MIRA
INFORM REPORT
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Report Date : |
21.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
KISHOR PROJECTS PRIVATE LIMITED |
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Registered Office : |
1st Floor, Bhusan Apartment, Race Couse Road, Rajkot, Gujarat,
India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.04.2004 |
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Com. Reg. No.: |
43943 |
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CIN No.: [Company
Identification No.] |
U45201GJ2004PTC043943 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTK01066C |
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PAN No.: [Permanent
Account No.] |
AACCK3721F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Construction Activities |
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 370000 |
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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 meeting its normal commitments
timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
1st Floor, Bhusan Apartment, Race Couse Road, Rajkot,
Gujarat, India |
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Tel. No.: |
91-281-2474575 |
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Mobile No.: |
91-9879267050 |
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Fax No.: |
91-281-2474576 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Kishor Godhania |
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Designation : |
Director |
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Name : |
Mr. Bharat Thakkrar |
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Designation : |
Director |
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Name : |
Mr. Hardas Keswala |
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Designation : |
Director |
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Name : |
Mr. Ramesh P Odedra |
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Designation : |
Director |
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Name : |
Mr. Jayprakash V. Mahant |
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Designation : |
Director |
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Address : |
64-Green Park Bungalow, Ambali Bhopal Road, At Ambali, Ahmedabad –
380058 |
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Date of Appointment : |
28.04.2004 |
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Name : |
Mr. Ranmalbhai Ajabhai Godhania |
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Designation : |
Director |
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Address : |
Near Vidyakunj Society, Dena Bank Society, Amin Marg, Rajkot – 360001,
Gujarat, India |
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Date of Birth/Age : |
24.10.1931 |
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Date of Ceasing : |
26.03.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Ranmalbhai P. Gadhania |
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100000 |
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Bharatbhai A. Thakrar |
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25000 |
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Kishorbhai R. Godhania |
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25000 |
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Hardashbhai M. Keshwala |
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25000 |
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Aditya B. Thakrar |
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25000 |
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Rameshbhai P. Odedara |
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25000 |
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Satishbhai P. Odedara |
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25000 |
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Total |
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250000 |
AS ON 30.09.2007
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Equity Share
breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Construction Activities |
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Terms : |
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Purchasing : |
Credit [15 days] |
GENERAL
INFORMATION
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Customers : |
Government of India – Gujarat |
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No. of Employees : |
10 [at Site 50 – Temporary Basis] |
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Bankers : |
Oriental Bank of Commerce Rajkot – 360001, Gujarat, India |
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Facilities : |
Bank Guarantee : Rs. 95.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dodiya Mehta and Company Chartered Accountants |
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Address : |
601, Shilp Tower, Tagor Road, Rajkot – 360002, Gujarat, India |
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Mobile No.: |
91-9825621788 |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7500000 |
Equity Shares |
Rs. 10/- each |
Rs. 75.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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40.000 |
40.000 |
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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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34.233 |
25.908 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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74.233 |
65.908 |
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LOAN FUNDS |
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1] Secured Loans |
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41.880 |
80.875 |
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2] Unsecured Loans |
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36.557 |
19.519 |
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TOTAL BORROWING |
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78.437 |
100.394 |
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DEFERRED TAX LIABILITIES |
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8.107 |
9.617 |
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TOTAL |
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160.777 |
175.919 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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57.109 |
72.647 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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9.468 |
3.802 |
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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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0.000 |
0.000 |
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Sundry Debtors |
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59.823 |
59.141 |
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Cash & Bank Balances |
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12.608 |
33.708 |
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Other Current Assets |
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51.691 |
70.487 |
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Loans & Advances |
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14.630 |
5.157 |
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Total
Current Assets |
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138.752 |
168.493 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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42.066 |
66.787 |
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Provisions |
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2.830 |
2.630 |
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Total
Current Liabilities |
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44.896 |
69.417 |
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Net Current Assets |
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93.856 |
99.076 |
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MISCELLANEOUS EXPENSES |
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0.344 |
0.394 |
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TOTAL |
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160.777 |
175.919 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover [Approximately] |
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250.000 |
300.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.66 |
2.58 |
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Current Ratio (Current Asset/Current Liability) |
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3.09 |
2.43 |
LOCAL AGENCY
FURTHER INFORMATION
Trade
Reference
- Parmar Auto
Traders – Rajkot
- Girdhar Mraj
and Company – Porbandar
- Sanghi
Industries Limited – Kutch
Bankers Charges
Report as per Registry
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Name of the company |
KISHOR PROJECTS
PRIVATE LIMITED |
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Presented By |
Oriental Bank of
Commerce, Nirmala Convent School Road Branch, Rajkot |
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1) Date and description of instrument creating the change |
Dated 03.05.1999 –
Hypothecation of Assets Agreement for Cash credit between Kishor Construction
Company – A Partnership which was converted into private Limited Company
w.e.f. 8th April 2004 and the Oriental Bank of Commerce, Nirmala
Convent School Road Branch, Rajkot |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit 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 |
Hypothecation of
Book Debts not elder than 90 days. The partnership firm was converted into
the joint stock private limited company w.e.f. 8th Aprll 2004 as
per section 566 of the companies Act, 1956 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest Rate –
16.84 % Margin – 50 % |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of Commerce, Nirmala Convent School Road Branch, Rajkot
- 360005 |
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6) Date and brief description of instrument modifying the charge |
Dated 02.02.2006
supplemental agreement to secure Credit
/ loan facilities between Kishor Projects Private Limited and Oriental Bank of
Commerce, Nirmala Convent School Road Branch, Rajkot - 360005 |
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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. |
The bank agrees
to enhance the finance provided to Kishor Projects Private Limited as under :
Rs in Millions
Cash Credit of
Rs. 20.000 Million Rate of Interest
: PLR + 3 %, Presently at 14 % p.a. with monthly rests Margin : stock 25
% and Book Debts 50 % Term of Sanction
: One Year Bank Guarantee of
Rs. 130.000 Millions Commission : as per
Bank’s scheme of Charges Margin : 20 %
margin shallbe kept in shape of unencumbered duly discharged FDRs / CDRs.
Interest on FDRs / CDRs shall not be released during the currency of
guarantee facility Term of sanction
: One Year Letter of credit [Inland]
of Rs. 10.000 Millions as Sub Limit of Bank Guarantee Commission : As
per banks scheme of Charges Margin : 20 %
margin shall be kept in shape of unencumbered duly discharged FDRs / CDRs
shall not be released during the currency of Guarantee facility Tenor : DP or DA
with 90 days [maximum] Term of
Sanction : One Year Security
[Primary] Hypothecation of
stocks of raw materials and spares, stock in process and other stocks and
book debts not older than 90 days Hypothecation of
documents of title to goods in case of L/C on DP basis. Hypothecation of
current assets to cover assets to cover the bank guarantee limit as well Other term and
conditions Other terms and
conditions as per respective agreements executed between the borrower and the
bank and sanction letter No. RO/L/16/11418 17th November 2005
issued to kishor Projects Private Limited the borrower. |
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
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Indian Rupees |
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US Dollar |
1 |
Rs.42.97 |
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UK Pound |
1 |
Rs.84.75 |
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Euro |
1 |
Rs.66.72 |
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 |
NO |
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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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