MIRA
INFORM REPORT
|
Report Date : |
14.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
KLIPCO PRIVATE LIMITED |
|
|
|
|
Registered Office : |
37/D, Government Industrial Estate, Kandivli (West), Mumbai-400067, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
23.08.1965 |
|
|
|
|
Com. Reg. No.: |
11-13299 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29290MH1965PTC013299 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK12732G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACK1509P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers of Machine Tools. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 350000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory
track. 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/ Factory : |
37/D, Government Industrial Estate, Kandivli (West), Mumbai-400067, |
|
Tel. No.: |
91-22-28684221/ 2257/ 4801/ 6804 |
|
Fax No.: |
91-22-28688348/ 28684221 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Servicing Offices : |
Located at : v
v
Chennai v
Kolkata |
DIRECTORS
|
Name : |
Mr. Shivnarayan S Joshi |
|
Designation : |
Chairman |
|
Address : |
501, Hari Mangal, 2nd Floor, JVPD Scheme, Jai Hind Society,
Vile Parle (West), Mumbai-400056 |
|
Date of Birth/Age : |
10.03.1929 |
|
Date of Appointment : |
06.03.1984 |
|
|
|
|
Name : |
Mr. Manoj S Joshi |
|
Designation : |
Director |
|
Address : |
501, Hari Mangal, 2nd Floor, JVPD Scheme, Jai Hind Society,
Vile Parle (West), Mumbai-400056 |
|
Date of Birth/Age : |
15.02.1957 |
|
Date of Appointment : |
06.03.1984 |
|
|
|
|
Name : |
Mr. Pravin S Sharma |
|
Designation : |
Director |
|
Address : |
12/13, Dahanukarwadi, Kandivali (West), Mumbai-400067 |
|
Date of Birth/Age : |
04.11.1962 |
|
Date of Appointment : |
01.04.1985 |
|
|
|
|
Name : |
Mrs. Hiraben G Gandhi |
|
Designation : |
Director |
|
Address : |
Shalimar, 3rd Floor, |
|
Date of Birth/Age : |
20.10.1935 |
|
Date of Appointment : |
01.04.1985 |
|
|
|
|
Name : |
Mr. Dalichand G Gandhi |
|
Designation : |
Director |
|
Address : |
Shalimar, 3rd Floor, |
|
Date of Birth/Age : |
21.05.1929 |
|
Date of Appointment : |
01.04.1999 |
|
|
|
|
Name : |
Mr. Paresh S Joshi |
|
Designation : |
Director |
|
Address : |
401, Hari Mangalam, Plot No.2, Road No.112, JVPD Scheme, Jay Hind Society,
Vile Parle (West), Mumbai-400049 |
|
Date of Birth/Age : |
22.03.1963 |
|
Date of Appointment : |
01.04.1984 |
|
|
|
|
Name : |
Mr. N D Gandhi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S N Joshi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K T Sharma |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Gunvanrai Gandhi |
|
Designation : |
Director |
|
Address : |
803, 8th Floor, |
|
Date of Birth/Age : |
21.05.1929 |
|
Date of Appointment : |
06.03.1984 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mr. Shivnarayan S Joshi |
6960 |
|
Mr. Paresh S Joshi |
2630 |
|
Mr. Manoj S Joshi |
1790 |
|
Mr. Pravin S Sharma |
1800 |
|
Mrs. Hiraben G Gandhi |
600 |
|
Mr. Gopal K Sharma |
6000 |
|
Mr. Balraj K Sharma |
3600 |
|
Mr. Gunvantrai D Gandhi |
10800 |
|
Ms. Aarti Joshi |
10 |
|
Ms. Archana Joshi |
10 |
|
Total |
34200 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Machine Tools. |
||||||
|
|
|
||||||
|
Products : |
Clamps
|
GENERAL INFORMATION
|
Customers : |
Klipco Sales Private Limited |
||||||||
|
|
|
||||||||
|
Bankers : |
Bank
of |
||||||||
|
|
|
||||||||
|
Facilities : |
Unsecured Loans
(As on 31.03.2004): (Rs.
In millions)
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. Bajaj Rege Patel Chartered Accountants |
|
Address : |
27, Crescent, |
|
|
|
|
Associates : |
Klipco Sales Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000 |
Equity Shares |
Rs.100/- each |
Rs.3.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
34200 |
Equity Shares |
Rs.100/-
each |
Rs.3.420
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.420 |
3.420 |
3.420 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
86.240 |
71.676 |
58.837 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
89.660 |
75.096 |
62.257 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.238 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
5.543 |
6.469 |
8.013 |
|
|
TOTAL BORROWING |
5.781 |
6.469 |
8.013 |
|
|
DEFERRED TAX LIABILITIES |
1.273 |
1.464 |
1.361 |
|
|
|
|
|
|
|
|
TOTAL |
96.714 |
83.029 |
71.631 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
25.640 |
21.556 |
15.336 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4.712
|
5.412 |
4.736 |
|
|
Sundry Debtors |
71.662
|
62.527 |
50.887 |
|
|
Cash & Bank Balances |
49.769
|
41.159 |
37.247 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
22.757
|
13.677 |
16.467 |
|
Total
Current Assets |
148.900
|
122.775 |
109.337 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
53.667
|
46.149 |
36.364 |
|
|
Provisions |
24.159
|
15.153 |
16.679 |
|
Total
Current Liabilities |
77.826
|
61.302 |
53.043 |
|
|
Net Current Assets |
71.074
|
61.473 |
56.294 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
Deferred Tax (Net) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
96.714 |
83.029 |
71.631 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 (Estimated) |
31.03.2005 (Estimated) |
31.03.2004 |
|
|
Sales Turnover |
200.000 |
175.000 |
143.672 |
|
|
Other Income |
|
|
2.824 |
|
|
Total Income |
200.000 |
175.000 |
146.496 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
NA |
NA |
15.762 |
|
|
Provision for Taxation |
NA |
NA |
(0.166) |
|
|
Profit/(Loss) After Tax |
NA |
NA |
15.928 |
|
|
|
|
|
|
|
|
Total Earnings |
NA |
NA |
0.367 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
NA |
NA |
92.884 |
|
|
Increase/(Decrease) in Finished Goods |
NA |
NA |
0.162 |
|
|
Salaries, Wages, Bonus, etc. |
NA |
NA |
9.378 |
|
|
Interest |
NA |
NA |
0.962 |
|
|
Depreciation & Amortization |
NA |
NA |
1.598 |
|
|
Other Expenditure |
NA |
NA |
25.749 |
|
Total Expenditure |
NA |
NA |
130.733 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
10.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
10.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA
|
12.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA
|
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.93
|
0.90 |
0.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.91
|
2.00 |
2.06 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets :
v
Goodwill
v
v
Freehold land
v
Buildings
v
Machinery
v
Electric fittings
v
Vehicles
v
Office equipments
v
Furniture
v
Building under construction
Form 8 Particular for
creation or modification of charges
|
Name of the company |
KLIPCO PRIVATE
LIMITED |
|
Presented By |
BANK OF |
|
1) Date and description of instrument creating the change |
Hypothecation of book debts dated 22.07.1981 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.200 million |
|
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 |
Hypothecation of all book debts outstanding moneys receivables, claims and bills which are now due and owing or which may at any time hereafter during the continuance of this advance become due and owing to the company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 7.50% p.a. OBR Minimum @ 17.50% p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Vile Parle (West),
Mumbai—400056, |
|
6) Date and brief description of instrument modifying the charge |
Supplemental deed of hypothecation of book debts dated 04.08.1997 |
|
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. |
Original charge created on 22.07.1991 for Rs.0.200 millions by the present modification the charge is changed from Rs.0.200 millions to Rs.0.500 millions by an additional sum of Rs.0.300 millions |
Website Details :
Profile
Established in the year 1960, Subject, A Manufacturer has a range of
products.
Klipco Worm Drive Hose Clamps having Perforated Band as per SAE J
1508-97.
Klipco Worm Drive Hose Clamps as per DIN 3017, having buttress thread
bands.
Klipco Light Duty HOse Clamps as per DIN 3017.
T- Bolt Clamps - TB SLTB series as per SAE J 1508.
T Bolt Clamps with segments.
Constant Torque Clamps (CTC).
'P' Clips.
Nylon Hose Clamps.
Split Pin as per IS 549/1974
Materials
Products are made from CR Mild Steel, Carbon steel, alloy steel and stainless
steel materials to meet customers requirements.
Quality Standard
All these years subject adhered and laid stress on Quality products only
i.e. TQM and could build world class quality products exceeding the
requirements stipulated in different Clamps specifications.
Subject is a certified
Klipco Worm Drive Clamps are tested as early as 1965 and approved by
National Test House. ISI mark was obtained in the year 1984/85. From 1966
meeting OEM requirements particularly of Automotive, Tractors, Defence,
Engineering, Chemicals, Oil fields etc, and general home and export markets.
CAPABILITY, SALES AND SERVICE
Subject is now producing more than 1,50,000 Hose Clamps a day, in
various sizes, designs and materials, in their four plants spread over 75000
sq.ft area, with India wide network for sales and service at Delhi, Mumbai,
Chennai, Kolkatta, Jamshedpur, Pune, Bangalore, Hyderabad, Indore, Lucknow,
Ahmedabad, Baroda and Jabalpur & have authorised Dealers in major cities.
Subject has in house facility for Tool-room, Fabrication of special purpose
machine Tools, Heat Treatment facility, plating plants with its own CAD-CAM
centres.
Constantly, initative is taken on R&D for technology development and
up-dating the products to meet the ever changing demands of valued buyers.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.47 |
|
|
1 |
Rs.82.08 |
|
Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
60 |
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 |
|