|
Report Date : |
22.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
KHOSLA ENGINEERING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.2-B, D-1 Block, Chinchwad (East), Pune – 411019, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
06.06.1962 |
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|
|
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Com. Reg. No.: |
25-012372 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.2.000 millions |
|
|
|
|
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. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 20000 |
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|
|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established
company having a moderate track record. The external borrowing appears to be
huge. However, networth
of the company seems to be strong. Trade relations are reported as fair.
Business is active. Payments are reported to be low but correct. The company can
be considered normal for business dealings with some caution. Note: 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Working Capital Facilities: BB+ |
|
Rating Explanation |
ICRA has suspended its rating due to lack of
information. |
|
Date |
May, 2012 |
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.2-B, D-1 Block, Chinchwad (East), Pune – 411019, Maharashtra,
India |
|
Tel. No.: |
91-20-66352600 to 66352620 {Twenty lines}, 27472573 |
|
Fax No.: |
91-20-27476979/ 66352612 |
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E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Gat No.130,
Village Dhanore, Alandi Markal Road, Taluka: Khed, Pune, |
|
Tel No.: |
91-2135-678412 |
DIRECTORS
(AS ON 29.09.2012)
|
Name : |
Mr. Vishal Vijaykant Kothari |
|
Designation : |
Managing Director |
|
Address : |
S. No. 692/A/A
Plot No.7, Motibagh, Pune Satara Road, Bibwewadi, Pune – 411037, Maharashtra,
India |
|
Date of Birth/Age : |
19.11.1971 |
|
Date of Appointment : |
02.03.1996 |
|
DIN No.: |
00856663 |
|
|
|
|
Name : |
Mr. Vijaykant Motilal Kothari |
|
Designation : |
Whole-Time Director |
|
Address : |
6 C, Motibag,
Pune Satara Road, Market Yard, Pune – 411037, Maharashtra, India |
|
Date of Birth/Age : |
26.10.1944 |
|
Date of Appointment : |
02.03.1996 |
|
DIN No.: |
00856773 |
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|
|
|
Name : |
Mr. Rupesh Vijaykant Kothari |
|
Designation : |
Whole-Time Director |
|
Address : |
6/C, Motibaug,
Pune Satara Road, Pune – 411037, Maharashtra, India |
|
Date of Birth/Age : |
02.11.1973 |
|
Date of Appointment : |
02.03.1996 |
|
DIN No.: |
00856797 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 29.09.2012)
|
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 30.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Directors
or relatives of directors |
|
100.00 |
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|
|
|
|
Total
|
|
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, Maharashtra, India v HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Pravin B. Bhandari and Company Chartered Accountants |
|
Address : |
243, |
|
Tel. No.: |
91-20-24450161 |
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PAN No.: |
ABGPB3669R |
|
Email : |
CAPITAL STRUCTURE
(AS ON 29.09.2012)
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 |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.000 |
2.000 |
2.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
47.227 |
39.939 |
29.678 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
49.227 |
41.939 |
31.678 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
181.486 |
83.839 |
56.057 |
|
|
2] Unsecured Loans |
25.298 |
0.629 |
0.129 |
|
|
TOTAL BORROWING |
206.784 |
84.468 |
56.186 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
256.011 |
126.407 |
87.864 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
41.410 |
22.777 |
10.912 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.122 |
0.000 |
0.852 |
|
|
DEFERREX TAX ASSETS |
0.175 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
43.666
|
19.094
|
10.409 |
|
|
Sundry Debtors |
135.711
|
97.885
|
58.360 |
|
|
Cash & Bank Balances |
6.992
|
5.027
|
1.257 |
|
|
Other Current Assets |
1.203
|
0.432
|
0.000 |
|
|
Loans & Advances |
69.595
|
34.571
|
23.642 |
|
Total
Current Assets |
257.167
|
157.009
|
93.668 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
21.920
|
45.559
|
5.024 |
|
|
Other Current Liabilities |
19.280
|
6.031
|
4.444 |
|
|
Provisions |
1.663
|
1.789
|
8.100 |
|
Total
Current Liabilities |
42.863
|
53.379
|
17.568 |
|
|
Net Current Assets |
214.304
|
103.630
|
76.100 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
256.011 |
126.407 |
87.864 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.20
|
2.01
|
1.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.00
|
2.94
|
5.33 |
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 |
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 |
|
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 |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Term Loans – From Members |
|
|
|
Vijaykant M. Kothari |
7.528 |
0.052 |
|
Vishal Kothari |
14.606 |
0.507 |
|
Rupesh Kothari |
3.164 |
0.070 |
|
|
|
|
|
Total |
25.298 |
0.629 |
FORM 8
|
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:
· Building
· Office Building
· Leasehold Land
· Plant and Machinery
· Machinery Addition
· Furniture and Fixtures
· Electrical Installations
· Office Equipment
· Computer
· Vehicles
· 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 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.54.28 |
|
|
1 |
Rs.82.06 |
|
Euro |
1 |
Rs.70.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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.