MIRA
INFORM REPORT
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Report Date : |
22.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
KIVI SANSHO PACKAGING PRIVATE LIMITED |
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Registered
Office : |
Plot No. E -.7, Shivalli Industrial Area, Manipal -576104, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.01.2008 |
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Com. Reg. No.: |
08-044943 |
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Capital Investment/
Paid-up Capital: |
Rs.40.000 Millions |
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CIN No.: [Company Identification
No.] |
U25202KA2008PTC044943 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Flexible Packaging Material. |
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No. of
Employees: |
60 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 170000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. The management of the
company has failed to file its financial with the government department after
the year 2010. Ms. Rekha, the CEO has provided with the required
details. Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 : |
Ms. Rekha |
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Designation : |
Chief Executive Officer |
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Contact No.: |
91-820-2572922 |
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Date : |
19.02.2012 |
LOCATIONS
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Registered Office/Factory : |
Plot No. E -.7, Shivalli Industrial Area, Manipal -576104, |
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Tel. No.: |
91-820-4291095/2572922 |
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Fax No.: |
Not Available |
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E-Mail : |
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Area: |
5000 Sq.ft |
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Location: |
Owned |
DIRECTORS
As on 11.09.2010
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Name : |
Mr. Kiran Shetty |
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Designation : |
Director |
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Address : |
Narayani, Saralebettu, Manipal -576104, |
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Date of Birth/Age : |
11.10.1965 |
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Date of Appointment : |
14.01.2008 |
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Din No.: |
00713092 |
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Other Directorship:
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Name : |
Mr. Shobith Shetty |
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Designation : |
Director |
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Address : |
No.8-45, Suprabha House, Saralebettu, Shivalli, Udupi District,
Manipal -576104, Karnataka, India |
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Date of Birth/Age : |
18.05.199 |
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Date of Appointment : |
14.01.2008 |
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Din No.: |
01896515 |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
Ms.Rekha |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.09.2010
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Names of Shareholders |
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No. of Shares |
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Kiran Shetty |
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2854145 |
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Shobith Shetty |
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5000 |
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Manipla Extrusion Private Limited, |
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1040855 |
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Vinod Kumar Rai |
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100000 |
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Total |
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4000000 |
As on 11.09.2010
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Category |
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Percentage |
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Bodies corporate |
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26.00 |
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Directors or relatives of directors |
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71.50 |
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Other top fifty shareholders |
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2.50 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Flexible Packaging Material |
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Exports : |
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Products : |
Packaging Material |
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Countries : |
·
Nether land ·
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
·
·
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Terms : |
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Selling : |
Cash/Credit |
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Purchasing : |
Cash/Credit |
GENERAL INFORMATION
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Suppliers : |
·
Reliance Industries Limited |
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Customers : |
End Users ·
Tata Steel ·
Nestle |
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No. of Employees : |
60 (Approximately) |
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Bankers : |
·
Bank of ·
Canara Bank ·
State Bank of ·
Oriental Bank of Commerce |
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Facilities : |
Rs.
In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V. Raghavendra Chartered Accountant |
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Address : |
No.2-104 B(6), Chetan Nagar, Kumpla Bypass, Koetkar Post, Mangalore
-575022, Karnataka, India |
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Pan No.: |
AEXPR9062A |
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Sister Concern : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity Share |
Rs.10/- each |
Rs.40.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
4000000 |
Equity Share |
Rs.10/- each |
Rs.40.000 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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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40.000 |
0.100 |
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2] Share Application Money |
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20.357 |
32.665 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(17.774) |
0.000 |
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NETWORTH |
|
42.583 |
32.765 |
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LOAN FUNDS |
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1] Secured Loans |
|
276.052 |
42.867 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
|
276.052 |
42.867 |
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DEFERRED TAX LIABILITIES |
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4.951 |
0.000 |
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TOTAL |
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323.586 |
75.632 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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252.136 |
149.012 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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26.975 |
0.000 |
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Sundry Debtors |
|
23.893 |
0.000 |
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Cash & Bank Balances |
|
0.137 |
20.525 |
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Other Current Assets |
|
25.718 |
4.814 |
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Loans & Advances |
|
0.428 |
1.116 |
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Total
Current Assets |
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77.151 |
26.455 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
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100.748 |
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Other Current Liabilities |
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Provisions |
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0.511 |
0.022 |
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Total
Current Liabilities |
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6.753 |
100.770 |
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Net Current Assets |
|
70.398 |
(74.315) |
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MISCELLANEOUS EXPENSES |
|
1.052 |
0.935 |
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TOTAL |
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323.586 |
75.632 |
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PROFIT & LOSS
ACCOUNT
|
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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Total Income |
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59.073 |
- |
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Less |
Total
Expenditure |
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71.896 |
- |
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PROFIT BEFORE
TAX |
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(12.823) |
- |
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Less |
TAX |
|
0.000 |
- |
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PROFIT AFTER TAX |
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(12.823) |
- |
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Particulars |
|
31.03.2012 |
31.03.2011 |
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Sales Turnover (Approximately) |
|
35.000 (Due to Market
Fluctuation) |
80.000 |
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Expected Sales (2012-2013): Rs.200.000 Millions
The above information has been parted by Ms. Rekha 200.000 Millions
KEY RATIOS
|
PARTICULARS |
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|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
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(21.71) |
- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(3.90) |
- |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.28 |
- |
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Debt Equity Ratio (Total Liability/Networth) |
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|
6.64 |
4.38 |
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Current Ratio (Current Asset/Current Liability) |
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|
11.42 |
0.35 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
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Locality
of the Firm |
Yes |
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Constitution
of the firm |
Yes |
|
Premises
details |
Yes |
|
Type
of Business |
Yes |
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Line
of Business |
Yes |
|
Promoters
background |
Yes |
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No.
of Employees |
Yes |
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Name
of Person Contacted |
Yes |
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Designation
of contact person |
Yes |
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Turnover
of firm for last two years |
Yes |
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Profitability
for last one years |
Yes |
|
Reasons
for variation <> 20% |
Yes |
|
Estimation
for coming financial year |
Yes |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
Yes |
|
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 |
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Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
No |
|
Major
Shareholders, if applicable |
Yes |
Form : 8
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Corporate identity number of the company |
U26913RJ2003PLC018164 |
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Name of the company |
ORIENT GLAZES LIMITED |
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Address of the registered office or of the
principal place of business in |
G – 1, 90-93, Udyog
Vihar, Sukher, Email: tcsindia@sify.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the
charge to be modified |
10003968 |
|
Type of charge |
·
Movable property (not being pledge) ·
Immovable
Property ·
Book
Debts ·
Floating
Charge |
|
Particular of charge holder |
Oriental Bank Of Commerce, G-2, Samedh, Near Associated Petrol Pump, C.G. Road, Ahmedabad, Gujarat – 380006, India |
|
Nature of instrument creating charge |
1.
Supplemental
Agreement to secure credit / loan facilities (Loan Doc-13) 2.
Sanction
Letter 3.
Memorandum
of deposit of title deeds. |
|
Date of instrument Creating the charge |
19.04..2012 |
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Amount secured by the charge |
Rs.241.300 Millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest 14.25% p.a. i.e. Present Bank Rate of
10.75% + 3.50%, with monthly rests Terms
of repayment Term of Sanction : One Year Tenor (LC Limit) : DP or DA with usance
upto 180 Days. Margin Cash Credit Limit : 25% on Stock and
receivables Letter of Credit Limit : 10% Forward contract Limit : 5% Extent
and Operation of the charge: Hypothecation of Raw Material, SIP, Stores,
Spares, Finished Goods, Consumables, Packing Material & Book Debts Hypothecation charge over the goods in
case of LC on DA Basis Documents to the title of goods in case of
LC on DP Basis. Demand / Usance Bills under LC to have
Maximum tenor of 90 Days (To secure total enhanced limit of
Rs.313.300 Millions, i.e. Working capital limits of Rs.241.300 Millions and
term loan of Rs.72.000 Millions, charge separately created vide id 10003970) Others: A) Personal Guarantee : Mr Raj Kumar Surana, Mr. Manik Chand
Nahar, Smt Shayar Devi Surana, Mr Manish Nahar, Ms Priti Nahar, Mr Harsh
Surana Directors of the Company and Mr. Bijay Kumar Surana. B)
Corporate Guarantee of Nahar Colour & Coatings Limited having TNW of Rs.236.000 Millions as on 31.03.2011. C) Guarantee of M/s Cuarzo D) Counter Guarantee of the Borrower E) Forward Contract limit of Rs.6.300
Millions being 5% of total Contractual
Exposer of Rs.12.600 Millions |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
Raw Material, Stock in Process, Finished
Goods, Consumables, Packing Material, Book Debts, & other movable assets
of the company (Existing and Future) situated at G-1 90-93 Udyog Vihar,
Sukher Udaipur Entire Fixed Assets of The Company having
WDV of Rs.140.700 Millions Charge...
as on 31.03.2011 Charge on Fixed assets of M\s Cuarzo estimated
at Rs.68.100 Millions |
|
Particulars of the present modification |
I. Increase of Fund Based Limit from
Rs.113.500 Millions to Rs241.300
Millions as under : A.
Cash Credit : Rs.110.000
Millions
Sub Limits : B.P./ B.D. : (Rs.40.000 Millions)
Usance BP / BD (against LC) : (Rs.40.000 Millions) B.
L.C. (Import /Inland) : Rs.125.000
Millions Sub Limit : Bank Guarantee
: (Rs.25.000 Millions) C. Forward Contract limit : Rs.06.300
Millions II. Hypothecation to cover overall limit
of Rs. 313.3 Millions |
FIXED ASSETS:
·
·
Buildings
·
Label Machine
·
Plant and Machinery
·
Computers
·
Electrification
·
Motor Vehicle
·
Furniture and
Fixtures
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.56.42 |
|
|
1 |
Rs.88.45 |
|
Euro |
1 |
Rs.71.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
26 |
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.