MIRA INFORM REPORT

 

 

Report Date :

10.10.2011

 

IDENTIFICATION DETAILS

 

Name :

CROWN CLOSURES PRIVATE LIMITED

 

 

Registered Office :

16, Kamala Bhavan, Andheri Sahar Road, Koldongri, Andheri (East), Mumbai – 400069, Maharasahtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

29.06.1988

 

 

Com. Reg. No.:

11- 047876

 

 

Capital Investment / Paid-up Capital :

Rs. 5.789 Millions

 

 

CIN No.:

[Company Identification No.]

U25206MH1988PTC047876

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

NSKC00645B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Pharmaceuticals, Cable Lugs, Pharmaceuticals Caps, Lug Caps etc. 

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (33)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 72000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. There appears some dip in the profitability of the company. However, trade relations are reported to be slow but correct.

 

The company can be considered for small to mediocre 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 – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

16, Kamala Bhavan, Andheri Sahar Road, Koldongri, Andheri – East, Mumbai – 400069, Maharasahtra, India

Tel. No.:

91-222-66680645

Fax No.:

91-222-66964139

E-Mail :

info@outfits.com

 

 

Factory 1 / Office :

W-88(A), MIDC, Satpur, Nashik – 422007, Maharasahtra, India

Tel. No.:

91-253-2206004/2206005

Fax No.:

91-253-2350574

E-Mail :

crownclosures@dataone.in

autofits@dataone.in

Website :

www.autofits.com

 

 

Factory 2 :

D-33 (B), MIDC Malegaon, Tal – Sinnar ,Nashik, Maharasahtra, India

Tel. No.:

91-2551-230841

Fax No.:

91-2551-2302247

 

DIRECTORS

 

As on 29.09.2010

 

Name :

Mr. Sunder Ramappa Adka

Designation :

Director

Address :

House No C14, Ashoka Presidency, Near Nilrekar Hospital, Gangapur Road, Nashik – 422013, Maharashtra, India

Date of Birth/Age :

09.03.1947

Date of Appointment :

13.10.2007

DIN No.:

00666988

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U74999MH1991PTC061851

Klass Pack Private Limited

Director

29-05-91

29-05-91

01-04-09

Active

NO

2

U29195MH2005PTC150681

 Preci Pack Private Limited

Director

17-01-05

17-01-05

-

Active

NO

3

U25206MH1988PTC047876

Crown Closures Private Limited

Director

13-10-07

13-10-07

-

Active

NO

4

U25190MH2009PTC191475

Autofits Packaging Private Limited

Director

03-04-09

03-04-09

-

Active

NO

 

 

Name :

Mr. Kishor Ramappa Adka

Designation :

Director

Address :

Arti Bunglow, Behind Prasad Mangal Karyalaya, Gangapur Road, Nashik – 422013, Maharasahtra, India

Date of Birth/Age :

09.06.1964

Date of Appointment :

29.06.1988

DIN No.:

00667020

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U25206MH1988PTC047876

Crown Closures Private Limited

Director

29-06-88

29-06-88

-

Active

NO

2

U29195MH2005PTC150681

Preci Pack Private Limited

Director

17-01-05

17-01-05

-

Active

NO

3

U25190MH2009PTC191475

Autofits Packaging Private Limited

Director

03-04-09

03-04-09

-

Active

NO

 

 

Name :

Mr. Bhaskar Ramappa Uchil

Designation :

Dierctor

Address :

42 B, Sobha Malachite, Sobha Ultima, Jakkur Plantation, Yelehanka Hubli, Bangalore North, Bangalore – 560064, Karnataka, India

Date of Birth/Age :

01.06.1953

Date of Appointment :

29.306.1988

DIN No.:

00705651

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U25206MH1988PTC047876

Crown Closures Private Limited

Director

29-06-88

29-06-88

-

Active

NO

2

U29195MH2005PTC150681

Preci Pack Private Limited

Director

17-01-05

17-01-05

-

Active

NO

3

U25190MH2009PTC191475

Autofits Packaging Private Limited

Director

03-04-09

03-04-09

-

Active

NO

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2010

 

Names of Shareholders

 

No. of Shares

Sunder Ramappa Adka

 

28765

Kishor Ramappa Adka

 

18513

Bhaskar Ramappa Uchil

 

8910

Sheelavati Dayananad Uchil

 

1705

TOTAL

 

57893

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 29.09.2010

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Pharmaceuticals, Cable Lugs, Pharmaceuticals Caps, Lug Caps etc. 

 

 

 

GENERAL INFORMATION

 

Suppliers :
  • Jai Ambe Roadlines
  • M. D. Plast
  • Pest Controls India Private Limited
  • Shree Gayatri Octroi Service
  • Shree General Sales Corporations
  • Shree Polishers
  • V.M. Industries
  • V.P Productivity
  • Vaibhav Laxmi Traders

 

 

Customers :
  • C.A Enterprise
  • Mangalam Foods
  • Pranam Products
  • J.S.A Enterprise
  • Krishna Gopal
  • S.I.k Food Processing
  • Surti Sweets and Snacks
  • Varaahi Industries

 

 

No. of Employees :

Not Available

 

 

Bankers :

Canara Bank, 7, MIDC Area, Satpur, Nashik – 422007, Maharasahtra, India

 

 

Facilities :

Secured Loan

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

Canara Bank (Term Loan)

11.416

17.690

Canara Bank (Cash Credit)

12.817

15.888

Total

24.233

33.578

 

 

 

Unsecured Loan

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

A) Unsecured Loan From Share holder and Relatives:

Loan Kishore Adka

Loan Bhaskar R. Uchill

Loan Harishandra R. Uchil

Loan Prect Pack Private Limited

Loan R.K Enterprise

Loan Sunder R. Adka

 

 

 

 

 

 

 

 

 


29.942

 

 

1.169

0.155

0.200

-

2.322

-

 

3.846

B) Others:

Sales Tax Deferal Loan

Sales Tax Differal Loan (OIC)

Loan Inoiabulis Financial Service

 

 

6.188

6.188

 

2.631

3.120

1.087

6.838

Total (A + B)

36.130

10.684

 

 

 

Banking Relations :

 

 

 

Auditors :

 

Name :

Choudhary and Kotian

Chartered Accountant

Address :

9, Madhur Apartment, 56, TPS Road, Near Babhai Naka, Borivali – West, Mumbai – 400092, Maharasahtra, India

Tel. No.:

91-222-8990016/8998667

Fax No.:

91-222-8988508

E-Mail :

choudharyandkotian@gmail.com

PAN.:

AABFC9117D

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

95000

Equity Shares

Rs.100/- each

Rs. 9.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

57893

Equity Shares

Rs.100/- each

Rs.5.789 Millions

 

 

 

 

 

Notes: (Cut of the above 62630 Equity Shares of Rs. 100 each were allotted as fully paid up bonus shares by capitalisation of reserves and surplus account)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

5.789

5.789

0.526

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

12.389

12.192

14.297

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

18.178

17.981

14.823

LOAN FUNDS

 

 

 

1] Secured Loans

24.233

33.578

36.769

2] Unsecured Loans

36.130

10.684

11.860

TOTAL BORROWING

60.363

44.262

48.629

DEFERRED TAX LIABILITIES

5.645

4.961

4.484

 

 

 

 

TOTAL

84.186

67.204

67.936

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

44.784

44.695

46.307

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.170

0.090

0.090

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
21.622

14.442

10.429

 

Sundry Debtors
13.001

10.162

11.988

 

Cash & Bank Balances
1.300

0.477

0.924

 

Other Current Assets
21.828

21.209

14.664

 

Loans & Advances
2.439

3.359

4.451

Total Current Assets
60.190

49.649

42.456

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
19.152

24.665

18.112

 

Other Current Liabilities
0.000

0.000

0.460

 

Provisions
1.806

2.565

2.345

Total Current Liabilities
20.958

27.230

20.917

Net Current Assets
39.232

22.419

21.539

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

84.186

67.204

67.936

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

31.03.2010

 

 

 

 

 

 

PROFIT BEFORE TAX

 

 

1.047

 

 

 

 

 

Less

TAX                                                                 

 

 

0.850

 

 

 

 

 

 

PROFIT AFTER TAX

 

 

0.197

 

 

 

 

 

Less

APPROPRIATIONS

 

 

0.000

 

 

 

 

 

 

BALANCE CARRIED TO RESERVES

 

 

0.197

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

3.40

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

Return on Total Assets

(PBT/Total Assets}

(%)
1.00

NA

NA

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.06

NA

NA

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
4.47

3.98

4.69

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.87

1.825

2.036

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

FORM 8:

 

Corporate identity number of the company

U25206MH1988PTC047876

Name of the company

CROWN CLOSURES PRIVATE LIMITED

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

16, Kamala Bhavan, Andheri Sahara Road, Koldongri, Andheri – East, Mumbai – 400069, Maharasahtra, India

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

90236352

Type of charge

  • Immovable Property
  • Book debts
  • Movable Property (not being pledge)
  • Floating Charges

Particular of charge holder

Canara Bank, 7, MIDC Area, Satpur, Nashik- 422007, Maharasahtra, India Email id : canbank@india.com

Nature of instrument creating charge

Supplemental common hypothecation agreement

Date of instrument Creating the charge

27.12.2007

Amount secured by the charge

Rs. 47.000 Millions

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

Rate of Interest:

13.75% p.a monthly reston cash credit and cdb

12.75% p.a monthly rest on term loan

 

Terms of Repayment:

·         Cash credit and cdb on demand or renewable within one year.

·         Additional term loan of Rs. 10.000 Millions in 59 monthly instilments of Rs. 0.167 Millions and last installments of Rs. 0.147 Millions

·         Previous term loan as per previous repayment schedule

 

Margin:

Term loan 44%

C/C Stock – 25% , Book Debts – 40%

 

Extent and operations of the charge:

First charge in favour of canara bank

Short particulars of the property or asset(s) charged (including complete address and location of the property)

1)       Machinery, equipments, accessories, raw material, work in progress, finished goods, bad debts, EMT of lease hold land.

2)       Land and Building of Plot No. W.28 MIDC, Satpur, Nasik – 422007

Particulars of the present modification

By this modification total limit enhanced from Rs. 23.000 Millions as under

 

1)       CDB Rs. 1.000 Millions

2)       Cash and credit Rs. 12.500 Millions (Earlier Rs. 7.500 Millions + Additional Rs. 5.000 Millions)

3)       Term Loan Rs. 33.500 Millions (Earlier Rs. 23.500 Millions + New term Loan Rs. 10.000 Millions)

 

FIXED ASSETS:

 

  • Land
  • Land and Development
  • Factory Building
  • Furniture and Fixture
  • Vehicles
  • Office Equipment
  • Plant and Machinery
  • Electrical Installation
  • Dies and Tools
  • Mould
  • Tools and Equipment
  • Factory Equipment
  • Computer
  • Plant and Machinery

 

 

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.49.14

UK Pound

1

Rs.75.97

Euro

1

Rs.65.99

 

 

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

4

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

 

33

 

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.