MIRA
INFORM REPORT
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Report Date : |
05.09.2011 |
IDENTIFICATION DETAILS
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Name : |
K. D. JOSHI
RUBBER INDUSTRIES PRIVATE LIMITED (w.e.f. 23.01.2008) |
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Formerly Known As : |
K. D. JOSHI
RUBBER INDUSTRIES AND TRADING PRIVATE
LIMITED |
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Registered Office : |
Ramanbag Society,
353, Shaniwar Peth, Pune-411030, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
31.12.1981 |
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Com. Reg. No.: |
11-25955 |
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Capital
Investment / Paid-up Capital : |
Rs.0.430
million |
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CIN No.: [Company
Identification No.] |
U25199PN1981PTC025955 |
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Legal Form : |
Private Limited Liability
Company. |
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Line of Business : |
Manufacturers of
Rubber Accessories for Textile Industry. |
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No. of Employees : |
60 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
Be (44) |
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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 32904 |
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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
|
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. Milind Joshi |
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Designation : |
Director |
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Contact No.: |
91-9822655071 |
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Date : |
27.08.2011 |
LOCATIONS
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Registered Office : |
Ramanbag Society,
353, Shaniwar Peth, Pune-411030, |
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Tel. No.: |
91-20-445254 /
4457699 / 27474181 / / 27472170 |
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Mobile No.: |
91-9822655071 (Mr. Milind Joshi) |
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Fax No.: |
91-20-24492284 |
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E-Mail : |
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Area : |
600 Sq.ft. |
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Location : |
Owned |
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Factory 1 : |
Plot No.A 83-85,
H Block, MIDC, Pimpri, Pune-411018, |
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Tel. No.: |
91-20-27474181 /
27472170 / 7474181 / 7472170 |
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Fax No.: |
91-20-66112066 |
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Area : |
Plot Area –
20000sq.fts Built up –
10000sq.fts |
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Location : |
Owned |
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Factory 2 : |
Gala No. 64, Parmar Industrial Complex, Chinchwad, Pune, |
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Area: |
600sq.fts. |
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Location : |
Owned |
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Branches : |
Shop No. 7 and 8,
606/ A-2, Varun Complex, GIDC, Sachin, Surat, Gujarat, India |
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E-Mail : |
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Area : |
450 Sq.ft. |
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Location : |
Leased |
DIRECTORS
AS ON 29.09.2010
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Name : |
Mr. Kamalakar Damodar Joshi |
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Designation : |
Director |
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Address : |
353, Shaniwar Peth, Pune-411030, |
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Date of Appointment : |
31.12.1981 |
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Name : |
Mr. Milind Kamalakar Joshi |
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Designation : |
Director |
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Address : |
353, Shaniwar Peth, Pune-411030, |
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Date of Birth/Age : |
02.04.1960 |
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Date of Appointment : |
31.12.1981 |
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Name : |
Mr. Makrand Kamalakar Joshi |
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Designation : |
Director |
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Address : |
353, Shaniwar Peth, Pune-411030, |
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Date of Appointment : |
31.12.1981 |
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Name : |
Ms. Malti Kamalakar Joshi |
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Designation : |
Director |
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Address : |
353, Shaniwar Peth, Pune-411030, |
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Date of Appointment : |
31.12.1981 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
No. of Shares |
|
Kamalakar Damodar Joshi |
23650 |
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Milind Kamalakar Joshi |
4300 |
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Makrand Kamalakar Joshi |
12900 |
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Milind Ninad Joshi |
2150 |
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Total |
43000 |
AS ON 29.09.2010
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of
Rubber Accessories for Textile Industry. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Credit (30-60 Days) |
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Purchasing : |
Credit (30-60 Days) |
GENERAL INFORMATION
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Customers : |
·
Wholesaler ·
Retailers ·
End Users ·
OEM’s |
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No. of Employees : |
60 Approximately |
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Bankers : |
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Facilities : |
Cash Credit : Rs.11.000 millions (from Bank of Baroda) Term Loan : Rs. 11.000 millions (from Bank of Baroda) Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chandorkar and Limaye Chartered Accountant |
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Address : |
914, Sadashiv Peth, Laxminarayan Society, Pune – 411030, |
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Memberships : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.10/- Each |
Rs.1.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
43000 |
Equity Shares |
Rs.10/- Each |
Rs.0.430
million |
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 |
0.430 |
0.205 |
0.123 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.796 |
1.777 |
1.622 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.226 |
1.982 |
1.745 |
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LOAN FUNDS |
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1] Secured Loans |
6.243 |
0.000 |
0.000 |
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2] Unsecured Loans |
17.951 |
0.000 |
0.000 |
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TOTAL BORROWING |
24.194 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.014 |
0.000 |
0.000 |
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TOTAL |
32.434 |
1.982 |
1.745 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.435 |
0.115 |
0.113 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.468 |
1.653 |
1.526 |
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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 |
6.145
|
0.000
|
0.000 |
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Sundry Debtors |
16.464
|
0.000
|
0.087 |
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Cash & Bank Balances |
2.415
|
0.223
|
0.017 |
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Other Current Assets |
0.000
|
0.076
|
0.126 |
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Loans & Advances |
2.155
|
0.000
|
0.000 |
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Total
Current Assets |
27.179
|
0.299
|
0.230 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
4.785
|
0.000
|
0.000 |
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Other Current Liabilities |
0.000
|
0.015
|
0.014 |
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Provisions |
3.863
|
0.070
|
0.110 |
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Total
Current Liabilities |
8.648
|
0.085
|
0.124 |
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Net Current Assets |
18.531
|
0.214
|
0.106 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
32.434 |
1.982 |
1.745 |
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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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Income |
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Other Income |
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TOTAL |
60.839 |
0.250 |
0.238 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
53.036 |
0.033 |
0.032 |
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Advertising Expenses |
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TOTAL |
53.036 |
0.033 |
0.032 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7.803 |
0.217 |
0.206 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
NA |
NA |
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PROFIT BEFORE
TAX |
7.803 |
0.217 |
0.206 |
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Less |
TAX |
2.440 |
0.070 |
0.065 |
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PROFIT AFTER TAX |
5.363 |
0.147 |
0.141 |
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Earnings Per
Share (Rs.) |
124.73 |
7.19 |
11.49 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.81 |
58.80 |
59.24 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
21.90 |
52.42 |
60.06 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.94 |
0.11 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.99 |
0.04 |
0.60 |
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Current Ratio (Current Asset/Current Liability) |
|
3.14 |
3.52 |
1.85 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
OPERATIONS
During the year total revenue was Rs.60.839 millions (previous year
Rs.0.250 million), total expenditure was Rs.53.036 millions (previous year
Rs.0.032 million) and resultant net profit was Rs.7.803 millions (previous year
Rs.0.217 millions) before provision of income tax. This quantum jump in the
turnover and profits is a result of merger of earstwhile partnership firm M/s K
D Joshi into the company. For the purpose of merger the company has issued
shares of Rs. 0.225 million to the previous partners. According paid up capital
of the company stands increased to Rs. 0.430 million.
The director are hopeful of further improved performance during the
current year.
TRADE REFERENCES
- Acquarious
Engineering Private Limited
FIXED ASSETS
- Furniture And
Fixture
- Electrical
Fitting
- Computer
System
FORM 8
|
Corporate
identity number of the company |
U25199PN1981PTC025955 |
|
Name of the
company |
K. D. JOSHI RUBBER
INDUSTRIES PRIVATE LIMITED (w.e.f. 23.01.2008) |
|
Address of the
registered office or of the principal place of business in |
Ramanbag Society,
353, Shaniwar Peth, Pune-411030, Maharashtra, India |
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This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
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Particular of
charge holder |
Bank of Baroda, Shivaji Nagar, 1303, Jangli Maharaj Road, Pune 411005,
Maharashtra, India Email: shipoo@bankofbaroda.com |
|
Nature of
instrument creating charge |
1. Composite
Hypothecation Agreement Dated 28.06.2010 For Rs.8.965 millions 2. Letter Of
Confirmation Of Creation / Extension Of Mortgage Dated 28.06.2010 For
Rs.8.965 millions 3. Memorandum Of
Entry Dated 28.06.2010 For Rs.8.965 millions |
|
Date of
instrument Creating the charge |
28.06.2010 |
|
Amount secured by
the charge |
Rs. 8.965
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest 0.75% Below BPLR
I.E. 11.25% P.A. Subject To Change In BPLR Terms of repayment 1. Term Loan -I
Of Rs.1.227 millions - 18 Months - (17 Monthly Instalments Of Rs.0.080 million
+ 1 Instalment Of Rs.0.075 million). Interest To Be Serviced Separately As
And When Applied. 2. Term Loan - Ii
Of Rs.2.738 millions - 48 Months (47 Monthly Instalments Of Rs.0.062 million
+ 1 Instalment Of Rs.0.042 million). Interest To Be Serviced Separately As
And When Applied. 3. Cash Credit -
Rs.5.000 millions- 12 Months Subject To Annual Review. Interest To Be
Serviced Separately As And When Applied. Margin 1. Term Loan - I
- Rs.1.227 millions - 25% 2. Term Loan - II
- Rs.2.738 millions - 15% 3. Cash Credit -
Rs.5.000 millions - 25% On Stocks and
Book Debts Extent and operation of the charge 1. Term Loan - I
- For Purchase Of Machineries, Processing Fees Of 0.20% P.A. Of The Loan
Amount Plus Service Tax 2. Term Loan - Ii
- For Purchase Of Machineries - Processing Fees Of 0.20% P.A. Of The Loan
Amount Plus Service Tax 3.Cash Credit -
For Pre-Sale And Post-Sale Working Capital Requirement, Processing Fee Of 0.20% P.A. Plus Service
Tax, Book Debts Upto 90 Days To Be Considered For Calculation Of Drawing
Power |
|
Short particulars
of the property charged (Including location of the property) |
1.
Stocks,both
present and future, including raw materials, work in process, semi finished
goods and finished goods such as packing material, raw aluminium ferrous
metal, raw material, tools etc. 2.
All
present and future book debts, outstanding, monies receivable, claims, bills,
contracts, engagements and securities which are now due or will become due 3.
All tangible movable machinery, plant, cranes,
furniture, fittings, movables - both present and future, at A 83 and 84, H
Block, MIDC, Pimpri, Pune 18 and at Shop 7 and 8, 60A, Varun Complex, GIDC,
Surat 4.
Land
at Plot No. A 83,84 and 85 in H Block, MIDC, Pimpri Industrial Area, Pimpri
Chinchwad Municipal Corporation, Pune admeasuring 1961 sq. mtrs. alongwith
all buildings and structures |
CMT REPORT (Corruption, Money Laundering and 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.45.89 |
|
|
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.65.41 |
SCORE and 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 |
4 |
|
--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 |
|
44 |
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 and 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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.