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MIRA
INFORM REPORT
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Report Date : |
26.07.2007 |
IDENTIFICATION DETAILS
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Name : |
KRYFS POWER COMPONENTS LIMITED |
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Formerly Known As : |
KRYFS LAMINATIONS PRIVATE LIMITED |
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Registered Office : |
101, Classic Corner, 133, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.03.1991 |
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Com. Reg. No.: |
11-60602 |
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CIN No.: [Company
Identification No.] |
U25209MH1991PLC060602 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK10554F |
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PAN No.: [Permanent
Account No.] |
AAACK2791F |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturers of Transformer Cores, Polystor Slines - Slineset, Lamination Cores, parts, fittings
and materials used in connection to supply of electricity and energy. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 3600000 |
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Status : |
Good |
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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 satisfactory track
records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. The company can be considered as a promising business partner in a
medium to long-run. |
LOCATIONS
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Registered Office : |
101, Classic Corner, 133, |
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Tel. No.: |
91- 22- 2644 3522/ 26443533 |
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Fax No.: |
91- 22- 2643 4462 |
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E-Mail : |
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Website : |
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Area : |
1100 Sq.ft. |
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Location : |
Leased |
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Factory 1 : |
Survey 211/1, |
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Tel. No.: |
91-260-2677312 |
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Fax No.: |
91-260-2677312 |
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Area : |
170000 Sq.ft. |
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Location : |
Owned |
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Factory 2 : |
Plot 75, Diwan Industrial Estate, |
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Tel. No.: |
91-9525-25254780 |
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Area : |
50000 Sq.ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Fakhruddin B Qureishi |
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Designation : |
Whole time Director |
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Address : |
1101, DIAGO D, |
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Date of Birth/Age : |
19.09.1941 |
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Date of Appointment : |
05.03.1991 |
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Name : |
Mr. Saifuddin F Qureishi |
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Designation : |
Managing Director |
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Address : |
1101, DIAGO D, |
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Date of Birth/Age : |
12.05.1964 |
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Date of Appointment : |
05.03.1991 |
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Name : |
Mr. Rakesh M Nanda |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
07.08.1962 |
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Date of Appointment : |
18.05.2006 |
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Name : |
Mr. Alok S Shukla |
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Designation : |
Director |
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Address : |
RH-1, Om Dwarka Nath Society, Plot 11, Sector 19-A, Nerul, Navi
Mumbai-400706, |
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Date of Birth/Age : |
09.05.1951 |
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Date of Appointment : |
18.05.2006 |
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Name : |
Mr. Sanjay K Asher |
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Designation : |
Non Executive Independent Director |
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Address : |
32, |
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Date of Birth/Age : |
26.11.1964 |
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Date of Appointment : |
18.05.2006 |
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Other Directorships : |
v
Bajaj Allianz General Insurance Company Limited v
Repro India Limited v
Finolib Chemicals Private Limited v
Finolex Cables Limited v
Mepha Pharma India Private Limited v
Migatronic India Private Limited v
Shop24seven India Private Limited |
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Name : |
Mr. Rauzat S Qureishi |
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Designation : |
Whole time Director |
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Address : |
1101, DIAGO D, |
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Date of Birth/Age : |
01.03.1967 |
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Date of Appointment : |
30.09.1999 |
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Name : |
Mr. Ramesh P Modi |
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Designation : |
Non Executive Independent Director |
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Address : |
303, Modi House, Linking Road, Khar (West), Mumbai-400052, |
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Date of Birth/Age : |
03.07.1954 |
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Date of Appointment : |
18.05.2006 |
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Name : |
Mr. Rajiv Goel |
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Designation : |
Investor Director |
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Address : |
Flat No.26, |
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Date of Birth/Age : |
13.03.1971 |
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Date of Appointment : |
30.11.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
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Mr. Saifuddin Qureishi and Mr. Fakhruddin Qureishi |
4236042 |
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Mr. Fakhruddin Qureishi and Mr. Saifuddin F Qureishi |
2363882 |
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Reliance |
1323530 |
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Kulsum Quereishi |
675057 |
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Rauzat Quereishi |
204879 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Transformer Cores, Polystor Slines - Slineset, Lamination Cores, parts, fittings
and materials used in connection to supply of electricity and energy. |
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Exports : |
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Products : |
Transformer Lamination Cores |
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Countries : |
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Imports : |
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Products : |
CRGO Electrical Steel |
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Countries : |
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Terms : |
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Selling : |
L/C and Credit (60 days) |
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Purchasing : |
L/C and Credit (90 days) |
PRODUCTION STATUS
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Particulars |
Unit |
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Actual
Production |
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CRGO Transformer Lamination and Core |
MT |
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|
11704.075 |
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Polyester Round and Webbing Slines |
Nos. |
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|
11619 |
GENERAL INFORMATION
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No. of Employees : |
In Office : 40, In Factory : 275, Total : 315 |
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Bankers : |
v Bank
of v
v
Citi Bank, |
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Facilities : |
Rs.850.000 millions |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
A Chartered Accountants |
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Address : |
203, |
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Tel. No.: |
91-22-22622802 |
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Associates/Subsidiaries : |
v
Bajaj Allianz General Insurance Company Limited v
Repro India Limited v
Finolib Chemicals Private Limited v
Finolex Cables Limited v
Mepha Pharma India Private Limited v
Migatronic India Private Limited v
Shop24seven India Private Limited |
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Sister Concerns : |
Qureishi
Enterprises Address : 14, Evergreen Industrial Estate, Shanti Mills Compound,
Mahalaxmi, Mumbai-400011 Line of Business : Trading in Mail handing equipment and cutlery
items. Fairco Exports Address : 101, Classic Corner, 133, Line of Business : Trading in Silicon Steel |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8823530 |
Equity Shares |
Rs.10/- each |
Rs.88.235
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
88.235 |
75.000 |
13.332 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
836.737 |
137.926 |
80.085 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
924.972 |
212.926 |
93.417 |
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LOAN FUNDS |
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1] Secured Loans |
91.731 |
3.919 |
110.328 |
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2] Unsecured Loans |
17.927 |
3.846 |
4.140 |
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TOTAL BORROWING |
109.658 |
7.765 |
114.468 |
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DEFERRED TAX LIABILITIES |
11.489 |
2.867 |
0.000 |
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TOTAL |
1046.119 |
223.558 |
207.885 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
98.686 |
98.979 |
76.501 |
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Capital work-in-progress |
48.716 |
0.911 |
2.590 |
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INVESTMENT |
173.727 |
28.855 |
0.518 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
568.044
|
203.463
|
34.557 |
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Sundry Debtors |
349.452
|
299.612
|
101.868 |
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Cash & Bank Balances |
128.464
|
27.108
|
15.234 |
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Other Current Assets |
68.994
|
18.674
|
0.000 |
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Loans & Advances |
144.206
|
27.172
|
40.273 |
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Total
Current Assets |
1259.160 |
576.029
|
191.932 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
515.576
|
431.306
|
63.656 |
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Provisions |
18.594
|
49.910
|
0.000 |
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Total
Current Liabilities |
534.170 |
481.216
|
63.656 |
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Net Current Assets |
724.990 |
94.813
|
128.276 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1046.119 |
223.558 |
207.885 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
2577.054 |
1408.376 |
774.500 |
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Other Income |
8.748 |
8.065 |
1.092 |
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Total Income |
2585.802 |
1416.441 |
775.592 |
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Profit/(Loss) Before Tax |
385.842 |
203.496 |
40.147 |
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Provision for Taxation |
95.807 |
48.020 |
9.239 |
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Profit/(Loss) After Tax |
290.035 |
155.476 |
30.908 |
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Total Earnings |
333.330 |
316.063 |
NA |
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Imports : |
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Raw Materials |
2058.773 |
1131.423 |
NA |
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Total Imports |
2058.773 |
1131.423 |
NA |
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Expenditures : |
|
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Cost of Goods Sold |
NA |
NA |
692.099 |
|
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Administrative Expenses |
109.507 |
69.298 |
31.606 |
|
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Interest |
24.879 |
7.675 |
8.166 |
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Depreciation & Amortization |
6.801 |
4.547 |
3.572 |
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Total Expenditure |
141.187 |
81.520 |
735.444 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
11.22
|
10.99 |
3.98 |
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Net Profit Margin (PBT/Sales) |
(%) |
14.92
|
14.37 |
5.18 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
28.41
|
30.15 |
14.96 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.95 |
0.43 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.69
|
2.30 |
1.91 |
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Current Ratio (Current Asset/Current Liability) |
|
2.36
|
1.20 |
3.01 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets :
v
v
Furniture and Fixtures
v
Plant and Machinery
v
Electrical Installations
Form 8 Particular for
creation or modification of charges
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Name of the company |
KRYFS POWER
COMPONENTS LIMITED |
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Presented By |
BANK OF |
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1) Date and description of instrument creating the change |
Dated 24.08.2001. No instrument by a mortgage was created by way of deposit of title deeds in respect of the village Mahim registration sub district Palghar |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.77.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All that the piece or parcel of land together with heredicament and premises and building now standing theron and to be constructed hereafter leasehold/ freehold plot of land bearing No.75 forming part of land bearing Survey No.441 and 433/4 within the village limits of Mahim in the Taluka Registration, Sub district of Palghar and District Thane and admeasuring 663.86 Sq. meters or thereabouts together with buildings and other structures, fixed machinery and plant, fixtures and fittings both present and future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The company has created a mortgage by deposit of title deeds relating to above properties to secure the due repayment by the company to the bank the balances from time to time in the following accounts:
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5) Name and Address and description of the person entitled to the charge. |
Bank of Mumbai Corporate Banking Branch,
70/80, M |
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6) Date and brief description of instrument modifying the charge |
Dated 20.02.2004 No instrument : equitable mortgage created by way of deposit of title deeds in respect of company’s immovable properties as security. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Past modification : The original charge created on 24.08.2001 for Rs.77.000 millions was modified on 30.11.2002 for Rs.79.500 millions against the security of equitable mortgage. (Last modification registered on 20.12.2002 under Doc. No.52). Present
modification : The company accorded its consent to the bank to continue to hold and retain the title deeds of the company’s immovable property being lying and situated at Plot No.75, admeasuring 663.86 Sq.meters, Survey No.441 (part) and 433/4 (part) within village limit of Mahim village, Registration Sub District of Palghar, District Thane as security not only for the original limits but also for the enhanced additional limits up to Rs.122.000 millions as stated hereunder :
All other terms and conditions shall remain the same. Thus the mortgage charge now stands secured at Rs.122.000 millions. |
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Corporation identity number or foreign company registrations number of the company |
U25209MH1991PLC060602 |
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Name of the company |
KRYFS POWER COMPONENTS LIMITED |
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Address |
101, Classic Corner, 133, |
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This Form is for |
Creation of charge |
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Type of Charges |
Book debts Movable property Floating charge |
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Particular of the charge holder |
Bank of |
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Nature or description of the instrument creating charge |
Working capital consortium agreement Joint deed of hypothecation and Inter-se agreement (collectively constitute a single charge for Rs.855.000 millions) |
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Date of the instrument creating charge |
25.01.2007 |
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Amount Secure by the charge |
Rs.855.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest Interest shall be charged on the outstanding in the said accounts at
such rate or rates as may be determined by the bank from time to time. Terms of repayment On demand Margin The company shall maintain such security margin as may be stipulated
by the bank Extent and operation of the charge Hypothecation by way of first charge on company’s current assets and
movable machineries and plant to secure as continuing security for repayment
of the following credit facilities by the company to the Bank of India
Consortium and Bank of India acting for itself as well as agent of Citi Bank Others The charge created/ to be created by the company on the current
assets, plant and machinery and book debts shall rank pari passu inter so the
banks for all purposes and to all intents without any priority over the other
of others. This security shall be continuing security for the balances from time
to time due to the said banks and each of them under the said accounts. |
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Particulars of the Property charged |
The whole of the current assets of the company namely, stocks of raw
materials, stocks in process, semi finished and finished goods, stored and
spares not relating to plant and
machinery (consumable stores and spares), Bill receivable and book debt sand
all other movables, other present and future whether now lying loose r in
cases or which are now lying or stored in or about or shall hereinafter from
time to time during eh continuance |
Website Details :
Manufacturers of
Transformer Core from 10KVA to 315 MVA, Torroidal Core, CRGO Strips, Built up
Core, Slit Coils for Power and Distribution Transformer industry and Man made
Fiber Slings, Lashings.
They are
Subject is
Today KRYFS has two modern plants, one located at Palghar in
Products :
CRGO STRIPS
& SLIT COILS
They also produce CRGO
strips and coils slit and manufactured to the customers specification and design.
These are supplied in all available grades of CRGO steel.
OTHER PRODUCTS
They also manufacture a range of material handling equipment like slings,
lashings and harnesses. For more information on their SLINGSET range of slings
and lashings.
Customers
Their customers are
the reason for their existence and their Quality Policy clearly states that
total customer satisfaction is their goal.
Their customers comprise of multinational Transformer manufacturing companies
with turnovers of several billion dollars to small scale units with turnovers
of a couple of millions.
They service customers requirements from Jammu & Kashmir in the North to
Kerala in the South from Gujarat in the West to to
They also export their products to
Their customer's are the focus of their business and the quality systems and
plans laid out are only for their benefit.
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.40.30 |
|
|
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.55.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|