MIRA
INFORM REPORT
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Report Date : |
08.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
KLAUS WAREN FIXTURES PRIVATE LIMITED |
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Registered Office : |
285, Park View, 1st Floor, Flat No. 9, B A K Marg, Matunga
(East), Mumbai – 400 019, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.06.2004 |
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Com. Reg. No.: |
11-146950 |
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CIN No.: [Company
Identification No.] |
U36109MH2004PTC146950 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK12316D |
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PAN No.: [Permanent
Account No.] |
AACCK3740J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealer for AQUEL Bath Fittings and Accessories |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 690000 |
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Status : |
New Company |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company and yet to establish track
records. Trade relations are fair. Payments are slow but correct. However, the company can be considered normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
285, Park View, 1st Floor, Flat No. 9, B A K Marg, Matunga
(East), Mumbai – 400 019, Maharashtra, India |
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Tel. No.: |
91-22-32445218 / 32949639 / 24139350 / 24144397 / 24145444 / 24148155
/ 24136726 / 24111073 |
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Fax No.: |
91-22-24152654 / 24187389 / 24141232 |
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E-Mail : |
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Corporate Office : |
38/14, Sathyabama Nivas, Lane No. 10, Opposite Swaroop Hotel, Prabhat
Road, Pune – 400 118, Maharashtra, India |
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Tel. No.: |
91-20-25659216 / 25659208 |
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Fax No.: |
91-20-25659208 |
DIRECTORS
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Name : |
Mr. Narshi Mulji Shah |
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Designation : |
Director |
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Address : |
285, Park View, 1st Floor, Opp. Napoo Garden, B A K Marg,
Matunga (CR), Mumbai – 400 019, Maharashtra, India |
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Date of Birth/Age : |
14.12.1933 |
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Date of Appointment : |
14.06.2004 |
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Name : |
Mrs. Kanta Dungarshi Shah |
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Designation : |
Director |
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Address : |
11, Shivneri Building, Near Vandana Cinema, Old Agra Road, Thane – 400
602, Maharashtra, India |
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Date of Birth/Age : |
10.05.1951 |
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Date of Appointment : |
14.06.2004 |
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Name : |
Mr. Surendrasingh Tyagi |
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Designation : |
Director |
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Address : |
603, Krishnaraj Apartment, Park Colony, Jamnagar, Gujarat – 361 008,
India |
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Date of Birth/Age : |
12.12.1942 |
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Date of Appointment : |
15.06.2004 |
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Name : |
Mr. Paren Narshi Shah |
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Designation : |
Director |
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Address : |
285, Park View, 1st Floor, Opp. Napoo Garden, B A K Marg,
Matunga (East), Mumbai – 400 019, Maharashtra, India |
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Date of Birth/Age : |
31.10.1967 |
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Date of Appointment : |
01.08.2006 |
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Head in Partnership Firm : |
Piano Presitel Address : Dayasagar
Industrial Estate, Goddev Road, Bhayander (East), Thane – 401 105,
Maharashtra, India |
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Head in Proprietorship Firm : |
Otan Toolings Address : N-1, Vikas Udyog
Nagar, Goddev Road, Bhayander (East), Thane – 401 105, Maharashtra, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2007)
|
Names of Shareholders |
No. of Shares |
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Narshi Mulji Shah |
3850000 |
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Kanta Dungarshi Shah |
500000 |
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Devprabha Narshi Shah |
190000 |
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Hemant Narshi Shah |
1080000 |
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Paren Narshi Shah |
1876430 |
|
Form Metal Press Private Limited |
970000 |
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Windston Springs Private Limited |
45000 |
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Lynette Hemant Shah |
12000 |
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Rupal Paren Shah |
125000 |
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Narshi Murji Shah (HUF) |
25500 |
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Paren Narshi Shah (HUF) |
25500 |
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Devendra Manilal Shah |
34000 |
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Edma Cut (Bombay) Private Limited |
660000 |
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Henil Paren Shah |
7900 |
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Surendrasingh Tyagi |
60000 |
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Keshavji Premji Gala |
34000 |
Equity share
breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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Bodies corporate |
17.63 |
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Directors and relatives of directors |
81.02 |
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Other top fifty (50) shareholders |
1.35 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealer for AQUEL Bath Fittings and Accessories |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
About 100 |
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Bankers : |
·
Union Bank of India – Lead Bank of Union Bank Consortium Mumbai Samachar Marg Branch, 66/80, Mumbai
Samachar Marg, Fort, Mumbai – 400 023, Maharashtra, India ·
Oriental Bank of Commerce Satkartar Building, Flat No. 01, Plot No.
101, S V Road, Khar (West), Mumbai – 400 052, Maharashtra, India ·
Andhra Bank 33, Atlanta, Nariman Point, Mumbai – 400
021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
S D Sonawane and Associates Chartered Accountants |
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Address : |
4/418, Vanrai Colony, W E Highway, Goregaon (East), Mumbai – 400 065,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9500000 |
Equity Shares |
Rs.10/- each |
Rs.95.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
95.000 |
95.000 |
9.600 |
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2] Share Application Money |
62.300 |
0.000 |
44.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(19.339) |
(6.734) |
0.000 |
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NETWORTH |
137.961 |
88.266 |
53.600 |
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LOAN FUNDS |
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1] Secured Loans |
264.720 |
228.823 |
4.955 |
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2] Unsecured Loans |
10.434 |
17.001 |
2.000 |
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TOTAL BORROWING |
275.154 |
245.824 |
6.955 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
413.115 |
334.090 |
60.555 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
333.241 |
322.525 |
0.000 |
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Capital work-in-progress |
21.599 |
0.000 |
69.669 |
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INVESTMENT |
0.006 |
0.000 |
0.005 |
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DEFERREX TAX ASSETS |
0.000 |
0.006 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
63.417
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12.593 |
0.000 |
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Sundry Debtors |
8.199
|
2.046 |
0.000 |
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Cash & Bank Balances |
0.319
|
2.057 |
1.561 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
6.323
|
7.206 |
0.141 |
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Total
Current Assets |
78.258
|
23.902 |
1.702 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
20.103
|
12.495 |
11.011 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
20.103
|
12.495 |
11.011 |
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Net Current Assets |
58.155
|
11.407 |
(9.309) |
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MISCELLANEOUS EXPENSES |
0.114 |
0.152 |
0.190 |
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TOTAL |
413.115 |
334.090 |
60.555 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
33.140 |
1.843 |
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Other Income |
|
0.157 |
0.013 |
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Total Income |
|
33.297 |
1.856 |
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Profit/(Loss) Before Tax |
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(12.476) |
(6.543) |
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Provision for Taxation |
|
0.130 |
0.191 |
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Profit/(Loss) After Tax |
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(12.606) |
(6.734) |
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Expenditures : |
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Manufacturing Expenses |
|
4.589 |
0.282 |
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Administrative Expenses |
|
5.845 |
0.680 |
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Raw Material Consumed |
|
26.480 |
4.585 |
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Personnel Expenses |
|
8.820 |
0.608 |
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Increase/(Decrease) in Finished Goods |
|
(32.320) |
(8.094) |
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Interest |
|
22.849 |
6.210 |
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Depreciation & Amortization |
|
9.510 |
4.128 |
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Total Expenditure |
|
45.773 |
8.399 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(37.86)
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(362.82) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(37.65)
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(355.02) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(3.03)
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(1.89) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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(0.09)
|
(0.07) |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.14
|
2.93 |
0.34 |
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Current Ratio (Current Asset/Current Liability) |
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3.89
|
1.91 |
0.15 |
LOCAL AGENCY
FURTHER INFORMATION
Business Review
The commercial production at Bhuj Plant commenced with effect from Dec 31,
2005. The production has now been stabilizing. The Company was facing problems
in the area of availability of skilled manpower, which has now been resolved.
Operations
The Turnover achieved for the period ended March 31, 2007 of Engineering
products and Bathroom fittings was Rs.33.140 millions.
Fixed Assets
·
Factory Land
·
Factory Building
·
Plant and Machinery
·
Dies, Tools and Fixtures
·
Air Conditioners
·
Office Equipments
·
Furniture
·
Computers
·
Vehicles
Form No. 8
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Name of the company |
KLAUS WAREN FIXTURES PRIVATE LIMITED |
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Presented By |
Union Bank of
India, Mumbai Samachar Marg Branch, Mumbai |
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1) Date and description of instrument creating the change |
Dated : 8th
August, 2005 ·
Joint Deed
of Hypothecation ·
Working Capital
Consortium Agreement ·
Inter Se
Agreement (All the above
documents constitute a single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.243.800
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 |
Hypothecation by
way of first charge in favour of the consortium banks The whole of the
Current Assets of the Borrower namely, stocks of raw materials, stock in
process, semi-finished and finished goods, consumable stores and spares, bill
receivable and book-debts all other movables including plant and machinery
both present and future whether now lying loose in or in cases or which are
now lying or stored in or about or shall hereinafter form time to time during
the continuance of the security of these presents be brought into or upon or
be stored or be in or about of the Borrower’s factories, premises and godowns
situated at 10th Milestone, Bachau Highway, Bhuj, District Kutch –
370 020 in the state of Gujarat or wherever else the same may be or be held
by any party to the order or disposition of the Borrower or in the course of
transit or on high seas or on order or delivery, howsoever and wheresoever in
the possession of the Borrower and either by way of substitution or addition.
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4) Gist of the terms and conditions and extent and operation of the charge. |
The various
facilities aggregating to Rs.243.800 millions granted by Consortium Banks
viz. Union Bank of India (UBI) (Lead Bank), Oriental Bank of Commerce (OBC)
and Andhra Bank (AB) and their terms and conditions are as under :- (Rs. in millions)
Particulars of Interest
Particulars of Commission
Plus service
charges as are applicable to the facilities from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
·
Union Bank of India (Lead Bank) Mumbai Samachar Marg Branch, 66/80, Mumbai
Samachar Marg, Fort, Mumbai – 400 023, Maharashtra, India ·
Oriental Bank of Commerce Satkartar Building, Flat No. 01, Plot No.
101, S V Road, Khar (West), Mumbai – 400 052, Maharashtra, India ·
Andhra Bank 33, Atlanta, Nariman Point, Mumbai – 400
021, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number of the company |
U36109MH2004PTC146950 |
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Name of the
company |
KLAUS WAREN FIXTURES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
285, Park View, 1st Floor, Flat No. 9, B A K Marg, Matunga
(East), Mumbai – 400 019, Maharashtra, India |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Union Bank of India – Lead Bank of Union Bank Consortium Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai
– 400 023, Maharashtra, India |
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Nature of
instrument creating charge |
Modification of
Registered Mortgage Deed |
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Date of
instrument Creating the charge |
22.02.2008 |
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Amount secured by
the charge |
Rs.291.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Interest at the rate of 14.25% per annum with monthly rests or at such
other rate/s as may be prescribed by the Banks from time to time. ·
Terms of
repayment On Demand ·
Margin As per sanction terms of each Bank of Union Bank Consortium ·
Extent and
operation of the charge To secure the credit facilities / Term Loans granted by Union Bank of
India (UBI), Oriental Bank of Commerce (OBC) and Andhra Bank (AB) to the
company are as under : UBI – C/C Rs.32.500 millions*: T/L Rs.66.000 millions : Import L/C
Rs.10.000 millions : Total Rs.108.500 millions. OBC – C/C Rs.17.500 millions : T/L Rs.77.500 millions : Total
Rs.95.000 millions AB – C/C Rs.10.000 millions : T/L Rs.77.500 millions : Total Rs.87.500
millions Includes Rs.10.000 millions sanctioned on 29.01.2008 on stand by
basis. Total Rs.291.000 millions. ·
Others Union Bank of India is designated and recognized as lead Bank of Union
Bank consortium and Oriental Bank of Commerce is designated and recognized as
second lead Bank of Union Bank Consortium. |
|
Particulars of
the property charged |
All the Piece and
parcel of land bearing land 5- Industry Vasi 154 dated 17.05.2004 at Village
Kukma, Tra. S No. 331 Paiki 19505 Square meters land of following boundaries At North : Open
Land of Traverse At South : Open Land of Traverse thereafter Bhuj
Bhachau Highway At East : Open
Land of Traverse At West : Waste
Land and Talav. |
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.49.69 |
|
UK Pound |
1 |
Rs.72.96 |
|
Euro |
1 |
Rs.63.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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 |
|