MIRA INFORM REPORT

 

 

Report Date :

31.03.2012

 

IDENTIFICATION DETAILS

 

Name :

NIKITA CONTAINERS PRIVATE LIMITED

 

 

Registered Office :

Gala No. 124, Udyog Kshetra, Mulund Goregaon Link Road, Mulund (West), Mumbai-400080, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

26.03.1993

 

 

Com. Reg. No.:

11-71327

 

 

Capital Investment / Paid-up Capital :

Rs.52.300 Millions

 

 

CIN No.:

[Company Identification No.]

U28129MH1993PTC071327

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMN10459B

 

 

PAN No.:

[Permanent Account No.]

AAACN9140P

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Metal Containers, Custom Tin Containers, Decorative Tin Containers, Cookies Containers.

 

 

No. of Employees :

110 [Approximately] 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (33)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 300000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. Profitability of the company appears to be low. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for small to mediocre 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.

 

 

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

 

 

LOCATIONS

 

Registered Office :

Gala No. 124, Udyog Kshetra, Mulund Goregaon Link Road, Mulund (West), Mumbai-400080, Maharashtra, India

Tel No.:

91-22-25690666

Fax No.:

91-22-25650018

E-Mail :

yogeshkorani@clarioncosmetics.com

varadharajan@clarionindia.in

Area :

700 Sq. Fts

Location :

Owned

 

 

Corporate Office  :

No. 3, 4th Floor, Gokul Arcade, No. 2, Sardar Patel Road, Adyar, Chennai-600020, Tamilnadu, India

Tel. No.:

91-44-24917977/24902148

Fax No.:

91-44-24917948

Area :

500 Sq. Fts

Location :

Owned

 

 

Factory 1  :

Vazdhavur Road, Iyyankutti Paloyam, Kurmbapet Village, Pondicherry – 605009, India

Tel. No.:

91-413-2272640/3291893

Area :

4200 Sq. Fts

Location :

Owned

 

 

Factory 2 :  

F-17, SIPCOT Industrial Park – I, Irungattukottai, Sriperumbudur, Kanchipuram-602105, Tamilnadu, India

Tel No. :

91-44-47193131

Area :

30000 Sq. Yard

Location :

Owned

 

 

Clarion House :

Plot No. S-8, Thiru-Vi-Ka Industrial Estate, Guindy, Chennai-600032, Tamilnadu, India

Tel No.:

91-44-22500588/22500599/22501288/22501588

Fax No.:

91-44-22501588

Email :

chennai@clarionindia.in

 

 

DIRECTORS

 

AS ON 30.09.2011

 

Name :

Lakshmanan Kalpathy

Designation :

Director

Address :

14, Ground Floor, Beach Home Avenue, Besant Nagar, Chennai-600090, Tamilnadu, India

Date of Birth/Age :

12.05.1952

Qualification :

B. Sc

Date of Appointment :

11.06.1999

Din No.:

00207231

Other Directorship:

S.

No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Company Status

Defaulting status

1

U28129MH1993PTC071327

NIKITA CONTAINERS PRIVATE LIMITED

Director

29-04-93

29-04-93

Active

NO

2

U24246MH1993PTC074285

CLARION COSMETICS PRIVATE LIMITED

Director

01-10-93

01-10-93

Active

NO

3

U24222MH1995PLC086610

FIABILA INDIA LIMITED

Director

19-02-99

19-02-99

Active

NO

4

U24246TN1999PTC042634

CARESS BEAUTY CARE PRODUCTS PRIVATE LIMITED

Director

11-06-99

11-06-99

Active

NO

5

U31904TN2002PTC048560

PEARLCITY ENTERPRISES PRIVATE LIMITED

Director

06-03-03

06-03-03

Active

NO

6

U24246MH2003PTC143401

LOTUS BEAUTY CARE PRODUCTS PRIVATE LIMITED

Director

05-12-03

05-12-03

Active

NO

7

U80903MH2004PTC147741

LTA SCHOOL OF BEAUTY PRIVATE LIMITED

Director

30-09-08

14-10-07

Active

NO

8

U25200TN2010PTC074332

BIOTEC BAGS INDIA PRIVATE LIMITED

Director

22-01-10

22-01-10

Active

NO

 

 

Name :

Mr. Yogesh Korani

Designation :

Managing Director

Address :

6, Madhav Kunj, Derasar Lane, Ghatkopar (East), Mumbai-400077, Maharashtra, India

Date of Birth/Age :

15.05.1951

Qualification :

CA

Date of Appointment :

19.02.1999

Din No.:

00041923

Other Directorship:

S. No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Company Status

Defaulting status

1

U74950MH1983PTC031305

NIKITAA PACKAGING PRIVATE LIMITED

Director

30-09-91

30-09-91

Active

NO

2

U24246MH1993PTC074285

CLARION COSMETICS PRIVATE LIMITED

Director

01-10-93

01-10-93

Active

NO

3

U24222MH1995PLC086610

FIABILA INDIA LIMITED

Director

19-02-99

19-02-99

Active

NO

4

U28129MH1993PTC071327

NIKITA CONTAINERS PRIVATE LIMITED

Director

19-02-99

19-02-99

Active

NO

5

U24246MH2003PTC143401

LOTUS BEAUTY CARE PRODUCTS PRIVATE LIMITED

Director

05-12-03

05-12-03

Active

NO

6

U15400MH2008PTC188173

ROBINSON FOOD PROCESSING PRIVATE LIMITED

Director

14-11-08

14-11-08

Active

NO

7

U24110MH2010PTC201268

HSA CLARION HAIR COSMETICS PRIVATE LIMITED

Managing director

24-10-11

24-10-11

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2011

 

Names of Shareholders

No. of Preferences Shares

No. of Equity Shares

Raji Lakshmanan

290000

189500

K.N. Lakshmanan

40000

685500

Yogesh Korani

40000

--

Y.C. Korani

--

876500

K.L. Nataraj

--

300000

Vaishali Kartik Shah

290000

48500

Ankur Yogesh Korani

--

100000

Lokita Ankur Korani

--

150000

Lotus Beauty Care Products Private Limited

1950000

--

Clarion Cosmetics Private Limited

170000

--

Cool Cosmetics Private Limited

100000

--

 

 

 

Total

2880000

2350000

 

AS ON 30.09.2011

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Metal Containers, Custom Tin Containers, Decorative Tin Containers, Cookies Containers.

 

 

Products :

 

PRODUCTION STATUS [AS ON 31.03.2011]

 

Particulars

Unit

Actual Production

Metal Containers

Nos.

18279632.40

Printed Sheets

Kgs.

88058.68

Talcum Powder

Kgs.

6023438.00

Cosmetics

Kgs.

678577.50

 

 

GENERAL INFORMATION

 

No. of Employees :

110 [Approximately] 

 

 

Bankers :
  • Axis Bank Limited, Chennai Main Branch, No. 82, Dr. Radhakrishnan Salai, Chennai-600004, Tamilnadu, India
  • Axis Bank Limited, Corporate Banking Branch, Ground Floor, Karumuthu Nilayam, 192, Anna Salai, Chennai-600002, Tamilnadu, India
  • ICICI Bank Limited
  • State Bank of India
  • Indian Bank
  • Bharat Overseas Bank

 

 

Facilities :

Secured Loan

As on 31.03.2011

[Rs. in Millions]

As on 31.03.2010

[Rs. in Millions]

Rupee term loans

7.244

14.938

Working capital loans

26.269 (A)

28.762 (B)

Total

33.513

43.700

 

NOTE:

 

(A) From Axis Bank (Bills Discounting) 0 From Axis Bank (Cash Credit) 26.269 Millions Total 26.269 Millions.

 

(B) From Axis Bank (Bills Discounting) 1711279 From Axis Bank (Cash Credit) 27.050 Millions Total 28.762 Millions.

 

 

 

Unsecured Loan

 

 

Other debts

0.015 (A)

0.078 (B)

Total

0.015

0.078

 

NOTE:

 

(A) Clarion cosmetics Private Limited 0 Y C Korani 0.015 Million Total 0.015 Million

 

(B) Clarion cosmetics Private Limited 0.078 Million Y C Korani 0 Total 0.078 Million

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

K R Ramesh and Associates

Chartered Accountants

Address :

C-601, Panchvan Complex, L M Road, Borivali (West), Mumbai-400103, Maharashtra, India

Tel. No.:

91-22-8937760/8938035

Pan No.:

AADPR1241B

 

 

Related Parties :

·         Lotus Beauty Care Products Private Limited

·         Caress Beauty Care Products Private Limited

·         Clarion Cosmetics Private Limited

·         Klm Pack

·         Classic Pack

·         Pearl City Containers

·         Zircon Trading Company

·         Cool Cosmetics Private Limited

·         Clarion Machine Tools

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2500000

Equity Shares

Rs.10/- each

Rs.25.000 Millions

3750000

Preferences Shares

Rs.10/- each

Rs.37.500 Millions

 

Total

 

Rs.62.500 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

2350000

Equity Shares

Rs.10/- each

Rs.23.500 Millions

2880000

Preferences Shares

Rs.10/- each

Rs.28.800 Millions

 

Total

 

Rs.52.300 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

52.300

52.300

13.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

24.276

23.911

23.657

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

76.576

76.211

37.157

LOAN FUNDS

 

 

 

1] Secured Loans

33.513

43.700

41.759

2] Unsecured Loans

0.015

0.078

17.886

TOTAL BORROWING

33.528

43.778

59.645

DEFERRED TAX LIABILITIES

1.717

1.717

1.717

 

 

 

 

TOTAL

111.821

121.706

98.519

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

92.627

95.311

88.426

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
40.760

39.770

25.698

 

Sundry Debtors
29.639

16.723

28.103

 

Cash & Bank Balances
17.113

0.415

0.119

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
8.076

11.031

8.889

Total Current Assets
95.588

67.939

62.809

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
69.328

35.466

47.423

 

Other Current Liabilities
5.416

4.564

3.883

 

Provisions
2.052

1.972

1.926

Total Current Liabilities
76.796

42.002

53.232

Net Current Assets
18.792

25.937

9.577

 

 

 

 

MISCELLANEOUS EXPENSES

0.402

0.458

0.516

 

 

 

 

TOTAL

111.821

121.706

98.519

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

 

 

 

 

 

PROFIT BEFORE TAX

0.445

0.300

0.180

 

 

 

 

 

Less

TAX                                         

0.080

0.046

0.000

 

 

 

 

 

 

PROFIT AFTER TAX

0.365

0.254

0.180

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

9.285

9.531

9.851

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

0.500

0.500

0.500

 

BALANCE CARRIED TO THE B/S

9.150

9.285

9.531

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

38.159

12.581

7.083

 

 

 

 

 

 

IMPORTS

3.516

10.330

6.595

 

 

 

 

 

 

Earnings Per Share (Rs.)

0.07

0.05

--

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

Return on Total Assets

(PBT/Total Assets}

(%)
0.23

0.18

0.12

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.01

0.00

0.00

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.44

1.13

3.04

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.24

1.62

1.18

 

 

LOCAL AGENCY FURTHER INFORMATION

 

BUSINESS:

 

The working of the company can be said to be good. The Directors had commenced operations of the new unit at Irrungathakottai from 14/09/07 and during the year, the Cosmetics Division and Talcum Powder division was fully functional. The Directors are endeavoring to go in for better product mix and are confident of achieving much better results in the coming years.

 

 

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.51.15

UK Pound

1

Rs.81.80

Euro

1

Rs.68.34

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--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

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

 

33

 

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.