MIRA INFORM REPORT

 

 

Report Date :

23.05.2007

 

IDENTIFICATION DETAILS

 

Name :

KANISHKA PRINTS PRIVATE LIMITED

 

 

Registered Office :

Plot No. 178, GIDC, Pandesara, Surat. 394221, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

19.01.1994

 

 

Com. Reg. No.:

04-21076

 

 

CIN No.:

[Company Identification No.]

U17119GJ1994PTC021076

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of dyeing of art silk and polyster fabrics

 

 

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 100000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

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.

 

 

LOCATIONS

 

Registered Office :

Plot No. 178, GIDC, Pandesara, Surat. 394221, Gujarat, India

Tel. No.:

91-261-2890892

Fax No.:

91-261-2890891

Email:

ranjitkejriwalcs@gmail.com

 

 

DIRECTORS

 

Name :

Mr. Jai Prakash Dwarikaprasad Agarwal

Designation :

Director

Address :

301, Pooja Abhishek Athwalines, Surat;395007, Gujarat

Date of Birth/Age :

16.12.1945

Date of Appointment :

19.01.1994

 

 

Name :

Mr. Sanjay Jai Prakash Agarwal

Designation :

Director

Address :

301, Pooja Abhishek Athwalines, Surat;395007, Gujarat

Date of Birth/Age :

11.07.1967

Date of Appointment :

19.01.1994

 

 

Name :

Mr. Ramprakash Singheswar Rungta

Designation :

Director

Address :

801, Shivamangal Appt. Parlepoint, Surat;395007, Gujarat

Date of Birth/Age :

28.03.1950

Date of Appointment :

13.11.2001

 

 

KEY EXECUTIVES

 

Name :

K Dalal and Company

[Mr. Kunjal Dalal, C. P. No. 3863]

Designation :

Company Secretary

Address :

205 Pawan Hans, Behind Chamunda Restaurant, Sub jail Char Rasta Ring Road, Surat – 395005, Gujarat, India

Tel No. :

91-269-2690314

Mobile No. :

91-9227900395

 

 

MAJOR SHAREHOLDERS

 

Names of Shareholders

 

No. of Shares

 J.P. Agarwal

 

27300

Sanjay Agarwal

 

104300

Vandanadevi Agarwal

 

69523

Savitridevi Agarwal

 

108470

J.P. Agarwal (H.U.F)

 

78700

Sanjay Agarwal (H.U.F)

 

2500

Aakansha Agarwal

 

10000

Ramprakash Agarwal

 

27000

NavinKumar Agarwal

 

15000

Shalini Agarwal

 

29050

Kanishka Agarwla (Minor)

 

28157

Total

 

500000

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of dyeing of art silk and polyster fabrics

 

 

GENERAL INFORMATION

 

No. of Employees :

Around 100

 

 

Bankers :

Canara Bank, Overseas Branch, Ring Road, Surat

 

 

Facilities :

--

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

SNK and Company

Chartered Accountant

Address :

SNK House, 31 A, Adarsh Society, Opp. Seventh Day School, Athwa Lines, Surat – 395001, Gujarat, India

Tel No. :

91-261-2656273 to 2656275

Fax No. :

91-261-2656868

E Mail :

snk@snkca.com

 

 

CAPITAL STRUCTURE

 

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1100000

Equity Shares

Rs.10/- each

Rs.11.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

500000

Equity Shares

Rs.10/- each

Rs.5.000 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

5.000

5.000

2] Share Application Money

 

5.782

0.000

3] Reserves & Surplus

 

15.404

7.383

NETWORTH

 

26.186

12.383

LOAN FUNDS

 

 

 

1] Secured Loans

 

25.449

0.000

2] Unsecured Loans

 

22.444

17.055

TOTAL BORROWING

 

47.893

17.055

 

 

 

 

TOTAL

 

74.079

29.438

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

43.700

15.807

Capital work-in-progress

 

0.000

0.051

 

 

 

 

INVESTMENT

 

0.018

0.017

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

10.678

3.939

 

Sundry Debtors
 

17.225

12.434

 

Cash & Bank Balances
 

0.950

0.838

 

Loans & Advances
 

16.910

3.260

Total Current Assets
 

45.763

20.471

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

13.245

4.738

 

Provisions
 

2.234

2.169

Total Current Liabilities
 

15.479

6.907

Net Current Assets
 

30.284

13.563

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.077

0.000

 

 

 

 

TOTAL

 

74.079

29.438

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Sales Turnover

 

70.958

55.445

Other Income

 

0.066

0.071

Total Income

 

71.024

55.516

 

 

 

 

Profit/(Loss) Before Tax

 

0.765

1.333

Provision for Taxation

 

0.102

0.433

Profit/(Loss) After Tax

 

0.663

0.900

 

 

 

 

Expenditures :

 

 

 

 

Material Consumed

 

12.430

11.334

 

Manufacturing and Operating Expenses

 

42.164

35.442

 

Sales and Administrative Expenses 

 

4.692

4.043

 

Preliminary Expenses

 

0.019

0.003

 

Finance Charges

 

1.908

0.529

 

Depreciation

 

9.046

2.832

Total Expenditure

 

70.259

54.183

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

0.93

1.62

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

1.08

2.40

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

0.86

3.67

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.03

0.11

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

2.42

1.94

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

2.95

2.96

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Name of the company

KANISHKA PRINTS PRIVATE LIMITED

Presented By

Sanjay Agarwal

1) Date and description of instrument creating the change

Letter Evidencing Deposits of Title deed Dated 5th Sep.2005

2) Amount secured by the charge/amount owing on the securities of charge

Rs.112.000 Millions

 

The amount secured comprises of Terms Loan Granted to the company Rs.28.000 Millions to M/s. Rachna Art Prints Private Limited Rs. 28.000 Millions and M/.s. Shreeji Prints Private Limited Rs. 56.000 Millions Total up to a limits of Rs. 112.000 Millions

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

Equitable Mortgage of Factory Land Building Situated at plot No:179 G.I.D.C. Industrial Estate pandesara, Surat.

4) Gist of the terms and conditions and extent and operation of the charge.

Entire Loan to be repaid in 72 monthly installments.

5) Name and Address and description of the person entitled to the charge.

Canara Bank, Overseas Branch, Ring Road, Surat

6) Date  and brief description of instrument modifying the charge

--

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.

--

 

 

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.40.64

UK Pound

1

Rs.80.17

Euro

1

Rs.54.749

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

45

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

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

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions