MIRA INFORM REPORT

 

 

Report Date :

16.05.2011

 

IDENTIFICATION DETAILS

 

Name :

KOCHHAR GLASS (INDIA) PRIVATE LIMITED (w.e.f. 13.04.2000)

 

 

Formerly Known As :

KOCHHAR GLASS PRIVATE LIMITED

 

 

Registered Office :

6- Hamidia Road, Bhopal – 462002, Madhya Pradesh

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

13.04.2000

 

 

Com. Reg. No.:

10-014171

 

 

Capital Investment / Paid-up Capital :

Rs.10.500 Millions

 

 

CIN No.:

[Company Identification No.]

U26102MP2000PTC014171

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BPLK02113G

 

 

PAN No.:

[Permanent Account No.]

AABCK7027K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Dealer of  all types of Glass 

 

 

No. of Employees :

250 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 102344

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. The company is progressing well. 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

 

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. Sandeep Kochhar

Designation :

Director

 

 

LOCATIONS

 

Registered Office :

6- Hamidia Road, Bhopal – 462002, Madhya Pradesh, India

Tel. No.:

91-755-2740833

Mobile No.:

91-9229210309/9826035833 (MR. Sandeep)

Fax No.:

91-755-4242233

E-Mail :

sales@kgpl.co.in

Website :

www.kgpl.co.in

Area :

3000 Sq. ft.

Location :

Owned

 

 

Head Office/Factory :

Plot No.18/19, Sector A, Govindpura, Industrial Area, Bhopal – 462023, Madhya Pradesh, India

Tel. No.:

91-755- 4268900

Fax No.:

91-755-4236599

 

 

DIRECTORS

 

As on: 25.09.2010

Name :

Mrs. Jia Lal Kochhar

Designation :

Director

Address :

35 Civil Lines, Bhopal, Madhya Pradesh, India

Date of Appointment :

13.04.2000

 

 

Name :

Mr. sandeep Kochhar

Designation :

Director

Address :

35 Civil Lines, Bhopal, Madhya Pradesh, India

Date of Appointment :

13.04.2000

 

 

Name :

Mrs. Archana Kochhar

Designation :

Director

Address :

35 Civil Lines, Bhopal, Madhya Pradesh, India

Date of Appointment :

13.04.2000

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 25.09.2010

 

Names of Shareholders

 

No. of Shares

Jia Lal Kochhar

 

34500

Sandeep Kochhar

 

24775

Archana Kochhar

 

28922

Manisha Bisariya

 

16803

Total

 

105000

 

As On 25.09.2010

 

Category

Percentage

Directors or relatives of Directors

83.99

Others

16.01

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Dealer of  all types of Glass

 

 

Terms :

 

Selling :

Cash, Credit (30, 60, 90 days)

 

 

Purchasing :

Cash, Credit (30, 60, 90 days)

 

PRODUCTION STATUS AS ON 31.03.2010

 

Particulars

Unit

 

Installed Capacity

Actual Production

Toughened Glass

Sq. mtr. Per Annum

 

184000

230916

 

 

 

 

 

 

 

GENERAL INFORMATION

 

Customers :
  • End Users
  • OEM’s

 

 

No. of Employees :

250 (Approximately)

 

 

Bankers :
  • Central Bank of India, Shahjanabad Branch
  • Punjab And Sindh Bank, Hamidia Road Branch

 

 

Facilities :

CC Rs.37.000 Millions

Secured Loan

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

Central bank of India

 

 

Cash Credit against

(hypothecation of Stock and Debtor)

22.079

13.515

Term Loan I

16.816

20.660

Term Loan II

--

0.138

Term Loan III (against FDR)

4.070

4.228

SBI Car Loan Account

1.648

--

State Bank of India Term Loan A/c – Unit II

9.378

 

Total

53.993

38.541

 

 

 

Unsecured Loan

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

Unsecured loan / Deposits

 

 

Shanghai North Glass, China

0.902

0.902

S K Glass, Ghaziabad

0.268

0.268

Kochhar Plyboard, Bhopal

6.086

5.493

Welcome (Advance) Trading. Gwl

0.000

0.500

Rashi Bahel

0.300

0.300

Total

7.557

7.463

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S L Chajed And Company

Chartered Accountant

Address :

R-12, Mahrana Pratap Nagar, one I, Bhopal-462011, Madhya Pradesh, India

Tel. No.:

91-755-2553507

Fax No.:

91-755-2552766

 

 

Associates/Subsidiaries :

NA

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

125000

Equity Shares

Rs.100/- each

Rs.12.500 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

105000

Equity Shares

Rs.100/- each

Rs.10.500 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

31.03.2010

31.03.2009

Sales Turnover (Approximately)

 

240.000

210.000

 

Expected Sales (2010-2011) : Rs.300.000 Millions

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

10.500

10.500

10.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

15.086

7.930

2.216

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

25.586

18.430

12.716

LOAN FUNDS

 

 

 

1] Secured Loans

53.993

38.541

39.366

2] Unsecured Loans

7.557

7.464

6.745

TOTAL BORROWING

61.550

46.005

46.111

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

87.136

64.435

58.827

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

53.936

40.757

33.776

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
13.318

12.675

13.343

 

Sundry Debtors
64.686

52.438

37.171

 

Cash & Bank Balances
8.868

6.326

7.253

 

Other Current Assets
3.370

1.315

0.000

 

Loans & Advances
7.781

2.447

6.381

Total Current Assets
98.023

75.201

64.148

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
20.763

20.172

6.348

 

Other Current Liabilities
37.468

26.522

30.403

 

Provisions
6.618

4.860

2.383

Total Current Liabilities
64.849

51.554

39.134

Net Current Assets
33.174

23.647

25.014

 

 

 

 

MISCELLANEOUS EXPENSES

0.026

0.031

0.037

 

 

 

 

TOTAL

87.136

64.435

58.827

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

TOTAL                                    

244.807

210.366

140.338

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

233.791

202.754

NA

 

 

 

 

 

 

PROFIT BEFORE TAX              

11.016

7.612

1.756

 

 

 

 

 

Less

TAX                                                                 

3.860

1.899

NA

 

 

 

 

 

 

PROFIT AFTER TAX                

7.156

5.713

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

68.15

--

--

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
2.92

3.62

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
7.25

6.56

1.79

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.04

0.41

0.14

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
4.94

5.29

6.70

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.51

1.46

1.64

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade References:

 

  • HNG Float Glass Limited, Gujarat
  • Heeba Glass, Bhopal
  • Banco Polytubes Private Limited, Bhopal
  • Reliance Retail Limited

 

Form 8:

 

Corporate identity number of the company

U26102MP2000PTC014171

Name of the company

KOCHHAR GLASS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

6- Hamidia Road, Bhopal – 462002, Madhya Pradesh, India

This form is for

Creation of charge

Modification of charge

Type of charge

Book Debts

Movable Property

Immovable Property

Particular of charge holder

Central Bank Of India

Nature of instrument creating charge

1) Sanction Letter;

2) D.P. Note;

3) Acceptance Cum Undertaking.

Date of instrument Creating the charge

16/08/2010

Amount secured by the charge

Rs.370.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

1) CC: Base Rate + 4.75 %

2) Bill Negotiation: Base Rate + 1.50 %

3) Term Loan: As Per Extant Terms

 

Terms of Repayment

Cash Credit: 25%

 

Margin

CC: Hypo. of Stock Of Raw Mat., Sip, Fg And Book Debts.

Term Loan: As Per Extant Terms.

Inland Bill Negotiation: Document of Title To Goods.

Coll. Sec: Em of Leasehold Land Along With Factory Building And Plant & Machinery.

 

Extent and Operation of the charge

Collateral Sec: Em of Residential Plot At Tilak Housing Soc. Belonging To Mrs. Archana Kochhar, Director of The Company;

Personal Guarantee of Sandeep Kochhar, J.L. Kochhar, Archana Kochhar, Directors Of The Company And Sidhansu Bisaria.

Short particulars of the property charged

Cash Credit: Hypo. of Stock of Raw Mat., Sip, Fg And Hypothecation Of Book Debts. Inland Bill Negotiation: Document of Title To Goods. Em of Leasehold Land At Plot No. 18 & 19, Sec. 'A' Ind. Area, Govindpura Along With Factory Building And Plant & Machinery. Em Of Res. Plot At Tilak Housing Soc., Khasra No. 93, Vill Singar Choli, Airport Rd., Bpl Msrg. 6977 Sq. Ft. Belonging To Mrs. Archana Kochhar, Director of The Company.

Date of instrument modifying the charge

03/03/2008

Particulars of the present modification

Sanction of Fresh Limit Of Rs. 7.500 Millions Through Inland Bill Negotiation Under Lc and Reduction In Term Loan From Rs. 20.700 Millions To Rs. 17.000 Millions Thereby Inceasing The Overall Limit From Rs. 33.200 Millions To Rs. 37.000 Millions.

 

 

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.44.91

UK Pound

1

Rs.73.06

Euro

1

Rs.66.03

 

 

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

5

--PROFITABILIRY

1~10

5

--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

                                      

-

 

 

 

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.