MIRA
INFORM REPORT
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Report Date : |
07.04.2011 |
IDENTIFICATION DETAILS
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Name : |
KIRAN UDYOG PRIVATE LIMITED |
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Registered Office : |
27 - B/ 7, New |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
10.01.2000 |
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Com. Reg. No.: |
55-103175 |
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CIN No.: [Company
Identification No.] |
U51399DL2000PTC103175 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELK04676A |
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PAN No.: [Permanent
Account No.] |
AABCK4100H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Auto Parts. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 1725000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
27 - B/ 7, New |
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Tel. No.: |
91-11-25723237/ 25731887 |
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Fax No.: |
91-11-25728063 |
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E-Mail : |
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Website : |
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Location : |
Leased |
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Factory 1 : |
Plot No. 14, Sector-3, IMT, Manesar, Gurgaon – 122 050, |
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Tel. No.: |
91-124-4369534, 35, 36 |
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Fax No.: |
91-124-4369535 |
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E-Mail : |
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Factory 2 : |
Plot No. 32, Sector-3, IMT, Manesar, Gurgaon – 122 050, |
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Tel. No.: |
91-124-4369510-17/ 4742400-600/ 4369507 |
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Fax No.: |
91-124-4369507 |
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E-Mail : |
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Factory 3 : |
Plot No. 147, Sector-4, IMT, Manesar, Gurgaon – 122 050, |
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Tel. No.: |
91-124-4365095-99 |
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Fax No.: |
91-124-4369507 |
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E-Mail : |
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Showroom : |
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Tel. No.: |
91-11-25731374/ 25723237 |
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Fax No.: |
91-11-25728063 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Arvind Kumar Jain |
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Designation : |
Director |
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Address : |
27-B/7, New |
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Date of Birth/Age : |
21.06.1960 |
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Date of Appointment : |
10.01.2000 |
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DIN No.: |
00234939 |
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Name : |
Mr. Vivek Kumar Jain |
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Designation : |
Director |
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Address : |
27-B/7, New |
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Date of Birth/Age : |
23.08.1966 |
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Date of Appointment : |
01.04.2007 |
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DIN No.: |
00234981 |
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Name : |
Mr. Bimal Prasad Jain |
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Designation : |
Director |
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Address : |
27-B/7, New |
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Date of Birth/Age : |
23.07.1936 |
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Date of Appointment : |
10.01.2000 |
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Date of Ceasing : |
17.12.2001 |
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Name : |
Mrs. Rama Jain |
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Designation : |
Director |
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Address : |
27-B/7, New |
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Date of Birth/Age : |
23.07.1963 |
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Date of Appointment : |
10.01.2000 |
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DIN No.: |
00235041 |
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Name : |
Mr. Sanjay Kumar Jain |
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Designation : |
Director |
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Address : |
27-B/7, New |
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Date of Birth/Age : |
01.07.1961 |
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Date of Appointment : |
10.01.2000 |
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DIN No.: |
00234791 |
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Name : |
Mrs. Monika Jain |
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Designation : |
Director |
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Address : |
27-B/7, New |
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Date of Birth/Age : |
02.08.1971 |
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Date of Appointment : |
10.01.2000 |
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DIN No.: |
00235245 |
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Name : |
Kiran Kanta Jain |
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Designation : |
Director |
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Address : |
27-B/7, New |
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Date of Birth/Age : |
25.12.1936 |
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Date of Appointment : |
19.12.2001 |
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Date of Ceasing : |
03.09.2010 |
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DIN No.: |
00235172 |
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Name : |
Mr. Rajeev Kumar Jain |
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Designation : |
Director |
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Address : |
27-B/7, New |
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Date of Birth/Age : |
31.08.1962 |
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Date of Appointment : |
01.04.2007 |
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DIN No.: |
00234872 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
Bodies
corporate |
|
11.55 |
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Directors
or relatives of directors |
|
88.43 |
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Other
top fifty shareholders |
|
0.02 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Auto Parts. |
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Products : |
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GENERAL INFORMATION
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Customers : |
·
Honda Motorcycle and Scooter ·
Maruti Udyog Limited (Suzuki Venture) ·
Suzuki Motorcycler ·
Tata Motor Limited ·
Denso India Limited ·
Hero Motors Limited ·
Hindustan Motors
Limited ·
Sundaram Brakes ·
Delco Remy ·
Yamaha Motors India
Limited ·
ZF Sachs ·
GE Motors ·
Sigma Vibracoustic
(Private) Limited ·
Allied Nippon Limited ·
Regal ·
Daimler Chrysler – ·
Koyo Steering Systems -
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Bankers : |
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Facilities : |
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Financial Institution: |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
H.S. Rustagi and Company Chartered Accountants |
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Address : |
4654/ 21, Daryaganj, II Floor, |
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Tel. No.: |
91-11-23263818/ 23262356/ 41012380 |
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Fax No.: |
91-11-23255967 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16000000 |
Equity Shares |
Rs.10/- each |
Rs.160.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7965058 |
Equity Shares |
Rs.10/- each |
Rs.79.651
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
79.651 |
79.651 |
75.603 |
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2] Share Application Money |
54.860 |
0.001 |
80.170 |
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3] Reserves & Surplus |
296.648 |
237.370 |
135.540 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
431.159 |
317.022 |
291.313 |
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LOAN FUNDS |
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1] Secured Loans |
464.810 |
406.218 |
410.672 |
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2] Unsecured Loans |
191.452 |
199.828 |
106.840 |
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TOTAL BORROWING |
656.262 |
606.046 |
517.512 |
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DEFERRED TAX LIABILITIES |
34.986 |
31.663 |
26.683 |
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|
|
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TOTAL |
1122.407 |
954.731 |
835.508 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
900.016 |
779.572 |
665.916 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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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|
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Inventories |
214.785
|
152.178
|
135.046 |
|
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Sundry Debtors |
246.967
|
157.876
|
178.876 |
|
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Cash & Bank Balances |
38.836
|
23.798
|
23.532 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
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Loans & Advances |
166.169
|
155.049
|
75.364 |
|
Total
Current Assets |
666.757
|
488.901
|
412.818 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
430.035
|
254.332
|
192.469 |
|
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Other Current Liabilities |
58.742
|
50.693
|
29.230 |
|
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Provisions |
14.643
|
9.133
|
21.547 |
|
Total
Current Liabilities |
444.678
|
314.158
|
243.246 |
|
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Net Current Assets |
222.079
|
174.743
|
169.572 |
|
|
|
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MISCELLANEOUS EXPENSES |
0.312 |
0.416 |
0.020 |
|
|
|
|
|
|
|
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TOTAL |
1122.407 |
954.731 |
835.508 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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Sales/ Gross Receipts |
1872.601 |
1913.681 |
1590.869 |
|
|
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Other Income |
|
10.417 |
5.681 |
|
|
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TOTAL (A) |
1872.601 |
1924.098 |
1596.550 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
|
1795.740 |
1225.157 |
958.620 |
|
|
|
Excise duty |
|
14.426 |
51.303 |
|
|
|
Sales tax / vat |
|
33.679 |
27.349 |
|
|
|
Custom duty |
|
0.000 |
0.617 |
|
|
|
Manufacturing expenses |
|
280.341 |
233.632 |
|
|
|
Personnel cost |
|
108.805 |
97.911 |
|
|
|
Administrative and selling expenses |
|
49.246 |
47.935 |
|
|
|
Preliminary expenses written off |
|
0.124 |
0.099 |
|
|
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TOTAL
(B) |
1795.740 (including
financial expenses and depreciation) |
1711.778 |
1417.466 |
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|
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|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
212.320 |
179.084 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
65.701 |
50.723 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
146.619 |
128.361 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
79.492 |
60.456 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
76.861 |
67.127 |
67.905 |
|
|
|
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Less |
TAX (H) |
17.584 |
8.888 |
23.273 |
|
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|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
59.277 |
58.239 |
44.632 |
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
135.540 |
89.690 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Deferred tax provision written back |
NA |
4.980 |
(1.218) |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
188.799 |
135.540 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
19.854 |
76.936 |
95.696 |
|
|
|
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|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
135.095 |
78.764 |
22.288 |
|
|
|
Capital Goods |
49.269 |
33.096 |
24.931 |
|
|
TOTAL IMPORTS |
184.364 |
111.860 |
47.219 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.44 |
7.31 |
5.90 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.17 |
3.03
|
2.79 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
3.51
|
4.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.91 |
5.29
|
6.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.21
|
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.55 |
2.90
|
2.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50 |
1.56
|
1.70 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
The year shows a consistent growth of 10.85% in sales during the current
financial year as compared to last financial year.
EXPANSION PROGRAM/
FUTURE OUTLOOK:
The company future outlook continues to remain strong and positive with
a focus on exploring new growth opportunities. To continue the same vision the
company has acquired 10 acres of land at Bawal, Haryana, for setting up of a
new plant for manufacturing of Die Casting backward integration, which will
boost the
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U51399DL2000PTC103175 |
|
Name of the
company |
KIRAN UDYOG
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
27 - B/ 7, New E-Mail: accounts4@kiranudyogindia.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Book Debts Movable Property |
|
Particular of
charge holder |
Jammu and Kashmir Bank Limited, 2121-2122, E-Mail: saddar@jkbmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Agreement dated 15.12.2010 Sanction Letter
dated 21.08.2010 Resolution dated
30.08.2010 |
|
Date of
instrument Creating the charge |
15/12/2010 |
|
Amount secured by
the charge |
Rs.360.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Base rate plus 3.25%
i.e. 11.75% are as may be specified by the Bank time to time Terms of
Repayment: -The existing
term loan facility of Rs.35.500 millions to be taken over from Barclays Bank
shall be repaid in 32 equal monthly installments of Rs.1.110 millions each starting
from August 2010 -The fresh term
loan facility of Rs.150.000 millions shall be repaid in 60 equal monthly
installments of Rs.2.500 millions each commencing after a moratorium period
of 6 months from the date of first disbursement. Margin: Cash Credit: 25%
on Stocks 25% on Book Debts not older than 180 days Fresh Term Loan:
27% ILC/FLC 10% cash margin Extent and
Operation of the charge: Working Capital
and FLC 175.000 millions: First Pari Passu charge on the entire current
assets (present and future) (b) Second Pari Passu charge on the entire
movable fixed (present and future) (c) Second Pari Passu charge over the
immovable properties bearing plot no 14 and 32, Sector-3, IMT, Manesar and
First Pari Passu charge over the immovable property no. No.1586 and 1590-92,
Block-E, Gali No.31, Naiwala, Karol Bagh, Term Loan:
Rs.185.500 millions: a) Second Pari Passu charge on the entire current
assets, b) First charge on the entire movable fixed assets (both present and
future) of the company. First Pari Passu charge over the immovable properties
bearing plot no 14 and 32, Sector-3, IMT, Manesar and First Pari Passu charge
over the immovbale property no. No.1586 and 1590-92, Block-E, Gali No.31,
Naiwala, Karol Bagh, Personal Guarantee
: Mr. Arvind Kumar Jain, Mr. Sanjay Kumar Jain, Mrs. Rama Jain, Mrs. Monika
Jain, Mrs. Lata Jain, Mrs. Sunita Jain |
|
Short particulars
of the property charged |
Plot No.32,
measuring 6750 sq. mtrs with shed constructed over it, situated at Sector 3,
Industrial Estate IMT, Manesar, Gurgaon, Plot No.14 measuring 4050 sq. mtrs
with shed constructed over it, situated at Sector 3, Industrial Estate IMT,
Manesar, Gurgaon 1586 and 1590-92,
Ward No. XVI, Khasra No.920, situated at Block-E, Gali No.31, Naiwala, Karol
Bagh, |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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.44.20 |
|
|
1 |
Rs.72.25 |
|
Euro |
1 |
Rs.63.09 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.