MIRA INFORM REPORT

 

 

Report Date :

17.02.2011

 

IDENTIFICATION DETAILS

 

Name :

KIRON HYDRAULIC NEEDS PRIVATE LIMITED

 

 

Registered Office :

Office No. 7, Readymoney Terrace, 2nd Floor, 167,  Dr. Annie Besant Road, Worli Naka, Worli, Mumbai – 400018, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

07.06.1989

 

 

Com. Reg. No.:

052086

 

 

CIN No.:

[Company Identification No.]

U27320MH1989PTC052086

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Pressure Jet Cleaning Systems 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (49)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 131444

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well 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.

 

The Profit and Loss A/C details are not available.

 

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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Narinder Singh

Designation :

Director

Contact No.:

91-22-24936968

Date :

16.02.2011

 

 

LOCATIONS

 

Registered Office/Factory :

Office No. 7, Readymoney Terrace, 2nd Floor, 167,  Dr. Annie Besant Road, Worli Naka, Worli, Mumbai – 400018, Maharashtra, India

Tel. No.:

91-22-24936968

Mobile No.:

91-9869070757 (Mr. Avanti Satam – Deputy Manager)

Fax No.:

91-22-24932442

E-Mail :

narinder@gmail.com

Website :

www.khnpl.com

Area :

1000sq.fts

Location :

Owned

 

 

DIRECTORS

 

AS ON 25.09.2010

 

Name :

Mr. Narinder Singh Pranpal Kochhar

Designation :

Director

Address :

2, Sea Glimpse, Worli Hill Road, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

20.05.1961

Date of Appointment :

07.06.1989

 

 

Name :

Mr. Barjinder Narinder Singh Kochhar

Designation :

Director

Address :

2, Sea Glimpse, Worli Hill Road, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

11.03.1964

Date of Appointment :

31.08.2006

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 25.09.2010

 

Names of Shareholders

 

No. of Shares

Narinder Singh Pranpal Kochhar

 

19480

Pranpal Singh Avtar Singh Kochhar

 

6480

Barjinder Narinder Singh Kochhar

 

5200

JagjitKaur Pranpal Kochhar

 

18820

Sirjan Singh Kochhar

 

20

Total

 

50000

 

AS ON 25.09.2010

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Pressure Jet Cleaning Systems 

 

 

Terms :

 

Selling :

Cash, Credit  (30 days, 60 days, 90 days)

 

 

Purchasing :

Cash, Credit  (30 days, 60 days, 90 days)

 

 

GENERAL INFORMATION

 

Customers :
  • End Users
  • OEM’s

 

 

No. of Employees :

20

 

 

Bankers :

Bank of Maharashtra, Worli Branch

 

 

Facilities :

 

Unsecured Loan

 

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

From Directors

Mr. N S Kochhar

 

5.468

 

1.441

From Shareholders

Ms. J K Kochhar

Ms. B K Kochhar

Mr. Sirjan Singh Kochhar

 

0.750

0.495

0.325

 

0.000

0.700

0.325

Total

1.570

1.025

 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S M Kapoor and Company

Chartered Accountant

Address :

3rd Floor, Nanabhai Mansion, Sir P M Road, Fort, Mumbai – 400001, Maharashtra, India

 

 

Associates/Subsidiaries :

nNA

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs.10/- each

Rs.0.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs.10/- each

Rs.0.500 Million

 

 

 

 

 

 

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

0.500

0.500

0.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

32.361

29.197

21.927

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

32.861

29.697

22.427

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

3.880

2] Unsecured Loans

7.038

2.466

1.379

TOTAL BORROWING

7.038

2.466

5.259

DEFERRED TAX LIABILITIES

0.091

0.091

0.056

 

 

 

 

TOTAL

39.990

32.254

27.742

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

5.013

4.441

3.671

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.283

0.150

0.182

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
18.468

19.997

7.237

 

Sundry Debtors
31.930

23.375

31.672

 

Cash & Bank Balances
10.852

5.447

5.509

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
19.416

14.268

12.002

Total Current Assets
80.665

63.087

56.420

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
28.342

22.326

29.304

 

Other Current Liabilities
17.624

13.094

2.773

 

Provisions
0.005

0.004

0.454

Total Current Liabilities
45.971

35.424

32.531

Net Current Assets
34.694

27.663

23.889

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

39.990

32.254

27.742

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

Debt Equity Ratio

(Total Liability/Networth)

 
1.61

1.27

1.68

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.75

1.78

1.73

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sundry Creditors Details:

 

Particulars

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

Rs. In Millions

31.03.2008

Sundry Creditors for Goods

27.156

21.540

27.915

Sundry Creditors for Expenses

1.186

0.786

1.389

 

Fixed Assets;

 

  • Office Premises – Wadala
  • Atgaon Factory
  • Computer
  • Office Equipments
  • Furniture and Fittings

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.45.45

UK Pound

1

Rs.72.90

Euro

1

Rs.61.43

 

 

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

5

--LIQUIDITY

1~10

6

--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

 

49

 

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

-

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.