|
TOTAL BORROWING |
|
278.969 |
129.781 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
|
312.476 |
162.003 |
|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
77.047 |
51.171 |
|
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
77.243 |
12.355 |
|
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DEFERREX TAX ASSETS |
|
0.000 |
0.263 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
|
42.942 |
26.710 |
|
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Sundry Debtors |
|
92.632 |
70.485 |
|
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Cash & Bank Balances |
|
0.221 |
0.186 |
|
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Other Current Assets |
|
0.000 |
0.000 |
|
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Loans & Advances |
|
47.112 |
17.455 |
|
Total
Current Assets |
|
182.907 |
114.836 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
|
15.112 |
10.143 |
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Provisions |
|
9.609 |
6.479 |
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Total
Current Liabilities |
|
24.721 |
16.622 |
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Net Current Assets |
|
158.186 |
98.214 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
312.476 |
162.003 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
288.244 |
207.933 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
288.244 |
207.933 |
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|
|
|
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Profit/(Loss) Before Tax |
|
2.027 |
5.915 |
|
Provision for Taxation |
|
0.742 |
3.536 |
|
Profit/(Loss) After Tax |
|
1.285 |
2.379 |
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Export Value |
|
N.A. |
N.A. |
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Import Value |
|
N.A. |
N.A. |
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|
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Total Expenditure |
|
286.217 |
202.018 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
0.44 |
1.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
0.70 |
2.84 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.77 |
3.56 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.06 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
9.06 |
4.54 |
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Current Ratio (Current Asset/Current Liability) |
|
|
7.39 |
6.90 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
|
Name of the company |
KLASSIC WHEELS
PRIVATE LIMITED |
|
Presented By |
State Bank of India, MIDC Branch, Ahmednagar Mr. Ramesh Munot, Director |
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1) Date and description of instrument creating the change |
Agreement of lean cum hypothecation dated 16.10.2005. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.32.300 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 |
Raw material – All domestic Stock, stock in process – All stocks, finished goods, receivables. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash credit – Rs.8.000 millions Interest – 1025% PLR with monthly rests. Term loan – Rs.24.300 millions repayable in 60 installments commencing from December 2005. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India MIDC Branch, Ahmedanagar |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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Corporation identity number or foreign company registrations number of the company |
U29119PN1994PTC080196 |
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Name of the company |
KLASSIC WHEELS PRIVATE LIMITED |
|
Address |
Basant Plot No.6/7, Near Chandan Estate, Ahmednagar-414001,
Maharashtra, India |
|
This Form is for |
Creation of charge |
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Type of Charges |
Immovable property Book debts Raw material, finished goods, stock in process |
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Particular of the charge holder |
State Bank of India MIDC Branch Ahmednagar-414111 |
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Nature or description of the instrument creating charge |
Agreement of loan cum hypothecation Memorandum of recording extension of mortgage Both constitute a single charge. |
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Date of the instrument creating charge |
30.10.2006 |
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Amount Secure by the charge |
Rs.40.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest As decided by the bank from time to time Terms of repayment Cash credit – On demand Term Loan – In 60 installments of Rs.0.500 millions each w.e.f.
December 2006. Margin As decided by the bank from time to time Extent and operation of the charge Cash credit : Rs.10.000 millions Term loan : rs.30.000 millions Total : Rs.40.000 millions |
|
Particulars of the Property charged |
Hypothecation of raw materials, stock in process, finished goods, book
debts at the company’s factory and premises. Mortgage of deposit of title deeds of the company’s property at Plot
No.D-2, MIDC, Ahmednagar. |
Website Details :
Subject is the manufacturer of Wheel Rims for Two Wheelers
and Three Wheelers. Subject have already supplied Wheel Rims to almost all
O.E.s such as M/s. Bajaj Auto, M/s. Kinetic Engineering, M/s.
LML, M/s. Piaggio Vehicles, M/s. Honda Motorcycle and Scooters India Private
Limited too. Subject have full fledged latest machinery's required for
manufacturing of wheel Rims along with the educated component workforce.
Subject is the only single source supplier for Honda Motorcycles and Scooters
India Private Limited ,Gurgaon and Piaggio Vehicles Private Limited ,
Braramati. 
Other Sister Concers:
- Sushant Industries- Manufacturing of clutches, cylinder block and
axel for two wheelers.
- Sumesh Industries- Full fledged press shop and chassis shop wit well
supported tool room.
- KGFPL-Engaged in manufacturing of integral skin foam and flexible
P.U. foam for automobile and furniture applications.
- MSPL- Manufacturer of spokes and nipples for motorcycles and mopeds.
History
In the year 9193 " Sushant Industries" which ia
also family concern of Subject along with "Sumesh Industries"
were making Wheel Rims for "Luna Moped". Eventually the idea of selling
Wheel Rims to Mopeds / Scooters/ Motorcycle industry emerged. Initially Subject
started supplying wheel Rims to "Kinetic Engg. Limited." and
"M/s Bajaj Auto Limited.", for most of their vehicles. In initial
stage they were manufacturing around 20,000 rims per year. After April
1996 the product of Wheel Rims got real momentum. In last financial year they
had produced around 8,00,000 rims.
Now subject is passing through a very important phase. It is under taking
many new ambitious projects and is poised of entering in to new business
ventures. In order to attend Excellence in Quality and to cater global market
Subject has under taken launching of ISO 9002 in the 1st phase of year 2002.
Many esteemed professional groups in Two Wheelers market like TVS Suzuki,
Yamaha etc. have shown special interest in KWPL's wheel rims.
The company manufactures all type wheel rims, required for Moped, Scooter,
Motorcycle and Three Wheeler, as per well established controlled process
leading towards zero defects. The company consists 150 employees and has been
equipped with all necessary facilities and equipments, along with 31 highly
technically qualified staff, necessary to produce good quality. The
organization has progressive management and its management staff is adequately
qualified and having rich experience of working.
Infrastructure
No.of locations at Ahmednagar :
Motorcycle Rim Plant - 11940 Sq.Ft.
Scooter Rim Plant - 17323 Sq.Ft.
P.U.Foam - 4470 Sq.Ft.
Main stores & administration bldg - 7230 Sq.Ft.
No.of other locations :
Assly.Unit at Baramati - 4000 Sq.Ft.
Ware house at Gurgaon - 3000 Sq.Ft.
Electric Power Supply : 750 KWH
People Employed : Technical - 125 Nos
Non-Technical : 25 Nos
Contact Persons :
Mr.Ramesh N.Munot (M.D)
Mr.Sunil S.Munot (Director)
Mr.M.K.Sunder Raj (G.M)
Mr.Rajesh A.Joshi (M.R)
Other Directors :
Mr.Mohan N..Munot (Director)
Mr.Neeraj A.Munot (Director)Products
Maufacturing of Wheel Rims for 2 wheeler Mopeds & Motorcycles, 3 Wheelers,
Four Wheelers, Poly Urethane Foam &
Foam Accessories.
Other Facility : Tool Room , Training Hall with OHPS Projector
Equipment :
Fabrication : Welding of Wheel rims
and Foam Accessories
Manufacturing Capacity : 0.100
million Wheel rims/month
Material Handling Equipment : Chain
Pulley Block,Wire Rope,Hydraulic Trolley
Packing Method : Trolleys,Corrugated
Boxes.
R.M.Sources : Ispat Industries
Limited .Mumbai Bhushan Steels and Strips
- Gaziabad, Nikant Steels Mumbai. Testing
equipments
Products
|
Manufacturing Sizes of Wheel Rims :- |
||
|
1.40 x 18 |
2.15 x 10 |
3.50 x 10 |
|
1.50 x 16 |
2.15 x 18 |
4B x 12 |
|
1.50 x 17 |
2.50 x 12 |
4J x 12 |
|
1.60 x 18 |
2.50 x 14 |
4.5J x 13 |
|
1.85 x 18 |
2.50 x 16 |
- |
|
1.85 x 19 |
3.00 x 10 |
- |
Certificates
Achieved First prize for Industrial Safety competition from
MCCIA Ahmednagar for the year 2001-02.
In the year 2002, their group of companies had an opportunity to exhibit their
products in the Auto Expo-2002 at Pune.
Already ISO 9002:1994 certified company by DNV on 21st May 2002.
Updated from ISO 9002:1994 to ISO 9001:2000 on Dt.10th July 2003.
ISO 14001:1996 Certified by DNV on 26th July 2004.
Future Plan for TS 16949.
|
FINANCIAL YEAR |
MILESTONE ACHIEVEMENT |
|
2002-03 |
ISO 9002:1994 |
|
2003-04 |
ISO 9001:2000 |
|
2004-05 |
ISO 14001:1996 |
|
2005-06 |
IS/ISO/TS 16949:2002 |
|
2006-07 |
ISO 18001:1999 |
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.39.39 |
|
UK Pound |
1 |
Rs.78.02 |
|
Euro |
1 |
Rs.56.77 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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/normal. |
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 |
|