MIRA
INFORM REPORT
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Report Date : |
25.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
KARTAR WIRE INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
S. No.2, Mahavir Nagar, Vadgaon Sheri, Pune – 411014, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.05.1991 |
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Com. Reg. No.: |
11-61859 |
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CIN No.: [Company
Identification No.] |
U28991MH1991PTC061859 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEK01624A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing
of Quality Automobile Cables, Electronic Cables, PVC Profiles/Beadings,
Coaxial Cables, Multicore Wires, Wiring Harness Assemblies etc. |
RATING &
COMMENTS
|
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 130000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Trade relations are fair. Business is active. Payments
are reported as usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. M. S. Sokhi |
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Designation : |
Director |
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Contact No.: |
91-9822026922 |
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Date : |
23.06.2008 |
LOCATIONS
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Registered Office : |
S. No.2, Mahavir Nagar, Vadgaon Sheri, Pune – 411014, Maharashtra,
India |
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Tel. No.: |
91-20-27030520/ 27033560/ 32904272 |
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Mobile No.: |
91-9822026921/ 22/ 23 |
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Fax No.: |
91-20-27031925 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory/ Branch Office : |
S. No.40/4, Balaji Udyam Nagar, (Unit I and II), Vadgaon Sheri, Pune –
411014, Maharashtra, India |
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Tel. No.: |
91-20-27031926/ 27031714/ 27035896 |
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Fax No.: |
91-20-27031926 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Mohindersing Kartarsing Sokhi |
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Designation : |
Director |
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Address : |
B2/8, Festival Apartment, Viman Nagar, Pune – 411014, Maharashtra,
India |
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Date of Birth/Age : |
29.01.1949 |
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Date of Appointment : |
01.07.1995 |
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Name : |
Mr. Harvinderhing Kartarsing
Sokhi |
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Designation : |
Director |
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Address : |
C-105/106, Lunkad Gardens, Viman Nagar, Pune – 411014, Maharashtra,
India |
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Date of Birth/Age : |
29.01.1961 |
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Date of Appointment : |
29.05.1991 |
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Name : |
Mr. Shrichand Madanlal Punjabi |
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Designation : |
Director |
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Address : |
A-5, 202 Ganga Nebula, Viman Nagar, Pune – 411014, Maharashtra, India |
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Date of Birth/Age : |
11.011939 |
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Date of Appointment : |
01.07.1995 |
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Name : |
Mr. Vinesh Shrichand Sokhi |
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Designation : |
Chairman Cum Managing Director |
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Address : |
B/9, Konark Nagar, II Viman Nagar, Pune – 411014, Maharashtra, India |
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Date of Birth/Age : |
15.01.1964 |
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Date of Appointment : |
01.07.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 10.08.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Shrichand Madanlal Punjabi |
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2490 |
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Mr. Harvinderhing Kartarsing
Sokhi |
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2040 |
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Mr. Vinesh Shrichand Sokhi |
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1000 |
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Mrs. Anita Vinesh Sokhi |
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1000 |
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Mr. Mohindersing Kartarsing Sokhi |
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1000 |
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Mr. Kaur Sukhwant Sokhi |
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500 |
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Mr. Vinesh Shrichand Sokhi |
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600 |
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Mrs. Anita Vinesh Sokhi |
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650 |
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Mr. Harvinderhing Kartarsing
Sokhi |
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1250 |
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Mr. Kamu Shrichand Punjabi |
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600 |
(As on 31.03.20007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing
of Quality Automobile Cables, Electronic Cables, PVC Profiles/Beadings,
Coaxial Cables, Multicore Wires, Wiring Harness Assemblies etc. |
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Products : |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
70 |
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Bankers : |
HSBC Bank, Pune Branch, Maharashtra, India
156, Gandhi Chowk, Hadapasar, Pune – 411006, Maharashtra, India |
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Facilities : |
(CC), Term Loan |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Sunil Shah Chartered Accountant |
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Address : |
2/56, Shastri Apartment, Next to Cofee House, Pune – 411001,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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14000 |
Equity Shares |
Rs.100/- each |
Rs.1.400 Millions |
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1000 |
Preference Shares |
Rs.100/ each |
Rs.0.100 Million |
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Total |
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Rs.1.500
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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14000 |
Equity Shares |
Rs.100/- each |
Rs.1.400 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
1.400 |
1.400 |
1.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
23.882 |
16.576 |
10.347 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
25.282 |
17.976 |
11.747 |
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LOAN FUNDS |
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1] Secured Loans |
7.418 |
6.654 |
5.374 |
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2] Unsecured Loans |
0.000 |
0.500 |
0.498 |
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TOTAL BORROWING |
7.418 |
7.154 |
5.872 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
32.700 |
25.130 |
17.619 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.407 |
13.794 |
10.549 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.242 |
0.184 |
0.149 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.395
|
4.392 |
4.262 |
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Sundry Debtors |
32.257
|
20.801 |
15.736 |
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Cash & Bank Balances |
0.027
|
0.013 |
0.042 |
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Other Current Assets |
0.000
|
5.613 |
2.932 |
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Loans & Advances |
8.043
|
0.025 |
0.014 |
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Total
Current Assets |
44.722
|
30.844 |
22.986 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
29.671
|
13.187 |
12.284 |
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Provisions |
0.000
|
6.505 |
3.781 |
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Total
Current Liabilities |
29.671
|
19.692 |
16.065 |
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Net Current Assets |
15.051
|
11.152 |
6.921 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
32.700 |
25.130 |
17.619 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2005 |
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Sales Turnover |
|
141.897 |
108.490 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
141.897 |
108.490 |
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Profit/(Loss) Before Tax |
|
10.285 |
8.528 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
10.285 |
8.528 |
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Expenditures : |
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Interests |
|
0.000 |
0.000 |
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Depreciation & Amortization |
|
1.260 |
0.925 |
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Other Expenditure |
|
130.352 |
99.037 |
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Total Expenditure |
|
131.612 |
99.962 |
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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 |
(%) |
7.25
|
7.86 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
7.25
|
7.86 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.55
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19.10 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.41
|
0.72 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.47
|
1.49 |
1.87 |
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Current Ratio (Current Asset/Current Liability) |
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1.51
|
1.57 |
1.43 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Tata Motors,
Pune
- Toyata
Boshaka, Bangalore
- Samsonite,
Nashik
Form 8:
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Corporate
identity number of the company |
U28991MH1991PTC061859 |
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Name of the
company |
KARTAR WIRE INDUSTRIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Pune – 411014, Maharashtra, India |
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This form is for |
Creation of Charge |
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Type of charge |
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Particular of
charge holder |
The Janaseva Sahakari Bank Limited 156, Gandhi Chowk, Hadapasar, Pune – 411006, Maharashtra, India |
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Nature of
instrument creating charge |
Agreement for
Hypothecation of movable property dated 26th October, 2007. |
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Date of
instrument Creating the charge |
26.10.2007 |
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Amount secured by
the charge |
Rs.9.000 Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
Interests: Interests Rate
15% p.a. or as per the rate prescribed by RBI from time to time. Term of
Repayment: Repayment of sum
along with the interests till 26.01.2009 Margin: 40% Extent and
operation of the charge: Cash credit and
overdraft facility of Rs.9.000 Millions till 26.01.2006. First and continuing
charge on the stocks at factory, godown shop all present and future. |
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Particulars of
the property charged |
All present and
future stock of goods, semi finished goods, raw materials and finished goods,
receivable machinery and tools located at the factory, shop or gowdon of the
company from time to time. |
|
Particulars of
the present modification |
NA |
Website details
Profile:
Since 1981, Subject is in the manufacturing of quality automobile cables, Electronic cables, PVC profiles/Beadings, Coaxial cables, Multicore Wires, Wiring Harness Assemblies etc. The abilities to consistently produce reliable high quality products, combined with strong design ability have earned company its position of leadership in the field of automobiles Electronics and baggage’s Industries.
In fact, their products are used in numerous famous automobiles, Electronics
and Baggages. Manufacturing of company products are conducted according to the
company’s strict quality assurance policy. This level of dependability is
achieved through the use of highest quality materials, outstanding experience,
and careful attention to detail during manufacturing.
Their team of R&D professionals continuously develops new products to meet
customer needs. Their applications engineers are specially trained to answer
the technical question and to help to select the right product.
Subject also produces cables and PVC extruded products to meet special needs
arising from the new equipment or unusual customer requirement.
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.42.94 |
|
UK Pound |
1 |
Rs.84.52 |
|
Euro |
1 |
Rs.66.73 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|