MIRA INFORM REPORT
|
Report Date : |
08.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
KOSI PLAST PRIVATE LIMITED |
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Registered
Office : |
Gat No.529 and 530, Bhima Koregaon, Taluka Shirur, District Pune – 412
216, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.12.1999 |
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Com. Reg. No.: |
11-014290 |
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CIN No.: [Company Identification
No.] |
U25209PN1999PTC014290 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
PNEK01774D |
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PAN No.: [Permanent Account No.] |
AABCK2361A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Plastic Moulded Components. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 156000 |
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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 records. Profitability
of the company appears to be low. However, networth appears to be
satisfactory. Trade relations are reported as fair. 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Name : |
Mr. Suresh |
|
Designation : |
Purchase Manager |
|
Date : |
07.04.2011 |
LOCATIONS
|
Registered Office/ Factory : |
Gat No.529 and 530, Bhima Koregaon, Taluka Shirur, District Pune – 412
216, |
|
Tel. No.: |
91-2137-252482/ 252483/ 666273 |
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Fax No.: |
91-2137-252485 |
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E-Mail : |
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Area : |
5000 sq ft (Approximately) |
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Location : |
Owned |
DIRECTORS
As on 23.09.2010
|
Name : |
Mr. Nilesh Nandkumar Naik |
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Designation : |
Chairman Cum Managing Director |
|
Address : |
Flat No.5, Sudhir Regency, |
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Date of Birth/ Age: |
14.01.1961 |
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Qualification : |
Graduate |
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Date of Appointment : |
22.12.1999 |
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DIN No.: |
00291077 |
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Name : |
Mr. Uday Ramchandra Ralkar |
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Designation : |
Director |
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Address : |
101, Akshay Apartments, Plot No.20, Amrutvan Complex, Opposite
Dindoshi, Goregaon (East), Mumbai – 400 063, |
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Date of Birth/ Age: |
24.05.1960 |
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Qualification : |
Graduate |
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Date of Appointment : |
22.12.1999 |
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DIN No.: |
01460438 |
KEY EXECUTIVES
|
Name : |
Mr. Suresh |
|
Designation : |
Purchase Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Uday Ramchandra Ralkar |
|
10 |
|
Nilesh Nandkumar Naik |
|
10 |
|
Modern Therrmoplastics Private Limited, |
|
250000 |
|
Indra
Plastics Private Limited, |
|
805000 |
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Total
|
|
1055020 |
As on 23.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
99.99 |
|
Directors
or relatives of directors |
|
0.01 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Plastic Moulded Components. |
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Products : |
·
Plastic Moulded Components ·
Injection Moulded Parts |
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Exports : |
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Products : |
Injection Moulded Parts |
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Countries : |
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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 : |
L/C, Cash and Credit (30/ 60 /90 days) |
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Purchasing : |
L/C, Cash and Credit (30/ 60 /90 days)
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PRODUCTION STATUS (AS ON 31.03.2009)
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Particulars |
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2008-09 |
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Actual Production |
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8631924 |
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GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
450 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.V. Mauskar and Company Chartered Accountants |
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Address : |
411, Vidhata, 120, |
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Tel. No.: |
91-22-24328012 |
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Fax No.: |
91-22-24328012 |
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E-Mail : |
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Holding Company : |
Indra Plastics
Private Limited CIN No.: U25209MH1996PTC095805 Address: Gat No.529 and 530, Bhima Koregaon, Taluka Shirur, District
Pune – 412 216, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1055020 |
Equity Shares |
Rs.10/- each |
Rs.10.550
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 |
|
|
|
|
|
1] Share Capital |
10.550 |
10.550 |
10.550 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
28.366 |
26.271 |
25.973 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
38.916 |
36.821 |
36.523 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
166.672 |
111.613 |
101.539 |
|
|
2] Unsecured Loans |
6.381 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
173.053 |
111.613 |
101.539 |
|
|
DEFERRED TAX LIABILITIES |
2.585 |
3.712 |
3.238 |
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TOTAL |
214.554 |
152.146 |
141.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
72.381 |
122.651 |
122.599 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
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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 |
60.360
|
54.892 |
49.367 |
|
|
Sundry Debtors |
31.442
|
19.560 |
23.890 |
|
|
Cash & Bank Balances |
0.357
|
0.015 |
0.320 |
|
|
Other Current Assets |
80.306
|
0.000 |
0.000 |
|
|
Loans & Advances |
30.063
|
17.689 |
24.659 |
|
Total
Current Assets |
202.528
|
92.156 |
98.236 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
47.806 |
53.706 |
72.465 |
|
|
Other Current Liabilities |
10.577
|
6.842 |
5.799 |
|
|
Provisions |
2.472
|
2.613 |
1.771 |
|
Total
Current Liabilities |
60.855
|
63.161 |
80.035 |
|
|
Net Current Assets |
141.673
|
28.995 |
18.201 |
|
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|
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|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
214.554 |
152.146 |
141.300 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
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Gross Sales |
|
592.100 |
300.000 (Approximately) |
|
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|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
40.000 |
37.400 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
|
21.300 |
20.500 |
|
|
|
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|
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|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
18.700 |
16.900 |
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|
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DEPRECIATION/
AMORTISATION |
|
16.300 |
14.800 |
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|
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|
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|
|
PROFIT BEFORE
TAX |
|
2.300 |
2.100 |
|
|
|
|
|
|
|
|
|
|
TAX |
|
0.300 |
0.900 |
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|
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|
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PROFIT AFTER TAX
|
|
1.200 |
1.200 |
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|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
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|
|
|
|
|
|
Export Earnings |
|
-- |
1.289 |
|
|
TOTAL EARNINGS |
|
-- |
1.289 |
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|
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IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
|
NA |
0.595 |
|
|
TOTAL IMPORTS |
|
NA |
0.595 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
1.14 |
1.17 |
|
Expected Sales (2010-2011): Rs.800.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.84
|
0.98 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.06 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.01
|
4.75 |
4.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.33
|
1.46 |
1.23 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors
for Capital Goods |
0.000 |
3.719 |
8.655 |
|
Sundry Creditors
for Good |
47.806 |
49.987 |
63.810 |
|
|
47.806 |
53.706 |
72.465 |
PERFORMANCE OF THE
COMPANY:
The company has achieved a Gross sale of Rs.592.100 millions and cash profit
of Rs.18.700 millions during the year, as against Rs.16.900 millions
respectively for the previous year. Although the performance does fall short of
the Directors target, the same can be treated as satisfactory as the cash
profit and Net Profit during the year have increased.
FIRE AT THE
FACTORY
During the year there was a major fire on 28-03-2010 at the factory
premises resulting in complete disruption of the production facilities. Due to
fire the plant, machinery and equipments along with the stock, spares etc were
completely damaged. The production was suspended and normalcy could be restored
only around 15-04-2010. The claim for insurance was made for the loss on
account of capital equipments, stock, spares etc. The insurance claim accounted
is for Rs.80.306 millions towards plant, equipments, stock and etc. The
insurance claim is not yet settled but and interim claim is expected. The
records, books of accounts and the related computer and systems were largely
unaffected
FORM 8:
|
Corporate identity
number of the company |
U25209PN1999PTC014290 |
|
Name of the
company |
KOSI PLAST PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gat No.529 and 530, Bhima Koregaon, Taluka Shirur, District Pune – 412
216, E-Mail: p_karyekar@yahoo.co.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Others (Insurance
Claim Receivable) |
|
Particular of
charge holder |
The Shamrao Vithal Co-Operative Bank Limited, Saki
Naka Branch, Yamuna Sadan, Saki Vihar Road, Saki Naka, Andheri (East) Mumbai
– 400 072, Maharashtra, India E-Mail: hattiangadydg@svcbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
COMPOSITE
HYPOTHECATION AGREEMENT AND LETTER OF LINKAGE IN RESPECT OF LAND BEARING GAT
NOS. 529, 530 AND 531 |
|
Date of instrument
Creating the charge |
05/06/2010 |
|
Amount secured by
the charge |
Rs.69.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: PLR minus 2% in
case of credit facilities against insurance claim and PLR minus 1.5% in case
of credit facilities against other assets Terms of
Repayment: Existing term
loans Rs.80.131 millions - as per existing term of repayment, WCTL of
Rs.30.000 millions - lumpsum on receipt of insurance claim proceeds or 20
months after moratorium of 15 months whichever is earlier, Cash Credit
Rs.15.000 millions - repayable on demand. Margin: 25% Extent and
Operation of the charge: Charge extends on
entire fixed assets of the company, all stocks and book debts and plots of
land bearing Gat Nos. 529, 531 of the company and Gat No.530 of Indra
Plastics Private Limited along with structures furniture and fixtures
standing thereon. |
|
Short particulars
of the property charged |
Charge extends on
entire fixed assets of the company, all stocks and book debts and plots of
land bearing Gat Nos. 529, 531 of the company, at Koregaon Bhima, Shirur,
Pune or wherever situate. Claim for
Insurance and Gat No.530 of
Indra Plastics Private Limited along
with structures, furniture and
fixtures standing thereon, at Koregaon Bhima, Shirur, Pune 412 216. |
|
Name of the company |
KOSI PLAST
PRIVATE LIMITED |
|
Presented By |
The Shamrao Vithal
Co-Operative Bank Limited Sakinaka Branch,
Mumbai – 400072, |
|
1) Date and description of instrument creating the change |
Common Deed of
Hypothecation of Movable/ Assets/ Deeds dated 18.12.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.31.000
Millions |
|
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 plant and
machinery, equipments, Electrical Installations, Furniture and Fixture and
other fixed Assets as described in the schedule to the deed of the borrower. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
To secure the due
repayment of Term Loan together with costs, charge, interests expenses,
granted by the Bank to the borrower Repayment by way
of 60 equal mortgage installments of Rs.0.698 Million Commencing from 10th
January 2000 ending on or before December, 2009 Rate of
Interests: 12.50% p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
The Shamrao
Vithal Co-Operative Bank Limited Sakinaka Branch,
Mumbai – 400 072, |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
FIXED ASSETS:
·
Land
·
Plant and Machinery
·
Electrical Installation
·
Tools and Equipment
·
Office Equipment
·
Furniture and Fixtures
·
Building Account
·
Vehicles
·
Computers
·
Building (work in
process)
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 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.