MIRA
INFORM REPORT
|
Report Date : |
19th May 2006 |
IDENTIFICATION
DETAILS
|
Name : |
KAYTEE CORPORATION PRIVATE LIMITED |
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Registered Office : |
Malhotra
House, 2nd Floor Opposite, G. P. O. Mumbai-400001, Maharashtra,
India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
01/07/1994 |
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Com. Reg. No.: |
11-79375 |
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CIN No.: [Company
Identification No.] |
U17120MH1994PTC079375 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers
of Garment, Hosiery and Cloth |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
575000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having fine track but low profit
margin. Financial position is satisfactory. Trade relations are fair. The
company is doing steady business. It can be considered good for normal
business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Malhotra
House, 2nd Floor Opposite, G. P. O. Mumbai-400001, Maharashtra |
|
Tel. No.: |
91-22-22617870 |
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Mobile No.: |
91-22-22642142 |
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Factory
1 : |
Located
at Tamilnadu
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DIRECTORS
|
Name : |
Mr.
Premal Harkkishon Ndani |
|
Designation : |
Director |
|
Address : |
Flat
16 Kaustubh Opposite Mangla High School Thane - 400603 |
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Date of Birth/Age : |
20/02/1960 |
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Date of Appointment : |
01/08/1994 |
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Name : |
Mr.
Vijay Premji Thacker |
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Designation : |
Director
|
|
Address : |
232
Venus Apartment, Cuffe Parade, Mumbai - 400005 |
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Date of Birth/Age : |
21/06/1960 |
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Date of Appointment : |
31/01/01 |
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|
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Name : |
Mr.
Kittuswamy Palabiappa Udali |
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Designation : |
Whole
Time Director |
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Address : |
7/34,
Shyam Niwas, Bhulabhai Desairoad, Mumbai – 400026 |
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Date of Birth/Age : |
01/03/1953 |
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Date of Appointment : |
31/01/2001 |
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|
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Name : |
Mr.
Chintamani Godbole |
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Designation : |
Secretary
|
|
Address : |
5, S.
B.I. Colony, Kongu Nagar, Tirupur - 7 |
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Date of Birth/Age : |
04/09/1957 |
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Date of Appointment : |
17/07/1995 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Primal
Harkishon Udani HUF (Karta Primal H. Udani) |
97500 |
|
Priyanka
Trust (Trustee Hemal Parag Udani) |
500000 |
|
Sadguru
Trust (Trustee Primal H. Udani & Parag H. Udani) |
230000 |
|
Harkishon
N Udani (Jointly With Indumati H. Udani) |
8750 |
|
Pranva
Parag Udani (Jointly With Parag H. Udani & Hemal P Udani) |
3000 |
|
Primal
H. Udani (Jointly Shilpa P. Udani) |
30000 |
|
Shilpa
P . Udani (Jointly With Primal. H. Udani) |
50000 |
|
Adity
P. Udani (Kart Primal H. Udani) |
212685 |
|
Shilpa
P. Udani |
120000 |
|
Parag
H Udani (Jointly With Primal II. Udani) |
200000 |
|
Primal
Harkishon Udani (Jointly With Parag Ha Udani) |
200000 |
|
Harkishon
N Udani (Jointly Parag H Udani) |
25000 |
|
Primal
H. Udani (Jointly) |
150000 |
|
Parag
H Udani |
468340 |
|
Shilpa
Primal Udani (Jointly With Primal H. Udani As A Trustee Of Priyanka Trust) |
50769 |
|
Harkishon
N. Udani (Jointly With Primal H. Udani As Trustee Of Vardhaman Trust) |
300000 |
|
Shilpa
P Udani (Jointly With Harkishon N Udani As A Trustee Of Aditya Trust) |
381646 |
|
Hemal
Parag Udani (Jontly With Harkishon N Udani As A Trustee Of Neminatii Trust) |
500000 |
|
Primal
H Udani (Jointly With Harkishon Udani As A Trustee Of Priyanka Trust ) |
211660 |
|
Parag
H. Udani (Jointly With Harkishon Udani As A Trustee Of Abhijit Trust) |
300000 |
|
Parag
H . Udani (Jontly With Harkishon Udani As A Trustee Of Abhijit Trust) |
50000 |
|
Primal
Harkishon Udani (Jontly With Harkishon Udani As A Trustee Of Mahavir Turst) |
129900 |
|
Harkishon
N Udani (Jointly With Shilpa P Udani As A Trustee ) |
70000 |
|
Shilpa
P Udani (As A Trustee Of Aadinath Trust) |
400000 |
|
Aditya
P Udani (N/G Primal H Udani) |
137000 |
|
Abhihit
Trust |
163000 |
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Aadinath
Trust |
60000 |
|
Shantinath
Trust |
150000 |
|
Umesh
Trust |
750 |
|
Shilpa
Primal Udani |
150000 |
|
Priyanka
Securities & Investment P Ltd |
400000 |
|
Ashita
K Sheth (Jointly With Uday Ka Sheth) |
50000 |
|
Sandeep
U. Sheth (Jointly With Uday K. Sheth ) |
200000 |
|
total |
6000000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Garment, Hosiery and Cloth |
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|
|
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Products : |
Item
Code No. (ITC Code)
Product Description 650520.02
Garment 610510.02 Hosiery 520931.39 Cloth |
PRODUCTION
STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Fabric Knitting |
Kgs |
580800 |
308278 |
|
Fabric Raising |
Kgs |
432000 |
275063 |
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Fabric Compacting |
Kgs |
1440000 |
955842 |
|
Embroidery |
Stitch |
5760000 |
41.70770 |
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Fabric Dyeing |
Kgs |
1054125 |
635.347 |
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Woven |
Nos |
NA |
50.458 |
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Hosiery |
Nos |
NA |
1351.201 |
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Electricity |
Unit |
NA |
1855298 |
GENERAL
INFORMATION
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No. of Employees : |
2000 |
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Bankers : |
Punjab
National Bank |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
Maniar
& Maniar Chartered
Accountants |
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Group Company : |
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CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity
Shares |
Rs. 10 each |
Rs. 60.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
Issued
Capital |
|
|
|
6000000 |
Equity
Shares |
Rs. 10 each |
Rs. 60.000 millions |
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|
Subscribed
Capital |
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|
6000000 |
Equity
Shares |
Rs. 10 each |
Rs. 60.000 millions |
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|
Paid-up
Capital |
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|
6000000 |
Equity
Shares |
Rs. 10 each |
Rs. 60.000 millions |
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FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
60.000 |
60.000 |
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3] Reserves & Surplus |
83.650 |
81.816 |
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NETWORTH |
143.650 |
141.816 |
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LOAN FUNDS |
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|
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|
1] Secured Loans |
295.298 |
289.926 |
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2] Unsecured Loans |
-- |
-- |
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TOTAL BORROWING |
295.298 |
289.926 |
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DEFERRED TAX LIABILITIES |
11.342 |
9.427 |
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TOTAL |
450.290 |
441.169 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
123.829 |
101.973 |
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Capital work-in-progress |
14.665 |
7.620 |
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INVESTMENT |
6.374 |
6.324 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
64.341
|
43.315 |
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Sundry Debtors |
182.427
|
187.069 |
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Cash & Bank Balances |
7.398
|
11.681 |
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Other Current Assets |
20.886
|
43.962 |
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Loans and Advances |
101.389
|
91.405 |
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Total Current Assets |
376.441
|
377.432 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
63.374
|
44.590 |
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Provisions |
7.645
|
7.590 |
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Total Current Liabilities |
71.019
|
52.180 |
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Net Current Assets |
305.422
|
325.252 |
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MISCELLANEOUS EXPENSES |
-- |
-- |
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TOTAL |
450.290 |
441.169 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
686.768 |
769.108 |
|
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|
|
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Profit/(Loss)
Before Tax |
8.602 |
12.381 |
|
Provision
for Taxation |
2.664 |
3.638 |
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Profit/(Loss)
After Tax |
5.938 |
8.743 |
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Export
Value |
629.163 |
702.226 |
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Import
Value |
15.054 |
3.487 |
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Total
Expenditure |
678.165 |
756.727 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
0.864 |
1.136 |
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|
Net
Profit Margin (PBT/Sales) |
(%) |
|
1.263 |
1.687 |
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|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
1.650 |
2.509 |
|
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Return
on Investment (ROI) (PBT/Networth) |
|
|
0.059 |
0.367 |
|
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|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
2.550 |
2.412 |
|
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|
Current
Ratio (Current
Asset/Current Liability) |
|
|
5.300 |
7.233 |
LOCAL AGENCY
FURTHER INFORMATION
PERFORMANCE
& WORKING
The
working of the company was somewhat affected by the tsunami disaster which
occurred in coastal Tamil Nadu. Due to shortage of labour there were some
delays and cancellation of orders.
The
working was also affected due to the sudden arbitrary reduction in the rates of
duty drawback by 40%. Inspite of all of the above, the company’s garment
exports grew by 20% in volume terms an 5% in value terms. These increases
partially offset the fall in the yarn/fabric exports.
In the
non-quota regime, it is expected that yarn and fabric exports will reduce and
that of garments increase. The directors are happy to report that we are
diversifying into supplying garments to the large domestic market. In times to
come, this activity with become tremendously important.
The
company has invested Rs. 30.000 millions in the wind will project. This
activity is likely to yield fixed profits for a sustained period of time.
EXPANSION
/ DIVERSIFICAITON AND INVESTMENT
During
the year the company has spent Rs. 4285
millions towards intallation of plant and machinery and construction /
acquisition of new building premises. The capital investment in machinery so
far made has improved the quality of garments and it is hoped this situation
will continue and lead to better margin in the future.
During
the year the company has installed a wind will of 750KW capacity which was
operational from the early part of the year.
OUTLOOK
FOR THE CURRENT YEAR
The
Current year has started well with 20 % increase in order booked, during the
first three months. It is hoped that the trend will continue. The company is in
the process of consolidating with its current buyers and expanding into their
various departments. The company is also aggressively looking for buyer of
value added garments. The company currently deals with some of the finest
buyers worldwide and has drawn up ambitious plans to double its growth within
the next two years.
In times
to come, the company sees increased growth in areas of exports, expansion in
domestic market, expansion in the area of windmill power generation etc.
FINANCE
During
the year the company has availed term loans from Punjab National Bank and Small
Scale Industries Development Bank of India to finance the capital expenditure
incurred during the year.
Fixed
Assets:
- Land
- Building
- Plant and Machinery
- Furniture and Fixture
- Leasehold Improvements
- Office Equipment
- Electrical Installation
- Vehicle
AS PER
WEBSITE
Indian Knit
Fair awards
COIMBATORE: Kaytee Corporation Private
Limited, Tubeknit Fashions Limited and RBR Garments won the "Best
exhibitor" awards at the 19th edition of Indian Knit Fair (Autumn/Winter,
Mid-Summer Collection 2005) at Tirupur that concluded recently. The three-day
fair was organised by the Tirupur Exporters' Association, India Knit Fair Association
and the Apparel Export Promotion Council and nearly 60 exporters had
participated. About 90 buyers and more than 200 representatives of buying
houses and buying agents visited the fair.
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.45.30 |
|
UK
Pound |
1 |
Rs.78.45 |
|
Euro |
1 |
Rs.54.88 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |