|
Report Date : |
20.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
KULODAY PLASTOMERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
9, Aghadi Industrial Estate, 1st Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.07.1995 |
|
|
|
|
Com. Reg. No.: |
11-090868 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25202MH1995PTC090868 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK13397G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCK6258R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Plastic Bags. |
|
|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 82000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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. 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 : |
Ms. Anita |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-28200417 |
|
Date : |
17.02.2012 |
LOCATIONS
|
Registered Office : |
9, Aghadi Industrial Estate, 1st Floor, |
|
Tel. No.: |
91-22-28836662 / 28200417 |
|
Fax No.: |
91-22-28366590 |
|
E-Mail : |
info@kpplindia.com |
|
website : |
www.kpplindia.com |
|
Location : |
Owned |
|
|
|
|
Factory : |
644/29,Agarwal Industrial Estates, Somnath Road, Dhabel Village, Daman
(UT) – 396 210, Gujarat, India |
|
Tel. No.: |
91-260-2243005 |
|
Fax No.: |
91-260-2241005 |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Amol Kumar Subodhkumar Chokhani |
||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||
|
Address : |
9, Aghadi
Industrial Estate, 1st Floor, Shubhash Road, Jogeshwari (East),
Mumbai – 400 060, Maharashtra, India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
29.09.1968 |
||||||||||||||||||||||||
|
Date of Appointment : |
01.08.2005 |
||||||||||||||||||||||||
|
DIN No.: |
01781686 |
||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Name : |
Mrs. Meenadevi Chokhani |
||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||
|
Address : |
9, Aghadi
Industrial Estate, 1st Floor, Shubhash Road, Jogeshwari (East),
Mumbai – 400 060, Maharashtra, India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
19.11.1984 |
||||||||||||||||||||||||
|
Date of Appointment : |
21.07.1995 |
||||||||||||||||||||||||
|
DIN No.: |
02821994 |
||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Ms. Anita |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
S. P.Chokhani (Huf) |
|
20000 |
|
Meenadevi S. Chokhani |
|
31350 |
|
Amol S. Chokhani |
|
152500 |
|
Suvidha Securities Private Limited, India |
|
6800 |
|
Gemstone Investment Private Limited, India |
|
8000 |
|
Meena A. Chokhani |
|
31350 |
|
Total |
|
250000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Bodies corporate |
5.92 |
|
Directors or relatives of Directors |
94.08 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Plastic Bags. |
|
|
|
|
Exports : |
|
|
Products : |
Plastic Bags |
|
Countries : |
Asian and European Countries |
|
|
|
|
Terms : |
|
|
Selling : |
L/C/ Cash/ Credit (30 days) |
|
|
|
|
Purchasing : |
Cash/ Credit (30 days) |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
150 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
Bank of India, Malad (West) Branch, Opposite Nataraj Market, Swami Vivekanand
Road, Malad (West), Mumbai – 400064, Maharashtra, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
Notes : 1.
Credit Facility secured by hypothecation of Raw
Materials, Finished and Semi- Finished Goods, Stores and Book Debts (Both
Present and Future) consists of Cash Credit Facility, Packing Credit and
Export Bill Discounting. 2.
Cash Credit are personally guaranteed by the
Directors of the company. 3.
Vehicle Loan is financed by way of the specific
vehicle financed. 4.
Term Loans from Bank of India are Secured by way
of Mortgage by first pari passu charge basis on factory land and building of
the Company. 5.
The Closing Balance of the Above Mentioned
Accounts are duly Verified with the Balance in the Bank Statements as on
31.03.2011.
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Banka and Banka Chartered Accountants |
|
Address : |
204, Anupam Apartments, ‘B’ Wing, 2nd Floor, S.V. Road, Malad
(West), Mumbai – 400064, Maharashtra, India |
|
Tel No.: |
91-22-28896585/28831244/28812125 |
|
Email: |
|
|
PAN.: |
AAAFB1145R |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500
Millions |
|
|
|
|
|
Notes:
1.
During the year, The Company has Allotted 1,50,200
Equity Shares of Rs.10 each to Director and their relative vide Board Resolution
dated 11.03.2011
2.
1,200 Equity Shares of Rs.10 Each been allotted by
the company against allotment money of Rs.0.300 Million at a premium of Rs.240
to other body corporates.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.500 |
1.298 |
0.850 |
|
|
2] Share Application Money |
0.300 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
17.817 |
16.284 |
11.464 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
20.617 |
17.582 |
12.314 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
45.331 |
28.459 |
21.817 |
|
|
2] Unsecured Loans |
12.748 |
15.017 |
6.236 |
|
|
TOTAL BORROWING |
58.079 |
43.476 |
28.053 |
|
|
DEFERRED TAX LIABILITIES |
2.224 |
1.531 |
0.962 |
|
|
|
|
|
|
|
|
TOTAL |
80.920 |
62.589 |
41.329 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
28.180 |
23.312 |
12.759 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.292 |
0.292 |
0.292 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
41.431
|
39.791
|
23.405 |
|
|
Sundry Debtors |
21.561
|
11.176
|
8.061 |
|
|
Cash & Bank Balances |
5.224
|
4.462
|
2.669 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
7.472
|
1.409
|
1.478 |
|
Total
Current Assets |
75.688
|
56.838
|
35.613 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
21.573
|
16.712
|
|
|
|
Other Current Liabilities |
1.246
|
0.850
|
7.029 |
|
|
Provisions |
0.428
|
0.304
|
0.326 |
|
Total
Current Liabilities |
23.247
|
17.866
|
7.355 |
|
|
Net Current Assets |
52.441
|
38.972
|
28.258 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.007 |
0.013 |
0.020 |
|
|
|
|
|
|
|
|
TOTAL |
80.920 |
62.589 |
41.329 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover/ Income |
115.428 |
77.254 |
65.944 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
8.342 |
6.331 |
4.010 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
4.725 |
3.539 |
1.429 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3.617 |
2.792 |
2.581 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.371 |
0.932 |
0.649 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2.246 |
1.860 |
1.931 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.713 |
0.592 |
0.574 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1.533 |
1.268 |
1.358 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
78.640 |
45.705 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings per
share (Rs.) |
14.13 |
-- |
-- |
|
Expected Sales (2011-12) : Rs.150.000 Millions
The above information has been parted by Ms. Anita.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.16
|
2.32
|
3.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.11
|
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.94
|
3.48
|
2.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.25
|
3.18
|
4.84 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
FORM 8
|
Corporate
identity number of the company |
U25202MH1995PTC090868 |
|
Name of the company
|
KULODAY
PLASTOMERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
9, Aghadi
Industrial Estate 1st Floor, Subhash Road, Jogeshwari (East), Mumbai –
400067, Maharashtra, India Email : amol@kpplindia.com |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10095872 |
|
Type of charge |
Immovable
property |
|
Particular of charge
holder |
Bank of India, Malad (West) Branch, Opposite Nataraj Market, Swami
Vivekanand Road, Malad (West), Mumbai – 400064, Maharashtra, India |
|
Nature of
instrument creating charge |
Oral assent for
extension of equitable mortgage |
|
Date of
instrument Creating the charge |
19.03.2011 |
|
Amount secured by
the charge |
Rs.85.200
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest CC(St. and
BD):3.50%over BR presently13% p.a. with monthly rests,PCF:11% p.a. upto 270
days or at such other rate/s of interest as may be notified by the Bank from
time to time Terms of
repayment On Demand Margin As may be
required by the Bank from time to time Extent and
operation of the charge Security in
favour of Bank for due repayment by company to Bank at Mumbai of the said
aggregate facilities of Rs.85.200 Millions with interest at agreed rates of
interest, Security shall remain and continue for any advance of any nature
now due or pending or that may be made or become due hereafter from time to
time either in said loan account or in any other account/s and whether
singly or jointly with another or others and whether at Malad (West).Others
Branch or any other Others branch or office
of the Bank and/or for any indebtedness or liability whatsoever and for all costs,
charges, and expenses whatsoever paid or incurred by the Bank. Revised
Facilities and Limits (Rs. in Millions): A)Fund Based: 1)CC (Stock and Book
debts): Rs.12.500, 2)EPC/PCFC: Rs.32.500, 3)FBP/FCBP DP/DA 90 days :Rs.3.25
Max.(1,2 &3) Rs.32.500, 4) TL I Rs.0.600, 5) TL II Rs.3.500 ,6)TL III:
Rs.7.100 Total FB Rs.43.700 B)Non Fund Based: Bank Guarantee Rs.1.500,
Import/Inland L/C DP/ DA 90 days -Rs.40.000 Total Rs.85.200 |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
A) All that piece
and parcel of property in question being N.A. Land or ground bearing plot
No.644/29 admeasuring about 740.75 sq. mtrs. situated at (ii), (iii),(iv), and (v) Village Dabhel
within the area of Taluka of Daman ,Sub district and District of Daman B) Equitable
mortgage of the immovable properties of the company comprising non
agricultural land and building and other structures, fixed Plant and
Machinery, Fixtures and fittings hereon erected or installed thereon or to be erected or installed
thereon situated at Gala No.1, 2and 3, Agarwal Industrial Estate, Survey No.
644/10and 644/11,Near Somnath Temple, Dabhel, Daman (U.T.) admeasuring about 474 Sq.Mtrs. |
|
Date of
instrument modifying the charge |
22.02.2010 |
|
Particulars of
the present modification |
3rd Modification.
The principal amount of charge on the mortgaged property is increased from
Rs.57.300 Millions to Rs.85.200 Millions. Revised Facilities and Limits (Rs.
in Millions): A)Fund Based: 1)CC (Stock and Book debts): Rs.12.500,
2)EPC/PCFC: Rs.32.500, 3)FBP/FCBP DP/DA 90 days :Rs.3.25 Max.(1,2 and 3)
Rs.32.500, 4) TL I Rs.0.600 ,5) TL II Rs.3.500 ,6)TL III: Rs.7.100 Total FB
Rs.43.700 B)Non Fund Based: 7)Bank Guarantee Rs.0.15, 8)Import/Inland L/C DP/
DA 90 days -Rs.40.000 Total Rs.85.200 |
Fixed Assets
·
Land
·
Building
·
Plant and Machinery
·
Electrification
·
Mobile Phone
·
Motor Car
·
Computers
·
Furniture
·
Motor Bike
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.49.21 |
|
|
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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 |
4 |
|
--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.