MIRA
INFORM REPORT
|
Report Date : |
02.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
KIRAT PLASTICS PRIVATE LIMITED |
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Registered
Office : |
H – 11/2, Malviya Nagar, |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.08.1990 |
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Com. Reg. No.: |
55-101072 |
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Paid-up Capital
: |
Rs. 2.085 Millions |
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CIN No.: [Company Identification
No.] |
U25209DL1999PTC101072 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELK03771F |
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TIN No.: |
06441820791 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of engineering plastic moulded components |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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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 85000 |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
LOCATIONS
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Registered Office : |
H – 11/2, Malviya Nagar, New Delhi – 110017, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory : |
Village Dhumaspur, P.O. Badshahpur, Sohna Road, Gurgaon
122101, Haryana, India |
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Tel. No.: |
91-124-3250642 |
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Fax No.: |
91-124-2361823 |
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E-Mail : |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Harinderpreet Singh Bakshi |
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Designation : |
Director |
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Address : |
A – 8/20, DLF Phase – II, First Floor, Gurgaon, Haryana,
India |
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Date of Birth/Age : |
29.10.1961 |
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Date of Appointment : |
10.08.1999 |
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DIN No.: |
00429339 |
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Name : |
Mr. Prabhjot Bakshi |
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Designation : |
Director |
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Address : |
A – 8/20, DLF Phase – II, First Floor, Gurgaon, Haryana,
India |
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Date of Birth/Age : |
15.08.1964 |
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Date of Appointment : |
10.08.1999 |
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DIN No.: |
00429361 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Harinderpreet Singh Bakshi |
|
92510 |
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Prabhjot Bakshi |
|
67510 |
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Trans Bulk Shipping LLC |
|
12500 |
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AST Enterprises INC |
|
36025 |
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Total |
|
208545 |
As On 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
23.27 |
|
Directors or relatives of Directors |
76.73 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of engineering plastic moulded components |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Oriental Bank of Commerce – Sushant Lok-1, B Block,
Gurgaon – 122001, Haryana, India ·
HDFC
Bank Limited ·
ICICI
Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
·
Hero
Honda Finlease Limited - 34, Community Centre, Basant Lok, Vasant Vihar, New Delhi
– 110057, Delhi, India |
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Auditors : |
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Name : |
Rajan Chhabra and Company Chartered Accountants |
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Address : |
32 A, Sector – 11 E, |
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Pan No.: |
ADEPC6909K |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
208545 |
Equity Shares |
Rs. 10/- each |
Rs. 2.085
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
2.085 |
2.085 |
2.085 |
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2] Share Application Money |
2.000 |
2.000 |
2.000 |
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3] Reserves & Surplus |
17.217 |
14.533 |
12.255 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.302 |
18.618 |
16.340 |
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LOAN FUNDS |
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1] Secured Loans |
16.472 |
13.526 |
14.231 |
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2] Unsecured Loans |
10.102 |
8.649 |
4.380 |
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TOTAL BORROWING |
26.574 |
22.175 |
18.611 |
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DEFERRED TAX LIABILITIES |
0.907 |
0.383 |
0.050 |
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TOTAL |
48.783 |
41.176 |
35.001 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
34.842 |
27.994 |
22.956 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.536 |
1.993 |
0.829 |
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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 |
5.913
|
5.872 |
3.655 |
|
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Sundry Debtors |
26.988
|
27.015 |
21.996 |
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Cash & Bank Balances |
0.228
|
0.937 |
0.076 |
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Other Current Assets |
5.292
|
1.983 |
3.206 |
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Loans & Advances |
0.000
|
1.562 |
0.000 |
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Total
Current Assets |
38.421
|
37.369 |
28.933 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
20.153
|
20.489 |
11.973 |
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Other Current Liabilities |
4.963
|
4.862 |
4.969 |
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Provisions |
0.900
|
0.829 |
0.778 |
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Total
Current Liabilities |
26.016
|
26.180 |
17.720 |
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Net Current Assets |
12.405
|
11.189 |
11.213 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.001 |
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TOTAL |
48.783 |
41.176 |
35.000 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
113.845 |
92.293 |
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Other Income |
0.438 |
0.117 |
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TOTAL (A) |
114.283 |
92.410 |
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Less |
EXPENSES |
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Material manufacturing and trading |
73.884 |
59.552 |
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Employees expenses |
19.634 |
15.260 |
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Administration and others |
9.171 |
8.053 |
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Selling and distribution |
0.645 |
0.116 |
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TOTAL (B) |
103.334 |
82.981 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.949 |
9.429 |
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Less |
FINANCIAL
EXPENSES (D) |
2.509 |
2.337 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.440 |
7.092 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.331 |
3.652 |
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PROFIT BEFORE
TAX (E-F) (G) |
4.109 |
3.440 |
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Less |
TAX (I) |
1.425 |
1.162 |
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PROFIT AFTER TAX
(G-I) (J) |
2.684 |
2.278 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.695 |
0.417 |
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Less |
APPROPRIATIONS |
|
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Transfer to General Reserve |
2.500 |
2.000 |
|
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BALANCE CARRIED
TO THE B/S |
0.879 |
0.695 |
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Earnings Per
Share (Rs.) |
12.87 |
10.92 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.35
|
2.47 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
3.61
|
3.73 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.61
|
5.26 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.18 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.47
|
2.60 |
2.23 |
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Current Ratio (Current Asset/Current Liability) |
|
1.48
|
1.43 |
1.63 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
KIRAT PLASTICS
PRIVATE LIMITED |
|
Presented By |
Mr. H. P. S.
Bakshi, Director |
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1) Date and description of instrument creating the change |
27.05.2003 and a
hypothecation agreement was executed by the borrower in favour of Hero Honda
Finlease Limited, New Delhi |
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2) Amount secured by the charge/amount owing on the securities of charge |
Finance Facility
of Rs. 5.000 Millions |
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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 |
All the
Equipments / Plant and Machinery complete with fittings, tools
accessories. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
inter-alia as security by way of first and exclusive charge in favour of the
Company on all the borrower’s hypothecated assets and The security
hereby created shall operate as a continuing security for the balance due to
the company. |
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5) Name and Address and description of the person entitled to the charge. |
Hero Honda
Finlease Limited 34, Community
Centre Basant Lok,
Vasant Vihar, |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate identity number of the company |
U25209DL1999PTC101072 |
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Name of the company |
KIRAT PLASTICS PRIVATE LIMITED |
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Address of the registered office or of the
principal place of business in |
H-11/2, Malviya Nagar, New Delhi, India |
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This form is for |
Modification of charge |
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Type of charge |
Book Debts Movable Property Floating Charge Immovable Property Uncalled share capital Any interest in immovable property |
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Particular of charge holder |
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Nature of instrument creating charge |
As Per Agreement Of Term Loan, Agreement
Of Hypothecation Of Assets |
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Date of instrument Creating the charge |
15.04.2010 |
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Amount secured by the charge |
Rs. 34.850 Millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest - 10.50% i.e. PLR-1.50% Terms of Repayment - 84 monthly
installment of Rs. 0.073 million each Margin - 40% and 25% and 20% Extent and Operation of the charge - As
Per Agreement Of Term Loan, Agreement Of Hypothecation Of Assets |
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Date of instrument creating or evidencing
the charge |
08.01.2009 |
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Description of the instrument creating or
evidencing the charge |
LTR 21 |
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Date of acquisition of the property |
08.01.2009 |
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Amount of the charge |
Rs. 34.850 Millions |
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Particulars of the property charged |
Equitable Mortgage Of Commercial Land
Bearing Sale Deed No.1886 Dt 18.10.2007 Msg. 3461.96 Sq Mtr At Village Thana Hb
No.192 Prag Dharampur , Teh. Baddi District Solan (Hp) In The Name Of The
Company Having Rv Of Rs.7.038 millions. Equitable Mortgage Of Commercial Land
Bearing Sale Deed No.1886 Dt 18.10.2007 Msg. 3461.96 Sq Mtr At Village Thana
Hb No.192 Prag Dharampur , Teh. Baddi District Solan (Hp) In The Name Of The
Company Equitable Mortgage Of Land Deed No.15091 , 15093 Dt.20.10.2004
Msg. 3748 Sq Yrds At Village Dhumaspur Po Badshahpur Dist. Gurgaon In The
Name Of Sh. Hps Bakshi Having Rv Of Rs.24.000 millions. Hypothecation Of All The Plant &
Machineries To Be Purchased Out Bank Finance Including Other Plant&
Machinery. Personal Guarantee Of Sh. Hps Bakshi And
Smt Prabhjot Bakshi |
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Date of instrument modifying the charge |
08.01.2009 |
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Particulars of the present modification |
Charge is to be modified from Rs. 23.082
millions to Rs. 34.850 millions |
AS PER
WEBSITE
Subject was founded in 1992 to manufacture injections moulded
components in engineering thermoplastic. The company boasts of producing a wide
range of intricate thermoplastic components and sub assemblies for OEMS of
automobiles, electrical switchgears electronic industry, industrial
applications and healthcare.
Providing strength to the roots, company integrated
back-wards to master in Product design and Development.
Supplementing core business of moulding, company forward integrated into Health Care products, already making its presence felt in Global Market.
To provide excellence in management practices Company
developed a strong network of IT professionals to develop ERPs in house.
Subject blends the best of the business practices and systems with strong values, visions and support that add to KIRAT success recipe. Accredited with ISO 9001-2000 in manufacturing and product design the company has developed an in house ERP for effective system implementation. The team comprises of engineers and technically skilled work force for whom thinking out of the box is the way of doing things.
The horizontals and verticals of performance levels and sales target achievement are a reflection of there professionalism and dedication.
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.46.02 |
|
|
1 |
Rs.75.43 |
|
Euro |
1 |
Rs.66.70 |
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 |
YES |
|
--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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.