MIRA
INFORM REPORT
|
Report Date : |
14.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
KARNAWAT ASSOCIATES PRIVATE LIMITED |
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Registered
Office : |
68/86, Harkorbal Building, Room No. 9, Mughbhat Lane, Thakurdwar Road,
Mumbai – 400002, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
07.04.2008 |
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Com. Reg. No.: |
180877 |
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Capital
Investment / Paid-up Capital : |
Rs. 60.100 Millions |
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CIN No.: [Company Identification
No.] |
U14200MH2008PTC180877 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Cutting and Processing of Ferrous and Non Ferrous Metal |
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No. of Employees
: |
20 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (43) |
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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 541936 |
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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. The
company has improved its performance in the year 2010-11. 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.
INFORMATION PARTED BY
|
Name : |
Mr. Nirmal Shah |
|
Designation : |
Finance Manager |
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Contact No.: |
91-9619890914 |
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Date : |
13.09.2011 |
LOCATIONS
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Registered Office : |
68/86, Harkorbal Building, Room No. 9, Mughbhat Lane, Thakurdwar Road,
Mumbai – 400002, Maharashtra, India |
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Mobile No.: |
91-9619890914 (Mr. Nirmal Shah) |
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E-Mail : |
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Website : |
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Corporate Office : |
Aidun Building, A Block, 1st Floor, Room No. 3, Dobhi Talao
Lane, Opp. Metro Cinema, Mumbai – 400002, Maharashtra, India |
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Tel. No.: |
91-22-40833333 |
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Fax No.: |
91-22-40833346 |
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Area : |
2000 sq.ft. |
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Location : |
Owned |
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Factory : |
Plot No. M3, Miraj Sangli Industrial Area, MIDC, Kupwad Block, Taluk
Miraj, Dist. Sangli, Maharashtra, India |
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Location : |
Leased |
DIRECTORS
As on 22.07.2011
|
Name : |
Mr. Bhavarkak Mangilal Jain |
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Designation : |
Director |
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Address : |
Flat No. 1006, B/Wing, 10th Floor, Shankar Seth Palace,
Tardeo Road, Nana Chowk, Grant Road West, Mumbai – 400007, Maharashtra, India
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Date of Birth/Age : |
03.07.1956 |
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Date of Appointment : |
07.04.2008 |
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Name : |
Mr. Rajmal Mangilal Jain |
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Designation : |
Director |
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Address : |
Shree Ram Apt., Flat No. 401, Zaubawadi, 4th Floor, Thakurdwar
Road, Mumbai – 400002, Maharashtra, India |
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Date of Birth/Age : |
02.08.1970 |
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Date of Appointment : |
07.04.2008 |
Other Directorship
Name:
|
RAJMAL
MANGILAL JAIN
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Name:
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BHAVARLAL
MANGILAL JAIN
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.07.2011
|
Names of Shareholders |
No. of Shares |
% of Holding |
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Bhavarlal M. Jain |
50000 |
3.54 |
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Rajmal M. Jain |
50000 |
3.54 |
|
JMD Sounds Limited, West Bengal |
100000 |
7.09 |
|
Vibhuti Multi Trade Private limited, Mumbai |
100000 |
7.09 |
|
Fairmount Ventures Private Limited, Mumbai |
100000 |
7.09 |
|
Alka Diamond Industries Limited |
60000 |
4.25 |
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Anehal Properties Private Limited, Mumbai |
20000 |
1.42 |
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Nakshatra business Private Limited, Mumbai |
50000 |
3.55 |
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JPK Trading (India) Private Limited, Mumbai |
40000 |
2.84 |
|
Kush Hindustan Entertainment Limited, Mumbai |
50000 |
3.55 |
|
Triangular Infocom Limited, Mumbai |
50000 |
3.55 |
|
Ostwal Trading India Private Limited, Mumbai |
40000 |
2.84 |
|
Ansh Merchandise Private Limited, Mumbai |
50000 |
3.55 |
|
Casper Enterprises Private Limited, Mumbai |
50000 |
3.55 |
|
Devsha Impex Private Limited, Mumbai |
100000 |
7.09 |
|
Mukti Trade Private Limited, Mumbai |
400000 |
28.37 |
|
Ross Impex Private Limited, Mumbai |
100000 |
7.09 |
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Total |
1410000 |
100 |
AS ON 30.09.2011
|
Category |
Percentage |
|
Bodies corporate |
92.92 |
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Directors or relatives of Directors |
7.08 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Cutting and Processing of Ferrous and Non Ferrous Metal |
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Imports : |
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Products : |
·
Scrap |
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Countries : |
·
USA ·
China |
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Terms : |
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Selling : |
Credit (30 days, 60 days, 90
days) |
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Purchasing : |
Advance |
GENERAL INFORMATION
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Suppliers : |
·
Earth Metals And Paper Inc, USA ·
Universal Metal In, USA |
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Customers : |
·
Nilanjan Iron Private Limited, Kolhapur ·
Bharti Industry, Coimbatore ·
Aqua Sub Engineering |
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No. of Employees : |
20 (in office) |
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Bankers : |
· Indian Overseas Bank, Nariman Point Branch, Bakhtawar Building, Nariman Point, Mumbai - 400021, Maharashtra, India · State Bank of India, SME Backbay Reclamation Branch, Raheja Chamber, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Facilities : |
Notes 1.
Working capital facilities from SBI mentioned above
are secured by hypothecation of stocks, book debts and personal guarantee by
directors. 2.
Issue of shares during the year. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
J C Upadhyay and Associates Chartered Accountant |
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Address : |
1st Shanti Sadan, Podar Park, Podar Road, Malad (east),
Mumbai – 400097, Maharashtra, India |
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Associates/Subsidiaries : |
·
Tulsi Casting and Machining Limited ·
Metal Link Alloys Limited ·
Bhavarlal Mangilal Jain and Company |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1410000 |
Equity Shares |
Rs. 10/- each |
Rs. 14.100
Millions |
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|
Share Application Money Pending to be
Allotment |
|
Rs. 46.000
Millions |
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Total |
|
Rs. 60.100 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
14.100 |
7.100 |
0.100 |
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2] Share Application Money |
46.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
75.384 |
30.715 |
0.021 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
135.484 |
37.815 |
0.121 |
|
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LOAN FUNDS |
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|
|
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|
1] Secured Loans |
121.169 |
31.903 |
0.000 |
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2] Unsecured Loans |
8.230 |
37.017 |
0.099 |
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TOTAL BORROWING |
129.399 |
68.920 |
0.099 |
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DEFERRED TAX LIABILITIES |
0.004 |
0.002 |
0.000 |
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TOTAL |
264.887 |
106.737 |
0.220 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.316 |
29.382 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.003 |
0.003 |
0.000 |
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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 |
28.757
|
45.644 |
0.000 |
|
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Sundry Debtors |
266.564
|
77.365 |
0.000 |
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Cash & Bank Balances |
17.383
|
7.137 |
0.079 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
57.628
|
7.971 |
0.068 |
|
Total
Current Assets |
370.332
|
138.117 |
0.147 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
94.590
|
59.229 |
|
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Other Current Liabilities |
0.000
|
0.000 |
|
|
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Provisions |
12.222
|
1.607 |
0.001 |
|
Total
Current Liabilities |
106.812
|
60.836 |
0.022 |
|
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Net Current Assets |
263.520
|
77.281 |
0.125 |
|
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MISCELLANEOUS EXPENSES |
0.048 |
0.071 |
0.095 |
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|
|
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TOTAL |
264.887 |
106.737 |
0.220 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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SALES |
|
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|
|
|
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Income |
930.320 |
127.371 |
0.075 |
|
|
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Other Income |
1.225 |
0.083 |
0.000 |
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|
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TOTAL (A) |
931.545 |
127.454 |
0.075 |
|
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|
|
|
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Less |
EXPENSES |
|
|
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|
|
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TOTAL (B) |
894.456 |
121.537 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
37.089 |
5.917 |
NA |
|
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|
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Less |
FINANCIAL
EXPENSES (D) |
11.508 |
2.012 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
25.581 |
3.905 |
0.030 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.222 |
0.003 |
0.000 |
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PROFIT BEFORE
TAX (E-F) (G) |
25.359 |
3.902 |
0.030 |
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|
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|
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Less |
TAX (I) |
8.690 |
1.208 |
0.001 |
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PROFIT AFTER TAX
(G-I) (J) |
16.669 |
2.694 |
0.020 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.715 |
0.020 |
0.0000 |
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|
|
|
|
|
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BALANCE CARRIED
TO THE B/S |
19.384 |
2.714 |
0.020 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.78
|
2.11 |
26.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.72
|
3.06 |
40.00 |
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.82
|
2.32 |
20.40 |
|
|
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|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.10 |
0.24 |
|
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|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.74
|
3.43 |
1.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.46
|
2.27 |
6.68 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors Details
|
Particulars |
31.03.2011 (Rs. In
Millions) |
31.03.2010 (Rs. In
Millions) |
31.03.2009 (Rs. In
Millions) |
|
Sundry Creditors for Goods |
|
|
|
|
Imports |
0.000 |
14.977 |
NA |
|
Domestic |
93.534 |
43.482 |
NA |
|
|
|
|
|
|
Creditors for Expenses |
1.055 |
0.768 |
NA |
OPERATIONS
Net profit (before depreciation and income tax) for the year 2010-2011
was Rs. 25.581 millions as compares to Rs. 3.905 millions for the year
2009-2010. The profit before tax is Rs. 25.359 millions for the year 2010-2011 as
compared to Rs. 3.902 millions for the year 2009-2010
Note – The registered
office address of the company has been shifted from 36 AB Nirdhar Mughbhat X
Lane, Thakurdwar Road, Mumbai – 400004, Maharashtra, India, to present address
w.e.f. 01.05.2008
Form 8
|
Corporate
identity number of the company |
U14200MH2008PTC180877 |
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Name of the
company |
KARNAWAT ASSOCIATES PRIVATE LIMITED |
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|
Address of the
registered office or of the principal place of business in |
68/86, Harkorbal Building, Room No. 9, Mughbhat Lane, Thakurdwar Road,
Mumbai – 400002, Maharashtra, India |
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This form is for |
Creation of
charge |
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Type of charge |
Book debts Movable property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Letter of Hypothecation
dated 05/07/2011. |
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Date of
instrument Creating the charge |
05.07.2011 |
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Amount secured by
the charge |
Rs. 590.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit : Base rate + 3.50% p.a. + 0.50% p.a. Term Loan : Base rate + 3.75% p.a. + 0.50% p.a. Letter of Credit
: As per CO Circular in force Terms of
Repayment Cash Credit / LC
: Repayable on Demand. Term Loan : Repayable in 60 equal monthly
installments after 6 months moratorium from the date of first disbursement. Margin Cash Credit : 25% on Stock : 40% on Book debts Term Loan : 57.25% on Project 38.19% on Term Loan Letter of Credit
: 25% Extent and
Operation of the charge The charge is to
operate as security, by way of first exclusive charge, for the due repayment
of the credit facility of Rs.590.000 millions together with interests,
additional interest, costs, charges, expenses and all other moneys payable by
the Company to the Bank from time to time in terms of sanction. Others Facility : ------------ Cash Credit : Rs.350.000 millions Term Loan : Rs.140.000 millions Letter of Credit
: Rs.100.000 millions
----------------------- Total : Rs.590.000 millions |
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|
Particulars of
the property charged |
Hypothecation of
: a) 1st charge on entire
current assets of Company and 2nd charge on entire fixed assets of the
Company. - As security for Cash Credit limit
of Rs.350.000 Millions b) 1st charge on
entire fixed assets of Company and 2nd charge on entire current assets of the
Company. - As security for Term Loan of
Rs.140.000 millions. c) Documents to
title to goods/accepted hundies and 1st charge over current assets & 2nd
charge on entire fixed assets of Company. - As security for Letter of Credit
limit of Rs.100.000 Millions |
Fixed Assets
·
Freehold Land
·
Plant and Machinery
·
Motor Bike
·
Furniture and Fixtures
·
Office Equipment’s.
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.47.09 |
|
|
1 |
Rs.74.64 |
|
Euro |
1 |
Rs.64.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.