MIRA
INFORM REPORT
|
Report Date : |
30.12.2008 |
IDENTIFICATION DETAILS
|
Name : |
KABIR IMPEX PRIVATE LIMITED |
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Registered Office : |
G – 3/ 34, Model Town III, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
09.10.2007 |
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Com. Reg. No.: |
55-169194 |
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CIN No.: [Company
Identification No.] |
U17121DL2007PTC169194 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Readymade Garment and Textile Printing |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a new company promoted by experienced, respectable and
resourceful promoters. Trade relations are fair. No complaints have been
heard. It would be advisable to take adequate securities while dealings with
the subject. |
INFORMATION PARTED BY
|
Name : |
Mr. Manav Kabir Chawla |
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Designation : |
Director |
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Contact No.: |
91-9818200123 |
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Date : |
24.12.2008 |
LOCATIONS
|
Registered Office : |
G – 3/ 34, |
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Tel. No.: |
91-11-27420051/ 27670051/ 27217835 |
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Mobile No.: |
91-9818200123 (Mr. Manav Chawla) 91-9818228229 |
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Fax No.: |
91-11-27427835 |
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E-Mail : |
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Website : |
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Area : |
150 sq. yards |
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Factory : |
Plot No.126, |
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Area : |
450 sq. mtr. |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Anil Chawla |
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Designation : |
Director |
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Address : |
G – 3/ 34, |
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Date of Birth/Age : |
27.08.1955 |
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Qualification : |
Commerce Graduate from |
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Experience : |
More than 30 years of Business Experience in Importing and Trading Garment
Machines. Working as proprietor of Kabir International registered since 1977. |
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Date of Appointment : |
09.10.2007 |
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Net Worth: |
Rs.2.998 Millions |
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Name : |
Mrs. Sheetal Chawla |
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Designation : |
Director |
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Address : |
G – 3/ 34, |
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Date of Birth/Age : |
19.10.1956 |
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Qualification : |
M.A. English from |
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Experience : |
Vast Business Experience and Financial Knowledge of Business. Handles all
Financial Aspects of Kabir International |
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Date of Appointment : |
09.10.2007 |
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Net Worth: |
Rs.8.314 Millions |
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Name : |
Mr. Manav Kabir Chawla |
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Designation : |
Director |
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Address : |
G – 3/ 34, |
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Date of Birth/Age : |
12.08.1984 |
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Qualification : |
-
10+2 from -
B. Com (H): First Division from Hansraj Collage ( -
Completed CA – PE – I with 60% Marks. -
Successfully Participated at International Level
Examinations. -
Studied Chinese Language From |
|
Experience : |
Work Experience:
- Handling Imports and all International Alliances o Kabir International - Traveling Overseas for outsourcing Products and Business deals Project
Experience: -
Undergone technical Training for all kinds of
garments machines -
Complete know-how of digital printing |
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Date of Appointment : |
09.10.2007 |
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Net Worth: |
Rs.2.021 Millions |
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Name : |
Mr. Amit Goel |
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Designation : |
Director |
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Address : |
5/508, Indira Colony, Sonipat – 131001, |
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Date of Birth/Age : |
17.07.1981 |
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Date of Appointment : |
09.10.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 29.08.2008)
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Names of Shareholders |
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No. of Shares |
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Amit Goel |
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57235 |
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Anil Chawla |
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27744 |
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Sheetal Chawla |
|
1600 |
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Manav Chawla |
|
4740 |
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Total |
|
91319 |
(As on 30.09.2008)
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Category |
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Percentage
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Readymade Garment and Textile Printing |
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Products : |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Credit (30 days) |
GENERAL INFORMATION
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No. of Employees : |
10 |
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Bankers : |
Sundar Bhavan, Kamal |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
HDSG and Associates Chartered Accountant |
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Address : |
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Name : |
SMR and Associates Chartered Accountant |
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Address : |
201, Aman Chambers, 47/22, Old Rajender Nagar, |
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Associates/Subsidiaries : |
G – 3/ 34, Model Town III, Trading Sewing Machine |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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91319 |
Equity Shares |
Rs.10/- each |
Rs.0.913 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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|
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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|
0.913 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
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|
0.000 |
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4] (Accumulated Losses) |
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|
0.000 |
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NETWORTH |
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|
0.913 |
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LOAN FUNDS |
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1] Secured Loans |
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|
0.000 |
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2] Unsecured Loans |
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|
0.000 |
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TOTAL BORROWING |
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|
0.000 |
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DEFERRED TAX LIABILITIES |
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|
0.000 |
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TOTAL |
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0.913 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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|
0.865 |
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Capital work-in-progress |
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|
0.000 |
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INVESTMENT |
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|
0.000 |
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DEFERREX TAX ASSETS |
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|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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|
0.012 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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|
0.000 |
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Total
Current Assets |
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|
0.012 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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|
0.005 |
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Provisions |
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|
0.000 |
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Total
Current Liabilities |
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|
0.005 |
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Net Current Assets |
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|
0.007 |
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MISCELLANEOUS EXPENSES |
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|
0.041 |
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TOTAL |
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0.913 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.001 |
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Current Ratio (Current Asset/Current Liability) |
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|
2.40 |
LOCAL AGENCY FURTHER INFORMATION
OPERATING STATEMENT
(Rs
in Millions)
|
Particulars |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
2013-14 |
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|
Estimates |
Estimates |
Estimates |
Estimates |
Projected |
Projected |
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Gross Sales |
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Domestic |
4.496 |
17.982 |
20.979 |
23.976 |
26.973 |
29.970 |
|
Export |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Total |
4.496 |
17.982 |
20.979 |
23.976 |
26.973 |
29.970 |
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Less : Excise Duty |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
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Net Sales [ |
4.496 |
17.982 |
20.979 |
23.976 |
26.973 |
29.970 |
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% age rise (+) or fall (-) in net sales compared t previous year
(annualized) |
1.457 |
30.000 |
1.667 |
1.429 |
1.250 |
1.111 |
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Cost of Sales |
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Finished Products Purchases |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
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Raw Material (Including Stores and Other Items Used in
the process of Manufacturing) |
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Raw Material
-[Imported] |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Raw Material
-[Indigenous] |
2.084 |
7.890 |
9.204 |
10.519 |
11.834 |
13.149 |
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Other Spares [Imported] |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Spares [Indigenous] |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
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|
Power and Fuel |
0.090 |
0.360 |
0.420 |
0.480 |
0.539 |
0.599 |
|
Direct Labour (Factory Wages and Salary) |
0.180 |
0.719 |
0.839 |
0.959 |
1.079 |
1.199 |
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Other Manufacturing Expenses |
0.090 |
0.360 |
0.420 |
0.480 |
0.539 |
0.599 |
|
Depreciation |
0.440 |
0.814 |
0.692 |
0.588 |
0.500 |
0.425 |
|
Sub Total |
2.884 |
10.142 |
11.574 |
13.025 |
14.492 |
15.972 |
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Add: Opening of Raw Materials |
0.000 |
0.149 |
0.148 |
0.173 |
0.198 |
0.223 |
|
Deduct: Closing Stock of Raw Materials |
0.149 |
0.148 |
0.173 |
0.198 |
0.223 |
0.247 |
|
Sub Total |
2.735 |
10.142 |
11.550 |
13.001 |
14.467 |
15.947 |
|
|
|
|
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|
Add: Opening Stock in Process |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Deduct : Closing Stock in Process |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Cost
of Production |
2.735 |
10.142 |
11.550 |
13.001 |
14.467 |
15.947 |
|
|
|
|
|
|
|
|
|
Add : Opening Stock of Finished Goods |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Deduct : Closing Stock of Finished Goods |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Sub Total [Total Cost of Sales] |
2.735 |
10.142 |
11.550 |
13.001 |
14.467 |
15.947 |
|
|
|
|
|
|
|
|
|
% age of Sales |
6.083 |
5.640 |
5.505 |
5.422 |
5.364 |
5.321 |
|
Selling general and Administrative Expenses |
1.259 |
5.035 |
5.874 |
6.713 |
7.552 |
8.392 |
|
|
|
|
|
|
|
|
|
Sub Total |
3.994 |
15.177 |
17.424 |
19.714 |
22.020 |
24.338 |
|
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|
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|
Opening Profit Before Interest |
0.502 |
2.805 |
3.555 |
4.262 |
4.953 |
5.632 |
|
Interest on Working Capital |
0.049 |
0.195 |
0.195 |
0.195 |
0.195 |
0.195 |
|
Interest on term Loans
|
0.277 |
0.229 |
0.174 |
0.119 |
0.065 |
0.010 |
|
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|
Opening Profit After Interest |
0.176 |
2.381 |
3.186 |
3.948 |
4.694 |
5.426 |
|
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|
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|
|
|
|
Others Non Operating Income |
0.000 |
0.500 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Non Operating Expenses (Such as Preliminary Expenses) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Profit before Tax/ Loss [PBT] |
0.176 |
2.881 |
3.186 |
3.948 |
4.694 |
5.426 |
|
Partners Salary |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Provision for taxes |
0.000 |
1.008 |
1.115 |
1.382 |
1.643 |
1.899 |
|
Net Profit / Loss |
0.176 |
1.873 |
2.071 |
2.566 |
3.051 |
3.527 |
|
|
|
|
|
|
|
|
|
Drawings/ Withdrawals |
0.000 |
0.000 |
0.700 |
1.200 |
1.200 |
1.500 |
|
Retained Profit |
0.176 |
1.873 |
1.371 |
1.365 |
1.851 |
2.027 |
|
Retained Profit/ Net Profit (%) |
100.00 |
100.00 |
66.20 |
53.23 |
60.67 |
57.47 |
|
Net Profit % age to sales |
3.93 |
16.02 |
15.19 |
16.47 |
17.40 |
18.11 |
ANALYSIS OF BALANCE SHEET
[Rs in Millions]
|
Particulars |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
2013-14 |
|
|
Estimates |
Estimates |
Estimates |
Estimates |
Projected |
Projected |
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
Short – Term borrowings from banks [including bill
purchased, discounted and excess borrowings placed on repayment basis] |
|
|
|
|
|
|
|
From Applicant Banks
|
1.500 |
1.500 |
1.500 |
1.500 |
1.500 |
1.500 |
|
From Others Banks |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Sub
Total |
1.500 |
1.500 |
1.500 |
1.500 |
1.500 |
1.500 |
|
|
|
|
|
|
|
|
|
Short Term Borrowings from others |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Sundry creditors [Trade] |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Advance Payments From Customers/ Deposits from Dealers |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Provisions for Taxations
(Due with in One year) |
0.000 |
1.008 |
1.115 |
1.382 |
1.643 |
1.899 |
|
Dividend Payable |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Statutory Liabilities payables (Due with in One
year) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Installments of term loans / Deposist /DPGs/ debentures, etc
[due within one year] |
0.948 |
1.008 |
1.008 |
1.008 |
0.944 |
0.000 |
|
Other Current Liabilities and Provisions (Due with in One
year) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Sub
– Total |
0.948 |
2.016 |
2.123 |
2.390 |
2.587 |
1.899 |
|
|
|
|
|
|
|
|
|
Total
Current Liabilities |
2.448 |
3.516 |
3.623 |
3.890 |
4.087 |
3.39 |
|
|
|
|
|
|
|
|
|
TERM
LIABILITIES |
|
|
|
|
|
|
|
Term Loan (Excluding Installments due within one years) |
4.329 |
2.960 |
1.952 |
0.944 |
(0.000) |
0.000 |
|
Term deposits/ Loans from sister concerns (Repayable after
one year) |
0.850 |
0.300 |
0.000 |
0.000 |
0.000 |
0.00 |
|
Other Term Liabilities |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
TOTAL
TERM LIABILITIES |
5.179 |
3.260 |
1.952 |
0.944 |
(0.000) |
0.000 |
|
TOTAL
OF OUTSIDE LIABILITIES |
7.627 |
6.776 |
5.575 |
4.833 |
4.087 |
3.399 |
|
|
|
|
|
|
|
|
|
NET
WORTH |
|
|
|
|
|
|
|
Shares Capital Account |
0.914 |
1.090 |
2.963 |
4.334 |
5.700 |
7.551 |
|
Additional in Capital During the years |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
General Reserve |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Share Premium |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Depreciation |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Reserves [Excluding provisions] |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Surplus (+) Cr deficit (-) in profit and Loss A/C |
0.176 |
0.1873 |
1.371 |
1.366 |
1.851 |
2.027 |
|
|
|
|
|
|
|
|
|
NET WORTH
|
1.090 |
2.963 |
4.334 |
5.700 |
7.551 |
9.578 |
|
TOTAL
LIABILITIES |
8.717 |
9.739 |
9.909 |
10.534 |
11.638 |
12.978 |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Bank Balance |
0.046 |
0.056 |
0.134 |
0.402 |
1.168 |
1.999 |
|
Investments [Other than long term investments] Government
and other Trustee securities |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Receivables others than deferred and exports |
2.997 |
2.997 |
3.497 |
3.996 |
4.496 |
4.995 |
|
Exports receivable |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.00 |
|
|
|
|
|
|
|
|
|
Inventory
|
|
|
|
|
|
|
|
Raw Materials (Including stores and other items used in the
process of manufacturer) |
0.149 |
0.148 |
0.173 |
0.198 |
0.223 |
0.247 |
|
Stock – in – process |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Finished Goods |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Other Consumables |
|
|
|
|
|
|
|
- Imported Consumables |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
- Indigenous Consumables |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Advance to Suppliers of raw materials and stores/
Spares |
0.100 |
0.318 |
0.371 |
0.424 |
0.477 |
0.530 |
|
Advance payment of taxes |
0.000 |
1.008 |
1.115 |
1.382 |
1.643 |
1.899 |
|
Other current assets |
0.000 |
0.600 |
0.700 |
0.800 |
0.800 |
0.900 |
|
TOTAL
CURRENT ASSETS |
3.292 |
5.128 |
5.990 |
7.202 |
8.806 |
10.571 |
|
|
|
|
|
|
|
|
|
FIXED
ASSETS |
|
|
|
|
|
|
|
Gross Block |
5.865 |
5.425 |
4.611 |
3.920 |
3.332 |
2.832 |
|
Depreciation to date |
0.440 |
0.814 |
0.692 |
0.588 |
0.500 |
0.425 |
|
|
|
|
|
|
|
|
|
NET
BLOCK |
5.425 |
4.611 |
3.920 |
3.332 |
2.832 |
2.407 |
|
|
|
|
|
|
|
|
|
OTHER
NON – CURRENT ASSETS |
|
|
|
|
|
|
|
Investments in Others |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Advances to suppliers of capital goods and contractors |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Deferred receivables [maturity exceeding one year] |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Others |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL
OTHER NON – CURRENT ASSETS |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Intangible assets |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Total
Intangible assets |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
8.717 |
9.739 |
9.910 |
10.534 |
11.638 |
12.978 |
|
|
|
|
|
|
|
|
|
Tangible
Net Worth |
1.090 |
2.963 |
4.334 |
5.700 |
7.551 |
9.578 |
|
Net
Working Capital |
0.844 |
1.612 |
2.366 |
3.312 |
4.719 |
7.171 |
|
Current
Ratio |
0.134 |
0.146 |
0.165 |
0.185 |
0.215 |
0.311 |
|
Total
Outside Liabilities/ Tangible |
0.699 |
0.229 |
0.129 |
0.085 |
0.054 |
0.035 |
ESTIMATED
PROFITABILITY STATEMENT AND CALCULATION OF DSCR7
(Rs.
In millions)
|
INCOME
|
1st years |
2nd years |
3rd years |
4th years |
5th years |
6th years |
|
Income from Job Work |
4.496 |
17.982 |
20.979 |
23.976 |
26.973 |
29.970 |
|
Other Income |
0.000 |
0.500 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Increase/ Decrease in Stock |
0.149 |
(0.000) |
0.025 |
0.025 |
0.025 |
0.025 |
|
|
|
|
|
|
|
|
|
TOTAL
INCOME |
4.644 |
18.482 |
21.004 |
24.001 |
26.998 |
29.995 |
|
|
|
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
|
|
|
Consumables |
2.084 |
7.890 |
9.204 |
10.519 |
11.834 |
13.149 |
|
Direct Labour |
0.180 |
0.719 |
0.839 |
0.959 |
1.079 |
1.199 |
|
Power and Fuel |
0.090 |
0.360 |
0.420 |
0.480 |
0.539 |
0.599 |
|
Other Manufacturing Expense |
0.090 |
0.360 |
0.420 |
0.480 |
0.539 |
0.599 |
|
Total
Direct Corst |
2.444 |
9.328 |
10.883 |
12.437 |
13.992 |
15.547 |
|
|
|
|
|
|
|
|
|
Selling and Administrative Expenses |
1.259 |
5.035 |
5.874 |
6.713 |
7.552 |
8.392 |
|
Bank Interests on terms loan |
0.277 |
0.229 |
0.174 |
0.119 |
0.065 |
0.010 |
|
Bank Interests on Cash Credit |
0.049 |
0.195 |
0.195 |
0.195 |
0.195 |
0.195 |
|
Depreciations |
0.440 |
0.814 |
0.692 |
0.588 |
0.500 |
0.425 |
|
|
|
|
|
|
|
|
|
Total
Expenditure |
4.468 |
0.814 |
0.692 |
0.588 |
0.500 |
0.425 |
|
|
|
|
|
|
|
|
|
Excess of Income over Expenditure |
0.176 |
2.881 |
3.186 |
3.948 |
4.694 |
5.426 |
|
|
|
|
|
|
|
|
|
Taxation |
0.000 |
1.008 |
1.115 |
1.382 |
1.643 |
1.899 |
|
|
|
|
|
|
|
|
|
Net Income
|
0.176 |
1.873 |
2.071 |
2.566 |
3.051 |
3.527 |
|
|
|
|
|
|
|
|
|
Dividend |
0.000 |
0.000 |
0.700 |
1.200 |
1.200 |
1.500 |
|
|
|
|
|
|
|
|
|
Cash
Accruals |
0.616 |
2.687 |
2.763 |
3.154 |
3.551 |
3.952 |
|
|
|
|
|
|
|
|
|
Capital |
1.090 |
2.963 |
4.334 |
5.700 |
7.551 |
9.578 |
|
|
|
|
|
|
|
|
|
Cash Returns on Promoters Investments |
5.652 |
9.066 |
6.374 |
5.533 |
4.702 |
4.126 |
|
|
|
|
|
|
|
|
|
Repayment of Term Loan during the years |
0.000 |
0.948 |
1.008 |
1.008 |
1.008 |
0.944 |
|
|
|
|
|
|
|
|
|
DSCR |
0.323 |
0.248 |
0.248 |
0.290 |
0.337 |
0.415 |
|
|
|
|
|
|
|
|
|
Average
DSCR |
0.310 |
- |
- |
- |
- |
- |
PROJECTED
CASH FLOW STATEMENT
(RS.
IN MILLIONS)
|
PARTICULARS
|
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
|
|
|
|
|
|
|
SOURSE
OF CASH |
|
|
|
|
|
|
|
Share Capital |
0.914 |
- |
- |
- |
- |
- |
|
Short Term Borrowing
from banks |
1.500 |
- |
- |
- |
- |
- |
|
Deposits other than loan |
0.948 |
0.060 |
0.000 |
- |
(0.064) |
(0.944) |
|
Term Loan from Bank
|
4.329 |
(1.369) |
(1.008) |
(1.008) |
(0.944) |
- |
|
Term Deposits / Loan from Sister Concern |
0.850 |
(0.550) |
(0.300) |
- |
- |
- |
|
Net Sales |
4.496 |
17.982 |
20.979 |
23.976 |
26.973 |
29.970 |
|
Other non operating income |
- |
0.500 |
- |
- |
- |
- |
|
Decrease in stock of raw materials |
- |
0.001 |
- |
- |
- |
- |
|
Total |
13.037 |
16.624 |
19.671 |
22.968 |
25.965 |
29.026 |
|
|
|
|
|
|
|
|
|
Application
of Cash |
|
|
|
|
|
|
|
Cost of production excluding dep |
2.295 |
9.329 |
10.857 |
12.413 |
13.966 |
15.523 |
|
Selling general and Administrative Expenses |
1.259 |
5.035 |
5.874 |
6.713 |
7.552 |
8.392 |
|
Interests on working capital |
0.049 |
0.195 |
0.195 |
0.195 |
0.195 |
0.195 |
|
Interests on term loan |
0.277 |
0.229 |
0.174 |
0.119 |
0.065 |
0.010 |
|
Increase in Stock of raw materials |
0.149 |
- |
0.025 |
0.025 |
0.025 |
0.024 |
|
Advance to supplier of raw materials |
0.100 |
0.218 |
0.053 |
0.054 |
0.053 |
0.053 |
|
Fixed Assets |
5.865 |
- |
0.000 |
- |
- |
- |
|
Current Assets |
- |
0.600 |
0.100 |
0.100 |
- |
0.100 |
|
Drawing |
- |
- |
0.700 |
1.200 |
1.200 |
1.500 |
|
Advance tax |
- |
1.008 |
1.115 |
1.382 |
1.643 |
1.899 |
|
|
|
|
|
|
|
|
|
Total
|
9.994 |
16.614 |
19.093 |
22.201 |
24.699 |
27.696 |
|
|
|
|
|
|
|
|
|
Balance |
3.043 |
0.010 |
0.578 |
0.767 |
1.266 |
1.330 |
|
Add: Opening Balance Cash Receivable |
0.000 0.000 |
0.046 2.997 |
0.056 2.997 |
0.134 3.497 |
0.402 3.996 |
1.168 4.496 |
|
|
|
|
|
|
|
|
|
Closing Balance Cash Receivable |
0.046 2.997 |
0.056 2.997 |
0.134 3.497 |
0.402 3.996 |
1.168 4.496 |
1.999 4.995 |
|
CALCULATION OF BREAK EVEN POINT |
|||
|
Formula: Break Even Point
= Fixed Cost/ Contribution per Unit Contribution per
Unit = Revenue – Variable Expenses/ Unit of Sales |
|||
|
|
|
|
|
|
Less |
FIRST YEAR Revenue Variable Expense Total Contribution Unit Contribution per unit |
4496000 2735000 1761000 19980 |
88.14 |
|
|
|
|
|
|
|
Fixes Expenses Selling general and Administrative expense Interests on working capital Interests on term Loan |
1259000 49000 277000 |
1585000.00 |
|
|
|
|
|
|
|
Break Even Point |
1585000/88.14
= |
17983.13
Sq. Mtrs. |
|
|
|
|
|
|
Less |
SECOND YEAR Revenue Variable Expense Total Contribution Unit Contribution per unit |
17982000 10142000 7840000 79920 |
98.10 |
|
|
|
|
|
|
|
Fixes Expenses Selling general and Administrative expense Interests on working capital Interests on term Loan |
5035000 195000 229000 |
5459000.00 |
|
|
|
|
|
|
|
Break Even Point |
5459000/98.10
= |
55648.38
Sq. Mtrs. |
|
|
|
|
|
|
Less |
THIRD YEAR Revenue Variable Expense Total Contribution Unit Contribution per unit |
20979000 11550000 9429000 93000 |
101.13 |
|
|
|
|
|
|
|
Fixes Expenses Selling general and Administrative expense Interests on working capital Interests on term Loan |
5874000 195000 174000 |
6243000.00 |
|
|
|
|
|
|
|
Break Even Point |
6243000/101.13
= |
61734.79
Sq. Mtrs. |
|
|
|
|
|
|
Less |
FOURTH YEAR Revenue Variable Expense Total Contribution Unit Contribution per unit |
23976000 13001000 10975000 106560 |
102.99 |
|
|
|
|
|
|
|
Fixes Expenses Selling general and Administrative expense Interests on working capital Interests on term Loan |
6713000 195000 119000 |
7027000.00 |
|
|
|
|
|
|
|
Break Even Point |
7027000/102.99
= |
68227.53
Sq. Mtrs. |
|
|
|
|
|
|
Less |
FIFTH YEAR Revenue Variable Expense Total Contribution Unit Contribution per unit |
26973000 14469000 12504000 119880 |
104.30 |
|
|
|
|
|
|
|
Fixes Expenses Selling general and Administrative expense Interests on working capital Interests on term Loan |
7552000 195000 65000 |
7812000.00 |
|
|
|
|
|
|
|
Break Even Point |
7812000/104.30
= |
74896.24
Sq. Mtrs. |
|
|
|
|
|
|
Less |
SIXTH YEAR Revenue Variable Expense Total Contribution Unit Contribution per unit |
29970000 15947000 14023000 133200 |
105.28 |
|
|
|
|
|
|
|
Fixes Expenses Selling general and Administrative expense Interests on working capital Interests on term Loan |
8392000 1 10000 |
8402001.95 |
|
|
|
|
|
|
|
Break Even Point |
8402001.95/105.28
= |
79807.93
Sq. Mtrs. |
ABOUT DIGITAL
TEXTILE PRINTING:
One of the biggest challenges faced by the designers and buyers in the
textile industry today is the need to bring new designs to market at ever increasing
speed. Fashion has always been a fast paced industry, but today top brands are
incorporating new colors and styles onto their shop floors at unprecedented
speeds. This has been due to the introduction of Digital Textile Printing.
Digital Technology is the fasted growing method of printing textile
internationally. In the fasted growing method of printing textile
internationally. In the recent years, the output through this technology rose
by 300%. Although Digital Printing still accounts for less than 1% of global
market but is likely to expand to as 10% in next couple of years. Screen
Printing which still dominates the textile printing market with 80% global
share is expected to fall as digital printing gains more of foothold in the
market.
FOLLOWING ARE SOME
KEY BENEFITS OF ADOPTING DIGITAL PRINTING:
-
By using only 8 color dyes, a wider color gamut of
16.2 million colors can be achived giving photo quality images, eliminating the
tedious task of developing separate screen for each color.
-
Instant Proofing and sampling: One can develop 20
to 30 different samples in a day with the ease of computerized alterations.
-
Since there are no volume restrictions, one can
even print a single meter of cloth. This facilities the designers to maintain
the exclusivity of their designs.
-
Varieties of Inks are available to suit individual
fabric requirements.
MANUFACTURING
PROCESS
STEPS IN PRINTING:
- Design
Selection
- Design
Digitizing
- Printing
- Print
Approval
- Final
Printing
In their business model, they shall prepare designs in – house as well
work upon the design given by their clients. Once the clients are ready with
the choice of design, they shall digitize the same on their software with all
parameters that are needed for printing on fabric and the preferred resolution
(540*720 or 720*720 dpi). After that they shall print a sample fabric and get
it approved by the client. By client’s approval, they shall minimize the
wastage as if any changes are to be made, shall be made in initial stages only.
Also the client comes are to know about the actual result that will come out.
Once the client approves the result that shall go for final production as per
the requirements that shall vary from client to client.
Now they shall discuss the printing in more details:
Each fabric that is manufactured in the mills
and looms are in raw form. They have certain impurities, stains, threads,
irregular structure etc. If they directly print that fabric, there shall be
variations in colors, resolutions etc. Their Technology is DOD I.e. Drop on
Demand, the printing head work is to drop the ink as per design that are ripped
through computer attached to it. To avoid the problem of color variations and
proper fixing of colors, it is highly essential and recommended to do a pre-Treatment
of the fabric, which is also called as Padding.
In padding they coat the fabrics with
chemicals like Urea, Alganate in differed recipes as per the GSM of the
fabrics. This prepares the fabrics for the process of Digital Printing. When
they need to prepare small samples for approval of clients, they shall do that
in-house with manual padding by dipping the fabric in chemicals. For longer
runs and main stages production, they need to out-source the padding process
from the factories that are specializing in the same. This is a process of 2-3
days depending upon the workload of the factory from where they get it done.
They do have an edge in this process too as the vendor from whom they need to
get it done is not far from their unit and in the same HSIIDC Industrial Area
of Barhi. The cost of outsourcing is approx Rs.5-6 per meter of a fabric.
Once the fabric is through with padding, they
shall proceed for the final Printing of fabric, either it is for sampling or
mass production. The fabric needs to be rolled up perfectly with the help of
Motorized Roll Making Machine. Rolls are prepared under the control and
supervision of 2 staff members, one from each side to check the alignment of
fabric. Proper rolling of fabric is key to success in printing as the fabric
feeding and moving should be perfect at the time of printing to minimize
wastage.
After they prepare the rolls, they fix them on
the backside of the machines in the supports fitted on the machine. Once its
done, they are ready for actual printing with help of designs prepared and
digitized. The machine during the process of printing can be easily taken care
by an expert operator and a semi-skilled helper. After they give the command,
the fabric is printed as per the design and length and the printed fabric get
rolled up with the help of rollers fitted on the front of the machine. There
are heaters installed in the machine, which dry the ink after the printing, and
before it gets rolled up.
After the fabric is printed, they need to Post
Treat the fabric so that they get excellent color shine and fastness and it
also helps to fix the colors through out the life of the fabric. For post
treatment, they first steam the fabric in the Steam Ager at a temperature of
around 130 degrees with the help of steam generated by the boiler attached to
it, This is also known as aging of fabric. After the fabric is steamed out,
they wash the same in washing Machine, Hydro Extractor and then dry it in
Tumble Dryer. Around 3-4 Liters of water is needed to wash out a square meter
of a fabric. This is just plain water washing with some mild detergents and no
harsh chemicals. 3-4 staff people can easily carry out the post treatment of
fabrics. Now their fabric is ready for dispatch to the clients.
PRODUCTS THAT CAN BE WORKED UPON:
1] For Women:
- Sarees
- Ladies Suits
- Scarves and Stoles
- Shawls
- Hand Bags
- Dresses
Target Clients: Satyapaul, Ritu Kumar and Other Fashion
Designers
-------------------------------------------------------------------------------------------------------------------------------------------------------
2] For Home Furnishing:
- Table Linen
- Cushion Covers
- Pillow Covers
- Quilt Covers
- Bed Sheets
- Rugs and Floor Coverings
Target Clients:
Business Houses of Panipat such as Palliwal Exports,
Raj Overseas, Maspar and Other Players like Jagdish Stores, Good Earth
-------------------------------------------------------------------------------------------------------------------------------------------------------
3] For Sports:
Uniforms and Promotional Stuff for Events Like
IPL, Commonwealth Games, ICL.
Target Clients: Sport Giants such as
Adidas and Reebok.
-------------------------------------------------------------------------------------------------------------------------------------------------------
ABOUT MANUFACTURING UNIT:
Category:
-
Approved Industrial Area
by HSIIDC
-
Exclusively for Textile
Units
Locations:
-
Situated close to main
-
Surrounded by upcoming
250 area SEZ by Ansal API
-
In Close Vicinity to KMP
Expressway
-
Major Townships of
Parsavnath, Omaxe, TDI, Ansal Nearby.
EQUIPMENTS TO BE FINANCES UNDER TERMS LOANS:
I ] Printing Machines:
A] Yuhan Kimberley U-Jet MC3 Machine
Price: USD 29391.42 (FOB
+ Freight Rs.0.060 Million
+ Duty @ 20% (Estimated)
+ Software Rs.0.210 Million
B] Mimaki DS – 1600 Printing Machine
Price: Rs.1.700 Millions
+ CST @ 2%
+ Freight Rs.0.045 Million
----------------------------------------------------------------------------------------------------------------------------------------------------
II] Post Treatment Machines:
-
Washing Machine
-
Drying Tumbler
-
Boiler
-
Steamer
Complete Unit Price: Rs.1.021 Million
-------------------------------------------------------------------------------------------------------------------------------------------------------
III] Water Treatment Plant:
Unit Price: Rs.0.174 Million
Add CST @ 2%
Add Freight at Actual
-------------------------------------------------------------------------------------------------------------------------------------------------------
IV] Computer Systems:
Unit 1: Rs.0.075 Million
Unit 2: Rs.0.028 Million
-------------------------------------------------------------------------------------------------------------------------------------------------------
|
Name of Assesses : |
Kabir International (Proprietor Mr. Anil Chawla) |
|
|
|
|
Address : |
G – 3/34, |
|
|
|
|
Permanent Account No. |
AADPC6510C |
|
|
|
|
Status: |
Proprietorship Firm |
|
|
|
|
Fixed Assets: |
|
|
|
|
|
Suppliers : |
|
(KABIR
INTERNATIONAL)
Rs. In Millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1.622 |
1.825 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1.622 |
1.825 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
2.169 |
4.314 |
|
|
2] Unsecured Loans |
|
3.482 |
2.987 |
|
|
TOTAL BORROWING |
|
5.651 |
7.301 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
7.273 |
9.126 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.598 |
1.279 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
2.475 |
2.443 |
|
|
Sundry Debtors |
|
3.751 |
5.682 |
|
|
Cash & Bank Balances |
|
0.300 |
0.891 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
6.526 |
9.016 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
0.851 |
1.169 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
0.851 |
1.169 |
|
|
Net Current Assets |
|
5.675 |
7.847 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
7.273 |
9.126 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
|
|
Sales Turnover |
|
11.679 |
15.633 |
|
|
Other Income |
|
0.449 |
0.000 |
|
|
Total Income |
|
12.128 |
15.633 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.091 |
(0.600) |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
0.091 |
(0.600) |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
10.378 |
14.119 |
|
|
Freight and Cartage |
|
0.089 |
0.146 |
|
|
Salaries, Wages, Bonus, etc. |
|
0.432 |
0.523 |
|
|
Payment to Auditors |
|
0.017 |
0.017 |
|
|
Interest |
|
0.506 |
0.688 |
|
|
Insurance Expenses |
|
0.022 |
0.025 |
|
|
Depreciation & Amortization |
|
0.156 |
0.216 |
|
|
Other Expenditure |
|
0.437 |
0.499 |
|
Total Expenditure |
|
12.037 |
16.233 |
|
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 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.48.78 |
|
|
1 |
Rs.71.68 |
|
Euro |
1 |
Rs.69.17 |
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 |
|