MIRA
INFORM REPORT
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Report Date : |
24.10.2008 |
IDENTIFICATION DETAILS
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Name : |
KAYTX INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.10.2005 |
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Com. Reg. No.: |
16-29106 |
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CIN No.: [Company
Identification No.] |
U27100PB2005PTC029106 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLK11515A |
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PAN No.: [Permanent
Account No.] |
AACCK6745M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Supplier of Joists, Angles, Channels,
Rounds, Grinders, Steel Structurals, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 156000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and commenced operations in December 2006. It has produced positive growth. Trade relations are fair. Payments are
usually correct and as per commitments. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions, initially. |
LOCATIONS
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Registered Office/ Factory : |
G T Road, Village Ambay Majra, Mandi Govindgarh – 147 301, Punjab,
India. |
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Tel. No.: |
91-1765-529114/529116/254036/252009/250009 |
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Mobile No.: |
91-9915100942/ 9888500009 (Mr. Rohit Dutt) 91-9888500009 (Mr. Mohit Dutt) |
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Fax No.: |
91-1765-253036 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mrs. Parveen Datta |
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Designation : |
Director |
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Address : |
H. No. 384, Sector 3, Block C, Mandi Govindgarh – 147 301, Punjab,
India |
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Date of Birth/Age : |
31.08.1959 |
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Date of Appointment : |
20.10.2005 |
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Name : |
Mr. Mohit Dutt |
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Designation : |
Director |
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Address : |
H. No. 384, Sector 3, Block C, Mandi Govindgarh – 147 301, Punjab,
India |
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Date of Birth/Age : |
08.12.1983 |
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Date of Appointment : |
15.01.2006 |
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Name : |
Mr. Rohit Dutt |
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Designation : |
Director |
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Address : |
H. No. 384, Sector 3, Block C, Mandi Govindgarh – 147 301, Punjab,
India |
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Date of Birth/Age : |
09.11.1981 |
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Date of Appointment : |
15.01.2006 |
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Name : |
Mr. Satish Dutt |
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Designation : |
Director |
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Address : |
H. No. 384, Sector 3-C, Ram Nagar, Mandi Govindgarh – 147 301, Punjab,
India |
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Date of Birth/Age : |
22.01.1955 |
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Date of Appointment : |
20.10.2005 |
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Date of Ceasing : |
13.06.2007 |
KEY EXECUTIVES
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Name : |
Navdeep K Grover and Associates |
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Designation : |
Company Secretary |
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Address : |
Satta Bazar, Kotkapura |
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Tel. No.: |
91-1635-222210 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
No. of Shares |
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Parveen Dutta |
190000 |
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Mohit Dutt |
190000 |
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Rohit Dutt |
190000 |
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Century Credit Limited |
300000 |
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Gurudev Securities |
40000 |
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AKS Properties Limited |
40000 |
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Jatalia Finance Company Limited |
50000 |
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Vishakha Infotech Limited |
30000 |
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Solace Properties Limited |
30000 |
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Jasmeet Leasing and Credit Limited |
20000 |
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Total |
1080000 |
As on 29.09.2007
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Bodies corporate |
47.00 |
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Directors or relatives of directors |
53.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Supplier of Joists, Angles, Channels,
Rounds, Grinders, Steel Structurals, etc. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
About 180 |
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Bankers : |
Bank of Baroda Motia Khan, Mandi Govindgarh – 147 301, Punjab, India |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Datta Singla and Company Chartered Accountants |
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Address : |
Battan Lal Road, Battan Lal Mill Complex, Mandi Govindgarh – 147 301,
Punjab, India |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs.10/- Each |
Rs.25.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1080000 |
Equity Shares |
Rs.10/- Each |
Rs.10.800
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.800 |
8.700 |
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2] Share Application Money |
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0.000 |
9.900 |
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3] Reserves & Surplus |
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20.400 |
12.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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31.200 |
30.600 |
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LOAN FUNDS |
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1] Secured Loans |
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98.877 |
1.659 |
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2] Unsecured Loans |
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29.182 |
0.000 |
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TOTAL BORROWING |
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128.059 |
1.659 |
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DEFERRED TAX LIABILITIES |
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2.797 |
0.000 |
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TOTAL |
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162.056 |
32.259 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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60.677 |
3.000 |
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Capital work-in-progress |
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5.450 |
31.595 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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86.245 |
0.000 |
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Sundry Debtors |
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16.287 |
0.000 |
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Cash & Bank Balances |
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4.608 |
1.323 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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24.247 |
4.116 |
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Total
Current Assets |
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131.387 |
5.439 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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36.361 |
8.341 |
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Provisions |
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0.228 |
0.000 |
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Total
Current Liabilities |
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36.589 |
8.341 |
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Net Current Assets |
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94.798 |
(2.902) |
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MISCELLANEOUS EXPENSES |
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1.131 |
0.566 |
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TOTAL |
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162.056 |
32.259 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.28 |
0.33 |
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Current Ratio (Current Asset/Current Liability) |
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3.59 |
0.65 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results:
The company commenced operation in the month of
December 2006. The company has earned profit before tax Rs.2.021 Millions in
working of about 4 months. With the encouraging response to products of
company, they are hopeful of achieving better results in ensuring year.
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
80025842 |
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Corporate
identity number of the company |
U27100PB2005PTC029106 |
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Name of the
company |
KAYTX INDUSTRIES PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
G T Road, Village Ambay Majra, Mandi Govindgarh – 147 301, Punjab,
India. |
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Type of charge |
Immovable
Property Book Debts Movable Property |
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Particular of charge
holder |
Bank of Baroda Motia Khan, Mandi Govindgarh – 147 301, Punjab, India E-Mail: ssi.gob@bankofbaroda.com |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Memorandum of Entry LDOC90(G) Supplemental
Composite Agreement of Hypothecation of Goods LDOC 17(C) |
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Date of
instrument Creating the charge |
04.01.2008 |
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Amount secured by
the charge |
Rs.160.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
1.50% above BPLR on Cash Credit Terms of
Repayment: Cash Credit repayable on Demand Term Loan
repayable in 48 monthly installments of Rs.0.833 Millions with interest
thereon w.e.f. 01.04.2007. Margin: 25% on
stocks, 40% on Book Debts, 25% on Immovable Machinery and 15% on BG Extent and
Operation of the charge: 100% Others: The
present agreement is supplemental to the principal agreements entered on 25.03.2006
and 10.05.2007. |
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Short particulars
of the property charged |
Primary: Cash Credit:
Hypothecation of Current Assets including stocks and book debts. Collateral: For all
facilities: Factory land 40K at Village Ambey Majra, M. Gvg. Title deed no.
1762 26-10-2005 For cash credit:
Hypothecation of Plant and Machinery For term loan:
Hypothecation of Current Assets including stocks and book debts. For B.G:
Extension of charge on current assets, Building and Plant and Machinery. |
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Date of latest modification
prior to the present modification |
21.04.2006 |
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Particulars of
the present modification |
The Cash Credit
limit has been enhanced from Rs.75.000 Millions to Rs.115.000 Millions. Term Loan
Limit Rs.40.000 Millions and B.G Limit Rs.5.000 Millions remains the same. |
WEBSITE DETAILS:
Profile
A fine composition of high
quality processing capabilities with state-of-the art technology has enabled them
to reach the pinnacle of success. Subject
is a prominent manufacturer,
exporter and supplier of a wide array of products including joists, angles, channels, rounds, girders, steel structurals, etc.,
which are used in several diversified industries.
The adherence to
best manufacturing processes and delivering products par excellence, have
fetched them the much coveted ISO 9001:2000 and IS 2062:2006 certification. Owing to the quality
of products that they offer, they have established a wide clientele not only in
the domestic market but in the international market as well. They export 25% of
the joists, angles, channels, rounds, girders, steel structurals, etc. to Gulf
Countries, USA, Canada, Asia and Europe. They boast of a mammoth sales turnover
of Rs.1500 Millions per annum.
They incorporate latest features
in the joists, angles, channels, rounds, girders, steel structurals, and allied
products, making them highly popular in the market amongst the clients. Their
affordable prices further add to their wide acceptance all over the globe. It
is always a conscious effort on the part to deliver products to the clients
well within the stipulated time frames.
Marvelous
Quality
They are committed to achieve
excellence in every sphere of the operation. The entire manufacturing process
of Subject is divided into various divisions for performing every task
efficiently and smoothly. They source the finest quality of raw materials from authorized
dealers of the market.
Every operation is
supervised by a team of experienced engineers, thereby facilitating flawless
production at every level. The in-house laboratory is equipped with
sophisticated testing instruments to conduct various tests on the finished
products.
State-of-the-Art
Facility
The infrastructure comprises of
an entire range of necessary equipments and ultra modern machinery to pay
attention to every section of the business and quality requirement. All the machinery
used in the manufacturing processes are kept under the aegis of technocrats,
who not only rectify errors which may bar the manufacturing process, but also
ensure that they yield excellent results at low maintenance costs.
The company's R
& D team keeps innovating on the products like joists, angles, channels,
rounds, girders, steel structurals, etc. to derive the best solutions for the
clients. A spacious warehouse facility helps in storing bulk finished products,
thereby meeting all kinds of market demands instantly.
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 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.49.79 |
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UK Pound |
1 |
Rs.81.27 |
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Euro |
1 |
Rs.63.91 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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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36 |
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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