MIRA INFORM REPORT
|
Report Date : |
08.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
K U DIE CASTINGS PRIVATE LIMITED |
|
|
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Registered
Office : |
27-B/7, New |
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|
Country : |
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|
|
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Financials (as
on) : |
31.03.2010 |
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|
Date of
Incorporation : |
26.12.1990 |
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|
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Com. Reg. No.: |
55-042500 |
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|
CIN No.: [Company Identification
No.] |
U74899DL1990PTC042500 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELK03548G |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
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Line of Business
: |
Manufacturer of Automotive Component, Brake Drum for Two Wheelers. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 52900 |
|
|
|
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track records. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
27-B/7, New |
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E-Mail : |
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Factory : |
A – 109, Phase – Ii, Mangolpuri Industrial Area, New Delhi, Delhi,
India |
|
Tel. No.: |
91-11-25731887 |
|
Fax No.: |
91-11-25728063 |
DIRECTORS
As on 24.08.2010
|
Name : |
Mr. Sanjay Kumar Jain |
|
Designation : |
Director |
|
Address : |
27-B/7, New |
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Date of Birth/Age : |
01.07.1961 |
|
Date of Appointment : |
26.12.1990 |
|
DIN : |
00234791 |
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|
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|
Name : |
Mr. Rajiv Kumar Jain |
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Designation : |
Director |
|
Address : |
27-B/7, New |
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Date of Birth/Age : |
31.08.1962 |
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Date of Appointment : |
26.12.1990 |
|
DIN : |
00234872 |
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|
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|
Name : |
Mr. Arvind Kumar Jain |
|
Designation : |
Director |
|
Address : |
27-B/7, New |
|
Date of Birth/Age : |
21.06.1960 |
|
Date of Appointment : |
26.12.1990 |
|
DIN : |
00234939 |
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|
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|
Name : |
Mr. Vivek Kumar Jain |
|
Designation : |
Director |
|
Address : |
27-B/7, New |
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Date of Birth/Age : |
23.08.1966 |
|
Date of Appointment : |
26.12.1990 |
|
DIN : |
00234981 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Arvind Kumar Jain |
|
23977 |
|
Mr. Sanjay Kumar Jain |
|
23926 |
|
Mr. Rajiv Kumar Jain |
|
24991 |
|
Mr. Vivek Kumar Jain |
|
13936 |
|
Total |
|
86830 |
As on 24.08.2010
|
Category |
Percentage |
|
|
|
|
Directors or relatives of Directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive Component, Brake Drum for Two Wheelers. |
GENERAL INFORMATION
|
Bankers : |
Small Industries Development Bank of India, Videocon Tower, Ground
Floor, E-1, Rani Jhansi Road, Jhandelwalan Extension, New Delhi – 110055,
Delhi, India |
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|
|
|
Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Ashok Pranshu and Company Chartered Accountgant |
|
Address : |
5A/3A, |
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Tel. No.: |
91-11-23260173 |
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Mobile No.: |
91-9811895661 |
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PAN No. : |
ACDCG3659G |
CAPITAL STRUCTURE
As on 24.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
86,830 |
Equity Shares |
Rs.100/- each |
Rs.8.683 millions |
|
|
|
|
|
|
|
|
|
|
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
76,830 |
Equity Shares |
Rs.100/- each |
Rs.7.683 millions |
|
|
Share Premium |
|
Rs.0.400
million |
|
|
Total |
|
Rs.8.083 millions |
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 |
|
|
|
|
|
1] Share Capital |
7.683 |
7.683 |
7.583 |
|
|
2] Share Premium |
0.400 |
0.400 |
0.000 |
|
|
3[ Share Application Money |
0.000 |
0.000 |
0.500 |
|
|
4] Reserves & Surplus |
5.143 |
4.271 |
3.825 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13.226 |
12.354 |
11.908 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.251 |
0.221 |
0.224 |
|
|
|
|
|
|
|
|
TOTAL |
13.477 |
12.575 |
12.132 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7.435 |
3.892 |
2.762 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
9.200 |
9.200 |
9.200 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.772
|
0.666 |
0.728 |
|
|
Sundry Debtors |
0.053
|
0.000 |
0.449 |
|
|
Cash & Bank Balances |
0.399
|
0.099 |
0.114 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
0.204
|
0.163 |
0.162 |
|
Total
Current Assets |
1.428
|
0.928 |
1.453 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3.155
|
0.265 |
0.446 |
|
|
Other Current Liabilities |
1.047
|
1.020 |
0.255 |
|
|
Provisions |
0.384
|
0.200 |
0.662 |
|
Total
Current Liabilities |
4.586
|
1.485 |
1.363 |
|
|
Net Current Assets |
(3.158)
|
(0.557) |
0.090 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.040 |
0.080 |
|
|
|
|
|
|
|
|
TOTAL |
13.477 |
12.575 |
12.132 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Labor charges |
|
|
7.571 |
|
|
|
Other Income |
|
|
0.035 |
|
|
|
TOTAL (A) |
7.330 |
7.271 |
7.606 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
|
|
3.977 |
|
|
|
Administrative and Selling Expenses |
|
|
1.203 |
|
|
|
Preliminary Expenses Written off |
|
|
0.040 |
|
|
|
TOTAL (B) |
5.223 |
6.084 |
5.220 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2.107 |
1.187 |
2.386 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.023 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.107 |
1.187 |
2.363 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.821 |
0.525 |
0.438 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.286 |
0.662 |
1.925 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.384 |
0.219 |
0.662 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
0.902 |
0.443 |
1.263 |
|
|
|
|
|
|
|
|
|
Add / less |
Deferred Tax
Liabilities written back |
0.030 |
0.003 |
0.031 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.271 |
3.825 |
2.531 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
5.143 |
4.271 |
3.825 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.74 |
5.76 |
16.65 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
12.31
|
6.09 |
16.61 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
25.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.51
|
13.73 |
45.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.05 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.35
|
0.12 |
0.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.31
|
0.62 |
1.07 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATIONS :
The company has earned a net profit before tax amounting to Rs.1.286
million as against Rs.0.662 million in the immediate preceding year. As such the
results declared are better and directors are hopeful that the results be
further during the year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74899DL1990PTC042500 |
|
Name of the
company |
K U DIE CASTINGS PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
27- B/7 NEW 110005 |
|
This form is for |
Creation
of Charge |
|
Type of charge |
Ř Book Debts Ř Floating Charge Ř Movable Property |
|
Particular of
charge holder |
Small Industries Development Bank of India, Videocon Tower, Ground
Floor, E-1, Rani Jhansi Road, Jhandelwalan Extension, New Delhi – 110055,
Delhi, India Email : pankaj@sidbi.in |
|
Nature of
instrument creating charge |
1. Deed of
Hypothecation dated August 18, 2010 2. Letter of
Intent dated January 15, 2010 3. Loan agreement
dated August 18, 2010 |
|
Date of
instrument Creating the charge |
18.08.2010 |
|
Amount secured by
the charge |
Rs.4.500 million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest will be payable at the rate of 9.75% p.a. (Fixed), with monthly rests,
on the principal amount of the Loan outstanding from time to time. Rate is
subject to changes made by RBI . Terms of
Repayment - Repayable in 54 monthly installments after an initial moratorium
period of 6 months from the date of first disbursement as follows: 1st to 6th - Rs.
0.060 million p.m., 7th to 30th - Rs. 0.080 million p.m., 31st to 48th - Rs.
0.090 million p.m. and 49th to 54th - Rs. 0.100 million p.m. Margin - The
borrower will bring in a margin of 25.60% (i.e.Rs. 1.548 million comprising
of Rs. 1.000 million by way of share capital including share premium and
interest free unsecured loan of Rs. 0.548 million) of the total project cost
estimated at Rs. 6.048 million. Extent and
Operation of the charge - 1. First charge by way of hypothecation on all
existing plant and machinery and MFA of the borrower excluding the vehicles. 2. First charge
by way of hypothecation over all current assets of the company including paid
stocks and book debts 3. First charge
by way of hypothecation in favour of SIDBI of two CNC Vertical machining
center along with standard accessories and MFAs being acquired/to be acquired
under the project. Others - Borrower
shall make out a good and marketable title to its properties/ above
properties to the satisfaction of SIDBI and comply with all such formalities
as may be necessary or required for the said purpose. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First charge by way
of hypothecation on all existing plant and machinery and MFA of the borrower
excluding the vehicles. First charge by way of hypothecation over all current
assets of the company including paid stocks and book debts First charge by
way of hypothecation in favor of SIDBI of two CNC Vertical machining center
(milling machine) along with standard accessories and MFAs being acquired/to
be acquired under the project. The movable properties mentioned in para
15(i), (ii) and (iii) above may be located in factory premises at A-109,
Mangolpuri Industrial Area, Phase I, New Delhi. |
FIXED ASSETS :
Ř Plant and Machinery
Ř Air Conditioner
Ř Computer
Ř Printer
Ř Electric Penal
Ř Fire Extinguisher
Ř Fan
Ř Fax
Ř Temporary Erraction
Ř Furniture and Fixture
Ř Scooter
Ř Water Cooler
Ř Weight Scales
Ř Office Equipment
Ř Car
Ř Bins/Crates
Ř Voltage Stabilizer
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] 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.44.22 |
|
|
1 |
Rs.71.97 |
|
Euro |
1 |
Rs.63.23 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.