MIRA INFORM REPORT

 

 

 

Report Date :

29.07.2008

 

IDENTIFICATION DETAILS

 

Name :

 KAISHA MANUFACTURERS PRIVATE LIMITED

 

 

Registered Office :

70, Nagindas Master Road, Fort, Mumbai – 400023, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

21.12.1994

 

 

Com. Reg. No.:

11-83938

 

 

CIN No.:

[Company Identification No.]

U26100MH1994PTC083938

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMK05539C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers and Dealers of Glass Containers including Glass Bottles, Ampoules and Vials for Pharmaceutical Industry.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 480000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having fine track.  Financial position is good.  Payments are correct and as per commitments.  The company is doing well.  Directors are eminent businessmen.  Their means are large.

 

The company can be considered good for any normal business dealings at usual trade terms and conditions.

 

It can be regarded as a promising business partner in a medium to long – run.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Hitesh

Designation :

Export Department

Date :

28.07.2008

 

 

LOCATIONS

 

Registered Office :

70, Nagindas Master Road, Fort, Mumbai – 400023, Maharashtra, India

Tel. No.:

91-22-22814241

Fax No.:

91-22-22819363

E-Mail :

rohit@kaishamanufacturers.com

kairus@kaishamanufacturers.com

Website :

http://www.kaishamanufacturers.com

Area :

1500 sq. ft.

Location :

Owned

 

 

Administrative Office :

Shapoorji Pallonji Center, 41/44 Minoo Desai Marg, Colaba, Mumbai – 400005, Maharashtra, India

Tel. No.:

91-22-22814241 / 22886377 / 22840832

Fax No.:

91-22-22886442

E-Mail :

kairusd@vsnl.net

Area :

1000 sq. ft.

Location :

Owned

 

 

Factory :

Survey No. 50/4, Kadaiya Village, Post Bhimpore, Nani Daman – 396210, Union Territory of Dadra & Nagar Haveli

Tel. No.:

91-260-2221192 / 2220378

Fax No.:

91-260-2221394

E-Mail :

kaisha_@vsnl.net

Location :

Owned

 

 

DIRECTORS

 

Name :

Mr. Khushroo Burjor Captain

Designation :

Director

Address :

Palm Springs, D/4, 157 Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra

Date of Birth/Age :

24.04.1930

Date of Appointment :

21.12.1994

Election Commission Identity Card No. :

MT / 04 / 019 / 051541

 

 

Name :

Mr. Jimmy Jehangir Parakh

Designation :

Director

Address :

602, Rajni Mahal, Opposite Aircondition Market, 89 / 95, Tardeo Road, Mumbai – 400 034, Maharashtra

Date of Birth/Age :

01.10.1949

Date of Appointment :

21.12.1994

Election Commission Identity Card No. :

MT / 04 / 024 / 390805

 

 

Name :

Mr. Kairus Shavak Dadachanji

Designation :

Director

Address :

Bakhtawar Building, Opposite Colaba Post Office, Colaba, Mumbai – 400 005, Maharashtra

Date of Birth/Age :

04.09.1961

Date of Appointment :

23.01.1995

 

 

Name :

Mr. Zorawarsingh K. Rathore

Designation :

Director

Address :

Shivsagar, Flat No. 16, 19,  Worli Sea Face, Worli, Mumbai – 400 025, Maharashtra

Date of Birth/Age :

28.11.1946

Date of Appointment :

20.04.1996

 

 

Name :

Mr. Vikas Shamba Acharya

Designation :

Additional Director

Address :

Siddivinayak Towers, 4 D, C Wing, Near Runval Nagar, Thane [West], Thane – 400601, Maharashtra, India 

Date of Birth/Age :

02.10.1968

Date of Appointment :

14.05.2008

 

 

Name :

Mr. Murali Vishwanathan

Designation :

Additional Director

Address :

Flat No. 281, Block B-2, 8th Floor, Kendriya Vihar, Bellary Road, Yelahanka, Bangalore – 560064, Karnataka, India 

Date of Birth/Age :

04.06.1968

Date of Appointment :

14.05.2008

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

 

Shakai Containers Private Limited

 

29998

Kairus S. Dadachanji

 

1

Shapoor P. Mistry

 

1

TOTAL

 

30000

 

AS ON 30.09.2007

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers and Dealers of Glass Containers including Glass Bottles, Ampoules and Vials for Pharmaceutical Industry.

 

 

Exports :

 

Countries :
  • Latin America
  • Western Countries
  • U.S.A. 

 

 

Imports :

 

Products :

Glass Tubes Products

Countries :

Germany and France

 

PRODUCTION STATUS

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Glass Ampoules & Vials

Nos.

N.A.

570.000

 

 

GENERAL INFORMATION

 

Suppliers :
  • Bharat Glass Tube Limited
  • Bharat Shell Limited
  • Pramutch Oxygen Private Limited
  • Schott Glass India Private Limited
  • Tube Glass Containers Limited
  • Atlas Copco (India) Limited
  • Borosji Glass Works Limited
  • S. V. Tank & Vessel Limited

 

 

Customers :
  • Alembic
  • Alkem Laboratories
  • Aristo Laboratories
  • AstraZeneca
  • Sanofi Aventis
  • Aurobindo
  • Belco Pharma
  • Bharat Biotech
  • Biocon
  • Bayer
  • Blue Cross Laboratories
  • Cadila Health Care
  • Cadila Pharmaceuticals
  • Chiron Behring Vaccines
  • Cipla
  • Claris Lifesciences
  • Cosme Pharma
  • Dr. Reddy’s Laboratories
  • Emcure Biotech
  • Gland Pharma
  • Glaxo Smithkline
  • Glenmark Pharma
  • Hetero Drugs
  • Indoco Remedies
  • Ipca Laboratories
  • Lyka Labs
  • Merck
  • M.J. Pharmaceuticals
  • Neon Antibiotics
  • Neon Laboratories
  • Nicholas Piramal
  • Novartis
  • Panacea Biotech
  • Pfizer
  • Ranbaxy Lab
  • Serum Institute
  • Sovereign Pharma
  • Strides Arcolab
  • Sun Pharmaceuticals
  • Swiss Parenterals
  • Tablets
  • Torrent Pharma
  • Troika Pharmaceuticals
  • USV
  • VHB Life Science
  • Vulcan Laboratories
  • Wallace Pharmaceuticals
  • Windlas Biotech
  • Wintac
  • Wockhardt
  • Zydus Cadila

 

 

No. of Employees :

1000 [In Office : 300 and In Factory : 700]

 

 

Bankers :
  • Standard Chartered Grindlays Bank
  • State Bank of India
  • The Zoroastrian Co-operative Bank Limited

 

  • Shamrao Vithal Co-operative Bank Limited

Cuffe Parade Branch, Mumbai – 400 005, Maharashtra

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Z. M. Bhathena & Company

Chartered Accountants

Address :

V. T. Mansion, 1st Floor, 144, Perin Nariman Street, Fort, Mumbai – 400 001, Maharashtra

Tel. No.:

91-22-22657599

 

 

Holding Company :

Shakai Containers Private Limited

CIN No.: U26103MH1990PTC057437

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2007

 

Authorised Capital :

No. of Shares

Type

Value

Amount

100000

Equity Shares

Rs. 100/- each

Rs. 10.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

32202

Equity Shares

Rs. 100/- each

Rs. 3.220 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2007

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

3.220

3.000

3.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

93.679

74.455

65.150

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

96.899

77.455

68.150

LOAN FUNDS

 

 

 

1] Secured Loans

189.115

104.524

40.179

2] Unsecured Loans

1.400

4.500

4.584

TOTAL BORROWING

190.515

109.024

44.763

DEFERRED TAX LIABILITIES

0.000

0.000

0.082

 

 

 

 

TOTAL

287.414

186.479

112.995

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

135.293

70.000

54.109

Capital work-in-progress

58.146

29.753

0.000

 
 

 

 

INVESTMENT

0.251

0.100

0.100

DEFERREX TAX ASSETS

0.472

0.984

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
107.856

77.244

40.474

 

Sundry Debtors
90.048

79.528

58.431

 

Cash & Bank Balances
3.290

3.124

3.848

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
37.458

33.693

10.946

Total Current Assets
238.652

193.589

113.699

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
102.648

75.370

54.913

 

Provisions
42.752

32.577

0.000

Total Current Liabilities
145.400

107.947

54.913

Net Current Assets
93.252

85.642

58.786

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

287.414

186.479

112.995

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

31.03.2005

Sales Turnover

 

 

297.704

 

 

 

 

Profit/(Loss) Before Tax

 

 

19.591

Provision for Taxation

 

 

1.660

Profit/(Loss) After Tax

 

 

17.931

 

 

 

 

Earnings in Foreign Currency :

 

 

43.403

 

 

 

 

Imports :

 

 

55.755

 

 

 

 

Total Expenditure

 

 

278.113

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2007

31.03.2006

31.03.2005

PAT / Total Income

(%)
NA

NA
6.02

 

 
 

 
 

Net Profit Margin

(PBT/Sales)

(%)
NA

NA
6.58

 

 
 

 
 

Return on Total Assets

(PBT/Total Assets}

(%)
NA

NA
11.67

 

 
 

 
 

Return on Investment (ROI)

(PBT/Networth)

 
NA

NA
0.28

 

 
 

 
 

Debt Equity Ratio

(Total Liability/Networth)

 
3.47

2.80
1.46

 

 
 

 
 

Current Ratio

(Current Asset/Current Liability)

 
1.64

1.79
2.07

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

During the year, the company had lot of orders in hand, which is reflected in the higher turnover.  Cost of materials was also higher in comparison to the earlier year and the company also had incur higher cost on labour to service increased order position.

 

Consequently, consumption of material & labour costs were high during the year.  Despite this, the company was able to attend good realization on sales and the working for the year has resulted in a higher profit.

 

 

Form 8 Particular for creation or modification of charges 

 

Corporation identity number or foreign company registrations number of the company 

U26100MH1994PTC083938

Name of the company

KAISHA MANUFACTURERS PRIVATE LIMITED

Address

70, Medows Street, Fort, Mumbai – 400023, Maharashtra

This Form is for

Creation of charge

Type of Charges

Equitable mortgage or mortgage of property by deposit of title deeds

Particular of the charge holder 

The Shamrao Vithal Co-operative Bank Limited

Maker Tower, “E”, 1st Floor, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Nature or description of the instrument creating charge  

No instrument was executed.  However, equitable mortgage has been created, by way of deposit of title deeds, in respect of the immoveable properties more particularly described in Column 13 [C] herein below

Date of the instrument creating charge

31.03.2006

Amount Secure by the charge

Rs. 3.150 millions

Brief of the principal terms and conditions and extent and operation of the charge

To secure the due repayment of Term Loan together with all interest, costs, charges and expenses thereon, granted by the Bank to the borrower

Description of the property charge whether it is a charge on

Immovable properties

Particulars of the Property charged  

All that piece and parcel of N.A. Land admeasuring 728 sq. mtrs. bearing Survey No. 342/3 [61] Village Bhimpore Taluka Daman District of Daman, Sub-District of Daman along with the Industrial Buildings standing thereon consisting of ground floor and 1st floor totally admeasuring 5853.44 sq. ft. [544 sq. mtrs.] standing thereon and the plant and machinery installed / located therein, belonging to the borrower

 

 

Corporation identity number or foreign company registrations number of the company 

U26100MH1994PTC083938

Name of the company

KAISHA MANUFACTURERS PRIVATE LIMITED

Address

70, Medows Street, Fort, Mumbai – 400023, Maharashtra

This Form is for

Modification of charge

Type of Charges

Hypothecation

Particular of the charge holder 

The Shamrao Vithal Co-operative Bank Limited

Maker Tower, “E”, 1st Floor, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Nature or description of the instrument creating charge  

Common Deed of Hypothecation of moveable / assets / debts

Date of the instrument creating charge

05.03.1999

Amount Secure by the charge

Rs. 25.000 millions

Brief of the principal terms and conditions and extent and operation of the charge

To secure following cash credit facility granted by the Bank to the borrower

 

Nature of Facility

Amount

[Rs. in millions]

1. Cash Credit Hypothecation of

Stocks [Indigenous]

20.000

2. Cash Credit Hypothecation of

Stocks [Imported]

5.000

TOTAL

25.000

 

Rate of Interest : 16.5% p.a.

Description of the property charge whether it is a charge on

Plant & Machinery, Stock in trade and Book Debts

Particulars of the Property charged  

1.All kind of things / goods / moveable properties, plant and machineries, crops etc., including the stocks [live or non live] such as stocks of raw materials, processed stocks, finished goods of glass tubes, neutral glass ampoules, vials etc., packaging materials [indigenous and imported] of the borrower

2.All book debts due to the borrower

Modification charge

Charge identification number of the charge to be modified

Original charge registered under document Serial No. 42 on 15-6-1999.  The last modification dated 09.12.2005 [registered under document Serial No. 79 on 31.01.2006]

Date of instrument modifying the charge

31.03.2006

Brief description of the instrument modifying the charge

Supplementary Deed of Hypothecation for Additional Advances

Particulars of present modification

By 1st modification dated 04.08.2005, the charge had been enhanced from Rs. 25 millions to Rs. 40 millions [Registered on 19.09.2005 under document Serial No. 76]

 

By 2nd modification dated 09.12.2005, the charge had been enhanced from Rs. 40 millions to Rs. 49.500 millions [Registered on 03.01.2006 under document Serial No. 79]

 

By this modification, the security as mentioned in Column No. 13 [C] hereinabove, shall now also hold good to secure that the due repayment of additional Cash Credit facility of Rs. 10.500 millions granted by the Bank to the borrower.  Hence, the charge has been enhanced from Rs. 49.500 millions to Rs. 60.000 millions

 

Therefore, the overall charge now stands at Rs. 60 millions

 

FIXED ASSETS

 

 

WEBSITE DETAILS

 

Credentials

           

 

 

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 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.42.30

UK Pound

1

Rs.84.03

Euro

1

Rs.66.42

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

8

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

8

--RESERVES

1~10

8

--CREDIT LINES

1~10

8

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

72

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions