MIRA
INFORM REPORT
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Report Date : |
12.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KELVIN PLASTICS PRIVATE LIMITED |
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Registered Office : |
Survey No. 160/2, Plot No. 8 / 9, SIDC Road, Near Swaminarayan Temple, At Veraval (Shapar), Taluka-Kotda Sanghani, District Rajkot – 360002, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.03.1994 |
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Com. Reg. No.: |
04 – 21518 |
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CIN No.: [Company
Identification No.] |
U25209GJ1994PTC021518 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTK00387C |
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PAN No.: [Permanent
Account No.] |
AAACK9008M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Plastic Pipes, Sprinklers and Drip Irrigation System |
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 15240 |
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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 normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
Survey No. 160/2, Plot No. 8 / 9, SIDC Road, Near Swaminarayan Temple, At Veraval (Shapar), Taluka-Kotda Sanghani, District Rajkot–360002, Gujarat, India |
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Tel. No.: |
91-287-252693 |
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Fax No.: |
91-287-253008 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Dhol Ashwainbhai Pravinbhai |
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Designation : |
Director |
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Address : |
801, Smarpan Apartment, Behind Gayatri Mandir, Rajkot – 360005,
Gujarat |
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Date of Birth/Age : |
31.10.1963 |
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Date of Appointment : |
18.08.1994 |
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Name : |
Mr. Panara Praful Vallabhdas |
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Designation : |
Director |
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Address : |
301, Labh Residency, , Behind Gayatri Mandir, Rajkot – 360005, Gujarat |
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Date of Birth/Age : |
03.09.1970 |
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Date of Appointment : |
02.10.1995 |
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Name : |
Mr. Dadhania Haresh Jamnadasbhai |
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Designation : |
Director |
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Address : |
Kelvin Shivnagar, Jalaram-3, University Road, Rajkot -
360005, Gujarat |
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Date of Appointment : |
01.04.1999 |
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Date of Ceasing : |
15.02.2003 |
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Name : |
Mr. Bipin Jamnadasbhai Patel |
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Designation : |
Director |
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Address : |
Kelvin Shivnagar, Jalaram-3, University Road, Rajkot -
360005, Gujarat |
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Date of Appointment : |
09.03.1994 |
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Date of Ceasing : |
02.10.1995 |
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Name : |
Mr. Jamnadas Shambhubhai Patel |
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Designation : |
Director |
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Address : |
Kelvin Shivnagar, Jalaram-3, University Road, Rajkot -
360005, Gujarat |
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Date of Appointment : |
09.03.1994 |
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Date of Ceasing : |
22.03.1999 |
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Name : |
Mr. Jagdish Vallabhdas Panara |
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Designation : |
Director |
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Address : |
Toral, Sardar Nagar, Mavdi Main Road, Rajkot – 360004, Gujarat, India |
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Date of Appointment : |
18.08.1994 |
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Date of Ceasing : |
02.10.1995 |
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Name : |
Mrs. Geeta Hareshbhai Dadhania |
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Designation : |
Director |
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Address : |
6A, Shri Nathji Tower, Panchvati Society Main Road, Rajkot
– 360001, Gujarat |
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Date of Birth/Age : |
20.12.1970 |
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Date of Appointment : |
10.02.2003 |
KEY EXECUTIVES
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Name : |
Mr. Hitesh K. Chawda |
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Designation : |
Company Secretary |
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Address : |
217, Heera Panna Complex, Dr. Yagnik Marg, Rajkot,
Gujarat, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. D. J. Haresh |
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29900 |
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Mrs. D. J. Geeta |
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25000 |
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Mr. Panara V. Praful |
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11800 |
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Mrs. Panara V. Pritiben |
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2600 |
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Mrs. Dhol P. Asha |
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7800 |
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Mr. Dhol P. Parulben |
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3000 |
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Mrs. Patel P. Heenaben |
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2000 |
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Mr. Patel G. Pravin |
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2500 |
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Mrs. Kaneria J. Jyotsna |
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2700 |
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Mr. Kothadia V. Rajesh |
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2700 |
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Total |
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90000 |
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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 : |
Manufacturer of Plastic Pipes, Sprinklers and Drip Irrigation System |
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Products : |
ITC Code No.
Product 39170000
Plastic Pipes (HDPE Pipes) |
PRODUCTION STATUS
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Particulars |
Unit |
Installed Capacity |
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Plastic Pipes |
MT |
2400.00 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
30 |
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Bankers : |
Mandvi Plot Branch, Rajkot - 360001, Gujarat, India Facility - Credit Limits Rs. 2.200 millions.
Gymkhana Road Branch, Rajkot, Gujarat
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J. I. Gandhi and Company Chartered Accountants |
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Address : |
219, Heera Panna Complex, Dr. Yagnik Marg, Rajkot - 360001, Gujarat |
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Tel. No.: |
91-281-2464740/2415933/2465731 |
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Fax No.: |
91-281-2463006 |
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Name : |
Mayuri R. Amlani Chartered Accountant |
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Address : |
Matru Krupa, 25/39, New Jagnath, Rajkot – 360001, Gujarat, India |
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Name : |
S. K. Jha and Company Chartered Accountant |
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Address : |
204, Iscon Plaza, Satellite Road, Satellite, Ahmedabad – 380015,
Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Share |
Rs.10/- each |
Rs.1.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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90000 |
Equity Share |
Rs.10/- each |
Rs.0.900
Million |
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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 |
0.900 |
0.900 |
0.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.910 |
2.049 |
1.990 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.810 |
2.949 |
2.890 |
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LOAN FUNDS |
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1] Secured Loans |
1.261 |
0.100 |
1.645 |
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2] Unsecured Loans |
11.782 |
9.292 |
3.835 |
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TOTAL BORROWING |
13.043 |
9.392 |
5.480 |
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DEFERRED TAX LIABILITIES |
0.276 |
0.319 |
0.368 |
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TOTAL |
17.129 |
12.660 |
8.739 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.964 |
2.739 |
2.697 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.006 |
0.562 |
0.226 |
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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 |
5.749
|
3.906 |
4.629 |
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Sundry Debtors |
10.535
|
4.854 |
1.883 |
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Cash & Bank Balances |
0.580
|
0.664 |
0.118 |
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Other Current Assets |
0.097
|
0.048 |
0.254 |
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Loans & Advances |
0.751
|
0.845 |
0.431 |
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Total
Current Assets |
17.712
|
10.317 |
7.315 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
4.000
|
0.860 |
1.382 |
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Provisions |
0.554
|
0.098 |
0.117 |
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Total
Current Liabilities |
4.554
|
0.958 |
1.499 |
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Net Current Assets |
13.158
|
9.359 |
5.816 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.129 |
12.660 |
8.739 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
50.953 |
20.730 |
28.265 |
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Other Income |
0.295 |
0.048 |
0.000 |
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Total Income |
51.248 |
20.778 |
28.265 |
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Profit/(Loss) Before Tax |
1.371 |
0.101 |
0.552 |
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Provision for Taxation |
0.510 |
0.042 |
0.206 |
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Profit/(Loss) After Tax |
0.861 |
0.059 |
0.346 |
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Expenditures : |
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Financial Charges |
1.358 |
0.726 |
0.589 |
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Depreciation & Amortization |
0.569 |
0.392 |
0.437 |
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Other Expenditure |
47.950 |
19.559 |
26.687 |
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Total Expenditure |
49.877 |
20.677 |
27.713 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
1.68
|
0.28 |
1.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.69
|
0.49 |
1.95 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.32
|
0.77 |
5.51 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.03 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.62
|
3.51 |
2.41 |
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Current Ratio (Current Asset/Current Liability) |
|
3.89
|
10.77 |
4.88 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U25209GJ1994PTC021518 |
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Name of the
Company |
KELVIN PLASTICS PRIVATE LIMITED |
|
Address |
Survey No. 160/2, Plot No. 8 / 9, SIDC Road, Near
Swaminarayan Temple, At Veraval (Shapar), Taluka-Kotda Sanghani, District
Rajkot – 360002, Gujarat, India |
|
This form is for |
Modification of
charge |
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Type of Charge |
Book Debts Stock of Raw
Material, Finished Goods |
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Particulars of
the charge holder |
Bank of Baroda Mavdi Plot
Branch, Gondal Road, Rajkot – 360001, Gujarat, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Instrument
modifying the charge Supplemental
Composite Instrument of Hypothecation of Goods, Book Debts, Movable Machinery
and Vehicle |
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Date of the
instrument creating or modifying the charge |
21.06.2007 |
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Amount secured by
the charge |
Rs.7.500 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: 0.75% Below BPLR
Subject to minimum 12.50% p.a. Terms of
Repayment: Subject to annual
review and repayable on demand Margin: 25% on Stocks 50% on Book Debts Extent and
operation of the charge: The company
extent charge over its stocks, Book debts, Machinery to secure repayment of
entire finance of Rs.7.500 Millions in additional to all costs, interests,
and expenses. Others: All properties to
be kept fully insured Regular
submission of statements of Book debts and Stock |
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Short particulars
of the property charged (including location of the property) |
As per Annexure A |
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Particular of the
present modification |
As per Annexure B |
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Name of the company |
KELVIN PLASTICS PRIVATE LIMITED |
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Presented By |
Mr. Ashwin
Pravinbhai Dhol |
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1) Date and description of instrument creating the change |
Memorandum of
deposit of title deeds dated 7th October, 1994 Deed of
Hypothecation of Machinery dated 7th October, 1994 Instrument of
Hypothecation of Goods dated 7th October, 1994 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.200 Millions Rs.1.200 Million
Terms Loan Rs.1.000 Million
Cash Credit (Hypothecation of Goods) |
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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 |
Factory Land and
Building situated at plot No.8and9 of Kevenue Survey No. 160/2 of Veraval of
Taluka Kotda Sangani, District Rajkot admeasuring 660.50 sq. mts. of plot
no.8 and 9, 10.5 sq. mts. Of plot No.9 Movable Machinery
including all stocks and spare parts, both present and future belonging to
the company. Stock of Raw
Materials, Stocks in process and Finished Goods. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure the
amount stated in No.2 above and interests thereon, cost, charges, expenses
incurred by and/or payable to the Bank of Baroda, Mavdi Plot Branch, Rajkot |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, Mavdi Plot
Branch, Gondal Road, “Udhyog Bhavan” Rajkot – 360004, Gujarat |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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.40.47 |
|
UK Pound |
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.62.11 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--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 |
|