MIRA INFORM
REPORT
|
Report
Date : |
26.06.2007 |
IDENTIFICATION DETAILS
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Name : |
K. H. ARIND PRIVATE LIMITED |
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Registered
Office : |
K. H.
House 2, |
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Country
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
06.11.1986 |
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Com.
Reg. No.: |
18-13654 |
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CIN
No.: [Company
Identification No.] |
U18209TN1986PTC013654 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
CHEK00318D |
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Legal
Form : |
Private Limited Liability Company. |
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Line
of Business : |
Manufacturers and exporters of Leather Gloves (Fashion
Gloves) and other Leather Accessories.
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RATING & COMMENTS
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MIRA’s
Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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Maximum
Credit Limit : |
USD
1000000 |
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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. Mr. K. H.
Hashim, who was past president of Leather Export Promotion Council, manages
the company. He has over 30 years of experience in leather industry.
Available information indicates high financial responsibility of the company.
Directors are reported as experienced, respectable and resourceful
businessmen. General financial position is good. Payments are always correct
and as per commitments. The company can be considered normal for business dealing
at usual trade terms and conditions. |
LOCATIONS
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Registered
Office / Corporate Office : |
K. H.
House 2, |
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Tel.
No.: |
91-44-42236700/
25322731 |
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Fax
No.: |
91-44-26426746,
25321185 |
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E-Mail
: |
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Website
: |
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Area : |
Owned -- 10,000 sq.
fts. |
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Head
Office : |
55, |
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Tel.
No.: |
91-44-25392182 |
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Fax
No.: |
91-44-25386926 |
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Factory
: |
Vaniambadi, North Arcot District, Tamilnadu |
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Area : |
25,000 sq. fts. -- Owned |
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Factory
: |
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DIRECTORS
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Name : |
Mr. M. Mohammed Hashim |
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Designation
: |
Chairman & Managing Director |
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Address
: |
23, |
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Date
of Birth/Age : |
01.09.1939 |
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Name : |
Mr. M.
Junaid Ahmed |
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Designation
: |
Whole time Director |
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Date
of Birth/Age : |
15.06.1960 |
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Name : |
Mr. M.
Mohammed Shameen |
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Designation
: |
Director |
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Date
of Birth/Age : |
04.04.1962 |
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Name : |
Mr. M.
Mohammed Thameem |
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Designation
: |
Director |
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Date
of Birth/Age : |
21.08.1963 |
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Name : |
Mr. M.
Ashraf Ali |
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Designation
: |
Whole time Director |
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Date
of Birth/Age : |
05.11.1975 |
KEY EXECUTIVES
|
Name : |
Lakshmi
Subramani and Company |
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Designation
: |
Practicing
Company Secretary |
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Address
: |
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MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. M. Mohammed Hashim |
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200000 |
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Mr. M.
Mohammed Shameen |
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120000 |
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Mr. M.
Junaid Ahmed |
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18000 |
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Mr. M.
Khutaija Banu |
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60000 |
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Hajira
Banu |
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6000 |
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Abdul
Wahid |
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120000 |
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Mr. M.
Mohammed Tameem |
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120000 |
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Rabia
Banu |
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60000 |
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Mr. M
Ameerunnisa |
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60000 |
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Zahir
Hussain |
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120000 |
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Mohamed
Ibrahim |
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120000 |
BUSINESS DETAILS
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Line
of Business : |
Manufacturers and exporters of Leather Gloves (Fashion
Gloves) and other Leather Accessories.
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Products
: |
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PRODUCTION
STATUS
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Particulars |
Unit |
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Installed Capacity |
Actual Production |
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Leather
Assorted Gloves in 2005 |
Pairs |
|
1800000 |
1366678 |
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Leather
Assorted Gloves in 2004 |
Pairs |
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-- |
1586562 |
GENERAL INFORMATION
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No. of
Employees : |
380 persons -- 350 persons in factory and 30 persons in
its office |
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Bankers
: |
State
Bank of International
Leather Division, |
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Banking Relations : |
Good |
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Auditors
: |
S. Dhanyakumar
& Company Chartered
Accountants 5, |
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Associates
: |
K H Arind Group |
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Group
Company : |
M. A. Khizar Hussain & Sons Tel No. : 91-4172-222 331 [ 5 Lines ] |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
2,000,000 |
Equity
Shares |
Rs 10/- each |
Rs.20.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
1,200,000 |
Equity
Shares |
Rs.10/- each |
Rs.12.000 millions |
FINANCIAL DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
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1] Share
Capital |
12.000 |
12.000 |
12.000 |
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3]
Reserves & Surplus |
448.084 |
444.105 |
441.792 |
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NETWORTH
|
460.084 |
456.105 |
453.792 |
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LOAN
FUNDS |
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1]
Secured Loans |
23.778 |
186.394 |
106.792 |
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2]
Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL
BORROWING
|
23.778 |
186.394 |
106.792 |
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DEFERRED
TAX LIABILITIES |
0.520 |
0.222 |
0.170 |
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TOTAL
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484.382 |
642.721 |
560.754 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
31.746 |
32.226 |
32.914 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
288.624 |
247.974 |
249.359 |
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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
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123.492
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368.392
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234.136
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Sundry Debtors
|
24.257
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58.977
|
59.214
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Cash & Bank Balances
|
7.191
|
6.962
|
5.231
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Other Current Assets
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0.000
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0.000
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0.000
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Loans & Advances
|
31.349
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36.942
|
40.042
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Total Current Assets
|
186.289 |
471.273 |
338.623 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current
Liabilities |
58.937
|
119.212
|
52.442 |
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Provisions |
0.000
|
16.200
|
20.100 |
Total Current Liabilities
|
58.937 |
135.412 |
72.542 |
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Net
Current Assets
|
127.352 |
335.861 |
266.081 |
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MISCELLANEOUS EXPENSES
|
36.660 |
26.660 |
12.400 |
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TOTAL
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484.382 |
642.721 |
560.754 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
532.293 |
|
657.384 |
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Other Income |
29.119 |
36.648 |
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Total
Income |
561.412 |
579.153 |
657.384 |
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Profit/(Loss) Before Tax |
10.994 |
11.880 |
28.901 |
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Provision for Taxation |
6.715 |
6.160 |
6.700 |
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Profit/(Loss) After Tax |
4.279 |
5.720 |
22.201 |
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Total
Earnings |
529.709 |
534.605 |
610.854 |
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Total
Imports |
89.906 |
348.489 |
175.190 |
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Expenditures : |
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Interest |
7.397 |
13.063 |
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Depreciation & Amortization |
3.927 |
5.444 |
628.483 |
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Other Expenditure |
527.770 |
530.259 |
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Total
Expenditure |
539.094 |
548.766 |
628.483 |
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KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
0.76 |
0.99 |
3.38 |
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Net Profit Margin
(PBT/Sales) |
(%) |
1.96 |
2.05 |
4.39 |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
5.04 |
2.36 |
7.77 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.02 |
0.03 |
0.06 |
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Debt Equity Ratio
(Total
Liability/Networth) |
|
0.18 |
0.71 |
0.39 |
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Current Ratio
(Current
Asset/Current Liability) |
|
3.16 |
3.48 |
4.66 |
LOCAL AGENCY FURTHER
INFORMATION
OPERATIONS:
During the year, 1586562 pairs of Leather Gloves were
produced and efforts are being taken to increase production in the subsequent
year.
AS PER WEBSITE
Subject
produces 1.5 million pairs of gloves a year. The 8 acre lush green campus, is
the location for the 120,000 sq. ft. manufacturing facility.
Over
the last five years, around 7 million pairs of high quality fashion gloves were
expected to leading brands in the
The
wide range of gloves with fleece, cashmere, acrylic, thunisulate, pile, camelette
and silk lining are exported to totes, Coach and Wilsons in the
K.H.
Arind has a 1400 member team and accounts for a turnover of US$ 9 million. The
manufacturing facility is ISO 9002 certified and is recognised for its design
and production capabilities
KH Group
The
KH Group ranks among the most respected leather enterprises in
M.
A. Khizar Hussain & Sons , K.H. Shoes Limited, Rabia Leather Industries
Limited and K.H. Arind Limited are the flag bearers of the KH Group. Accounting
for a combined turnover of around US$ 65 Million .
Large
, Modern professionally managed units. 6500 Employees. A responsible
progressive group that has set standards in the Indian leather industry, in its
approach to production, quality, process and its people. In keeping with modern
day best management practices, each company in the Group is run in strict
compliance with environment and social audit norms
KH
Group companies have enduring relationships with leading international brands.
This is a group that has built its reputation on consistent production and
delivery reliability, even as it has significantly scaled up operations. With a
proven track record in production reliability, KH Group then established its
credentials in design capabilities, which has won its individual companies
critical acclaim
- Finished Leather - Buff, Cowcalf, Sheep
- Full Shoes , Shoe Uppers , Sandles
- Wallets, Hand bags, Garments, Belts
- Fashion and Sports Gloves.
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. 40.95 |
|
|
1 |
Rs. 81.80 |
|
Euro |
1 |
Rs. 55.09 |
SCORE & 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 |