MIRA INFORM REPORT
|
Report Date : |
05.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
KIRTI PRESSINGS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. W-35, MIDC Industrial Area, Waluj, Aurangabad-431136,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
27.03.1996 |
|
|
|
|
Com. Reg. No.: |
11-098450 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 4.869 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29299MH1996PTC098450 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKK01557D MSKK00776G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCK2213P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Automobile Parts Components and Welding Equipments. |
|
|
|
|
No. of Employees
: |
Not Available |
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 a satisfactory track record.
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 |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Plot No. W-35, MIDC Industrial Area, Waluj, Aurangabad-431136,
Maharashtra, India |
|
Tel. No.: |
91-240-2554596 |
|
Fax No.: |
91-240-2551233 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 25.09.2012
|
Name : |
Mr. Ujjwal Suryakant Bahekar |
|
Designation : |
Director |
|
Address : |
Flat No.3, Vaishnavi Apartment, Vidyanketan Colony, Aurangabad-431005,
Maharashtra, India |
|
Date of Birth/Age : |
21.01.1962 |
|
Date of Appointment : |
27.03.1996 |
|
DIN No : |
00325754 |
|
|
|
|
Name : |
Mrs. Anita Ujjal Bahekar |
|
Designation : |
Director |
|
Address : |
Flat No.3, Vaishnavi Apartment, Vidyanketan Colony, Aurangabad-431005,
Maharashtra, India |
|
Date of Birth/Age : |
30.05.1964 |
|
Date of Appointment : |
30.09.2001 |
|
DIN No : |
00325787 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Ujjwal Suryakant Bahekar |
|
272500 |
|
Anita Ujjal Bahekar |
|
162500 |
|
Total |
|
435000 |
As on 25.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automobile Parts Components and
Welding Equipments. |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
Pressed Components |
Units |
2570405 |
|
Spot Welding Machine |
-- |
42 |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
State Bank of India, P-56, More Chowk, MIDC Area Waluj,
Aurangabad-431136, Maharashtra, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Khandelwal Jain and Company Chartered Accountants |
|
Address : |
108-112, City Pride Building, 1st Floor, Near Mondha Naka Signal,
Jalna Road, Aurangabad-431001, Maharashtra, India. |
|
Tel. No.: |
91-240 – 2331967 / 2354844 / 2353372 |
|
E-Mail : |
|
|
PAN.: |
AAAFK0985C |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
435000 |
Equity Shares |
Rs.10/- each |
Rs.4.350
Millions |
|
|
|
|
|
Reconcillation of No
Shares Outstanding
|
Particulars |
Number |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
4 35,000 |
4.350 |
|
Shares Issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
4 35,000 |
4.350 |
List of Shareholders
Holding more than 5% shares
|
Name of Shareholder |
No. of Shares held |
% of Holding |
|
Ujjwal Suryakant Bahekar |
120500 |
24.10% |
|
Anita Ujjwal Bahekar |
80000 |
16.00% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.350 |
4.350 |
2.345 |
|
|
2] Share Application Money |
0.519 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
15.637 |
11.713 |
6.844 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
20.506 |
16.063 |
9.189 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
17.091 |
13.095 |
11.467 |
|
|
2] Unsecured Loans |
1.713 |
1.721 |
1.720 |
|
|
TOTAL BORROWING |
18.804 |
14.816 |
13.187 |
|
|
DEFERRED TAX LIABILITIES |
0.508 |
0.444 |
0.611 |
|
|
|
|
|
|
|
|
TOTAL |
39.818 |
31.323 |
22.987 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
26.801 |
23.922 |
21.471 |
|
|
Capital work-in-progress |
1.070 |
1.070 |
1.070 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.745
|
5.553 |
5.236
|
|
|
Sundry Debtors |
21.153
|
21.402 |
15.355
|
|
|
Cash & Bank Balances |
1.014
|
1.164 |
0.993
|
|
|
Other Current Assets |
0.194
|
0.061 |
0.829
|
|
|
Loans & Advances |
2.528
|
1.802 |
1.195
|
|
Total
Current Assets |
31.634
|
29.982 |
23.608 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
15.341
|
19.506 |
20.068
|
|
|
Other Current Liabilities |
3.597
|
3.719 |
2.216
|
|
|
Provisions |
0.749
|
0.426 |
0.900
|
|
Total
Current Liabilities |
19.687
|
23.651 |
23.184 |
|
|
Net Current Assets |
11.947
|
6.331 |
0.424
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.022 |
|
|
|
|
|
|
|
|
TOTAL |
39.818 |
31.323 |
22.987 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Job Work |
117.270 |
121.152 |
78.022 |
|
|
|
Other Income |
0.024 |
0.580 |
0.654 |
|
|
|
TOTAL |
117.295 |
121.733 |
80.517 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
103.810 |
111.095 |
72.406 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
103.810 |
111.095 |
72.406 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
13.485 |
10.638 |
8.111 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
2.380 |
1.424 |
1.145 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
11.105 |
9.214 |
6.966 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
5.294 |
4.411 |
3.026 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
5.710 |
4.804 |
3.575 |
|
|
|
|
|
|
|
|
|
|
TAX |
1.720 |
1.601 |
1.018 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
3.924 |
3.369 |
2.325 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.213 |
6.844 |
4.519 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
10.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
4.137 |
0.213 |
6.843 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.02 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.35
|
2.77 |
2.95
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.87
|
3.96 |
4.58
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.77
|
8.91 |
7.93
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.30 |
0.39
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.92
|
0.92 |
1.44
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
1.27 |
1.02
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
OPERATIONS:
The company earned Profit before Interest, Depreciation and Tax of Rs.13.485 Millions as compared to Rs.10.823 Millions for the previous year. Directors are putting their best efforts to improve overall performance and profitability and expect better results of the company during current year.
The Company has expanded into new activity of manufacturing special purpose welding machines, this has resulted in additional revenue. During the year under consideration corrective measures and timely effective steps have been taken by the company resulted into better performance. More revenue is expected in coming years from this area.
The Company is developing more products in the field of welding technology to cater in a better way to our valued customers. The steps taken in this direction would enable your company to start with new products with better quality resulting into better consumer satisfaction. The performance of the company is improving resulting into better profitability.
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG TERMS
BORROWING |
|
|
|
Sales Tax Deferral |
1.713 |
1.721 |
|
Total |
1.713 |
1.721 |
FIXED ASSETS:
- Leasehold Land
- Plot
- Factory Building
- Plant and Machinery
- Electrical Installation
- Tools, Dies and Jigs
- Furniture and Fixture
- Office Equipments
- Computer
- Motor Vehicles
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 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 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.54.65 |
|
|
1 |
Rs.82.41 |
|
Euro |
1 |
Rs.70.08 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.