MIRA
INFORM REPORT
|
Report Date : |
18.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
KHEMI FILAMENTS
LIMITED |
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Registered Office : |
325, Kalbadevi
Road, 1st Floor, Mumbai – 400002, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.06.1994 |
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Com. Reg. No.: |
11-79161 |
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CIN No.: [Company
Identification No.] |
U17120MH1994PLC079161 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK05295D |
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|
Legal Form : |
Closely Held
Public Limited Liability Company. |
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Line of Business : |
Manufacturers of
Yarns |
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 |
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Maximum Credit Limit : |
USD 200000 |
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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 satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are
usually correct and as per commitments. The company can
be considered for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
325, Kalbadevi
Road, 1st Floor, Mumbai – 400002, |
|
Tel. No.: |
91-22-22412662 /
22036546 |
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Fax No.: |
91-22-22412662 |
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Email : |
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Factory : |
99/2/13, |
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Tel. No.: |
91-22-66343407 |
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Fax No.: |
91-22-66343407 |
DIRECTORS
|
Name : |
Mr. Makhanlal
Santkumar Tibrewal |
|
Designation : |
Chairman and
Managing Director |
|
Address : |
33, Sai Kripa J.
B. Nagar, Andheri (West) Mumbai – 400019, |
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Date of Birth/Age : |
29.12.1944 |
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Date of Appointment : |
23.06.1994 |
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Name : |
Mr. Girish
Santkumar Tibrewal |
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Designation : |
Director |
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Address : |
33, Sai Kripa J.
B. Nagar, Andheri (West) Mumbai – 400019, |
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Date of Birth/Age : |
19.11.1966 |
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Date of Appointment : |
23.06.1994 |
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Name : |
Mr. Manish
Santkumar Tibrewal |
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Designation : |
Director |
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Address : |
33, Sai Kripa J.
B. Nagar, Andheri (West) Mumbai – 400019, |
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Date of Birth/Age : |
23.08.1969 |
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Date of Appointment : |
23.06.1994 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Santkumar
Tibrewal |
|
101310 |
|
Babulal Tibrewal |
|
10 |
|
Girish S.
Tibrewal |
|
257210 |
|
Manish S. Tibrewal |
|
209540 |
|
Sitadevi Tibrewal |
|
369010 |
|
Sarojdevi
Tibrewal |
|
10 |
|
Anupama G.
Tibrewal |
|
393510 |
|
Bhagwati Prasad
Poddar |
|
26400 |
|
Santosh Poddar |
|
44500 |
|
Saroj Poddar |
|
36000 |
|
Nikharika
Tibrewal |
|
6500 |
|
Hri Khemisati
Plastics Private Limited |
|
100000 |
|
Asha Tibrewal |
|
59000 |
|
Ashutosh Tibrewal |
|
140500 |
|
Yug Tibrewal |
|
137500 |
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Girish Tibrewal –
HUF |
|
5000 |
|
Manish Tibrewal –
HUF |
|
22000 |
|
Sant Kumar
Tibrewal – HUF |
|
21000 |
|
Sant kumar Poddar
|
|
61000 |
|
Arushi Tibrewal |
|
10000 |
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Total |
|
2000000 |
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Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Yarns |
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Products : |
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PRODUCTION
STATUS
Licensed Capacity :
2400 M.T.P.A. of 84 Danier Yarn Texturised
P.Y. 400 M.T.P.A. of 84 Moulded Articles
Installed Capacity :
1200 M.T.P.A. of 84 Danier Yarn Texturised
P.Y. 120 M.T.P.A.
GENERAL INFORMATION
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No. of Employees : |
About 150 |
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Bankers : |
State Bank of Backbay Reclamation Branch, Raheja Chamber, Nariman Point,
Mumbai – 400021 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Lahoti Navneet
and Company Chartered
Accountants |
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Address : |
11, Bhuleshwar
Road, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
Issued,
Subscribed
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
|
|
|
|
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Paid-up
Capital : |
|
|
|
|
1680000 |
Equity Shares |
Rs. 10/- each |
Rs. 16.800 Millions |
|
320000 |
Equity Shares
[Partly Paid] |
Rs. 10/- each |
Rs. 0.350 Millions |
|
|
Total |
|
Rs. 17.150 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
17.150 |
17.150 |
17.150 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
31.687 |
30.132 |
28.999 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
48.837 |
47.282 |
46.149 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
21.571 |
12.418 |
7.095 |
|
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2] Unsecured Loans |
6.670 |
2.387 |
1.570 |
|
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TOTAL BORROWING |
28.241 |
14.805 |
8.665 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
77.078 |
62.087 |
54.814 |
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APPLICATION OF FUNDS |
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|
|
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|
|
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FIXED ASSETS [Net Block] |
9.418 |
10.968 |
11.951 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.322 |
0.323 |
1.079 |
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DEFERREX TAX ASSETS |
2.486 |
3.884 |
4.751 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
20.806
|
23.016
|
9.858 |
|
|
Sundry Debtors |
41.980
|
24.778
|
27.910 |
|
|
Cash & Bank Balances |
1.641
|
2.474
|
0.840 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
9.679
|
7.414
|
0.304 |
|
Total Current Assets |
74.106
|
57.682
|
38.912 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
8.745
|
10.600
|
1.803 |
|
|
Provisions |
0.509
|
0.170
|
0.090 |
|
Total Current Liabilities |
9.254
|
10.770
|
1.893 |
|
|
Net Current Assets |
64.852
|
46.912
|
37.019 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.014 |
|
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|
|
|
|
|
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TOTAL |
77.078 |
62.087 |
54.814 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
|
|
|
|
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|
Sales Turnover |
265.235 |
208.547 |
152.875 |
|
|
Other Income |
0.241 |
0.201 |
0.102 |
|
|
Total Income |
265.476 |
208.748 |
152.977 |
|
|
|
|
|
|
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|
Profit/(Loss) Before Tax |
3.291 |
2.171 |
1.180 |
|
|
Provision for Taxation |
1.736 |
1.038 |
[4.661] |
|
|
Profit/(Loss) After Tax |
1.555 |
1.133 |
5.841 |
|
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Expenditures : |
|
|
|
|
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Raw Material Consumed |
244.489 |
208.502 |
150.084 |
|
|
Increase/(Decrease) in Finished Goods |
2.221 |
[13.083] |
[3.169] |
|
|
Salaries, Wages, Bonus, etc. |
0.989 |
0.873 |
0.000 |
|
|
Payment to Auditors |
0.164 |
0.017 |
0.000 |
|
|
Interest |
2.444 |
1.134 |
0.922 |
|
|
Insurance Expenses |
0.208 |
0.152 |
0.000 |
|
|
Power & Fuel |
7.960 |
5.129 |
0.000 |
|
|
Depreciation & Amortization |
1.561 |
1.694 |
1.872 |
|
|
Other Expenditure |
2.149 |
2.161 |
2.089 |
|
Total Expenditure |
262.185 |
206.579 |
151.798 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
0.59
|
0.54
|
3.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.24
|
1.04
|
0.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.94
|
3.16
|
2.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.05
|
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.77
|
0.54
|
0.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.01
|
5.36
|
20.56 |
LOCAL AGENCY FURTHER INFORMATION
Fixed
Assets
v
v
Residential
Flat
v
Factory
Buildings
v
Plant
and Machinery
v
Electric
Installations
v
Motor
car
v
Laboratory
Equipments
v
D G Set
v
Vehicles
v
Weighing
Scale
v
Commuter
v
Office
Equipments
|
Name of the company |
Khemi Filaments
Limited |
|
Presented By |
State Bank of Backbay Reclamation Branch, Raheja Chamber, Nariman Point, Mumbai – 400021 |
|
1) Date and description of instrument creating the change |
Agreement of loan for Overall limit Agreement of Hypothecation of Goods and Assets both dated 01.12.1995 creating a single charge. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 6.000 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 |
All present and future gods, book debt and all other movable assets including documents of to goods, outstanding moneys, receivable including receivables by way of cash assistance and cash incentives under the cash incentive scheme or any other scheme, claims including claims by way of refund of customers excise duties under the Duty drawback credit scheme, bills, invoice, documents, contracts, policies guarantees, engagements, securities, investments and rights and present and all future machineries belonging to or under the control of the company wherever lying stored and kept whether in India or elsewhere including such goods and other movable assets in course of transit / shipments / delivery. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest – As determined by the Bank from time to time Margin – As prescribed by the Bank from time to time |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of Backbay Reclamation Branch Raheja Chamber, Nariman Point Mumbai – 400021 |
|
6) Date and brief description of instrument modifying the charge |
Agreement of loan cum Hypothecation Link Letter Both dated 17.11.2005 pertaining to single 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. |
By modification dated 21.09.1998 Rs. 2.00 millions granted. Hence amounts of charge increased to Rs. 8 millions form Rs. 6 millions By modification dated 08.09.1999 the above charge of Rs. 8 millions further secured by mortgage created on land adm. 5560 sq. mtrs. Bearing Plot No. 99.02.1913 Madhuban Industrial Estate, Village Rakhole, Silvassa and other structures godowns and fixed plant and machinery, fixture and fittings erected or installed thereon. Both present and future. This charge is the second charge in favour of SBI the first charge being in favour of GIIC. By modification dated 30.07.2001 additional credit facilities Rs. 6 millions granted. Hence amount of charge increased from Rs. 8 millions to Rs. 14 millions By modification dated 24.10.2001, the equitable mortgage created on 08.09.1999 on Plot No. 99.02.19913 adm. 5560 sq. mtrs. In Madhuban Industrial Estate, Village Rakholi, Silvasaa, together with building and other structures erections and godowns and fixed plant and machinery, fixture and fittings erections or installed thereon both present and future extended to cover the additional limit of Rs. 8 millions and now SBI has a first charge instead of second change, covering the entire limit of Rs. 14 millions By modification dated 23.02.2005 additional credit facilities Rs. 4.5 millions granted. Hence amount of charge increased from Rs. 14 millions to Rs. 18.5 millions By modification dated 02.03.2005, the equitable mortgage created on 08.09.1999 on Plot No. 99.02.19913 adm. 5560 sq. mtrs. In Madhuban Industrial Estate, Village Rakholi, Silvasaa, together with building and other structures erections and godowns and fixed plant and machinery, fixture and fittings erections or installed thereon both present and future to secure the credit facilities of Rs. 6 millions and further extended on 24.10.2001 to secure the additional credit facilities of Rs. 8 millions in once again extended to secure the additional credit facilities of Rs. 4.5 millions hence total amount of charge covered stands increased form Rs. 14 Millions to Rs. 18.5 Millions Now this modification dated 17.11.2005 additional credit facilities of Rs. 16.5 millions. Hence amount of charge increased form Rs. 18.5 millions to Rs. 35.00 millions [DCC Rs. 20 millions DCC [Book Debts] with DCC [RS. 14 millions] SLOC Rs. 3 Millions L/C Rs. 10 Millions B/G Rs. 2 Millions] Interest : on DCC 11.75 % p.a. and on SLOC 12.75 % p.a. with monthly rest. |
Form 8 Particular for
creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U17120MH1994PLC079161 |
|
Name of the company |
KHEMI FILAMENTS
LIMITED |
|
Address |
325, Kalbadevi
Road, 1st Floor, Mumbai – 400002, |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
State Bank of Backbay Reclamation Branch Raheja Chamber, Nariman Point Mumbai – 400021 |
|
Amount Secure by the charge |
Rs. 6.000 Millions |
|
Description of the property charge whether it is a charge on |
Plant and Machinery, Furniture and Fixture, Stock in trade, Vehicles, Share and Debenture, Fixed deposit, and intangible assets |
|
Modification charge Charge identification number of the charge to be modified |
90165160 |
|
Date of instrument modifying the charge |
12.05.2006 |
|
Particulars of the Property charged |
All present and future goods, book debts and all other movable assets including documents of title to goods, upstanding moneys, receivables, claims, bills, invoices, documents, contracts, policies, guarantees, engagements security, investments and rights and all present and future machineries whoever lying soured and kept including such goods and other movable assets in course of transit delivery. |
|
Particular of present modification |
Enhanced credit facilities of Rs. 35 millions further secured by extension of mortgage created on Plot No. 99/2/13 in Madhuban industrial Estate, Village Rakholi, Sivassa. |
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.39.79 |
|
|
1 |
Rs.81.62 |
|
Euro |
1 |
Rs.56.98 |
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. |
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 |
|