|
Report Date : |
07.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
KLEENAIR SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
"Kleenair" House, Gat No.:120-122 At Post Pirangut, Taluka
Mulshi Pune, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
25.03.1994 |
|
|
|
|
Com. Reg. No.: |
11-077308 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.6.527 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29199MH1994PTC077308 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK05685B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK8706A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Air Pollution Control Equipment Like Gas Control
Products (GP) |
|
|
|
|
No. of
Employees: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 268000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
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.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Harsha |
|
Designation : |
Accountant |
|
Contact No.: |
91-20-66750380 |
|
Date : |
06.12.2012 |
LOCATIONS
|
Registered Office/Factory : |
"Kleenair" House, Gat No.:120-122 At Post Pirangut, Taluka
Mulshi Pune, |
|
Tel. No.: |
91-20-66750380/81/82/20291218/32901681/25440777 |
|
Fax No.: |
91-20-66750394 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Achyut Chaitanya Gosavi |
|
Designation : |
Director |
|
Address : |
Flat No.1, Pranav, Ishadan Society, |
|
Date of Birth/Age : |
22.09.1962 |
|
Qualification : |
BE. Chemical |
|
Experience : |
29 Years |
|
Date of Appointment : |
25.03.1994 |
|
Din No.: |
01801621 |
|
|
|
|
Name : |
Mr. Hemant Madhusudan Masodkar |
|
Designation : |
Director |
|
Address : |
A/3 Revenue Colony, 7, ICS Colony, Off |
|
Date of Birth/Age : |
02.07.1963 |
|
Qualification : |
B. Tech, DBM |
|
Experience : |
29 Years |
|
Date of Appointment : |
25.03.1994 |
|
Din No.: |
00983162 |
|
|
|
KEY EXECUTIVES
|
Name : |
Mr. Harsha |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Hemant Madhusudan Masodkar |
|
20535 |
|
Achyut Chaitanya Gosavi |
|
13985 |
|
Shivani Hemant Masodkar |
|
10150 |
|
Kishodri Mdhusudan Masodkar |
|
1900 |
|
Manisha Achyut Gosavi |
|
18600 |
|
Hemant Madhusudan Masodkar (HUF) |
|
50 |
|
Achyut Chaitanya Gosavi (HUF) |
|
50 |
|
|
|
|
|
Total |
|
65270 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Air Pollution Control Equipment Like Gas Control
Products (GP) |
|
|
|
|
Exports : |
|
|
Products : |
Finished Products |
|
Countries : |
|
|
|
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|
Imports : |
|
|
Products : |
Bottle |
|
Countries : |
|
|
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|
Terms : |
|
|
Selling : |
Cash and Credit |
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|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Others Steel and Cement Industries |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
·
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower
Parel (West), Mumbai - 400013, ·
State Bank of |
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Vinod .K Gupta and Associates Chartered Accountant |
|
Address : |
401, Indira Chambers, 1549/B, |
|
Tel. No.: |
91-20-24338960 |
|
Mobile No.: |
91-9422029955 |
|
Fax No.: |
91-22-24332293 |
|
E-Mail : |
|
|
Pan No.: |
ABJPG1532F |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65270 |
Equity Shares |
Rs.100/- each |
Rs.6.527
Millions |
|
|
|
|
|
NOTE:
(Included
in above - 38,800 (38,800) Equity Shares of Rs. 100/- each fully paid up as
Bonus Shares.)
Reconciliation of shares
outstanding at the beginning & at the end of the reporting period
|
Particular |
As on 31.03.2012 |
|
|
Number |
Amount |
|
|
Issued during the year |
16770 |
0.016 |
|
At the end of the year |
65270 |
6.527 |
Detail of
shareholder holding more than 5% shares of the company
|
|
31.03.2012 |
|
|
Name of
Shareholders |
No. |
% of holding |
|
Hemant Masodkar |
20535 |
31.46 |
|
Shivani Masodkar |
10150 |
15.55 |
|
Hemant Masodkar HUF |
50 |
0.08 |
|
Kishori Masodkar |
1900 |
2.91 |
|
Achyut Gosavi |
13985 |
21.43 |
|
Manisha Gosavi |
18600 |
28.50 |
|
Achyut Gosavi HUF |
50 |
0.08 |
|
|
|
|
|
Total |
65270 |
100.00 |
The Company has only one
class of equity shares having par value of Rs.100/- per share. Each shareholder
is eligible for one vote per share. In the event of liquidation of the company,
the equity shareholders are eligible to receive the remaining assets of the
company after distribution of all preferential amounts, in proportion to their
shareholding.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6.527 |
4.850 |
4.850 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
60.574 |
34.655 |
25.493 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
67.101 |
39.505 |
30.343 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
18.204 |
17.076 |
13.038 |
|
|
2] Unsecured Loans |
0.500 |
3.577 |
0.500 |
|
|
TOTAL BORROWING |
18.704 |
20.653 |
13.538 |
|
|
DEFERRED TAX LIABILITIES |
1.203 |
1.106 |
1.112 |
|
|
|
|
|
|
|
|
TOTAL |
87.008 |
61.264 |
44.993 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
41.882 |
37.993 |
39.388 |
|
|
Capital work-in-progress |
1.286 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
19.222 |
9.122 |
7.692 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
33.715
|
21.425 |
16.560 |
|
|
Sundry Debtors |
60.632
|
49.610 |
29.500 |
|
|
Cash & Bank Balances |
5.493
|
1.388 |
2.847 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
47.353
|
31.019 |
28.758 |
|
Total
Current Assets |
147.193
|
103.442 |
77.665 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
50.023
|
45.609 |
62.822 |
|
|
Other Current Liabilities |
43.847
|
27.729 |
0.000 |
|
|
Provisions |
28.705
|
15.955 |
16.930 |
|
Total
Current Liabilities |
122.575
|
89.293 |
79.752 |
|
|
Net Current Assets |
24.618
|
14.149 |
(2.087) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
87.008 |
61.264 |
44.993 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
305.099 |
174.247 |
107.694 |
|
|
|
Other Income |
5.593 |
0.992 |
2.866 |
|
|
|
TOTAL |
310.692 |
175.239 |
110.560 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
267.334 |
156.791 |
101.758 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
43.358 |
18.448 |
8.802 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.562 |
4.635 |
5.385 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
38.796 |
13.813 |
3.417 |
|
|
|
|
|
|
|
|
|
|
TAX |
12.847 |
4.620 |
1.191 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
25.949 |
9.162 |
2.078 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
32.021 |
22.859 |
20.781 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
57.970 |
32.021 |
22.858 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
397.56 |
- |
- |
|
The above information has been parted by Mr. Harsha
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
8.35 |
5.23 |
1.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.72 |
7.93 |
3.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.52 |
9.77 |
2.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.58 |
0.35 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.11 |
2.78 |
3.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
1.15 |
0.97 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
No |
|
Major
Customers |
Yes |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
SUNDRY CREDITORS
DETAILS:
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Sundry Creditors for goods |
50.023
|
45.609 |
62.822 |
|
|
|
|
|
|
Total |
50.023
|
45.609 |
62.822 |
FORM 8
|
Corporate
identity number of the company |
U29199MH1994PTC077308 |
|
Name of the
company |
KLEENAIR
SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
"Kleenair" House, Gat No.:120-122 At Post Pirangut, Taluka
Mulshi Pune, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be
modified |
10218683 |
|
Type of charge |
· Book debts · Movable property (not being pledge) · Floating charge |
|
Particular of charge
holder |
HDFC Bank Limited, HDFC Bank
House Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Email: RBBform8@hdfcbank.com |
|
Nature of
instrument creating charge |
Supplementary
Letter of Hypothecation. |
|
Date of
instrument Creating the charge |
10.05.2012 |
|
Amount secured by
the charge |
Rs. 129.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest at the rate as may be communicated by the Bank from time to
time. Term
of Payment: Working capital facility shall be payable On Demand. Term Loan facility shall be repayable in suitable
installments. Margin As may be stipulated by the Bank from time to time. Extent and
operation of the charge Hypothecation
by way of First Charge on Company's Stocks, Book Debts, Plant and Machinery
and Vehicles etc, as a continuing security as mentioned in Column No.15 below
to secure for the repayment of Rs.129.000 Millions together with interest, costs, charges,
expenses and other moneys due and payable by the Company to the Bank. |
|
Short particulars
of the property charged (Including location of the property) |
Stock
in Trade, consisting of raw materials, goods in process of manufacturing
finished goods, and other merchandise whatsoever being movable properties All
the debts, that is, all the book debts, outstandings, monies receivables,
claims, bills, invoice documents,
contracts, guarantees, and rights The
movable plant and machinery and Vehicles which may now or at any time
hereafter belong to the Borrower or come to the Borrower's disposal any of
the |
|
Date of last modification prior to the present modification |
02.07.2011 |
|
Particulars of the present modification |
The
Charge shall now stand increased from Rs. 76.000 Millions to Rs.129.000
Millions against the security of
Stocks, Book Debts, Plant and Machinery and Vehicles etc of the
Company |
Note:
The Registered office of the company has been
shifted from Kleenair House, Gat No. 102-122, At Post Pirangut – 412411 Maharashtra
FIXED ASSETS:
Intangible Assets
·
Software and Licenses
Tangible Assets
·
Computers
·
·
Furniture and Fixtures
·
Office at Kothrud
·
Office at Pirangut
·
Patterns
·
Plant and Machinery
·
Electricals
·
Vehicle
·
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 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.54.47 |
|
|
1 |
Rs.87.63 |
|
Euro |
1 |
Rs.71.11 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
|
46 |
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.