MIRA
INFORM REPORT
|
Report Date : |
29.04.2011 |
Note : The correct name of the company is KIRTI PRESSINGS
PRIVATE LIMITED.
IDENTIFICATION DETAILS
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Name : |
KIRTI PRESSINGS PRIVATE LIMITED |
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Registered
Office : |
Plot No. W-35, MIDC Industrial Area, Waluj, Aurangabad-431136,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.03.1996 |
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Com. Reg. No.: |
11-098450 |
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CIN No.: [Company Identification
No.] |
U29299MH1996PTC098450 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKK01557D |
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PAN No.: [Permanent Account No.] |
AABCK2213P |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Projection, Spot and Resistance Welding
Machines, Customized Welding Machines |
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 310000 |
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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
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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 : |
Plot No. W-35, MIDC Industrial Area, Waluj, Aurangabad-431136,
Maharashtra, India |
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Tel. No.: |
91-240-2554596 |
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Fax No.: |
91-240-2551233 |
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E-Mail : |
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Website : |
DIRECTORS
As On : 29.09.2010
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Name : |
Mr Ujjwal Suryakant Bahekar |
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Designation : |
Director |
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Address : |
Flat No.3, Vaishnavi Apartment, Vidyanketan Colony, Aurangabad-431005,
Maharashtra, India |
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Date of Birth/Age : |
21.01.1962 |
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Date of Appointment : |
27.03.1996 |
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DIN No : |
00325754 |
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Name : |
Ms. Anita Ujjal Bahekar |
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Designation : |
Director |
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Address : |
Flat No.3, Vaishnavi Apartment, Vidyanketan Colony, Aurangabad-431005,
Maharashtra, India |
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Date of Birth/Age : |
30.05.1964 |
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Date of Appointment : |
30.09.2001 |
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DIN No : |
00325787 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr Ujjwal Suryakant Bahekar |
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152000 |
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Ms. Anita Ujjal Bahekar |
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82500 |
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Total |
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234500 |
AS ON 29.09.2010
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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 |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Projection, Spot and Resistance Welding
Machines, Customized Welding Machines |
PRODUCTION STATUS (As on : 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Pressed Components |
Units |
NA |
NA |
2158626 |
|
Spot Welding Machine |
-- |
NA |
NA |
40 |
GENERAL INFORMATION
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Bankers : |
·
State Bank of India, P-56, More Chowk, MIDC Area
Waluj, Aurangabad-431136, Maharashtra, India |
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Facilities : |
Note: Secured
by hypothecation of entire stock of raw materials, work-in progress, stores
and consumables, spears, etc. and pledge of debtors and further guaranty of
Shri Ujjwal S. Bahekar, director of company.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Khandelwal Jain and Company Chartered Accountant |
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Address : |
108-112, City Pride Building, 1st Floor, Near Mondha Naka
Signal, Jalna Road, Aurangabad-431001, Maharashtra, India. |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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234500 |
Equity Shares |
Rs. 10/- each |
Rs. 2.345
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
2.345 |
2.345 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.150 |
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3] Reserves & Surplus |
6.844 |
4.518 |
3.524 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.189 |
6.863 |
4.674 |
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LOAN FUNDS |
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1] Secured Loans |
11.467 |
9.504 |
8.127 |
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2] Unsecured Loans |
1.720 |
1.721 |
1.866 |
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TOTAL BORROWING |
13.187 |
11.225 |
9.993 |
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DEFERRED TAX LIABILITIES |
0.611 |
0.436 |
0.509 |
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TOTAL |
22.987 |
18.524 |
15.176 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.471 |
14.196 |
10.693 |
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Capital work-in-progress |
1.070 |
1.070 |
1.070 |
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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 |
5.236
|
3.398 |
3.263 |
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Sundry Debtors |
15.355
|
8.824 |
9.872 |
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Cash & Bank Balances |
0.993
|
0.737 |
0.716 |
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Other Current Assets |
0.829
|
0.572 |
0.608 |
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Loans & Advances |
1.195
|
0.189 |
0.188 |
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Total
Current Assets |
23.608
|
13.720 |
14.647 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
20.068
|
7.999 |
8.694 |
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Other Current Liabilities |
2.216
|
1.727 |
1.914 |
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Provisions |
0.900
|
0.766 |
0.626 |
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Total
Current Liabilities |
23.184
|
10.492 |
11.234 |
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Net Current Assets |
0.424
|
3.229 |
3.413 |
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MISCELLANEOUS EXPENSES |
0.022 |
0.030 |
0.000 |
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TOTAL |
22.987 |
18.524 |
15.176 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales and Job Work |
78.022 |
55.348 |
41.924 |
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Other Income |
0.654 |
0.080 |
0.309 |
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TOTAL |
80.517 |
55.428 |
42.233 |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
8.111 |
4.940 |
3.632 |
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FINANCIAL
EXPENSES |
1.145 |
1.065 |
0.856 |
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DEPRECIATION/
AMORTISATION |
3.026 |
2.457 |
1.866 |
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PROFIT BEFORE
TAX |
3.575 |
1.458 |
0.964 |
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TAX |
1.018 |
0.538 |
0.273 |
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PROFIT AFTER TAX
|
2.325 |
0.994 |
0.618 |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.518 |
3.524 |
2.906 |
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BALANCE CARRIED
TO THE B/S |
6.843 |
4.518 |
3.524 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.95
|
1.79 |
1.46 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.58
|
2.63 |
2.30 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.93
|
5.22 |
3.80 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.21 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.02
|
3.23 |
4.65 |
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Current Ratio (Current Asset/Current Liability) |
|
1.02
|
1.31 |
1.30 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The company earned
Profit before Interest, Depreciation and Tax of Rs.8.111 millions as compared
to Rs. 4.940 millions for the previous year. Directors are putting their best
efforts to improve overall performance and profitability and expect better
results of the company during current year.
The Company has
expanded into new activity of manufacturing special purpose welding machines,
this has resulted in additional revenue. During the year under consideration
corrective measures and timely effective steps have been taken by the company
resulted into better performance. More revenue is expected in coming years from
this area.
The Company is
developing more products in the field of welding technology to cater in a
better way to their valued customers. The steps taken in this direction would
enable the company to start with new products with better quality resulting
into better consumer satisfaction. The performance of the company is improving
resulting into better profitability.
FORM 8
|
Corporate
identity number of the company |
U29299MH1996PTC098450 |
|
Name of the
company |
KIRTI PRESSINGS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Plot No. W-35, MIDC Industrial Area, Waluj, Aurangabad-431136,
Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
·
Immovable property ·
Book debts ·
Floating charge |
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Particular of charge
holder |
State Bank of India, P-56, More Chowk, MIDC Area Waluj,
Aurangabad-431136, Maharashtra, India |
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Nature of
instrument creating charge |
1. Supplemental Agreement of Loan-Cum- Hypothecation. 2. Letter of Arrangement. 3. Memorandum for Recording Extension of Mortgage SME 7 |
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Date of
instrument Creating the charge |
05.07.2010 |
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Amount secured by
the charge |
Rs. 18.480 millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Rate
of Interest as decided by bank from time to time Terms of
repayment As
per the loan documents executed by the company with the Bank from time to
time. Margin As
per the loan documents executed by the company with the Bank from time to
time. Extent and
operation of the charge The
Bank has enhanced the Cash Credit Limit from Rs. 5.000 millions to Rs. 6.000
millions thereby giving additional Cash Credit Limit of Rs. 1.000 million and
has sanctioned a new Term Loan of Rs. 6.000 millions for purchase of new Machinery.
There is increase of loan by Rs. 7.000 millions. Revised charge is enhanced
from Rs. 11.470 millions to Rs. 18.470 millions. The additional charge
created is against mortgage of Immovable Property of Factory Land and Building
situated at Plot No. W-35, MIDC Waluj, Aurangabad 431136 Other Hypothecation
of Plant and Machinery, Stocks of Raw Material , Finished Goods, Semi
Finished Goods, Stores and Spares including Goods in Transit, Book Debts and
receivables. |
|
Short particulars
of the property charged (Including location of the property) |
Leasehold
land situated at Plot No. W-35, MIDC Waluj, Aurangabad 431136, Maharashtra,
building constructed thereon, plant and machinery installed therein and other
movable assets. Hypothecation
of Stock of Goods in Transit, Raw Material, Semi Finished Goods and Finished
Goods, Consumables and Receivables Hypothecation
of the machinery purchased out of term loan. |
|
Charge
identification number of the charge to be modified |
10045044 |
|
Particulars of
the present modification |
Working
Capital Limits and/or Term Loan Limits are being enhanced as follows: Cash
Credit (Hypothecation) Limits increased from existing limit of Rs. 5.000
millions to Rs. 6.000 millions. New
Term Loan disbursement for purchase of New Machinery Rs. 6.000 millions. |
FIXED ASSETS:
·
Leasehold Land
·
Plot
·
Factory Building
·
Plant and Machinery
·
Electrical Installation
·
Tools, Dies and Jigs
·
Furniture and Fixture
·
Office Equipments
·
Computer
·
Motor Vehicles
WEB SIDE DETAILS
PROFILE
It
was 1985 when Kirti laid its inception. In this
journey – from starting as a fresher to an established brand in the industry,
they have creditably sailed through all the ups and downs of the field. This
long journey gave them invaluable experience on the basis of which their name
Kirti – stands for Quality and
Trust.
Their
determination to move up the value chain in process, products and performance
has resulted in Kirti being acknowledged for its distinction.
Another
major reason for their success and quality performance is their State Of
the Art Infrastructure. They have always adopted latest
technologies to be in pace with time. Along with their High-end
Machineries they also have a well equipped Tool
room, Quality lab with all the latest facilities and higly
trained HR.
Kirti
initially started with three wings - Resistance welding machine,
Special Purpose Machine and Deep
Drawn Components and later added Resistance
Welding Controller which has gained huge response.
Resistance
Weld Controller An advanced
technology which was introduced first time in India by them four years ago. It
is a breakthrough product which is easy to operate and requires no maintenance.
The service and repair is also available at them.
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.44.33 |
|
|
1 |
Rs.74.13 |
|
Euro |
1 |
Rs.65.78 |
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 |
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 |
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.