MIRA
INFORM REPORT
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Report Date : |
07.04.2011 |
IDENTIFICATION DETAILS
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Name : |
PATEL KENWOOD PRIVATE LIMITED |
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Registered Office : |
Plot No. 100-103, G.I.D.C., Timber Market, Ankeleshwar-393002, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
10.11.1997 |
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Com. Reg. No.: |
04-33287 |
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CIN No.: [Company
Identification No.] |
U20100GJ1997PTC033287 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Plain Particle Boards, Melamine Particle Boards
etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 360000 |
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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 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 |
INFORMATION PARTED BY
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Name : |
Mr. Rajesh Patel |
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Designation : |
Director |
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Contact No.: |
91-9924193400 |
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Date : |
30.03.2011 |
LOCATIONS
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Registered Office/ Factory : |
Plot No. 100-103, G.I.D.C., Timber Market, Ankeleshwar-393002, |
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Tel. No.: |
91-2646-221319/ 220629 |
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Mobile No.: |
91-9924193400 (Mr. Rajesh Patel) |
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Fax No.: |
91-2646-250680 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Chhaganbhai Patel |
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Designation : |
Director |
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Address : |
Patel Kunj, Umiya Society, Ankleshwar, Dist Bharuch, |
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Date of Appointment : |
10/11/1997 |
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Name : |
Mr. Parsottambhai Patel |
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Designation : |
Director |
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Address : |
Patel Kunj, Umiya Society, Ankleshwar, Dist Bharuch, |
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Date of Appointment : |
10/11/1997 |
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Name : |
Mr. Ratanshi Patel |
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Designation : |
Director |
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Address : |
712/5, Chhatrpati Rajaram, Timber Mart, Gokul Dham, |
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Date of Appointment : |
01/03/2005 |
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Name : |
Mr. Kantibhai Patel |
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Designation : |
Director |
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Address : |
Patel Kunj, Umiya Society, Ankleshwar, Dist Bharuch, |
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Date of Appointment : |
10/11/1997 |
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Name : |
Mr. Haresh Patel |
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Designation : |
Director |
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Address : |
712/5, Chhatrpati Rajaram, Timber Mart, Gokul Dham, |
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Date of Appointment : |
01/03/2005 |
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Name : |
Mr. Dinesh Patel |
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Designation : |
Director |
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Address : |
712/5, Chhatrpati Rajaram, Timber Mart, Gokul Dham, |
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Date of Appointment : |
01/03/2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Patel Chhaganbhai Virjibhai |
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246000 |
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Patel Pursottambhai Virjibhai |
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206500 |
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Patel Kantilal Virjibhai |
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219900 |
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Patel Virjibhai Karsanbhai |
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220500 |
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Patel Damyantiben Kantilal |
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137500 |
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Patel Gitaben Pursottambhai |
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126200 |
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Patel Nimuben Chhaganbhai |
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80000 |
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Patel Chhaganbhai Virjibhai (HUF) |
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130000 |
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Patel Pursottambhai Virjibhai (HUF) |
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12000 |
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Patel Kantilal Virjibhai (HUF) |
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10000 |
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Patel Hareshbhai Ratanshibhai |
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295300 |
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Patel Ratanshibhai Tejalal |
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275500 |
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Patel Karsanbhai Tejalal |
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175000 |
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Patel Dahiben S. |
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55000 |
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Patel Dhiraj R. |
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85000 |
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Patel Radhika K. |
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5000 |
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Patel Rajesh K. |
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75000 |
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Patel Ratanben K. |
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5000 |
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Patel Sanjay S. |
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68800 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Plain Particle Boards, Melamine Particle Boards
etc. |
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Products : |
Ř Plain Bagasse
Particle Board
Ř Pre-Laminated
Bagasse Particle Board Ř OSL (One Side
Laminated) Ř
BSL (Both Side Laminated) |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
L/C / Cash / Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
Ř
State Bank of Ř
HDFC Bank Ř
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rangani and Patel Chartered Accountants |
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Address : |
22, Swastik Chambers, Navjivan Press Lane, Income tax, Off Ashram Road,
Ahmedabad, Gujarat – 380014, India |
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Tel. No.: |
91-79-27542491/ 30082491/ 95 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3626000 |
Equity Shares |
Rs.10/- each |
Rs.36.260
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
36.260 |
35.840 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
55.925 |
42.531 |
5.538 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
92.185 |
78.371 |
15.538 |
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LOAN FUNDS |
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1] Secured Loans |
78.301 |
83.784 |
44.632 |
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2] Unsecured Loans |
9.552 |
13.544 |
27.815 |
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TOTAL BORROWING |
87.853 |
97.328 |
72.447 |
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DEFERRED TAX LIABILITIES |
19.520 |
11.411 |
2.051 |
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TOTAL |
199.558 |
187.110 |
90.036 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
120.234 |
130.306 |
64.028 |
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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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Inventories |
59.123
|
56.848
|
22.019 |
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Sundry Debtors |
19.981
|
11.514
|
8.640 |
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Cash & Bank Balances |
3.969
|
1.055
|
1.975 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
15.674
|
10.258
|
3.870 |
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Total
Current Assets |
98.747
|
79.675
|
36.504 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
18.053
|
19.342
|
10.084 |
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Other Current Liabilities |
0.000
|
0.000
|
0.000 |
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Provisions |
2.737
|
5.118
|
2.224 |
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Total
Current Liabilities |
20.790
|
24.460
|
12.308 |
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Net Current Assets |
77.957
|
55.215
|
24.196 |
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MISCELLANEOUS EXPENSES |
1.367 |
1.589 |
1.812 |
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TOTAL |
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|
199.558 |
187.110 |
90.036 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
157.919 |
135.496 |
85.834 |
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DEPRECIATION/
AMORTISATION |
17.794 |
8.619 |
7.693 |
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PROFIT BEFORE
TAX |
13.422 |
26.598 |
9.099 |
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Less |
TAX |
10.108 |
9.766 |
1.122 |
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PROFIT AFTER TAX
|
3.314 |
16.832 |
7.977 |
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Earnings Per
Share (Rs.) |
0.91 |
4.70 |
NA |
|
Expected Sales (2010-2011) : Rs.200.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
8.50
|
19.63
|
10.60 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.13
|
12.67
|
9.05 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.34
|
0.59 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.18
|
1.55
|
5.45 |
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Current Ratio (Current Asset/Current Liability) |
|
4.75
|
3.26
|
2.97 |
LOCAL AGENCY FURTHER INFORMATION
Business and
Performances:
This Thirteenth year of company existence, the company has started
production of particle boards. During the end of the company has started production
of particle boards and the goods produced has found good acceptance in the
market.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80052233 |
|
Corporate
identity number of the company |
U20100GJ1997PTC033287 |
|
Name of the
company |
PATEL KENWOOD
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Dist Bharuch, |
|
Type of charge |
Immovable
Property |
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Particular of
charge holder |
State Bank of |
|
Email |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum
relating to deposit of title deeds for creation of further charge |
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Date of
instrument Creating the charge |
11.10.2010 |
|
Amount secured by
the charge |
Rs.254.400
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit -
4.25% above Base Rate with monthly rest; TL - III (new) 4.75% above Base Rate
with monthly rest Terms of
Repayment working capital -
on demand, existing Term Loans - as per earlier sanction, TL - III (New) - in
20 quarterly installments of Rs. 5.500 Millions starting from July, 2011 to
April, 2016 Margin CC - RM - 25%;
SIP, FG, Stores and Spares - 30%, Book
debts (Cover period 60 days) -50%, LC/BG - 20%, TL-assets other than P
and P expenses - 25%, P and P Expenses - 100% Extent and
Operation of the charge Various credit
facilities are secured by way of mortgage of immovable properties more
particularly described in Schedule - II of Memorandum of entry Others Credit facilities
- Cash Credit - Hyp. Rs.80.000 Millions
+ TL-I (O/s) Rs.11.700 Millions
+ TL - II (O/s) Rs.35.500 Millions
+ TL - III (new) -Rs.110.000 Millions
+ LC (Doc. usance) - Rs.15.000 Millions + Credit exposure Limit - Rs.2.200
Millions aggregating to Rs.254.400
Millions |
|
Short particulars
of the property charged |
I)
Property
No.1: Plot No.1, 2,3,4,5 and 6 bearing R.S.No.84 and 109, Block No.67 Survey
No.85 and Block No.68 totally adm. 43151.50 sq. mtrs. Within Vill. Moti
Naroli, Tal. Mangrol, Dist. II)
Plot
on Plots bearing Survey No.192/1 and
Block No.248 and Survey
No.192/2 and Block No.247 totally adm.
13319 Sq. Mtrs. within Vill. Hatoda, Tal. Mangrol, Dist. III)
Property
No.2: Plot No.9 adm. 274.18 sq. mtrs. and
Plot No.10 adm. 270 sq. mtrs. made out of land bearing R.S.No.469/2
paiki situated in the sim of Ankleshwar, Dist. Bharuch. IV)
Property
No.3: Land adm. 16188 sq. mtrs. western side of land bearing R.S.No.70/B
paiki situated in the sim of Vill. Andada, Tal. Ankleshwar, Dist. Bharuch. V)
All
that piece and parcel of property situated lying and being within the
registries Dist. VI)
C.T.S.
No.712/1/1 A/1, adm. 21430 sq. ft. 'A' ward, Rajaram Timber Market, Kolhapur,
Maharashtra. VII)
Piece
and parcel of N.A. land adm. 25293 sq. mtrs. i.e. approx A. 08-10 G., of
Vill. Bhandaria forming part of S.No.90/1-p adm. A. 2-19 G (10000 sq. mtrs.)
marked as site No.S-22. |
|
Date of latest
modification prior to the present modification |
04.11.2009 |
|
Particulars of
the present modification |
By this execution
the charge extended to cover revised credit facilities from Rs.126.000
Millions to Rs.254.400 Millions. Credit facilities - Cash Credit - Hyp.
Rs.80.000 Millions + TL-I (O/s)
Rs.11.700 Millions + TL - II (O/s)
Rs.35.500 Millions + TL - III (new)
-Rs.110.000 Millions + LC (Doc.
usance) - Rs.15.000 Millions + Credit
exposure Limit - Rs.2.200 Millions
aggregating to Rs.254.400 Millions
Further, earlier credit facilities were at SBI I/E Branch, Ankleshwar
now at SBI, Industrial Finance Branch, Baroda - Gujarat. |
FIXED ASSETS:
Ř Computer
Ř Dead Stock
Ř Cycle
Ř Land and Land Development
Ř Building
Ř Machinery
Ř Shed
Ř Electric Installation
Ř Fax Machine
Ř Fire Equipment
Ř Laboratory Equipment
Ř Motor Car (Tata Mobile)
Ř Office Equipment
Ř Telephone and Mobile INST
Ř Air Conditioner
Ř EPABX (Intercom)
Ř Fork Lift
Ř Weigning Machine
Ř Innova Car
Ř Tractor
Ř Car
Ř Wind Mill
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 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
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 |
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.