MIRA
INFORM REPORT
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Report Date : |
24.10.2008 |
IDENTIFICATION DETAILS
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Name : |
KNACK PLAST PRIVATE LIMITED |
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Registered Office : |
16, Ground Floor, Mamta Complex, Near Manorath Complex, Satadhar Cross
Road, Ghtlodia, Ahmedabad – 380061, Gujarat |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.08.1994 |
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Com. Reg. No.: |
04-22866 |
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CIN No.: [Company
Identification No.] |
U25209GJ1994PTC022866 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of HDPE/PP Woven Bags, HDPE/PP Fabrics, HDPE/PP Woven
Sacks, BOPP Multi Colors Bags, Jumbo Bags, Paper Bags, Wrapping Fabrics,
Tarpaulins, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 3000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Company’s
profitability is under pressure. Trade relations are fair. However, no
complaints have been heard against the subject. The company can be considered for small to mediocre business dealings.
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LOCATIONS
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Registered Office/ Factory : |
16, Ground Floor, Mamta Complex, Near Manorath Complex, Satadhar Cross
Road, Ghtlodia, Ahmedabad – 380061, Gujarat, India |
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Tel. No.: |
91-79-27432580 |
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Mobile No.: |
91-9825774458/ 9825774416 |
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Fax No.: |
91-79-27411117 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Manilal K. Patel |
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Designation : |
Director |
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Address : |
38/A, Subh Labh Society, Opposite Sun-N-Step Club, Thaltej, Ahmedabad,
India |
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Date of Birth/Age : |
01.06.1950 |
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Date of Appointment : |
15.04.1997 |
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Name : |
Mrs. Kantaben M. Patel |
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Designation : |
Director |
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Address : |
38/A, Subh Labh Society, Opposite Sun-N-Step Club, Thaltej, Ahmedabad,
India |
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Date of Birth/Age : |
08.10.1950 |
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Date of Appointment : |
01.04.2006 |
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Name : |
Mr. Jayantibhai K. Patel |
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Designation : |
Director |
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Address : |
A/1, Greenwood Society, Near Vishwash Flats, Ahmedabad - 380054,
Gujarat, India |
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Date of Birth/Age : |
20.03.1959 |
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Date of Appointment : |
01.04.2006 |
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Name : |
Mrs. Liaben J. Patel |
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Designation : |
Director |
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Address : |
A/1, Greenwood Society, Near Vishwash Flats, Ahmedabad - 380054,
Gujarat, India |
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Date of Birth/Age : |
01.06.1961 |
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Date of Appointment : |
01.04.2006 |
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Proprietorship Firm: |
Jay Ambe Traders A/1 Green Wood Society, Near Sola Railway Crossing Thaltej, Ahmedabad
- 380054, Gujarat, India |
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Name : |
Mr. Ambalal K. Patel |
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Designation : |
Director |
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Address : |
4A, Mani Kamal Society, Near Surdhara Circle, Thatej, Ahmedabad – 380054,
Gujarat, India |
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Date of Birth/Age : |
06.12.1940 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
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No. of Shares |
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Ambalal Patel |
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10000 |
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Kantaben Patel |
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7500 |
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Manilal Patel |
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2500 |
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Tulsibhai Patel |
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10500 |
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Kamleshbhai Patel |
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2500 |
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Jayantibhai Patel |
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8500 |
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Kamleshbhai Patel |
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2500 |
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Kokilabe Patel |
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2500 |
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Santokben Patel |
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2500 |
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Savitaben Patel |
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2500 |
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Liaben J. Patel |
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2500 |
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Janki Patel |
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2500 |
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Ekta Patel |
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1800 |
(As on 31.03.2007)
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Category |
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Percentage
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Directors or relatives of director |
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99.00 |
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Others |
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1.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of HDPE/PP Woven Bags, HDPE/PP Fabrics, HDPE/PP Woven
Sacks, BOPP Multi Colors Bags, Jumbo Bags, Paper Bags, Wrapping Fabrics,
Tarpaulins, etc. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
15 Aakansha Appartments, Near Sola Railway Crossing, Ahmedabad –
380061, Gujarat, India |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
S. N. Sanghavi and Company Chartered Accountant |
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Address : |
11/A, Ajanta Commercial Centre, Ashram Road, Ahmedabad – 380014,
Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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60000 |
Equity Shares |
Rs.10/- each |
Rs.0.600
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 |
0.600 |
0.600 |
0.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.150 |
0.000 |
1.158 |
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4] (Accumulated Losses) |
(0.063) |
0.526 |
0.000 |
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NETWORTH |
0.687 |
1.126 |
1.758 |
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LOAN FUNDS |
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1] Secured Loans |
1.587 |
2.454 |
0.881 |
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2] Unsecured Loans |
15.081 |
9.994 |
8.339 |
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TOTAL BORROWING |
16.668 |
12.448 |
9.220 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.355 |
13.574 |
10.978 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.812 |
4.174 |
3.238 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.125 |
0.064 |
0.062 |
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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 |
4.391
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3.180 |
0.000 |
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Sundry Debtors |
10.429
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9.653 |
0.000 |
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Cash & Bank Balances |
0.139
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0.090 |
0.000 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.714
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0.475 |
8.027 |
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Total
Current Assets |
15.673
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13.398 |
8.027 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.950
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3.667 |
0.349 |
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Provisions |
0.305
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0.395 |
0.000 |
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Total
Current Liabilities |
2.255
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4.062 |
0.349 |
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Net Current Assets |
13.418
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9.336 |
7.678 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.355 |
13.574 |
10.978 |
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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 |
40.574 |
32.699 |
22.923 |
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Other Income |
0.325 |
1.037 |
0.020 |
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Total Income |
40.899 |
33.736 |
22.943 |
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Profit/(Loss) Before Tax |
(0.438) |
(0.632) |
0.153 |
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Provision for Taxation |
0.000 |
0.000 |
0.076 |
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Profit/(Loss) After Tax |
(0.438) |
(0.632) |
0.077 |
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Expenditures : |
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Manufacturing Expenses |
37.497 |
32.859 |
18.843 |
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Sales and Administrative Expenses |
1.220 |
1.102 |
1.113 |
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Financial Charge |
1.885 |
0.856 |
0.928 |
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Depreciation & Amortization |
0.706 |
0.678 |
0.512 |
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Other Expenditure |
0.030 |
(1.127) |
1.394 |
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Total Expenditure |
41.337 |
34.368 |
22.790 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(1.07)
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(1.87) |
0.34 |
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Net Profit Margin (PBT/Sales) |
(%) |
(1.08)
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(1.93) |
0.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(2.25)
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(3.60) |
1.36 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.64)
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(0.56) |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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27.54
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14.66 |
5.44 |
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Current Ratio (Current Asset/Current Liability) |
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6.95
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3.30 |
23.00 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
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Corporate
identity number of the company |
U25209GJ1994PTC022866 |
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Name of the
company |
KNACK PLAST PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
16, Ground Floor, Mamta Complex, Near Manorath Complex, Satadhar Cross
Road, Ghtlodia, Ahmedabad – 380061, Gujarat, India |
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This form is for |
Modification of Charge |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
The Navnirman Co-operative Bank Limited 15 Aakansha Appartments, Near Sola Railway Crossing, Ahmedabad –
380061, Gujarat, India |
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Nature of
instrument creating charge |
Memorandum of
Extention of Equitable Mortgage |
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Date of
instrument Creating the charge |
17.09.2008 |
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Amount secured by
the charge |
Rs.10.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: 13% p.a. Terms of
Repayment: Repayable On
Demand Margin: 40% On
Hypothecation of Goods and 50% on Book debts Extent and Operation
of the charge: 100% |
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Particulars of
the property charged |
Equitable
Mortgage of Immovable Property of the company situated at Block No.228/1, Sub
Plot No.9 and 10 Paiki Part of Mouze Dantali, Taluka Kalol, District Mehsana |
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Particulars of the
present modification |
Additional
Security to secure increased Cash Credit (Hypothecation) limit and Cash
Credit (Book Debts) from Rs.5.000 Millions to (Book Debts) from Rs.5.000
Millions to Rs.10.000 Millions |
Fixed Assets:
- Land
- Factory Building
- Plant Machinery
- Furniture
- Computers
- Vehicles
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.49.79 |
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UK Pound |
1 |
Rs.81.27 |
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Euro |
1 |
Rs.63.91 |
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 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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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27 |
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 |
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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 |
|
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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