MIRA
INFORM REPORT
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Report Date : |
02.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
KANIN INDIA LIMITED |
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Registered Office : |
A -46, Mohan Co-operative Industrial Estate, Industrial Estate Limited,
Mathura Road, New Delhi – 110 044 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.09.1985 |
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Com. Reg. No.: |
16-22016 |
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CIN No.: [Company
Identification No.] |
U74899DL1985PLC022016 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDK00456B |
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PAN No.: [Permanent
Account No.] |
AABFK2551P |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of all kinds of Office Equipments like Stapler Machines, Paper Punches and Lever Arch Mechanisms. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 840000 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having fine track. Trade
relations are fair. Business is active. General financial position is good. Payments
are reported as usually correct and as per commitments. The company can be considered good for any normal business dealings. |
LOCATIONS
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Registered Office / R & D Centre : |
A-46, Mohan Co-operative Industrial Estate, Delhi Mathura
Road, New Delhi - 110 044, INDIA. |
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Tel. No.: |
91-11-26959263 / 26959064 |
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Fax No.: |
91-11-26959407 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office : |
840, Industrial Area A, Ludhiana - 141 003, Punjab, India |
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Tel. No.: |
91-161-2609340 / 2661377 / 2661976 / 2228576 / 2221377 |
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Fax No.: |
91-161-2661116 / 2221116 |
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E-Mail : |
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Factory 1 / Corporate Office / Warehouse: |
Industrial Plot No. 79, Sector 25, Faridabad - 121 004, Haryana, India |
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Tel. No.: |
91-129-5066110 / 11 / 12 / 2233369 / 70 / 71 |
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Fax No.: |
91-129-5066118 / 4066118 / 2231183 |
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E-Mail : |
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Area : |
8000 Sq. Mtrs. |
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Location : |
Owned |
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Factory 2: |
2nd Km Mile Stone, G.T. Road, Doraha, Ludhiana-141 421 , Punjab, India |
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Tel. No.: |
91-1628-256500 / 256501 / 256502 / 256503 |
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Fax No.: |
91-1628-259990 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Jaininder Kumar Jain |
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Designation : |
Managing Director |
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Address : |
B-XIX, 115, Shiv Shankar Road, Civil Lines, Ludhiana - 141
001, Punjab, India |
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Date of Birth/Age : |
1946 |
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Name : |
Mr. Janki Das Jain |
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Designation : |
Director |
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Address : |
B-XIX, 115, Shiv Shankar Road, Civil Lines, Ludhiana – 141 001, Punjab, India |
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Name : |
Mr. Manish Garg |
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Designation : |
Director |
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Address : |
Kothi No. 320, Sector 9,
Faridabad, Ludhiana, Punjab, India |
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Name : |
Ms. Kiran Jain |
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Designation : |
Director |
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Address : |
B-XIX, 115, Shiv Shankar Road, Civil Lines, Ludhiana – 141
001, Punjab, India |
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Name : |
Ms. Ritu Jain |
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Designation : |
Director |
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Name : |
Mr. Vikram Jain |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of all kinds of Office Equipments like Stapler Machines, Paper Punches and Lever Arch Mechanisms. |
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Brand Names : |
“ KANGARO”, “Kanin” and “Kanex”. |
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Exports : |
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Countries : |
Austria, Bahrain, Bangladesh, Cambodia, Cyprus, Egypt, Finland, Germany, Hong Kong, Indonesia, Iran, Italy, Japan, Israel, Jordan, Kenya, Kuwait, Turkey, Thailand, Taiwan, Vietnam, Philippines, Singapore, U.S.A. and Europe |
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Imports : |
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Countries : |
Germany and Japan. |
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Terms : |
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Selling : |
L/C or Credit (30-60 days) terms. |
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Purchasing : |
Cash, L/C, Credit (30-60 days) or other terms |
GENERAL
INFORMATION
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Suppliers : |
Ř Abbot Engineering, Faridabad, Haryana Ř Ajanta Steel, Faridabad, Haryana Ř Anandi Lal Bhawar Lal and Company, Kolkata, West Bengal Ř Avery Cycle Industries Limited, Ludhiana, Punjab Ř Chouhan Industries Limited, Chandigarh Ř Avery Cycle Industries Limited Ř Tata Metal and Springs Limited Ř Bharat Box Factory Ř DGP Windsor India Limited |
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Customers : |
Wholesalers · Saritral Media Dharna, Indonesia · P. P. Impex, Bangalore, Karnataka · Jindal Stationery Manufacturing Company, Ludhiana, Punjab · Kangaro India Private Limited, India · Ratan Stationers, Chennai, Tamilnadu |
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No. of Employees : |
150 |
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Bankers : |
Ř State Bank of India, Civil Lines, Ludhiana, Punjab Ř State Bank of India, Neelam Bata Road, Faridabad, Haryana Ř Oriental Bank of Commerce, New Delhi |
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Facilities : |
Rs. 7.700 millions (State Bank of India, Faridabad) |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Mr. Prakash K. Prakash Chartered Accountants |
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Address : |
B-22, Sagar Apartment, 6, Tilak Road, New Delhi - 110 001, India |
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Tel. No.: |
91-161-2609340 / 2661377 |
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Associates/Subsidiaries : |
Ř Kangaro (India) Private Limited Ř Kangaro Exports Ř Kangaro Metaplast Private Limited Ř Jain Manufacturing Company Ř Jindal Stationery Manufacturing Company Ř Saraswati Exports |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3915000 |
Equity Shares |
Rs. 10/- each |
Rs.39.200
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
39.200 |
38.300 |
38.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
169.100 |
161.900 |
103.400 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
208.300 |
200.200 |
141.700 |
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LOAN FUNDS |
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1] Secured Loans |
56.200 |
48.500 |
54.900 |
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2] Unsecured Loans |
22.400 |
14.400 |
12.600 |
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TOTAL BORROWING |
78.600 |
62.900 |
67.500 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
286.900 |
263.100 |
209.200 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
218.000 |
216.300 |
164.200 |
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Capital work-in-progress |
0.000 |
2.200 |
0.000 |
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INVESTMENT |
0.500 |
0.300 |
3.400 |
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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 |
60.900
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36.500 |
23.100 |
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Sundry Debtors |
37.100
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29.400 |
38.100 |
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Cash & Bank Balances |
1.000
|
0.700 |
3.800 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
30.400
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23.300 |
12.900 |
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Total
Current Assets |
129.400
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89.900 |
77.900 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
61.700
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46.000 |
37.900 |
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Provisions |
0.000
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0.500 |
0.300 |
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Total
Current Liabilities |
61.700
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46.500 |
38.200 |
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Net Current Assets |
67.700
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43.400 |
39.700 |
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MISCELLANEOUS EXPENSES |
0.700 |
0.900 |
1.900 |
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TOTAL |
286.900 |
263.100 |
209.200 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
182.100 |
159.300 |
178.000 |
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Other Income |
20.700 |
22.700 |
13.400 |
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Total Income |
202.800 |
182.000 |
191.400 |
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Profit/(Loss) Before Tax |
2.900 |
0.600 |
3.000 |
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Provision for Taxation |
1.600 |
0.200 |
0.200 |
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Profit/(Loss) After Tax |
1.300 |
0.400 |
2.800 |
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Export Value |
114.689 |
NA |
NA |
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Import Value |
10.820 |
NA |
NA |
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Expenditures : |
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Manufacturing Expenses |
23.500 |
28.800 |
19.500 |
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Administrative Expenses |
20.200 |
19.100 |
21.200 |
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Raw Material Consumed |
111.400 |
79.900 |
92.700 |
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Excise duty |
16.300 |
14.800 |
11.500 |
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Increase/(Decrease) in Finished Goods |
[24.400] |
[13.400] |
[4.700] |
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Salaries, Wages, Bonus, etc. |
18.200 |
17.100 |
15.800 |
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Interest & Financial Charges |
7.600 |
4.900 |
4.000 |
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Depreciation & Amortization |
15.600 |
17.300 |
14.500 |
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Other Expenditure |
0.700 |
1.800 |
1.700 |
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Total Expenditure |
189.100 |
170.300 |
176.200 |
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KEY RATIOS
|
Year |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity
Ratio |
0.86 |
0.85 |
0.88 |
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Long
Term Debt-Equity Ratio |
0.39 |
0.39 |
0.47 |
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Current
Ratio |
1.18 |
1.08 |
1.12 |
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TURNOVER
RATIOS |
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Fixed
Assets |
0.93 |
0.87 |
1.00 |
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Inventory |
3.74 |
5.35 |
7.71 |
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Debtors |
5.48 |
4.72 |
4.67 |
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Interest
Cover Ratio |
1.38 |
1.12 |
1.75 |
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Operating
Profit Margin(%) |
14.33 |
14.31 |
12.08 |
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Profit
Before Interest And Tax Margin(%) |
5.77 |
3.45 |
3.93 |
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Cash
Profit Margin(%) |
9.28 |
11.11 |
9.72 |
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Adjusted
Net Profit Margin(%) |
0.71 |
0.25 |
1.57 |
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Return
On Capital Employed(%) |
6.92 |
3.91 |
4.93 |
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Return
On Net Worth(%) |
1.59 |
0.52 |
3.66 |
LOCAL AGENCY FURTHER
INFORMATION
OTHER INFORMATION:-
The company has marketing network of over 550 distributors / dealers in India.
BUSINESS:-
The company is engaged in manufacturing and exporting of all kinds of office equipments like stapler machines, paper punches and lever arch mechanisms.
The company has been awarded with Quality Recognition Award given by Business Initiative Direction (BID) USA.
FIXED ASSTES:-
· Telephone,
· Fax Machine,
· Office Equipment,
· Air Conditioner,
· Computers,
· Xerox Machine,
WEBSITE DETAILS:-
"Kangaro" a leading International brand in office equipment and Stationery items, is owned by subject, a company registered under Companies Act 1956 and promoted in the year 1959 at Ludhiana (Punjab).
"Kangaro" known worldwide Staplers, Punching Machines, Index File Clips, Staple Removers are available in various size, shapes, designs and colours.
Their Company has been awarded the "Quality Recognition Award honoured by Business Initiative Direction (BID) U.S.A. and "World Quality Commitment International Star Award - Platinum Category - Paris 2001". Very recently the company has been certified ISO 9001 by TUV Siddentschland, Germany. They are now India's first manufacturers of Staplers, Punching Machines and Staple Removers etc. whose management have been conferred with this honour. Their company has also been accorded Export Excellence Award" during the years 1996-97, 1997-98, 1998-99 1999-2000, 2000-2001, 2001-2002, 2003-04 and 2004-05. In addition to their existing range, they are now also manufacturing "Staple" from Imported raw material on multiwire computerized machines and getting very good response.
"Kangaro" products are truly Indian,
manufactured and developed in company's own R and D center under strict
supervision of a team consisting of professionals and technocrats without any
technical tie up or overseas collaboration. It has always been concentrating to
update its equipments and technology, besides having advanced CAD/ CAM
designing system for its tool room and highly sophisticated machinery for
production line.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.46 |
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UK Pound |
1 |
Rs.79.50 |
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Euro |
1 |
Rs.63.09 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
9 |
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--LEVERAGE |
1~10 |
9 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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--MARGINS |
-5~5 |
---- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
70 |
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 |
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|
>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 |
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