|
Report Date : |
10.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
KHOSLA ENGINEERING PRIVATE LIMITED |
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|
|
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Registered
Office : |
Plot No.2-B, D-1 Block, Chinchwad (East), Pune – 411 019, |
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Country : |
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|
|
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Financials (as
on) : |
31.03.2011 |
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|
|
Date of
Incorporation : |
06.06.1962 |
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|
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Com. Reg. No.: |
25-012372 |
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|
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Capital Investment
/ Paid-up Capital : |
Rs.2.000 millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U27104MH1962PTC012372 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK00195G |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturing of Soft Solders, Antimonial Solders, Silver
Solders in the form of Solid, Fluxcore Solder Wires and Machine Extruded /
Casted Solder Sticks including those for Aluminium Soldering and Soldering
Fluxes. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 168000 |
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|
|
|
Status : |
Satisfactory |
|
|
|
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Payment Behaviour : |
Usually Correct |
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|
|
Litigation : |
Clear |
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Comments : |
Subject is an old
and 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. Profit and loss
account of the company is not available. |
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) |
|
|
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 : |
Plot No.2-B, D-1 Block, Chinchwad (East), Pune – 411 019, |
|
Tel. No.: |
91-20-66352600 to 66352620 {Twenty lines}, 27472573 |
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Fax No.: |
91-20-27476979/ 66352612 |
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E-Mail : |
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Website : |
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Factory : |
Gat No.130,
Village Dhanore, Alandi Markal Road, Taluka: Khed, Pune, |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Vishal Vijaykant Kothari |
|
Designation : |
Managing Director |
|
Address : |
S. No. 692/A/A
Plot No.7, Motibagh, |
|
Date of Birth/Age : |
19.11.1971 |
|
Date of Appointment : |
02.03.1996 |
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DIN No.: |
00856663 |
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|
|
|
Name : |
Mr. Vijaykant Motilal Kothari |
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Designation : |
Whole-Time Director |
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Address : |
6 C, Motibag, |
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Date of Birth/Age : |
26.10.1944 |
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Date of Appointment : |
02.03.1996 |
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DIN No.: |
00856773 |
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|
|
|
Name : |
Mr. Rupesh Vijaykant Kothari |
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Designation : |
Whole-Time Director |
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Address : |
6/C, Motibaug, |
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Date of Birth/Age : |
02.11.1973 |
|
Date of Appointment : |
02.03.1996 |
|
DIN No.: |
00856797 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Vijaykant Motilal Kothari jointly with Padma Vijaykant Kothari |
|
7900 |
|
Padma Vijaykant Kothari jointly with Vijaykant Motilal Kothari |
|
5057 |
|
Vishal Vijaykant Kothari jointly with Vijaykant Motialal Kothari |
|
100 |
|
Rupesh Vijaykant Kothari jointly with Vijaykant Motialal Kothari |
|
4000 |
|
Rupesh Vijaykant Kothari |
|
2943 |
|
Total |
|
20000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Soft Solders, Antimonial Solders, Silver
Solders in the form of Solid, Fluxcore Solder Wires and Machine Extruded / Casted
Solder Sticks including those for Aluminium Soldering and Soldering Fluxes. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
v Bank of
Maharashtra, Khadki Branch, Pune – 411 003, v HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Pravin B. Bhandari and Company Chartered Accountants |
|
Address : |
243, |
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Tel. No.: |
91-20-24450161 |
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Income-tax
PAN of auditor or auditor's firm : |
ABGPB3669R |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 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 |
2.000 |
2.000 |
2.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
39.939 |
29.678 |
20.785 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
41.939 |
31.678 |
22.785 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
83.839 |
56.057 |
57.786 |
|
|
2] Unsecured Loans |
0.629 |
0.129 |
0.129 |
|
|
TOTAL BORROWING |
84.468 |
56.186 |
57.915 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
126.407 |
87.864 |
80.700 |
|
|
|
|
|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
22.778 |
10.912 |
6.557 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.852 |
0.852 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
19.094
|
10.409 |
15.961 |
|
|
Sundry Debtors |
77.789
|
58.360 |
30.949 |
|
|
Cash & Bank Balances |
5.027
|
1.257 |
1.319 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
45.214
|
23.642 |
22.141 |
|
Total
Current Assets |
147.124
|
93.668 |
70.370 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
26.098
|
5.024 |
(7.235) |
|
|
Other Current Liabilities |
5.382
|
4.444 |
0.964 |
|
|
Provisions |
12.015
|
8.100 |
3.350 |
|
Total
Current Liabilities |
43.495
|
17.568 |
(2.921) |
|
|
Net Current Assets |
103.629
|
76.100 |
73.291 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
126.407 |
87.864 |
80.700 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.05
|
2.33 |
2.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.38
|
5.33 |
(24.09) |
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 |
No |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
Yes |
|
8) No. of
employees |
No |
|
9) Name of person
contacted |
No |
|
10) Designation
of contact person |
No |
|
11) Turnover of
firm for last three years |
No |
|
12) Profitability
for last three years |
No |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
No |
|
15) Capital in
the business |
Yes |
|
16) Details of sister
concerns |
No |
|
17) Major
suppliers |
No |
|
18) Major
customers |
No |
|
19) Payments
terms |
No |
|
20) Export /
Import details (if applicable) |
No |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
Yes |
|
28) Incorporation
details, if applicable |
Yes |
|
29) Last accounts
filed at ROC |
Yes |
|
30) Major
Shareholders, if available |
Yes |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U27104MH1962PTC012372 |
|
Name of the
company |
KHOSLA ENGINEERING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.2-B, D-1 Block, Chinchwad (East), Pune – 411 019, E-Mail: khoslaengg@yahoo.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10279822 |
|
Type of charge |
Immovable
Property Movable Property
(not being pledge) Others (plant and
machinery, stock, debtors etc.) |
|
Particular of
charge holder |
Bank of
Maharashtra, Khadki Branch, Pune – 411 003, E-Mail: bom7@mahabank.co.in |
|
Nature of description
of the instrument creating or modifying the charge |
Mortgagor's
letter of conformation of equitable mortgage dated 28th September,
2011 modifying a single charge |
|
Date of
instrument Creating the charge |
28.09.2011 |
|
Amount secured by
the charge |
Rs.31.875
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Base rate plus
3.5% i.e. 11.75% p.a. Terms of
Repayment: 60 monthly installments
of Rs.0.531 million and interest to be paid as and when applied. Margin: 25% in Banks
favour Extent and
Operation of the charge: First and
exclusive charge Others: The loan is for purchase
of land and building and new machinery at factory at Gat No.130, Village
Dhanore, |
|
Short particulars
of the property charged |
1) Mortgage of
piece and parcel of land bearing Plot No.2-B, Situated at Pimpri Industrial
Area, within the village limits of Akurdi, Pimpri Chinchwad Municipal Corp.
District Pune admea. 9680 sq. yards 2) Mortgage of
pieces and parcels and land bearing Gat Area Out No.130 admea. 0 hec. 73.67
ares of holding admea. 80 ares situated at Village Dhanore Taluka Khed,
District Pune 3) Mortgage of
pieces and parcels of land admea. 0 hec. 11.33 ares bearing Gat No.130 admea.
0 hec. 11.33 ares situated at Village Dhanore Taluka Khed District Pune Continuation of
security already offered vide hypothecation dated 23rd March 2011
as follows:- 1) Hypothecation
of present and future movable plants, machineries, goods, stock of raw
materials, inventories, stocks in process, semi finished and finished goods,
stores and spares, stock in trade goods in process, assets, vehicles,
goodwill, trade mark, copyright, patent, outstanding monies, claims, bills,
receivables, book debts. 2) Hypothecation
of all machinery viz. MS Furnace, Auto Billet Casting Machine, Pheumatic
Solder Bar Casting Machine, Wire Wending Machines etc |
|
Particulars of
the present modification |
By this present
modification the security is extended by way of mortgage on immovable
properties. The loan amount remains same at Rs.31.875 millions. |
FIXED ASSETS:
Buildings
v
Land
v
Land at Dhanore
v
Building
Furniture and
Fixtures
v
Furniture and Fixture
v
Electric Fittings
Plant and
Machinery
v
Machinery
v
Computer
v
Office Equipments
v
Vehicles
v
Lab Equipments
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.53.46 |
|
|
1 |
Rs.86.27 |
|
Euro |
1 |
Rs.69.40 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.