MIRA
INFORM REPORT
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Report Date : |
05.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
KOSI PLAST PRIVATE LIMITED |
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Registered Office : |
Gate No.529/530 Koregaon, N – Bhima, Shirur, Pune – 412216, Maharashtra,
India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.12.1999 |
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Com. Reg. No.: |
014290 |
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CIN No.: [Company
Identification No.] |
U25209PN1999PTC014290 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEK01774D |
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PAN No.: [Permanent
Account No.] |
AABCK2361A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Assembly of 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 120324 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track
records. Trade relations are fair. Financial Positions is satisfactory.
Payments are correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Suresh |
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Designation : |
Purchases Manager |
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Date : |
02.05.2008 |
LOCATIONS
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Registered Office/ Factory : |
Gate No.529/530 Koregaon, N – Bhima, Shirur, Pune – 412216, Maharashtra,
India |
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Tel. No.: |
91-2137-252482 |
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Fax No.: |
91-2137-252485 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Uday Ramchandra Ralkar |
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Designation : |
Director |
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Address : |
1st Floor, 101 Akshay Apartment, Plot No. 2, Amritwan, Goregaon (East), Mumbai – 400063 |
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Date of Birth/ Age: |
24.05.1960 |
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Date of Appointment : |
22.12.1999 |
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Name : |
Mr. Nilesh Nandkumar Naik |
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Designation : |
Chairman Cum Managing Director |
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Address : |
A – 6, Mansi Kripa Society, Dhotre Road, Shivaji Nagar, Pune – 411016, Maharashtra, India |
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Date of Birth/ Age: |
14.01.1961 |
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Date of Appointment : |
22.12.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Uday Ramchandra Ralkar |
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10 |
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Mr. Nilesh Nandkumar Naik |
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10 |
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Modern Therrmoplastics (India) Private Limited |
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250000 |
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Indra Plastics Private Limited |
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805000 |
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Total |
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1055020 |
(As on 31.03.2007
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Category |
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Percentage |
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Bodies Corporate (Not mentioned above) |
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99.99 |
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Directors or relatives of directors |
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0.01 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Assembly of Plastic Moulded Components. |
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Products : |
· Plastic Moulded
Components · Injection
Moulded Parts |
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Exports : |
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Products : |
Injection Moulded Parts |
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Countries : |
· Switzerland · Mexico · Ikea · Whirlpool |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Ikea Switzerland |
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Terms : |
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Selling : |
L/C, Cash and Credit (30-60 days) |
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Purchasing : |
Cash and Credit (30-60 days) |
PRODUCTION STATUS
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Particulars |
Unit |
Actual Production |
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Television Cabinets |
Nos |
535959 |
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Refrigerators Ports |
Nos |
734727 |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
400 (Permanent Staff – 150 + Contract – 250) |
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Bankers : |
· The Shamrao Vithal Cooperative Bank Limited Sri Naka Branch, Andheri (East) Mumbai – 400072, Maharashtra, India |
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Facilities : |
Credit Limit – Rs.6.337 Millions. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B J Desai and Company Chartered Accountant |
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Address : |
302 – Dadasaheb Palke Road, Dader, Mumbai – 400014, Maharashtra, India |
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Tel. No.: |
91-22-24112475 |
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Fax No,: |
91-22-24118139 |
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Holding Company
: |
Indra Plastics Private Limited U25209MH1996PTC095805 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500 Millions |
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2500000 |
Unclassified |
Rs.1/- each |
Rs.2.500 Millions |
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Total |
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Rs.15.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1055020 |
Equity Shares |
Rs.10/- each |
Rs.10.550 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.550 |
10.550 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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19.531 |
14.177 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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30.081 |
24.727 |
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LOAN FUNDS |
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1] Secured Loans |
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72.153 |
50.015 |
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2] Unsecured Loans |
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0.000 |
0.027 |
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TOTAL BORROWING |
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72.153 |
50.042 |
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DEFERRED TAX LIABILITIES |
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31.940 |
32.699 |
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TOTAL |
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134.174 |
107.468 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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72.795 |
62.738 |
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Capital work-in-progress |
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25.300 |
16.156 |
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INVESTMENT |
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0.500 |
0.100 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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58.040 |
26.554 |
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Sundry Debtors |
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28.241 |
19.263 |
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Cash & Bank Balances |
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0.089 |
1.238 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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19.388 |
13.609 |
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Total
Current Assets |
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105.758 |
60.664 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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68.746 |
31.232 |
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Provisions |
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1.433 |
0.958 |
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Total
Current Liabilities |
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70.179 |
32.190 |
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Net Current Assets |
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35.579 |
28.474 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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134.174 |
107.468 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2004 |
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Sales Turnover |
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235.090 |
217.474 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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235.090 |
217.474 |
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Profit/(Loss) Before Tax |
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5.687 |
5.669 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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5.687 |
5.669 |
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Expenditures : |
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Interests |
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8.364 |
7.813 |
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Depreciation & Amortization |
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9.427 |
8.165 |
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Other Expenditure |
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211.612 |
195.827 |
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Total Expenditure |
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229.403 |
211.805 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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2.42 |
2.61 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.42 |
2.61 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.18 |
4.59 |
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Return on Investment (ROI) (PBT/Networth) |
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0.19 |
0.23 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.73 |
3.32 |
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Current Ratio (Current Asset/Current Liability) |
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1.51 |
1.88 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
· Ikeiam, Switzerland
Form 8:
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Name of the company |
KOSI PLAST
PRIVATE LIMITED |
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Presented By |
The Shamrao
Vithal Co-op Bank Limited Sakinaka Branch,
Mumbai – 400072, Maharashtra |
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1) Date and description of instrument creating the change |
Common Deed of Hypothecation
of Movable/ Assets/ Deeds dated 18.12.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.31.000
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 plant and
machinery, equipments, Electrical Installations, Furniture and Fixture and
other fixed Assets as described in the schedule to the deed of the borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure the due
repayment of Term Loan together with costs, charge, interests expenses,
granted by the Bank to the borrower Repayment by way
of 60 equal mortgage installments of Rs.0.698 Million Commencing from 10th
January 2000 ending on or before December, 2009 Rate of
Interests: 12.50% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
The Shamrao
Vithal Co-op Bank Limited Sakinaka Branch,
Mumbai – 400072, Maharashtra, India |
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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 |
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.42.63 |
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UK Pound |
1 |
Rs.83.40 |
|
Euro |
1 |
Rs.65.80 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
NO |
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TOTAL |
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46 |
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 |
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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 |
|
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 |
|
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 |
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