MIRA
INFORM REPORT
|
Report Date : |
05.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
KANTILAL CHUNILAL AND SONS APPLIANCES PRIVATE LIMITED. |
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Registered Office : |
48-51, Road No. 3, Udyog Nagar, Udhna, Distrist |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
09.05.1975 |
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Com. Reg. No.: |
04-02704 |
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Capital
Investment / Paid-up Capital : |
Rs.5.100 Millions |
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CIN No.: [Company
Identification No.] |
U32201GJ1975PTC002704 |
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PAN No.: [Permanent
Account No.] |
AABCK1313Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Heaters and
other Heating Systems |
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No. of Employees
: |
100
Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 37000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
management has not filed the latest financials of the company with the
government departments. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
caution. |
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
|
Name : |
Mr. Nirupam Doshi |
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Designation : |
Director |
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Date : |
04.07.2011 |
LOCATIONS
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Registered Office
/ Factory : |
48-51, Road No. 3, Udyog Nagar, Udhna, Distrist |
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Tel. No.: |
91-261-2277555 / 2276888 |
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Mobile No.: |
91-9824136995 (Nirupan Doshi) |
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Fax No.: |
91-261-2276666 / 2277138 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch : |
Located At : Mumbai |
DIRECTORS
|
Name : |
Mr. Nirupam Doshi |
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Designation : |
Director |
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Address : |
903, Rajeshwar Apartment, Nanpura, |
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Date of
Birth/Age : |
14.10.1950 |
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Qualification : |
B. Sc. |
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Date of
Appointment : |
09.05.1975 |
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DIN No. : |
03095948 |
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Name : |
Ms. Snehal Navin Doshi |
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Designation : |
Director |
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Address : |
601-A, Gokul Divine Co-Operative Housing Society Limited, Irla, |
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Date of
Birth/Age : |
19.12.1968 |
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Date of
Appointment : |
17.04.2010 |
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DIN No. : |
03093531 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2002
|
Names of Shareholders |
|
No. of Shares |
|
Navin J Doshi |
|
4260 |
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Jyotsana N Doshi |
|
4260 |
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Snehal N Doshi |
|
2115 |
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Nikunj N Doshi |
|
2115 |
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Arvind J Doshi |
|
4260 |
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Shobana A Doshi |
|
4260 |
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Janish A Doshi |
|
2115 |
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Himanshu N Doshi |
|
2115 |
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Prakash Doshi |
|
4260 |
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Ajita Doshi |
|
4260 |
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Parag P Doshi |
|
4230 |
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Nirupam P Doshi |
|
4260 |
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Kalpana N Doshi |
|
4260 |
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Pankhil N Doshi |
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4230 |
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Total |
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51000 |
BUSINESS DETAILS
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Line of Business
: |
Manufacturer and Exporter of Heaters and
other Heating Systems |
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Products : |
·
Water Heater ·
Component Heaters ·
Circulation Heaters ·
Canteen Equipments ·
Domestic Appliances ·
S.S. Tubes ·
Process Heaters |
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Exports : |
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Products : |
Heaters and other Heating System |
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Countries : |
·
Gulf Countries ·
·
UAE |
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Terms : |
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Selling : |
Cash and Credit (30 days / 60 days) |
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Purchasing : |
Cash and Credit (30 days / 60 days) |
PRODUCTION STATUS AS ON 31.03.2009
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Particulars |
Unit |
Actual
Production |
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Heaters System |
Pieces |
2000 |
GENERAL INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
100 Approximately |
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Bankers : |
·
ICICI Bank Zaveri Bazar, Mumbai, ·
Bank
of Industrial Estate, Udhna Branch, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chinmay A Nanavati Chartered Accountant |
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Address : |
502, Lalbhai Contractor Complex, Near Library, Nanpura, |
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PAN No. : |
AAUPN3967D |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Ordinary Shares |
Rs.100/-
each |
Rs.10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
51000 |
Ordinary Shares (Includes 10000 Shares issued for
consideration other than cash) |
Rs.100/-
each |
Rs.5.100
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.100 |
5.100 |
5.100 |
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2] Share Application Money |
3.900 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.237 |
0.307 |
0.307 |
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4] (Accumulated Losses) |
(11.111) |
(13.685) |
0.000 |
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NETWORTH |
9.126 |
(8.278) |
5.407 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
17.904 |
28.154 |
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2] Unsecured Loans |
28.019 |
26.400 |
24.976 |
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TOTAL BORROWING |
28.019 |
44.304 |
53.130 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
37.145 |
36.026 |
58.537 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.236 |
1.862 |
3.416 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.014 |
0.014 |
0.014 |
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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 |
3.221
|
4.724
|
6.311 |
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Sundry Debtors |
14.306
|
11.460
|
11.877 |
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Cash & Bank Balances |
1.263
|
3.017
|
3.428 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
43.816
|
40.384 |
32.143 |
|
Total
Current Assets |
62.606 |
59.585
|
53.759 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
26.553
|
23.660 |
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Other Current Liabilities |
1.056
|
1.660
|
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Provisions |
0.102
|
0.115
|
0.000 |
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Total
Current Liabilities |
27.711 |
25.435
|
20.651 |
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Net Current Assets |
34.895 |
34.150
|
33.108 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
21.999 |
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TOTAL |
37.145 |
36.026 |
58.537 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
|
42.491 |
40.718 |
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Other Income |
|
9.429 |
0.000 |
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TOTAL (A) |
44.994 |
51.920 |
40.718 |
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Less |
EXPENSES |
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Manufacturing Expenses |
|
8.275 |
8.626 |
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Administrative Expenses |
|
10.125 |
8.677 |
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Raw Material Consumed |
|
18.452 |
17.566 |
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Purchases made for re-sale |
|
5.225 |
4.969 |
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Increase/(Decrease) in Finished Goods |
|
0.000 |
0.019 |
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Other Expenditure |
|
0.448 |
3.136 |
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TOTAL (B) |
43.686 |
42.525 |
42.993 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.308 |
9.395 |
(2.275) |
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Less |
INTEREST (D) |
NA |
0.821 |
0.821 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.308 |
8.574 |
(3.096) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.279 |
0.260 |
0.418 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.029 |
8.314 |
(3.514) |
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Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
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PROFIT AFTER TAX
(G-H) (I) |
1.029 |
8.314 |
(3.514) |
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|
Earnings Per
Share (Rs.) |
20.18 |
163.00 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
2.29
|
16.01 |
(8.63) |
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|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
19.57 |
(8.63) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.59
|
13.53 |
(6.15) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
(1.00) |
(0.65) |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
6.11
|
(8.42) |
13.65 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.26
|
2.34 |
2.60 |
LOCAL AGENCY FURTHER INFORMATION
RESULT OF
OPERATIONS
The Sales of the company has been increased from Rs.42.491 millions to Rs.44.994
millions during the year. However, the profit before tax has been decrease from
Rs.8.314 millions to Rs.1.029 millions. The directors expected better results
during the current financial year.
FORM 8
|
Name of the company |
KANTILAL CHUNILAL AND SONS APPLIANCES PRIVATE LIMITED. |
|
Presented By |
Shri Navinchandra
J Doshi, Director |
|
1) Date and description of instrument creating the change |
Memorandum of
Deposit of Title Deeds dated 13th September, 2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.77.800
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 |
Equitable Mortgage
of Plots Nos. 48 to 51 of land and Industrial sheds, Office Premises, and
other structures constructed and standing thereon. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Various Credit
Limits of the Company and its other three associate concerns totaling to
Rs.77.800 millions, granted by Bank of Baroda, Udhna Branch, |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Industrial
Estate, Udhna Branch, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Teflon Coating Plant
- Dies
- Furnace
- Computer
- Electrical Installation
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.44.46 |
|
|
1 |
Rs.71.53 |
|
Euro |
1 |
Rs.64.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.