MIRA INFORM REPORT

 

 

Report Date :

12.03.2012

 

IDENTIFICATION DETAILS

 

Name :

M K PETRO PRODUCTS INDIA PRIVATE LIMITED

 

 

Registered Office :

180-C, Jeevan Nagar, New Delhi – 110014

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

04.03.1985

 

 

Com. Reg. No.:

55-020330

 

 

Capital Investment / Paid-up Capital :

Rs.2.750 Millions

 

 

CIN No.:

[Company Identification No.]

U74899DL1985PTC020330

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELM10204F

 

 

PAN No.:

[Permanent Account No.]

AAACM5049G

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Importer of Water Proofing and Insulation Products.

 

 

No. of Employees :

25 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 64000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. The company has incurred some losses in the current year i.e (2010-11). However, 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

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INFORMATION PARTED BY

 

Name :

Ms. Sheelu

Designation :

Manager Administrative

Contact No.:

91-11-26343647

Date :

25.02.2012

 

 

LOCATIONS

 

Registered Office :

180-C, Jeevan Nagar, New Delhi – 110014, India

Tel. No.:

91-11-26343647/ 26341607/ 26341669

Mobile No.:

91-9810213162 (Mr. Sudhir)

Fax No.:

91-11-26340780

E-Mail :

skjaini05@yahoo.com

rca_2479@yahoo.co.in

makphalt@gmail.com

Location :

Owned

 

 

Factory :

Located at :

 

  • Faridabad, Haryana, India

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Sudhir Kumar Jaini

Designation :

Director

Address :

House No.381, Sector 10, Faridabad – 121007, Haryana, India

Date of Birth/Age :

05.04.1965

Date of Appointment :

15.04.2000

DIN No.:

01106623

 

 

Name :

Mr. Ram Niwas Jain

Designation :

Director

Address :

House No.381, Sector 10, Faridabad – 121007, Haryana, India

Date of Birth/Age :

15.02.1938

Date of Appointment :

01.05.2001

DIN No.:

01480026

 

 

Name :

Mr. Noopur Jaini

Designation :

Director

Address :

House No.381, Sector 10, Faridabad – 121007, Haryana, India

Date of Birth/Age :

13.12.1970

Date of Appointment :

01.06.2000

DIN No.:

01106405

 

 

Name :

Mr. Vijay Shree Jain

Designation :

Director

Address :

House No.381, Sector 10, Faridabad – 121007, Haryana, India

Date of Birth/Age :

08.12.1942

Date of Appointment :

01.05.2007

DIN No.:

01480045

 

KEY EXECUTIVES

 

Name :

Ms. Sheelu

Designation :

Manager Administrative

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

No. of Shares

Sudhir Kumar Jaini

 

9084

Ram Niwas Jain

 

2041

V.S Jain

 

550

Ritu Jain

 

25

Noopur Jain

 

5800

Baby Rishika Jaini

 

2000

Master Rishabh Kumar Jaini

 

6000

Secur Telecom Limited, India

 

2000

TOTAL

 

27500

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2011

 

Category

Percentage

Bodies corporate

7.27

Directors or relatives of Directors

92.73

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Importer of Water Proofing and Insulation Products.

 

 

Products :

Product Description

Item Code No.

Blown Bitumin

271320

Fibre Glass Felt

7014

Hessian Felt

591190

 

 

Imports :

 

Products :

Insulation Materials

Countries :

Israel

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

PRODUCTION STATUS

 

As on 31.03.2011

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

 

 

 

 

 

Makfelt Hessian Base

Rolls

NA

150000

992

Blown Bitumen

KG

NA

1.500

12992

Mak Felt FG Base

Roll

NA

--

104

Mak Kote

KG

NA

--

41320

Mak Primer

Ltr

NA

--

9588

 

The company is not required to obtain any industrial license

 

GENERAL INFORMATION

 

Customers :

Retailers and End Users

 

 

No. of Employees :

25 (Approximately)

 

 

Bankers :
  • Union Bank of India, Moti Bagh Branch, New Delhi – 110066, India
  • Citi Bank

 

 

Facilities :

Secured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

From Banks

 

 

Working Capital facilities from UBI

26.379

20.608

Vehicle Loans

0.192

0.558

Interest Accrued

0.000

0.001

Total

26.571

21.167

Notes:

 

1. Working Capital loans (cash credit, book debts) are secured against hypothecation of stock of Raw Materials, Stock in Progress, Finished Goods and Book Debts and further secured by personal irrevocable and unconditional guarantees of Directors of the Company, along with collateral of Land, Building, and Plant and Machinery.

 

2. Vehicle loan has been taken against hypothecation of the respective vehicle.

 

Unsecured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

From Citi Bank

0.000

0.000

From Directors and Shareholder

0.307

0.307

Total

0.307

0.307

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Rohtash Sharma and Company

Chartered Accountants

Address :

582, Nangla Enclave – 1, Ward – 7, Faridabad – 121005, Haryana, India

Mobile No.:

9899158892,9811950574

E-Mail :

carohtashkumar@yahoo.co.in

PAN.:

BCLPS5599A

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

30000

Equity Shares

Rs.100/- each

Rs.3.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

27500

Equity Shares

Rs.100/- each

Rs.2.750 Millions

 

 

 

 

 

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

2.750

2.750

2.750

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

13.169

17.013

16.238

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

15.919

19.763

18.988

LOAN FUNDS

 

 

 

1] Secured Loans

26.571

21.167

22.176

2] Unsecured Loans

0.307

0.307

0.307

TOTAL BORROWING

26.878

21.474

22.483

DEFERRED TAX LIABILITIES

1.075

1.099

1.237

 

 

 

 

TOTAL

43.872

42.336

42.708

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

7.121

7.838

8.563

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
26.441

25.399

37.111

 

Sundry Debtors
10.909

11.418

15.907

 

Cash & Bank Balances
2.492

3.352

3.152

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
9.929

9.625

8.980

Total Current Assets
49.771

49.794

65.150

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
10.146

8.264

21.452

 

Other Current Liabilities
2.417

6.575

7.223

 

Provisions
0.457

0.457

2.330

Total Current Liabilities
13.020

15.296

31.005

Net Current Assets
36.751

34.498

34.145

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

43.872

42.336

42.708

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Sales

55.087

86.309

134.758

 

 

Job Work

13.069

19.682

 

 

 

Other Income

2.841

0.476

0.123

 

 

TOTAL                                     (A)

70.997

106.467

134.881

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Manufacturing Expenses

76.810

88.549

134.416

 

 

Increase / Decrease in Stock

(6.819)

12.470

(9.292)

 

 

TOTAL                                     (B)

69.991

101.019

125.124

 

 

 

 

 

Less

PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

1.006

5.448

9.756

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

4.175

3.611

3.604

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

(3.169)

1.837

6.152

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.699

0.685

0.795

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX (E-F)                   (G)

(3.868)

1.152

5.357

 

 

 

 

 

Less

TAX                                                                  (H)

(0.024)

0.378

2.400

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX (G-H)                    (I)

(3.844)

0.774

2.957

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

12.942

12.143

9.782

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

0.000

0.000

0.275

 

 

Dividend

0.000

0.000

0.046

 

 

Tax on Dividend

0.000

0.000

0.275

 

BALANCE CARRIED TO THE B/S

9.098

12.917

12.143

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Trading Goods

17.998

20.920

25.528

 

TOTAL IMPORTS

17.998

20.920

25.528

 

 

 

 

 

 

Earnings/(loss) Per Share (Rs.)

(139.78)

--

--

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
(5.41)

0.73

2.19

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
(7.02)

1.33

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
(6.80)

2.00

7.27

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
(0.24)

0.06

0.28

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.51

1.86

2.81

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
3.82

3.26

2.10

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Check list by Info Agents

 

Available in Reports ( Yes/No)
  1. Year of Establishment

Yes
  1. Locality of the Firm

Yes
  1. Constitutions of the Firm

Yes
  1. Premises Details

Yes
  1. Type of Business

Yes
  1. Line of Business

Yes
  1. Promoter’s Background

--
  1. No. of Employees

Yes
  1. Name of person contacted

Yes
  1. Designation of contact person

Yes
  1. Turnover of Firm fort last three years

Yes
  1. Profitability for last three years

No
  1. Reasons For Variation<>20%

--
  1. Estimation for coming financial year

No
  1. Capital in Business

Yes
  1. Details of Sister Concern

No
  1. Major Suppliers

No
  1. Major Customers

No
  1. Payment Terms

Yes
  1. Export / Import Details (if Applicable)

Yes
  1. Market Information

--
  1. Litigations that the firm / Promoter involved in

--
  1. Banking Details

Yes
  1. Banking Facility Details

No
  1. Conduct of the banking account

--
  1. Buyer visit details

--
  1. Financial, if provided

No
  1. Incorporation details, if applicable

--
  1. Last Account filed at ROC11

--
  1. Major shareholder , if available

--

 

OPERATIONS

 

During the year company incurred a net loss before tax of Rs.3.868 millions on a gross turnover of Rs.70.997 millions in comparison to previous year profit of Rs.1.153 millions on gross turnover of Rs.106.568 millions.

 

FORM 8

 

Corporate identity number of the company

U74899DL1985PTC020330

Name of the company

M K PETRO PRODUCTS INDIA PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

180-C, Jeevan Nagar, New Delhi – 110014

Email : rca_2479@yahoo.co.in

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

90035894

Type of charge

  • Book Debts
  • Movable Property
  • Floating Charge

Particular of charge holder

Union Bank of India, Moti Bagh Branch, New Delhi – 110066, India

Email: nimishdel@gmail.com

Nature of instrument creating charge

Bank's Letter Dated 20.01.2012

Date of instrument Creating the charge

20.01.2012

Amount secured by the charge

Rs.25.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Cash Credit Limit - BPLR + 1.00% i. e. 13.25% p. a. presently.

LC - Commission as Usual

 

Terms of Repayment

Payable on demand.

 

Margin

As may be prescribed by the bank from time to time.

 

Extent and Operation of the charge

100 percent.

Short particulars of the property or asset(s) charged (including complete address and location of the property)

Hypothecation of stocks in trade and Book Debts.

 

Counter Indemnity and Pledge of Term Deposits.

 

Equitable Mortgage of Industrial Building over Plot bearing Khewat /Khata No. 38/47, Mustasil No. 15, Killa No. 15/2/1(0-13), 16/1(4-0), Kitta-2, Village Softa, Harphali Road, Tehsil Palwal, Faridabad.

 

Particulars of the present modification

The amount of charge over hypothecation of stocks in trade and book debts of the borrower stands reduced from Rs.40.000 millions to Rs.25.000 millions to secure a cash credit limit of Rs.25.000 millions with a sub limit for Letter of Credit Limit of Rs.12.500 millions granted by the bank to the company together with all interests, costs, charges, expenses etc.

 

Other terms and conditions remain the same.

 

FIXED ASSETS

 

  • Land
  • Building
  • Plant and Machinery
  • Lab Equipment
  • Furniture and Fixture
  • Computer and Fax Machines
  • Pollution Control Equipment
  • Vehicle
  • Telephone Operator
  • Air Conditioner
  • Generator
  • Fire Fighting Equipment
  • Block and Dies

 

 

·         CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.50.57

UK Pound

1

Rs.79.57

Euro

1

Rs.66.50

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--CREDIT LINES

1~10

2

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

27

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.