%20PRIVATE%20LIMITED%20-%20134901%2008-Mar-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
08.03.2011 |
IDENTIFICATION DETAILS
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Name : |
KIRAN ALUMINIUM ( |
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Registered Office : |
229-A, 2nd Floor, Kewal Industrial Estate, Next to Big
Bazar, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
17.07.1995 |
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Com. Reg. No.: |
11-90682 |
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CIN No.: [Company
Identification No.] |
U51900MH1995PTC090682 |
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IEC No.: |
0395037140 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK05823G |
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PAN No.: [Permanent
Account No.] |
AAACK2073L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader and Importer of Aluminium Ingots, Sheets, and Coils. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 23000 |
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Pranav Mane |
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Designation : |
Accounts Department |
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Date : |
08.03.2011 |
LOCATIONS
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Registered Office : |
229-A, 2nd Floor, Kewal Industrial Estate, Next to Big
Bazar, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013,
Maharashtra, India |
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Tel. No.: |
91-22-30406700/ 01/ 02/ 04/ 05/ 06/ 07/ 08/ 09 91-22-66120594 |
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Mobile No.: |
91-9869021174 (Mr. Ramesh Vakharia) |
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Fax No.: |
91-22-30406703 |
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E-Mail : |
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Area : |
1500 Sq. Ft. |
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Location : |
Owned |
DIRECTORS
As on 16.08.2010
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Name : |
Mr. Ramesh Amritlal Vakharia |
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Designation : |
Director |
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Address : |
B-706, Chandanbala Apartments, |
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Date of Birth/Age : |
01.11.1948 |
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Qualification : |
Bachelor of Commerce |
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Date of Appointment : |
17.07.1995 |
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DIN No.: |
01291614 |
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PAN No.: |
AACPV8059-J |
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Name : |
Mr. Jatin Ramesh Vakharia |
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Designation : |
Director |
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Address : |
B-706, Chandanbala Apartments, |
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Date of Birth/Age : |
31.08.1974 |
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Qualification : |
Bachelor of Commerce |
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Date of Appointment : |
28.07.1995 |
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DIN No.: |
00840600 |
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PAN No.: |
AABPV3642C |
KEY EXECUTIVES
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Name : |
Mr. Pranav Mane |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.08.2010
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Names of Shareholders |
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No. of Shares |
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Jatin R. Vakharia |
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20000 |
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Ramesh A. Vakharia |
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30000 |
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Virbala R. Vakharia |
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115000 |
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R.A. Vakharia HUF |
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85000 |
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Total |
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250000 |
As on 16.08.2010
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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 |
BUSINESS DETAILS
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Line of Business : |
Trader and Importer of Aluminium Ingots, Sheets, and Coils. |
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Products : |
Aluminium Extursions like : ·
Flat Bars ·
Round Rods ·
Square Rods ·
Hexagonal Rods ·
Angles ·
Channels ·
Round Tubes and many
more Customised Profiles |
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Agencies Held : |
·
Hindalco Industries Limited ·
ASMP GmbH |
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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 : |
Cash / Credit |
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Purchasing : |
L/C, Cash / Credit |
GENERAL INFORMATION
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Suppliers : |
·
Bhagyodaya Aluminium Private Limited ·
Shilpa Metals ·
Shah and Company ·
Care Comp ·
OMX Cargo Limited ·
Alco Metal An dTrades ·
Chanulal Narandas ·
Hindalco Industries Limited ·
Sam Metal ·
S K Metal Industries ·
Modern Glass Mart ·
Rajasthan Aluminium |
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Customers : |
Manufacturer ·
Acme Industries ·
Elpro International Limited ·
Indian Profiles ·
Advanced Enzymes Technologies Limited ·
Mascon Techneeds ·
Micro Precision and Tools ·
Rapid Pack Engineers Private Limited ·
Meera Industries (Private) Limited ·
United India Insurance Company Limited ·
Kiran Metal Corporation (Ahmedabad) |
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No. of Employees : |
15 (Approximately) |
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Bankers : |
·
Bank of ·
ICICI Bank Limited ·
The Greater Bombay Co-Operative Bank Limited,
Bhuleshwar Branch, 89, G.B.C.B. House, Mumbai – 400 002, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kirit Kumar Shah and Company Chartered Accountants |
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Address : |
207, 2nd Floor, Majestic Shopping Centre, |
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Tel. No.: |
91-22-23814305 |
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Financial Institution : |
3i Infotech Trusteeship Services Limited, 3rd to 6th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai – 400 703, Maharashtra, India |
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Associates/Subsidiaries : |
Kiran Metal
Corporation Legal Form: Partnership Firm Year of Establishment: 1969 Address: 229-A, 2nd Floor, Kewal Industrial Estate, Next to
Big Bazar, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013,
Maharashtra, India Line of Business: Trader and Importer of Aluminium Ingots, Sheets,
Coils, etc. |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
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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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 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 |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
55.685 |
42.214 |
34.899 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
58.185 |
44.714 |
37.399 |
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LOAN FUNDS |
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1] Secured Loans |
6.400 |
0.000 |
14.237 |
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2] Unsecured Loans |
5.000 |
7.600 |
0.000 |
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TOTAL BORROWING |
11.400 |
7.600 |
14.237 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
69.585 |
52.314 |
51.636 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.868 |
9.955 |
10.060 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.339 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
18.579
|
15.549
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16.799
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Sundry Debtors |
28.628
|
23.222
|
26.851
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Cash & Bank Balances |
7.585
|
3.962
|
0.939
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Other Current Assets |
1.009
|
1.131
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0.000
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Loans & Advances |
25.264
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12.891
|
13.045
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Total
Current Assets |
81.065
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56.755
|
57.634 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
5.450 |
0.618 |
2.060 |
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Other Current Liabilities |
1.770
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1.951
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2.582
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Provisions |
14.467
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11.827
|
11.416
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Total
Current Liabilities |
21.687
|
14.396
|
16.058
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Net Current Assets |
59.378
|
42.359
|
41.576
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
69.585 |
52.314 |
51.636 |
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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 Turnover |
208.285 |
217.059 |
363.289 |
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Discount |
0.409 |
2.336 |
0.595 |
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Commission |
0.000 |
0.000 |
0.680 |
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Rent Income |
3.788 |
3.609 |
0.968 |
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VAT and CST |
0.000 |
0.019 |
0.002 |
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Special Additional Custom Duty Receivable |
0.791 |
0.637 |
0.000 |
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Insurance and Claim |
0.032 |
0.360 |
0.000 |
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Interest Received |
0.435 |
0.000 |
0.299 |
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TOTAL (A) |
213.740 |
224.020 |
365.833 |
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Less |
EXPENSES |
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Cost of Goods Sold |
184.165 |
205.477 |
346.546 |
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VAT |
0.003 |
0.000 |
0.000 |
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Service Tax |
0.000 |
0.007 |
0.006 |
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Vatav kasar |
0.042 |
0.006 |
0.089 |
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Donation |
1.901 |
0.125 |
0.550 |
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Expenses on Soc and Eco Welfare (35AC) |
1.500 |
0.000 |
0.000 |
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Administrative and Other Expenses |
4.984 |
4.598 |
5.241 |
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Loss on sale of motor car |
0.123 |
0.073 |
0.000 |
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TOTAL (B) |
192.718 |
210.286 |
352.432 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
21.022 |
13.734 |
13.401 |
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Less |
INTEREST (D) |
0.446 |
1.443 |
3.026 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20.576 |
12.291 |
10.375 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.660 |
0.695 |
0.537 |
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PROFIT BEFORE
TAX (E-F) (G) |
19.916 |
11.596 |
9.838 |
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Less |
TAX (H) |
6.661 |
3.845 |
3.553 |
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PROFIT AFTER TAX
(G-H) (I) |
13.255 |
7.751 |
6.285 |
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Less: Short Provision
for Taxation of Earlier Year |
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|
IT Tax Asst Due (F.Y. 2004-05) |
-- |
0.416 |
-- |
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|
IT Tax Asst Due (F.Y. 2005-06) |
-- |
0.020 |
-- |
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Add: Excess Provision for Taxation of Earlier Year (A.Y. 2007-08) |
0.216 |
-- |
-- |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
42.214 |
34.899 |
28.614 |
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BALANCE CARRIED
TO THE B/S |
55.685 |
42.214 |
34.899 |
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Earnings Per
Share (Rs.) |
53.02 |
31.00 |
25.14 |
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Expected Sales (2010-2011): Rs.250.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.20 |
3.46 |
1.71
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Net Profit Margin (PBT/Sales) |
(%) |
9.56 |
5.34 |
2.70
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Return on Total Assets (PBT/Total Assets} |
(%) |
21.90 |
17.38 |
14.53
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Return on Investment (ROI) (PBT/Networth) |
|
0.34 |
0.26 |
0.69
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Debt Equity Ratio (Total Liability/Networth) |
|
0.57 |
0.49 |
0.81
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Current Ratio (Current Asset/Current Liability) |
|
3.74 |
3.94 |
3.58
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LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors: (Partial
Details)
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
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Sundry Creditors for Goods |
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- Alco Metal
Extrusions Limited |
0.043 |
-- |
-- |
|
- Alco Metal and
Traders |
0.050 |
-- |
-- |
|
- Bhagyodaya Aluminium
Private Limited |
-- |
0.336 |
-- |
|
- Kiran Metal
Corporation |
3.105 |
-- |
1.762 |
|
- Manaksia
Limited (Nashik) |
1.158 |
-- |
-- |
|
- Manaksia
Limited (EOU-R.Mill. Haldi) |
0.501 |
-- |
-- |
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- PMC Corporation
|
0.105 |
-- |
-- |
|
- Shilpa Metals |
-- |
0.155 |
-- |
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Sundry Creditors for Expenses |
|
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- Kiritkumar Shah
and Company (Audit and Legal Fees) |
0.098 |
0.063 |
0.069 |
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- Shah and
Company |
-- |
0.003 |
0.004 |
|
- Sevantilal and
Company |
0.017 |
0.017 |
0.012 |
|
- Ashok Ghokhale |
0.006 |
0.010 |
0.005 |
|
- ICICI Credit
Card |
0.008 |
0.002 |
0.001 |
CHANGE OF ADDRESS:
The registered office address was changed from
FORM 8
|
This form is for |
Creation of
charge |
|
Charge
identification number of the modified |
-- |
|
Corporate
identity number of the company |
U51900MH1995PTC090682 |
|
Name of the
company |
KIRAN ALUMINIUM ( |
|
Address of the
registered office or of the principal place of business in |
|
|
Type of charge |
Book Debts Current Assets
both present and future |
|
Particular of
charge holder |
U72900MH2001PLC132441 3i Infotech Trusteeship Services Limited 3rd to 6th floor, |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
24.03.2008 |
|
Amount secured by
the charge |
Rs.10.000 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 2.25% p.a. over/
below the sum of I-BAR and the Cash Credit Risk Premium prevailing on each day,
plus applicable interest tax or other statutory levy, if any, on the
principal amount of the loan remains outstanding each day. IBAR as on date is
at 15.75% p.a., Cash Credit premia is 0.5% p.a. and the applicable interest
rate is a minimum of 14.0% p.a. Rate of interest is subject to revision from
time to time. Terms of
Repayment Validity: 12
months Margin Inventory:
Uniform margin of 25% against all components of inventory, Book Debts: Cover
period: 90 days, Margin: 25% Extent and
Operation of the charge Exclusive charge
by way of hypothecation of the Company’s entire stocks of raw materials,
semi-finished and finished goods, consumable stores and spares and such other
movables including book-debts, bills whether documentary or clean, outstanding
monies, receivables, both present and future Others NIL |
|
Short particulars
of the property charged |
Exclusive charge
by way of hypothecation of the Company’s entire stocks of raw materials, semi-finished
and finished goods, consumable stores and spares and such other moveable
including book-debts, bills whether documentary or clean, outstanding monies,
receivables, both present and future |
TRADE REFERENCES:
·
Garden Reach Ship Builders
and Engineering Limited
·
PMC Corporation
FIXED ASSETS:
·
Property at Bhiwandi
·
Furniture and Fixture
·
Optra Car
·
Maruti Omni
·
Mobile Phone
·
Fax Machine and
·
Electric Weight Scale
·
Scooter
·
Laptop
·
Computer
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.45.13 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.63.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.