MIRA
INFORM REPORT
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Report Date : |
22.09.2007 |
IDENTIFICATION DETAILS
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Name : |
KIRAT PLASTICS PRIVATE LIMITED |
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Registered Office : |
H – 11/2, Malviya Nagar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.08.1999 |
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Com. Reg. No.: |
55-101072 |
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CIN No.: [Company
Identification No.] |
U25209DL1999PTC101072 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELK03771F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of engineering plastic moulded components |
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 46000 |
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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 experience 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
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Registered Office : |
H – 11/2, Malviya Nagar, |
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Mobile No.: |
91- 9811011589/ 9815044570 / 9811411589 |
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E-Mail : |
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Website : |
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Factory : |
Village Dhumaspur, P.O. Badshahpur, |
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Tel. No.: |
91-124- 3250642 |
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Fax No.: |
91-124- 2361823 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Harinerpreet Singh Bakshi |
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Designation : |
Director |
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Address : |
A – 8/20, DLF Phase – II, First Floor, Gurgaon, |
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Date of Birth/Age : |
29.10.1961 |
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Date of Appointment : |
10.08.1999 |
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Name : |
Mr. Prabhjot Bakshi |
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Designation : |
Director |
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Address : |
A – 8/20, DLF Phase – II, First Floor, Gurgaon, |
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Date of Birth/Age : |
15.08.1964 |
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Date of Appointment : |
10.08.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Harinder Preet Singh Bakshi |
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80010 |
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Prabhjot Bakshi |
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55010 |
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NEPC Industries Limited |
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6250 |
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AKS International Limited |
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5000 |
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Time Computech Services Limited |
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7500 |
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Softgate Technology [Private] Limited |
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6250 |
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Trans Bulk Shipping LLC |
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12500 |
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AST Enterprises INC |
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12250 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Bodies corporate |
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64.74 |
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Directors or relatives of directors |
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35.26 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of engineering plastic moulded components |
GENERAL INFORMATION
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Bankers : |
Oriental Bank of Commerce Sector – 17,
Gurgaon – 122001, |
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Banking
Relations : |
Satisfactory |
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Financial Institution : |
Hero Honda
Finlease Limited 34, Community
Centre Basant Lok,
Vasant Vihar, |
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Auditors : |
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Name : |
Rajan Chhabra and Company Chartered Accountants |
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Address : |
32 A, Sector – 11 E, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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208,545 |
Equity Shares |
Rs. 10/- each |
Rs. 2.085
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.085 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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9.581 |
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4] (Accumulated Losses) |
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[0.004] |
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NETWORTH |
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11.662 |
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LOAN FUNDS |
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1] Secured Loans |
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12.592 |
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2] Unsecured Loans |
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2.709 |
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TOTAL BORROWING |
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15.301 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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26.963 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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21.685 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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17.973 |
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Cash & Bank Balances |
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0.152 |
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Other Current Assets |
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6.391 |
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Loans & Advances |
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0.764 |
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Total
Current Assets |
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25.280 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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19.348 |
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Provisions |
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0.654 |
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Total
Current Liabilities |
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20.002 |
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Net Current Assets |
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5.278 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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26.963 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.03 |
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Current Ratio (Current Asset/Current Liability) |
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1.26 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
KIRAT PLASTICS
PRIVATE LIMITED |
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Presented By |
Mr. H. P. S.
Bakshi, Director |
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1) Date and description of instrument creating the change |
May 27, 2003 and
a hypothecation agreement was executed by the borrower in favour of Hero
Honda Finlease Limited, |
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2) Amount secured by the charge/amount owing on the securities of charge |
Finance Facility
of Rs. 5.000 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 |
All the Equipments
/ Plant and Machinery complete with fittings, tools accessories. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
inter-alia as security by way of first and exclusive charge in favour of the
Company on all the borrower’s hypothecated assets and The security
hereby created shall operate as a continuing security for the balance due to
the company. |
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5) Name and Address and description of the person entitled to the charge. |
Hero Honda
Finlease Limited 34, Community
Centre Basant Lok,
Vasant Vihar, |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate
identity number of the company |
U25209DL1999PTC101072 |
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Name of the
company |
KIRAT PLASTICS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
H – 11/2, Malviya Nagar, |
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This form is for |
Creation of Charge |
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Type of charge |
Hypothecation
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Particular of
charge holder |
Oriental Bank of Commerce Sector – 17,
Gurgaon – 122001, |
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Nature of
instrument creating charge |
Agreement of term
loan |
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Date of
instrument Creating the charge |
16.03.2006 |
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Amount secured by
the charge |
Rs. 5.400
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
@ 11 % p.a. 60 installments amounting to Rs. 0.090 Millions Margin 25 % and
Interest on actual basis every month and as per list of terms and conditions |
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Description of
the property charged indicating whether it is a charged on |
Plant and
Machinery |
AS PER
WEBSITE
Subject
was founded in 1992 to manufacture injections moulded components in engineering
thermoplastic. The company boasts of producing a wide range of intricate
thermoplastic components and sub assemblies for OEMS of automobiles, electrical
switchgears electronic industry, industrial applications and healthcare.
Providing
strength to the roots, company integrated back-wards to master in Product
design and Development.
Supplementing core business of moulding, company forward integrated into Health
Care products, already making its presence felt in Global Market.
To
provide excellence in management practices Company developed a strong network
of IT professionals to develop ERPs in house.
Subject blends
the best of the business practices and systems with strong values, visions and
support that add to KIRAT success recipe. Accredited
with ISO 9001-2000 in manufacturing and product design the company has
developed an in house ERP for effective system implementation. The team
comprises of engineers and technically skilled work force for whom thinking out
of the box is the way of doing things.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.82 |
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1 |
Rs.80.85 |
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Euro |
1 |
Rs.56.22 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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