MIRA
INFORM REPORT
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Report Date : |
29.11.2008 |
IDENTIFICATION DETAILS
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Name : |
KAY IMPEX PRIVATE LIMITED |
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Registered Office : |
B/52, Giriraj Industrial Estate, 1st Floor, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.08.1982 |
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Com. Reg. No.: |
027974 |
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CIN No.: [Company
Identification No.] |
U51900MH1982PTC027974 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK09563B |
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PAN No.: [Permanent
Account No.] |
AAACK1619C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealers of Desktop P.C. and Laptops |
RATING & COMMENTS
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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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Maximum Credit Limit : |
USD 28000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track.
Trade relations are fair. Business is active. No complaints have been heard
from market sources. The company can be considered good for business dealings. |
INFORMATION PARTED BY
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Name : |
Mr. Puri |
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Designation : |
Accounts Head |
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Date : |
28.11.2008 |
LOCATIONS
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Registered Office : |
B/52, Giriraj Industrial Estate, 1st Floor, |
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Tel. No.: |
91-22-26870262/ 26870187/ 26873295 |
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Fax No.: |
91-22-26870168 |
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E-Mail : |
kayimpex@vsnl.com |
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Area : |
800 sq ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Vipul M. Tanna |
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Designation : |
Director |
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Address : |
Flat No. A/ 104, Arshie Complex, Versova, Andheri (West), Mumbai – 400
058, |
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Date of Birth/Age : |
06.08.1961 |
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Qualification : |
M.Com |
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Date of Appointment : |
13.06.1988 |
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Name : |
Mrs. Rita V. Tanna |
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Designation : |
Director |
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Address : |
Flat No. A/ 104, Arshie Complex, Versova, Andheri (West), Mumbai – 400
058, |
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Date of Birth/Age : |
22.07.1961 |
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Qualification : |
B.Com |
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Date of Appointment : |
19.12.1990 |
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Name : |
Ms. Natasha V. Tanna |
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Designation : |
Director |
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Address : |
Flat No. A/ 104, Arshie Complex, Versova, Andheri (West), Mumbai – 400
058, |
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Date of Birth/Age : |
26.01.1987 |
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Qualification : |
B.Com |
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Date of Appointment : |
01.04.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2007
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Names of Shareholders |
No. of Shares |
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Vipul M. Tanna |
1750 |
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Rita Tanna |
50 |
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Dilip P. Badani |
150 |
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Total |
1950 |
As on 24.09.2007
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealers of Desktop P.C. and Laptops |
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Agencies Held : |
H.P. Compaq |
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Terms : |
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Selling : |
Cash and Credit 30 days |
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Purchasing : |
Credit 30 days |
GENERAL INFORMATION
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Customers : |
Corporate |
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No. of Employees : |
12 (including engineers) |
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Bankers : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Masrani and Company Chartered Accountants |
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Address : |
Om Shri Sainath, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000 |
Equity Shares |
Rs.100/- each |
Rs.0.200 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1950 |
Equity Shares |
Rs.100/-
each |
Rs.0.195
million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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80.000 |
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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 |
0.195 |
0.195 |
0.195 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.459 |
5.078 |
4.758 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.654 |
5.273 |
4.953 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.150 |
0.317 |
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2] Unsecured Loans |
0.617 |
0.724 |
0.062 |
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TOTAL BORROWING |
0.617 |
0.874 |
0.379 |
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DEFERRED TAX LIABILITIES |
1.335 |
6.350 |
0.000 |
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Others (As per Statement) |
0.400 |
0.580 |
0.500 |
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TOTAL |
8.006 |
13.077 |
5.832 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.864 |
2.091 |
2.336 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
1.825
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1.509 |
0.072 |
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Sundry Debtors |
7.360
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12.599 |
10.250 |
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Cash & Bank Balances |
0.000
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0.000 |
1.319 |
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Other Current Assets |
3.787
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3.266 |
3.769 |
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Loans & Advances |
0.000
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0.000 |
0.000 |
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Total
Current Assets |
12.972
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17.374 |
15.410 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.530
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6.051 |
11.662 |
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Provisions |
0.300
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0.337 |
0.252 |
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Total
Current Liabilities |
6.830
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6.388 |
11.914 |
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Net Current Assets |
6.142
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10.986 |
3.496 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.006 |
13.077 |
5.832 |
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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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Net Profit |
0.634 |
0.651 |
0.519 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.27
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3.34 |
2.92 |
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Return on Investment (ROI) (PBT/Networth) |
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0.11
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0.12 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.32
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1.38 |
2.48 |
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Current Ratio (Current Asset/Current Liability) |
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1.90
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2.72 |
1.29 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
The company is in a good position to earn a Net Profit of Rs.0.634 million
(subject to Income-tax) in current year as compared to the Net Profit of
Rs.0.651 million (subject to Income tax) of the last year. The profit is
carried forward in Profit and Loss Account.
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Name of the company |
KAY IMPEX PRIVATE LIMITED |
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Presented By |
Bank of |
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1) Date and description of instrument creating the change |
Principal
agreement of hypothecation of Book debts dated 28.10.1993 executed by the
company in favour of Bank of India |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.250 million |
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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 the book debts
outstanding, moneys receivables, claims and bills which are now due and owing
or which may at anytime hereafter during the continuance of this security
become due and owing to the borrower in the course of its business by any
person, company, or by Government or any local or public body or authority. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at 5.25%
over Bank rate, Minimum 17.25% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India,
Walkeshwar Branch, 185, Navyug Niketan, Walkeshwar Road, Mumbai – 400 006,
Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Supplemental deed
of hypothecation of Book debts dated 12.08.1995 |
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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. |
Original charge
for Rs.0.250 million created on 28.10.1993 which is being modified now form
Rs.0.250 million to Rs.0.500 million at the rate of 7.25% OBR minimum 19.25%
p.a. with quarterly rest. |
TRADE REFERENCES:
- Siemens
- Cipla
- Asian Paints
- HDFC
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.84 |
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1 |
Rs.76.81 |
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Euro |
1 |
Rs.64.38 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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48 |
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
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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 |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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