MIRA
INFORM REPORT
|
Report Date : |
09.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KULODAY TECHNOPACK PRIVATE LIMITED |
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Registered Office : |
25 Sona Udyog Industrial Estate, Parsi Panchayat Road, Andheri (East),
Mumbai – 400 069, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
19.07.1995 |
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Com. Reg. No.: |
11-90795 |
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CIN No.: [Company
Identification No.] |
U25202MH1995PTC090795 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK12625E |
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PAN No.: [Permanent
Account No.] |
AAACK3957H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporters of Polythene Bags, Rolls and Sheets |
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 73000 |
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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
|
Name : |
Mr. Arun Kumar Chokhani |
|
Designation : |
Director |
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Date : |
09.09.2008 |
LOCATIONS
|
Registered Office : |
25 Sona Udyog Industrial Estate, Parsi Panchayat Road, Andheri (East),
Mumbai – 400 069, Maharashtra, India |
|
Tel. No.: |
91 - 22 - 2838 7113, 699 4884. |
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Fax No.: |
91 - 22 - 66994884 |
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E-Mail : |
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Website : |
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Area : |
1500 Sq.fts |
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Location : |
Rented |
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Works : |
644/24, Agrawal Industrial Estate, Opposite Samnath Temple,
Dhabel. Daman (UT) 396210, India |
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Tel. No.: |
91 – 260 – 2243003 / 2243870 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Chokhani Krishna Kumar Prahladrai |
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Designation : |
Director |
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Address : |
25 Sona Udyog Industrial Estate, Parsi Panchayat Road, Andheri (East),
Mumbai – 400 069, Maharashtra, India |
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Date of Birth/Age : |
12.11.1952 |
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Date of Appointment : |
26.09.2001 |
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Name : |
Mr. Chokhani Arun Kumar Prahladrai |
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Designation : |
Director |
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Address : |
25 Sona Udyog Industrial Estate, Parsi Panchayat Road, Andheri (East),
Mumbai – 400 069, Maharashtra, India |
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Date of Birth/Age : |
24.06.1961 |
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Date of Appointment : |
19.07.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Mataji Kulodki |
|
2 |
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Mr. Chokhani Kishankumar Prahladrai |
|
11998 |
|
Mr. Chokhani Arun Kumar Prahladrai |
|
9998 |
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Mr. Chokhani Geetadevi Prahladrai |
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2 |
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Mr. Kishankumar Pushpadevi Chokhani |
|
12990 |
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Mr. Arun Kumar Manju Chokhani |
|
10000 |
|
Mr. Arunkumar Chokhani (HUF) |
|
10000 |
|
Mr. Chokhani Kishanuamar (HUF) Prahladrai |
|
13000 |
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Mr. Arunkumar Anuj Chokhani |
|
12500 |
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Mr. Kishan Kumar Chokhani |
|
12000 |
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Mr. Arunkumar Ankit Chokhani |
|
7500 |
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Mr. Kishan Kumar Ruchita Chokhani |
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10 |
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Names of Allottees (As on 31.03.2008) |
|
No. of Shares |
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Mr. Mataji Kulodki |
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2 |
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Mr. Kishan Kumar Prahladrai Chokhani |
|
11998 |
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Mr. Arun Kumar Prahladrai Chokhani |
|
9998 |
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Mrs. Geetadevi Prahladrai Chokhani |
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2 |
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Mrs. Pushpadevi Kishankumar Chokhani |
|
12990 |
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Mr. Manju Arunkumar Chokhani |
|
10000 |
|
Mr. Arun Kumar Chokhani (HUF) |
|
10000 |
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Mr. Kishankumar Chokhani (HUF) |
|
13000 |
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Mr. Anuj Arunkumar Chokhani |
|
12500 |
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Mr. Sunil Kishankumar Chokhani |
|
12000 |
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Mr. Aniket Arunkumar Chokhani |
|
7500 |
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Mrs. Ruchita Kishankumar Chokhani |
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10 |
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Mr. Khandelwal Finance Private Limited |
|
1000 |
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Wondermax Tracon Private Limited |
|
1000 |
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Taj Vincom Private Limited |
|
3000 |
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Total |
|
105000 |
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Names of Allottees (As on 28.03.2007) |
|
No. of Shares |
|
Taj Vincom (P) Limited |
|
3000 |
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Wondermax Tracon Private Limited |
|
1000 |
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Khandelwal Finance Private Limited |
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1000 |
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Total |
5000 |
Equity Share Breakup (Percentage of Total Equity):-
|
Category (As on 31.03.2008) |
Percentage |
|
Bodies Corporate |
4.76 |
|
Directors or relative of directors |
95.24 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporters of Polythene Bags, Rolls and Sheets |
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Products: |
· T shirt Bags (Singlets), Garbage Bags, Refuse Sacks, Bin Liners. · Rubber Sacks · LDPE Wide Width Plastic Sheets of both virgin as well as Reprocess. Upto 20 feet wide. |
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Exports : |
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Countries : |
UK Germany |
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Imports : |
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Countries : |
Middle East |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
106 |
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Bankers : |
· Bank of India, Address 1: Malad (East) Branch, Off Rani Sati Marg, Near Old Level Crossing, Malad (East), Mumbai – 400 064, Maharashtra, India Address 2 : Malad (West) Branch, Opposite Natraj Market, S V
Road, Malad (West), Mumbai – 400 064, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Banka and Banka Chartered Accountants |
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Address : |
204, B, Anupam Apartments, Opposite Rationing Office, S V Road, Malad
(West), Mumbai – 400 064, Maharashtra, India |
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Group Companies: |
· Kuloday Converters · Kuloday Technopack Private Limited · Kuloday Packaging (India) Private Limited · Multiudyog |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on
31.03.2008):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
210000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.100
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
2.100 |
1.050 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.489 |
12.073 |
9.008 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.589 |
13.123 |
10.008 |
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LOAN FUNDS |
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1] Secured Loans |
21.728 |
14.162 |
5.979 |
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2] Unsecured Loans |
11.221 |
4.426 |
3.381 |
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TOTAL BORROWING |
32.949 |
18.588 |
9.360 |
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DEFERRED TAX LIABILITIES |
1.498 |
1.045 |
0.583 |
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TOTAL |
49.036 |
32.756 |
19.951 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.681 |
10.669 |
8.817 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.500 |
0.500 |
0.500 |
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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 |
17.891
|
25.304 |
11.079 |
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Sundry Debtors |
24.809
|
8.131 |
5.998 |
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Cash & Bank Balances |
5.244
|
1.935 |
0.481 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
4.156
|
3.487 |
0.734 |
|
Total
Current Assets |
52.100
|
38.857 |
18.292 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Current Liabilities |
17.961
|
17.067 |
7.521 |
|
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Provisions |
0.284
|
0.203 |
0.137 |
|
Total
Current Liabilities |
18.245
|
17.270 |
7.658 |
|
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Net Current Assets |
33.855
|
21.587 |
10.634 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
49.036 |
32.756 |
19.951 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
|
|
Sales Turnover |
|
114.425 |
82.206 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
114.425 |
82.206 |
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Profit/(Loss) Before Tax |
|
2.204 |
1.284 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
2.204 |
1.284 |
|
|
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Expenditures : |
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|
|
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Interest |
|
2.832 |
0.981 |
|
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Depreciation & Amortization |
|
0.826 |
0.619 |
|
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Other Expenditure |
|
108.563 |
79.322 |
|
Total Expenditure |
|
112.221 |
80.922 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
1.93
|
1.56 |
NA |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.93
|
1.56 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.28
|
2.57 |
NA |
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|
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Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.09 |
NA |
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|
|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.51
|
2.73 |
1.70 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.86
|
3.17 |
2.39 |
LOCAL AGENCY FURTHER
INFORMATION
FORM 8:-
|
Name of the company |
KULODAY TECHNOPACK PRIVATE LIMITED |
||||
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Presented By |
Bank of India, Malad (East) Branch, Mumbai
– 400 097, Maharashtra, India |
||||
|
1) Date and description of instrument creating the change |
Hypothecation of
book debts dated 24.11.1995 Hypothecation of
bills purchase dated 24.11.1995 Both constitute
single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 million
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All book debts, outstanding
money receivables, claims bills All bill or bills
or exchange and / or documents for collection on company account |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 19.25%
p.a Margin for book Debts
40% Margin for bills
25% |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India,
Malad East Branch, Mumbai – 400 097, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Supplemental deed
of hypothecation dated 26.02.2001 |
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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. |
Original charge
was created on 24.11.1995 for Rs.
1.000 millions 1st
modification dated 19.02.1998 the charge is reduced from Rs. 1.000 millions
to RS. 0.750 million By the present
modification the charge is enhanced from the charge is enhanced from Rs. 0.750
million to Rs. 1.300 millions by an additional sum of Rs. 0.580 millions |
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Corporate
identity number of the company |
U25202MH1995PTC090795 |
|
Name of the
company |
KULODAY
TECHNOPACK PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
25 Sona Udyog Industrial Estate, Parsi Panchayat Road, Andheri (East),
Mumbai – 400 069, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
Bank of India Address : Malad
(West) Branch, Opposite Natraj Market, S V Road, Malad (West), Mumbai – 400
064, Maharashtra, India |
|
Nature of
instrument creating charge |
Oral Assent for
extension of Equitable Mortgage |
|
Date of
instrument Creating the charge |
04.07.2008 |
|
Amount secured by
the charge |
Rs. 78.975
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest : CC: 0.25% p.a
Below BPLR subject to a minimum of 13% p.a, EPC 3.75% below BPLR Min. 9.50%
p.a upto 90 days and Thereafter at 13.50% p.a upto 270 days, with monthly rests
or such other rate ort rates as may be notified by the bank to the borrower
from time to time. Terms of Repayment : CC, EPC, LC, BG,
On Demand, TL By stipulated installments Margin : As per sanction
letter issued Extent and Operation of the charge : The charge to the
extent of Rs. 78.975 millions operating on security by the company., The oral
assent for extension of EM recorded
at Bank of India , Malad (East), Branch where the title deeds are held for the facilities at Malad (West) branch
of Bank of India. |
|
Short Particulars
of the property charged |
All that piece of
land and Building, shed and structures, fixed machinery, fixtures and
fittings erected or installed thereon to be erected or instilled thereon situated
at Survey no. 24/644 situated at Aggarwal Industrial Estate, Near Somnath
Temple, Village Dabhel, Daman (U.T) admeasuring 36100 Sq.Mtrs Boundaries East
-10 meter Road, West- Open Space, South – by plot No. 644/25. |
|
Particulars of
the present modification |
The charge on the
company’s aforesaid immovable property is increased to Rs. 78.975 millions |
TRADE REFERENCES:-
· Sabic India, Middle East
· Equate, Middle East
WEBSITE DETAILS:-
Since 1975, the Kuloday Groups of Company has
been committed to providing the finest products from Virgin as well as Recycled
plastics. Inspired by the idea of building a company based upon environmentally
sound business principles, they are proud to offer a wide selection of quality
packaging products, polyethylene bags, liners and polyethylene sheets to a
variety of consumers as well as industries.
Their recycled plastic products have rapidly gained acceptance with
governments, commercial entities and individuals where no maintenance and
durability are of the utmost importance.
Its manufacturing facility operates 24 hours daily. It believes in the working
concept of 24 X 7. Skilled and experienced workforce consisting of many
long-term employess comproses of its production operation. Each one i.e. the
employee as well as the management is responsible to follow the rigid quality
control measures that has been put into effect.
The company’s group recognizes the importance of associating with principals
whose approach to business surrounds a similar level of commitment to
excellence, evidence in :
· Aggressive, competitive pricing
· On time delivery
· Willingness to invest in updated equipment's and service
·
On going quality assurance program
Company's Plus Points
· Professional family owned and operated agency.
· Strong commitment to excellence.
· Prompt thorough customer service.
· Technical expertise complemented by depth of sales experience.
· Superior communication, problem solving and organzational abilities.
· Careful attention to details.
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.44.89 |
|
UK Pound |
1 |
Rs.78.86 |
|
Euro |
1 |
Rs.63.33 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|