MIRA
INFORM REPORT
|
Report Date : |
27.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KISH EXPORTS LIMITED |
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Registered Office : |
30 / 11, East Patel Nagar, New Delhi |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.12.1993 |
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Com. Reg. No.: |
55-56585 |
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CIN No.: [Company
Identification No.] |
U74899DL1993PLC056585 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELK02707F |
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Legal Form : |
A Closely Held Public Limited Company |
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Line of Business : |
Manufacturers and Exporters of Leather Garments and Readymade
Garments. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
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 2000000 |
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Status : |
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 satisfactory track. Financial
position is satisfactory. Trade relations are fair. Payments are correct and
as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office: |
30 / 11, East Patel Nagar, New Delhi, India |
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Tel. No.: |
91-124-2347885 |
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Fax No.: |
91-124-2345888 |
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E-Mail : |
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Factory: |
885, Udyog Vihar, Phase – V, Gurgaon – 122016, Haryana, India |
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Mobile No.: |
91-9818125154 |
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Tel. No.: |
91-124-2347885/ 86/ 87/ 88/ 4565871/ 4565885 |
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Fax No.: |
91-124-2345885 |
DIRECTORS
|
Name : |
Mr. Mohinder Kumar Lakhwani |
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Designation : |
Independent Director |
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Address : |
AJM – 89, Arjun Marg, DLF Phase – 1, Gurgaon, Haryana, India |
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Date of Birth/Age : |
14.03.1955 |
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Date of Appointment : |
04.07.1996 |
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Name : |
Mr. Kishan Chand Lakhwani |
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Designation : |
Director |
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Address : |
AJM – 89, Arjun Marg, DLF Phase – 1, Gurgaon, Haryana, India |
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Date of Birth/Age : |
03.01.1929 |
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Date of Appointment : |
26.12.1993 |
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Name : |
Mrs. Renu Lakhwani |
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Designation : |
Director |
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Address : |
6315 C – 6 and 7, Vasant Kunj, New Delhi – 110 067, India |
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Date of Birth/Age : |
08.11.1958 |
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Date of Appointment : |
11.08.1997 |
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Name : |
Mrs. Jyoti Puri |
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Designation : |
Director |
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Address : |
B -1/272, Janakpuri, New Delhi – 110 058, India |
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Date of Birth/Age : |
07.12.1975 |
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Date of Appointment : |
25.09.2000 |
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Name : |
Mr. Paresh Nayar |
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Designation : |
Independent Director |
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Address : |
6315, C – 6/7, Vasant Kunj, New Delhi – 110 070, India |
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Date of Birth/Age : |
16.04.1957 |
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Date of Appointment : |
28.03.1995 |
KEY EXECUTIVES
|
Name : |
Mr. Harish Kumar |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. M. K. Lakhwani |
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160000 |
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Mrs. Renu Lakhwani |
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93700 |
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Mr. M. K. Lakhwani Jointly |
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83800 |
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Mrs. Renu Lakhwani Jointly |
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15000 |
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Newage Credit (Private) Limited |
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125000 |
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Mrs. Sanjana Samtani |
|
458770 |
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Total |
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936270 |
(As on 31.03.2007)
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others |
|
49.00 |
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Directors or relatives of directors |
|
51.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Leather Garments and Readymade
Garments. |
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Products : |
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PRODUCTION STATUS
|
Products |
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|
Unit |
Installed
Capacity |
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Ladies Garments |
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Pcs |
2200000 / Per
annum |
GENERAL
INFORMATION
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No. of Employees : |
About 200 |
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Bankers : |
25 Birla House, Barakhamba Road, New Delhi – 110001, India
Parliament Street, New Delhi – 110001, India |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Agarwal Pradeep and Associates Chartered Accountants |
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Address : |
D-2/95, Janakpuri, New Delhi – 110058, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/-each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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936270 |
Equity Shares |
Rs.10/- each |
Rs.9.363
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
9.363 |
9.363 |
9.363 |
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2] Share Application Money |
0.332 |
0.332 |
0.332 |
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3] Reserves & Surplus |
434.842 |
413.739 |
392.034 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
444.537 |
423.434 |
401.729 |
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LOAN FUNDS |
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1] Secured Loans |
199.926 |
138.510 |
86.387 |
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2] Unsecured Loans |
0.225 |
0.225 |
0.225 |
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TOTAL BORROWING |
200.151 |
138.735 |
86.612 |
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DEFERRED TAX LIABILITIES |
3.210 |
3.948 |
5.051 |
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TOTAL |
647.898 |
566.117 |
493.392 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
149.683 |
124.027 |
126.777 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
139.510 |
89.200 |
65.402 |
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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 |
283.729
|
328.186 |
254.602 |
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Sundry Debtors |
1.710
|
29.517 |
27.847 |
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Cash & Bank Balances |
46.772
|
32.456 |
36.293 |
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Other Current Assets |
15.242
|
7.221 |
13.003 |
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Loans & Advances |
146.666
|
83.922 |
127.423 |
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Total
Current Assets |
494.119
|
481.302 |
459.168 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
107.941
|
115.739 |
136.388 |
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Provisions |
27.473
|
12.673 |
21.571 |
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Total
Current Liabilities |
135.414
|
128.412 |
157.959 |
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Net Current Assets |
358.705
|
352.890 |
301.209 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.004 |
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TOTAL |
647.898 |
566.117 |
493.392 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
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|
31.03.2005 |
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Sales Turnover |
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|
704.287 |
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Other Income |
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3.365 |
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Duty Draw Back |
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|
44.851 |
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Total Income |
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752.504 |
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Profit/(Loss) Before Tax |
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|
23.423 |
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Provision for Taxation |
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|
8.680 |
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Profit/(Loss) After Tax |
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|
14.743 |
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Export Value |
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709.990 |
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Imports : |
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Stores & Spares |
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18.054 |
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Total Imports |
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18.054 |
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Expenditures : |
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Materials cost |
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(Increase) / Decrease in Stock of Finished
Goods and Work in Process |
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11.681 |
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Manufacturing Cost |
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275.854 |
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Employment Cost |
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|
18.131 |
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Administrative, Selling and other Expenses |
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|
50.818 |
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Financial Charges |
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|
9.823 |
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Depreciation |
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|
9.306 |
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Total Expenditure |
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375.613 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
1.96 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA
|
3.33 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA
|
4.00 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
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NA
|
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.75
|
0.63 |
0.61 |
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Current Ratio (Current Asset/Current Liability) |
|
3.65
|
3.75 |
2.91 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Corporate
identity number (CIN) Foreign company registration number |
U74899DL1993PLC056585 |
|
Name of the
Company |
KISH EXPORTS
LIMITED |
|
Address |
30/11, 2ND
Flooreast Patel Nagar, New Delhi, India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
A Charge on: v Immovable Property v Book Debts v Movable Property v Floating Charge v Others: Plant and Machinery |
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Particulars of
the charge holder |
Canara Bank Parliament
Street, New Delhi – 110 001, India E-Mail: shahjindal@gmail.com |
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Amount secured by
the charge |
Rs.7.500 millions |
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Nature or
description of the instrument(s) creating or modifying the charge |
Agreement regarding
collateral security machinery and vehicles, agreement regarding collateral
security stock and Book Debts, Letter Evidencing deposit of title deeds. |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest Interest at such
other rates as may be specified by the Bank from time to time. (b) Terms of
repayment: On Demand (c) Margin: 10% (d) Extent and
operation of the charge: 100% (e) Others: The
above is to secure BG limit. |
|
Short particulars
of the property charged |
Hypothecation of
all the stock and Book Debts both present and future. Collateral security of
all the Plant and Machineries and EMT of property situated at Plot No. 885,
Phase –V, Udyog Vihar, Gurgaon, measuring 1000 Sq. mtrs. |
|
Date of
Instrument |
21.04.2007 |
|
Particular of the
present modification |
Extent of
operation for charge over hypothecation of all the stock and Book Debts both present
and future. Collateral security of all the Plant and Machineries and EMT of
property situated Plot No. 885, Phase-V, Udyog Vihar, Gurgaon measuring 1000
Sq. mtrs. Stands extended to Rs. 7.500 millions for BG limit. Other terms and
conditions remain same. |
Fixed Assets
v Land
v Factory Land at Manesar
v Factory Building
v Building (Residential)
v Structure Temporary
v Data Processing Equipment
v Dummy
v Plant and Machinery
v Office Equipment
v Vehicles
v Vehicles (Commercial)
v Furniture and Fixture
v Capital Work In Progress-Manesar
v Capital Work In Progress-showroom AJM89
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.43 |
|
UK Pound |
1 |
Rs.85.38 |
|
Euro |
1 |
Rs.67.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
69 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|