MIRA
INFORM REPORT
|
Report Date : |
01.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
KIRI INDUSTRIES LIMITED (w.e.f 28.03.2011) |
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Formerly Known
As : |
KIRI DYES AND CHEMICALS LIMITED (w.e.f. 10.03.2006) KIRI DYES AND CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
7th
Floor, Hasubhai Chambers, Opposite Town Hall, Ashram Road, Ellisbridge,
Ahmedabad – 380006, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.05.1998 |
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Com. Reg. No.: |
04-034094 |
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Paid-Up Capital
: |
Rs. 150.001
Millions |
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CIN No.: [Company Identification
No.] |
L24231GJ1998PLC034094 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
AHMK01019E |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer and Exporter
of Synthetic Organic Dyestuffs and Intermediates. |
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No. of Employees
: |
100
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 5800000 |
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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 fine track. Financial position of the company appears
to be sound. Directors are reported to be experienced and respectable
businessman. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. The company can
be good for normal business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Rajesh Tanna |
|
Designation : |
General Manager |
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Contact No.: |
91-9879563182 |
LOCATIONS
|
Registered Office : |
7th Floor,
Hasubhai Chambers, Opposite Town Hall, Ashram Road, Ellisbridge, Ahmedabad
380006, Gujarat, India |
|
Tel. No.: |
91-79-26574371
/72 /73 |
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Mobile No.: |
91-9879563182
(Mr. Rajesh Tanna) |
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Fax No.: |
91-79-26574373-74 |
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E-Mail : |
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Website: |
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Location : |
Owned |
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Corporate Office/ Factory 1 : |
Dyestuff Division: Plot No. 299/1/A,
299/1/B and 10/8, Near Water Tank, Phase II, GIDC Estate, Vatva, Ahmedabad –
382445, |
|
Tel. No.: |
91-79-25894477/
25835297/ 26730802/ 40237444 |
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Fax No.: |
91-79-25834960/
26769529 |
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E-Mail : |
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Location : |
Owned |
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Factory 2 : |
10/8, Valu
Via-Vinzol, District – Descroi, Ahmedabad, |
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Tel No.: |
91-79-25891454 /
65438060 |
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Area : |
2539 sq. ft |
|
Location : |
Owned |
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Factory 3 : |
Intermediates Division: Block No. 396,
Village: Dudhwada, Karakhadi, Tal.: Padra, District Vadodara, |
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Factory 4: |
53, Manek Baug
Society, Ambawadi, Ahmedabad – 380
015, |
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Tel. No.: |
91-79-25894477 /
25835297 / 26730802 |
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Fax No.: |
91-79-25834960 /
26769529 |
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Area : |
1000 sq. ft |
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Location : |
Owned |
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Factory 4: |
Basic Chemicals
Division: Block No. 552/A, Village: Dudhwada, Karakhadi,Tal: Padra, Dist:
Vadodara, |
DIRECTORS
|
Name : |
Mr. Pravinbhai
Amritlal Kiri |
|
Designation : |
Chairman |
|
Address : |
53, Manek Baug
Society, Ambawadi, Ahmedabad-380 006, |
|
Date of Birth/Age : |
01.11.1945 |
|
Qualification : |
B. Sc.
(Chemistry) |
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Experience : |
41 years |
|
Date of Appointment : |
14.05.1998 |
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Pan No.: |
AIGPK7830A |
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|
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Name : |
Mr. Manishbhai
Pravinbhai Kiri |
|
Designation : |
Managing Director |
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Address : |
53, Manek Baug Society,
Ambawadi, Ahmedabad-380 006, |
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Date of Birth/Age : |
26.12.1972 |
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Qualification : |
B. E. (Ele. and
Comm.) MBA. ( |
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Experience : |
11 years |
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Date of Appointment : |
14.05.1998 |
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|
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|
Name : |
Mrs. Arunaben
Pravinbhai Kiri |
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Designation : |
Non
Executive Director (w.e.f. 26.04.2010) |
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Address : |
53, Manek Baug
Society, Ambawadi, Ahmedabad-380 006, |
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Date of Birth/Age : |
29.10.1942 |
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Date of Appointment : |
14.05.1998 |
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Pan No.: |
ACJPK4880B |
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|
Name : |
Mr. Bipinchandra R. Patel |
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Designation : |
Non Executive Independent Director (w.e.f. 26.04.2010) |
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Address : |
44, Mithila Society, Ambavadi, Ahmedabad – 380015, |
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Date of Birth/Age : |
01.03.1945 |
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Date of Appointment : |
01.09.2006 |
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PAN No. : |
00407106 |
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Other Directorship : |
Ami Pigments Private Limited – Director CIN No. : U36998GJ1997PTC032218 |
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|
|
|
Name : |
Mr. Yamal A. Vyas |
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Designation : |
Non Executive Independent Director |
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Date of Birth/Age : |
51 years |
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Qualification : |
B.Com, F.C.A., A.C.S. |
|
Experience : |
He has more than 26 years professional experience in the
field of finance and media. He has been associated with Gujarat Chamber of
Commerce and Industries as a member of capital market subcommittee, and was
active member of managing committee of Ahmedabad branch of Institute of
Chartered Accountants of India. He is past chairman of Ahmedabad Branch of
Institute of Chartered Accountants of India. He has also been associated with
various news papers for writing articles on the stock market and investments.
At present he is non executive independent director of the Company and
chairman of the Audit Committee of the Company. He is also member of
Remuneration Committee of the Company. |
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|
|
|
Name : |
Mr. Keyoor M. Bakshi |
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Designation : |
Non Executive Independent Director (w.e.f. 26.04.2010) |
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Date of Birth/Age : |
52 years |
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Qualification : |
B. Com, LLB, FCS |
|
Experience : |
He is a Practicing Company Secretary and past president of
Institute of Company Secretaries of India. He has more than 30 years
experience in the area of Corporate laws, Finance, corporate restructuring
and Planning, merger, takeover and Management. He has also appeared before
the Securities Appellate Tribunal, Company Law Board (Principal and Regional
Benches) and Consumer Forums. At present he is non executive independent
director of the Company and chairman of the Shareholders / Investors
Grievance Committee of the Company. He is also member of Audit Committee and
Remuneration Committee of the Company. |
|
Other Directorship : |
Tudor ( |
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|
|
|
Name : |
Mr. Shankar R Patel |
|
Designation : |
Whole Time Director |
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|
|
Name : |
Mr. Ajay J. Patel |
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Designation : |
Non Executive Independent Director (w.e.f. 26.04.2010) |
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Date of Birth/Age : |
56 years |
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Qualification : |
M. D. (Radio Diagnosis), D.M.R.D. |
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Experience : |
He is Practicing Radiologist and has more than 30 years
experience in radiology and is having international exposure in CT Scan and
MRI. At present he is non executive independent director of the Company and
chairman of the Remuneration Committee of the Company. He is also member of
Audit Committee of the Company. |
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|
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|
Name : |
Ms. Harsha Bangari |
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Designation : |
Nominee Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Gondalia |
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Designation : |
Compliance Officer, Company Secretary |
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|
|
Name : |
Mr. Rajesh Tanna |
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Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2011
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
11,055,609 |
58.19 |
|
|
11,055,609 |
58.19 |
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|
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Total shareholding of Promoter and Promoter Group (A) |
11,055,609 |
58.19 |
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(B) Public Shareholding |
|
|
|
|
|
|
|
|
480,377 |
2.53 |
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|
1,576,036 |
8.29 |
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|
2,329,950 |
12.26 |
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|
4,386,363 |
23.09 |
|
|
|
|
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|
1,640,819 |
8.64 |
|
|
|
|
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|
723,712 |
3.81 |
|
|
962,800 |
5.07 |
|
|
230,750 |
1.21 |
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|
39,288 |
0.21 |
|
|
131,140 |
0.69 |
|
|
42,319 |
0.22 |
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|
17,648 |
0.09 |
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|
355 |
- |
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3,558,081 |
18.73 |
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Total Public shareholding (B) |
7,944,444 |
41.81 |
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Total (A)+(B) |
19,000,053 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
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|
- |
- |
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|
- |
- |
|
Total (A)+(B)+(C) |
19,000,053 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Synthetic Organic Dyestuff and Intermediates |
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Products : |
·
Dyes ·
Chemicals
·
Intermediates |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
§
§
§
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Terms : |
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Selling : |
Cash and Credit (30-60-90 days) |
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Purchasing : |
L/C, Cash and
Credit (30-60-90 days) |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Actual Production |
|
Dyes |
Kgs. |
13614080.00 |
|
H Acid |
Kgs. |
3467100.00 |
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Vinyl Sulphone |
Kgs. |
4341530.00 |
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Acetanilide Flake |
Kgs. |
2838500.00 |
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Other Chemicals (Dyes Intermediates) |
Kgs. |
9650805.00 |
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Sulphuric Acid |
Kgs. |
8263825.00 |
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Oleum 23% |
Kgs. |
1267300.00 |
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Oleum 65% |
Kgs. |
3555910.00 |
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Chloro Sulphonic Acid |
Kgs. |
1311520.00 |
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Liquid SO3 |
Kgs. |
1089440.00 |
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Others (Sulphuric Acid Plant) |
Kgs. |
2453040.00 |
GENERAL INFORMATION
|
Suppliers : |
· Amos Corporation · Vimal Coal Private Limited · Ambica Coal Private Limited · Nirma Limited · Starline Organics Private Limited · Saurashtra Chemicals |
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Customers : |
End Users and OEM’s ·
·
Clariant Chemicals, · Setas Kimya San. A.S. · Kyung In Synthetic Corporation · I.N.T. International · Orient Chem-Tex Limited · Hemka Tekstil Limited · Setas Chemicals H. K. Limited |
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No. of Employees : |
100
(Approximately) |
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Bankers : |
·
State
Bank of ·
Bank
of ·
Oriental
Bank of Commerce ·
Export
Import Bank of ·
Standard
Chartered Bank ·
Punjab
National Bank ·
Central
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Vimal D Shukla
and Company Chartered
Accountants |
|
Address : |
22, Akruti
Society, |
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Tel. No.: |
91-79-26445335 |
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Joint Ventures |
§
Lonsen Kiri Chemicals Industries
Limited |
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Subsidiaries : |
§
Kiri International ( §
Kiri International Hong Kong Limited
-Wholly Owned Subsidiary §
Kiri Holding Singapore Private Limited
-Wholly Owned Subsidiary §
Kiri Investment and Trading Singapore
Private Limited §
DyStar Colours Deutschland GmbH §
DyStar Colours Distribution GmbH §
DyStar Nanjing Colours Company
Limited §
DyStar Pakistan Private Limited §
DyStar Singapore Private Limited §
DyStar South §
DyStar Taiwan Limited §
DyStar Tekstil Boya ve Teknolojisi
Sanayi Ticaret Limited Sirketi §
DyStar Textile Services ( §
DyStar Thai Limited §
DyStar UK Limited §
DyStar Wuxi Colours Company Limited §
PT DyStar Colours §
Boehme Asia Limited §
Dr. TH. Boehme Chem. Fabrik
Gesellschaft m.b.H §
DyStar – Anilinas Texteis Lda. §
DyStar ( §
DyStar Auxiliaries Qingdao Company
Limited §
DyStar Benelux S.P.R.L. §
DyStar Chemicals Israel Limited §
DyStar China Limited §
DyStar De Mexico, S. de R.L. de C.V. §
DyStar §
DyStar Hispania, S.L. §
DyStar India Private Limited §
DyStar Industria e Comercio de
Produtos Quimicos Ltda. §
DyStar Italia S.r.l §
DyStar Japan Limited §
DyStar Kimya Sanayi ve Ticaret
Limited §
DyStar Korea Limited §
DyStar Boehme §
Boehme §
Texanlab Laboratories Private Limited
§
Boehme ( §
DyStar Denim GmbH §
Boehme §
DyStar Tekstil Boyalari Ticaret
Limited §
Amichem Chemicals Limited |
CAPITAL STRUCTURE
(AS ON 30.09.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19000053 |
Equity Shares |
Rs.10/- each |
Rs.190.001
Millions |
|
|
|
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|
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000053 |
Equity Shares |
Rs.10/- each |
Rs.150.001
Millions |
|
|
|
|
|
NOTE:
(Out of the above 5175000 Equity Shares of Rs.10/- Each
Fully Paid-Up Issued as Bonus Shares by way of Capitalisation of Reserves in the
year 2005-06).
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
150.001 |
150.001 |
112.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.020 |
|
|
3] Reserves & Surplus |
1302.259 |
1079.566 |
527.208 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1452.260 |
1229.567 |
639.728 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1557.455 |
1443.182 |
765.833 |
|
|
2] Unsecured Loans |
1738.458 |
155.844 |
100.000 |
|
|
TOTAL BORROWING |
3295.913 |
1599.026 |
865.833 |
|
|
DEFERRED TAX LIABILITIES |
136.850 |
38.473 |
16.026 |
|
|
|
|
|
|
|
|
TOTAL |
4885.023 |
2867.066 |
1521.587 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1777.157 |
1393.565 |
548.334 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1182.674 |
166.042 |
41.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1454.634
|
803.082 |
493.045
|
|
|
Sundry Debtors |
658.653
|
532.945 |
491.882
|
|
|
Cash & Bank Balances |
119.405
|
76.674 |
98.127
|
|
|
Other Current Assets |
13.964
|
48.335 |
55.045
|
|
|
Loans & Advances |
952.694
|
507.283 |
229.696
|
|
Total
Current Assets |
3199.350
|
1968.319 |
1367.795 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
789.030
|
600.100 |
378.426
|
|
|
Other Current Liabilities |
370.523
|
0.007 |
4.885
|
|
|
Provisions |
114.764
|
60.935 |
52.435 |
|
Total
Current Liabilities |
1274.317
|
661.042 |
435.746
|
|
|
Net Current Assets |
1925.033
|
1307.277 |
932.049
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.159 |
0.182 |
0.204 |
|
|
|
|
|
|
|
|
TOTAL |
4885.023 |
2867.066 |
1521.587 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3408.468 |
2784.899 |
2224.809 |
|
|
|
Other Income |
64.927 |
41.519 |
34.886 |
|
|
|
TOTAL (A) |
3473.395 |
2826.418 |
2259.695 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
2668.062 |
2085.570 |
1649.101 |
|
|
|
Payments to and provision for employee |
37.348 |
20.586 |
11.927 |
|
|
|
Directors remuneration |
16.904 |
16.932 |
7.397 |
|
|
|
Manufacturing Expenses |
442.857 |
363.989 |
280.091 |
|
|
|
Administrative Expenses |
45.163 |
25.538 |
12.059 |
|
|
|
Selling and Distribution Expenses |
91.665 |
101.680 |
60.783 |
|
|
|
Preliminary Expenses w/off |
0.023 |
0.023 |
0.023 |
|
|
|
|
3302.022 |
|
|
|
|
|
Exceptional Items |
(6.057) |
273.445 |
(12.772) |
|
|
|
Increase/(Decrease) in Finished Goods |
(494.030) |
(381.080) |
(99.071) |
|
|
|
TOTAL (B) |
2801.935 |
2506.683 |
1909.538 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
671.460 |
319.735 |
350.157 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
205.662 |
169.722 |
92.325 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
465.798 |
150.013 |
257.832 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
117.247 |
33.408 |
24.102 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
348.551 |
116.605 |
233.730 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
98.376 |
31.924 |
31.528 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
250.175 |
84.681 |
202.202 |
|
|
|
|
|
|
|
|
|
Less: |
Prior Period
expenses |
1.157 |
0.999 |
0.794 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
455.285 |
403.778 |
240.396 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
12.500 |
5.850 |
11.700 |
|
|
|
Dividend |
22.500 |
22.500 |
22.500 |
|
|
|
Tax on Dividend |
3.825 |
3.825 |
3.826 |
|
|
BALANCE CARRIED
TO THE B/S |
665.478 |
455.285 |
403.778 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1567.756 |
1677.746 |
1158.815 |
|
|
TOTAL EARNINGS |
1567.756 |
1677.746 |
1158.815 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
243.364 |
258.494 |
366.914 |
|
|
|
Machinery and Spares |
2.295 |
8.440 |
2.474 |
|
|
|
Packing Materials |
0.000 |
0.000 |
0.205 |
|
|
TOTAL IMPORTS |
245.659 |
266.934 |
369.593 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
16.60 |
6.84 |
19.62 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
1279.610 |
1263.080 |
1367.390 |
1823.360 |
|
Total Expenditure |
1034.880 |
969.590 |
1144.070 |
1489.850 |
|
PBIDT (Excl OI) |
244.730 |
293.490 |
223.320 |
333.510 |
|
Other Income |
4.460 |
7.190 |
0.520 |
8.240 |
|
Operating Profit |
249.190 |
300.680 |
223.840 |
341.750 |
|
Interest |
110.450 |
101.610 |
109.160 |
95.000 |
|
PBDT |
138.740 |
199.070 |
114.690 |
246.750 |
|
Depreciation |
30.010 |
32.200 |
45.820 |
79.740 |
|
Profit Before Tax |
108.7300 |
166.870 |
68.860 |
167.010 |
|
Tax |
16.310 |
40.730 |
21.710 |
(24.280) |
|
Profit After Tax |
92.420 |
126.140 |
47.160 |
191.290 |
|
Extraordinary Items |
(19.390) |
(14.830) |
(6.330) |
(87.830) |
|
Net Profit |
73.030 |
111.310 |
40.830 |
103.460 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.20
|
4.13 |
8.95 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.23
|
4.19 |
10.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.00
|
3.47 |
12.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.09 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.15
|
1.84 |
2.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.51
|
2.98 |
3.14 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW
OF BUSINESS OPERATIONS:
The directors are pleased to report total income of Rs.3473.395
Millions for the year 2009-10 as against Rs.2826.418 Millions for the year
2008-09; an increase of 22.89%, which is mainly on account of commissioning of
new project of Acetanilide and Basic chemicals. During the year there is
marginal reduction in export turnover of around 6% from Rs.1702.332 Millions to
Rs.1600.607 Millions, which is mainly on account of recessionary conditions in
the European market. The profit before taxation increased from Rs.116.603
Millions for the year 2008-09 to Rs.348.551 Millions for the year 2009-10. The
net profit increased from Rs.83.681 Millions for the year 2008-09 to Rs.249.018
Millions for the year 2009-10.
The company commenced commercial production of its backward
integration plant for manufacturing of basic chemicals i.e. Sulphuric Acid,
Oleum and Chloro Sulphonic Acid with a combined capacity of 500 MT/day. The
company also commenced 3.5 MW co-generation steam based power plant at Village
Dudhwada, Taluka Padra, District Vadodara. The company commenced commercial
production of Acetanilide, with installed capacity of 12000 MTPA at Village
Dudhwada, Taluka Padra, District Vadodara, which is used in manufacturing of
Vinyl Sulphone.
ACQUISITION OF DYSTAR:
In February, 2010 the Company through its wholly owned subsidiary
Kiri Holding Singapore Private Limited, has acquired Assets of DyStar
Textilfarben GmbH and DyStar Textilfarben GmbH and company Deutschland KG
(DyStar) along with its 36 subsidiaries to strengthen its forward integration
growth drive. The Asset Purchase agreement includes DyStar’s Patents,
Technology, IP rights, Brand Name, Trademarks etc. It is the historical cross
border acquisition by any medium sized company from
It has sales and technical support presence in all key
markets and also having agencies in 50 countries and 16 active production
facilities in 11 countries. DyStar is a total solution provider across the
entire textile value chain starting from concept design and development through
fiber and fabric production, wet processing until garment finishing which
includes quality testing and certification. The research and development centre
of DyStar at Frankfurt
FUTURE PROSPECTS:
The Company has a consistent track record of organic growth
and expansion, which is the epicenter of its core values. While expanding
vertically its supply chain, it is continuing to enhance manufacturing
facilities of Dyes Intermediates and Specialty Dyes Intermediates to cater to
the future demand of the global market and for its Joint Venture plant. The
Company as a part of its clean environment policy is proposing to set up a
resource recovery project of utilizing spent acid of Dyes Intermediates.
DEPOSITORY SYSTEM:
The company’s shares are tradable compulsorily in electronic
form and the company has got connectivity with both the depositories i.e.
National Security Depository Limited (NSDL) and Central Depository Services (
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY
STRUCTURE AND DEVELOPMENT:
The chemical industry in
With adequate efforts and the development of supporting
structures, the Indian chemical industry is envisaged to grow on the global map
as a supplier of specialty and knowledge chemicals. It is set to be a hot
destination for investment in these sectors, thereby strengthening the Indian
economy. Developed technologies, in-depth research capabilities, backward and
forward linkages and development of domestic capacities shall decrease the
dependence of the local manufacturers on imports. One needs to take these
crucial factors into consideration. Nowadays, safety, health and environment
protection issues have become the major-talking points in almost all industries
and the Indian chemical industry is no exception. Growth should not be the only
focus area for Chemical manufacturers in
The Company supplies reactive dyes as well as dye-
intermediates in various forms like standardized spray dried/tray dried –
powder/granular. The Company also supplies sulfuric acid and chlorosulphonic acid.
The Company’s operations cater to the needs of Industrial customers at various
stages of business. In February 2010, the company has acquired DyStar through
its wholly owned subsidiary Kiri Holding Singapore Private Limited. DyStar is
the global market leader for dyes, dyes solutions, leather solutions,
performance chemicals and custom manufacturing of special dyes/pigments with a
sizeable global market share.
OPPORTUNITIES:
• Kiri Dyes is already a well recognized name in Dyestuff Industry
globally. The two stage backward integration has enhanced its supply chain
capabilities to manufacture important raw materials of dyestuff and it is now
positioned to enhance its market share in coming times. Further with the
acquisition of DyStar, the company is in the league as a total textile solution
provider across the entire value chain. The 1500 odd live patents, world proven
technology, research and development set up of DyStar would take Kiri Dyes a
leap forward in its foray of recognition across various countries where DyStar
has its presence.
• The company is in the preferred supplier(s) list of
various multinational companies because of its quality and timely delivery
schedules. The proven track record provides consistent orders from its customer
base across the globe.
• There is an evident shift of manufacturing base for
apparels, textile and dyes from
FINANCIAL
PERFORMANCE:
STANDALONE FINANCIAL
PERFORMANCE:
Net
Sales and Other Income:
Net Sales and other income for the year increased from Rs.2826.418
Millions to Rs.3473.395 Millions, which is mainly on account of commissioning
of new project of Acetanilide and Basic chemicals plant at village Dudhwada,
Vadodara.
Expenditure:
The total expenditure increased from Rs.2817.450 Millions to
Rs.3624.931 Millions for the financial year 2009-10. The increase in total
expenditure is mainly attributable to the increase in depreciation,
manufacturing and administrative expenses and financial cost. The commissioning
of new plants has increased depreciation of the current year.
Interest
and Financial Expenses:
Interest and Financial charges increased from Rs.169.722
Millions to Rs.205.662 Millions for the year 2009-10. This was due to availment
of corporate loans and short term borrowing for financing acquisition of
DyStar.
Profit
before Tax:
The Profit before tax increased from Rs.116.603 Millions to
Rs.348.551 Millions for the year 2009-10, which was increased due to higher
revenue and reduction in derivative loss as compared to year 2008-09.
Profit
after Tax:
The profit after tax increased from Rs.84.680 Millions to
Rs.250.175 Millions due to reduction in derivative loss as compared to year
2008-09.
Net
Block:
The net block increased from Rs.1393.565 Millions to
Rs.1777.157 Millions for the year 2009-10, which was on account of
commissioning of new plants of Acetanilide and Basic Chemicals.
CONTINGENT LIABILITY
|
Particular |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In
Millions) |
|
|
|
|
|
|
Outstanding Letter of Credits issued by Banks |
219.658 |
212.439 |
|
Guarantees given by Banks on behalf of the Company for
various purposes |
3366.773 |
9.300 |
|
Corporate Guarantees given by the Company on behalf of the
Joint Venture Company |
890.000 |
0.000 |
|
Corporate Guarantees given by the Company on behalf of the
Subsidiary Company. |
1000.000 |
0.000 |
|
Disputed Income Tax/Excises matters for various assessment
years for which appeals are pending with Appellate authorities. |
60.726 |
32.769 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31.03.2011
(RS.
IN MILLIONS)
|
Sr. |
Particulars |
Quarter ended on |
Year ended on |
|
No. |
|
31.03.11 |
31.03.11 |
|
Unaudited |
Unaudited |
||
|
1. |
(a) Net
Sales/Income from Operations |
1794.543 |
5655.712 |
|
|
(b) Other
Operating Income |
28.814 |
77.730 |
|
|
Total
Income (a+b) |
1823.357 |
5733.442 |
|
2. |
Expenditure |
|
|
|
|
a.
(Increase)/Decrease in Stock |
|
|
|
|
in trade and
Work in Progress |
69.791 |
(165.584) |
|
|
b.
Consumption of raw materials |
940.465 |
3315.834 |
|
|
c. Purchase
of traded goods |
224.275 |
692.524 |
|
|
d. Employee
cost |
29.744 |
85.081 |
|
|
e.
Depreciation |
79.741 |
187.768 |
|
|
f.
Manufacturing Expenses |
183.751 |
548.322 |
|
|
g. Other
expenditure |
41.827 |
162.228 |
|
|
h. Total |
1569.594 |
4826.173 |
|
3. |
Profit
from operations before other Income, |
|
|
|
|
Interest
and Exceptional Items (1-2) |
253.763 |
907.269 |
|
4. |
Other Income
|
8.243 |
20.413 |
|
5. |
Profit
before Interest and Exceptional Items (3+4) |
262.006 |
927.682 |
|
6. |
Interest |
95.000 |
416.210 |
|
7. |
Profit
after Interest but before |
|
|
|
|
Exceptional
Items (5-6) |
167.006 |
511.472 |
|
8. |
Exceptional
items |
|
|
|
9. |
Profit
/(Loss) from Ordinary |
|
|
|
|
Activities
before tax (7+8) |
167.006 |
511.472 |
|
10. |
Tax expense |
(24.279) |
54.460 |
|
11. |
Net
Profit/(Loss) from ordinary |
|
|
|
|
Activities
after tax (9-10) |
1912.85 |
457.012 |
|
12. |
Extraordinary
items - Income/(Loss) |
(878.29) |
(128.388) |
|
13. |
Net
Profit/(Loss) for the period (11-12) |
103.456 |
328.624 |
|
14. |
Paid -up
equity share capital |
|
|
|
|
(Face Value
of the Share Rs. 10/-) |
190.001 |
190.001 |
|
15. |
Reserves
excluding Revaluation as per the |
|
|
|
|
Balance
sheet of previous accounting year |
|
|
|
16. |
Earnings Per
Share (EPS) |
|
|
|
|
a) Basic and
diluted EPS before extraordinary |
|
|
|
|
Items for the
period for the year to date |
10.07 |
27.42 |
|
|
and for the
previous year |
|
|
|
|
b) Basic and
diluted EPS after extraordinary |
5.45 |
19.72 |
|
|
Items for
the period for the year to date |
|
|
|
|
and for the
previous year |
|
|
|
17. |
Public
shareholding |
|
|
|
|
-Number of
shares |
7944444 |
7944444 |
|
|
-Percentage
of shareholding |
41.81% |
41.81% |
|
18. |
Promoters
and promoters group shareholding a) Pledged/Encumbered |
|
|
|
|
No. of
Shares |
5381395 |
5381395 |
|
|
Percentage
of shares (as a % of the total |
|
|
|
|
shareholding
of promoter & promoter group) |
48.68% |
48.68% |
|
|
Percentage
of shares (as a % of the total |
|
|
|
|
share
capital of the Company) |
28.32% |
28.32% |
|
|
b) Non-
encumbered |
|
|
|
|
No. of
Shares |
5674214 |
5674214 |
|
|
Percentage
of shares (as a % of the total |
|
|
|
|
shareholding
of promoter & promoter group) |
51.32% |
51.32% |
|
|
Percentage
of shares (as a % of the total |
|
|
|
|
share
capital of the Company) |
29.86% |
29.86% |
NOTES:
1. The Company
operates in a single segment i.e. Dyes, Dyes Intermediates and basic chemicals.
As per accounting standard 17 on segment reporting issued by the ICAI, the same
is considered to constitute as single primary segment.
2. Consequent to
the issuance of further Equity Shares under QIPin November 2010, the weighted
average Earning per Share of the Company for Q3 stands to Rs. 2.31/-
3. The name of the
Company changed from Kiri Dyes and Chemicals Limited to Kiri Industries Limited
on issuance of fresh certificate of Incorporation by the Registrar of
Companies,
4. During the
quarter no investor complaints were received and no investors complaints were
pending either at the beginning or end of the quarter.
5. Previous period
figures have been regrouped and rearranged, wherever considered necessary.
6. The above
results were reviewed by the Audit Committee and thereafter approved by the
Board of Directors at their meeting held on 13.05.2011.
7. The Statutory
Auditors have carried out a limited review of the unaudited financial results
for the quarter ended 31.03.2011.
Business
Description
Subject is an India-based dyestuff company. It is
engaged in manufacturing of dyes and intermediates. The Company supplies
reactive dyes, as well as dye-intermediates in various forms like standardized
spray dried/tray dried-powder/granular. It also supplies sulfuric acid and
chlorosulphonic acid. The Company’s principal products include reactive dyes,
oleum, vinyl sulphone, sulphuric acid, H. acid and acetanilide. During the
fiscal year ended 31.03.2010 (fiscal 2010), the Company commenced 3.5 megawatt
co-generation steam based power plant at Village Dudhwada, Taluka Padra,
District Vadodara. During fiscal 2010, it produced 13,614,080 kilograms of dyes
and 34,67,100 kilograms of H. acid. In February 2010, the Company acquired the
assets of DyStar Group, which includes DyStar Textilfarben GmbH and DyStar
Textilfarben GmbH and Co. Deutschland KG (DyStar) along with its 36
subsidiaries, through its wholly owned subsidiary Kiri Holding Singapore
Private Limited. For the fiscal year ended 31.03.2010, Subject’s revenues
totaled RS8.15B. Net loss totaled Rs. 570.500 Millions. Results are not
comparable due to the company reported first time consolidated financials
reported. Subject is an
Form 8
Particular for creation or modification of charges:
|
Corporation identity number or foreign company registrations number
of the company |
U24231GJ1998PTC034094 |
|
Name of the company |
Kiri Dyes and Chemicals Private Limited |
|
Address |
53, Manek Baug Society, Ambawadi,
Ahmedabad – 380 015, |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Immovable Property |
|
Particular of the charge holder
|
State Bank of Vatva Industrial Estate Branch, Vatva,
Ahmedabad – 382445, |
|
Nature or description of the instrument creating charge |
Memorandum for recording extension of
mortgage by deposit of title deeds covering enhanced limits |
|
Date of the instrument creating charge |
10.10.2006 |
|
Amount Secure by the charge |
Rs. 523.300 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
As prescribed by banks from time to time Term Loan : 6 monthly installment of
Rs.0.833 million to commence from November 2006 C. C. repayable on demand Raw material 25%, SIP 30%, Finished Goods
25%, Book Debts 40% Pari Passu charge in favour of participating
banks Total credit limits of consortium banks
Rs.523.300 millions as follows : State Bank of |
|
Modification charge Charge identification number of the charge to be modified |
80014322 |
|
Particulars of the Present Modification |
The SBI has enhanced credit facilities for
further sum of Rs. 50.400 millions, making total consortium advance
facilities to the extent of Rs. 523.300 millions |
|
Short particulars of the property charged |
All piece of leasehold land at 1. Plot No.
299/1/A, R. S. No. 416 [Paiki] and 410 [Paiki], ADM 3767 sq. mts. [2] Plot
No. 299/1/B, R. S. No. 416 [Paiki], ADM 2050 sq. mts. [3] Plot No. 10/8, R. S.
No. 416 [Paiki], ADM 2539 sq. mts. at Vatva Ind. Estate, Vinzol, Tal.
Dascroi, Sub. Dist. Ahmedabad – 5 [Narol], Dist. Ahmedabad, and [4] Plot ADM.
45773 sq. mts. At block no. 396, 399, 400-a, 400-B, 401, 402, 403 and 404 of
Vil. Dufhwada, Tal. Padra, Dist. |
|
Name of the company |
KIRI DYES AND CHEMICALS PRIVATE LIMITED |
||||||||||||||||||
|
Presented By |
Shri Pravinbhai Kiri |
||||||||||||||||||
|
1) Date and description of instrument creating the change |
Memorandum of entry dated 19.03.2001 |
||||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs.121.500 millions |
||||||||||||||||||
|
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 immovable properties of the cum including land, building etc.
situated Plot No. 299/1/A, in the Vatva Industries Area / Estate consisting
of revenue No. 416 (Paiki) and 410 (Paiki) within village limit of Vonzol of
Dascroi Tax in the sub district of
Ahmedabad – 5(Nari Containing by admeasurements 3767 sq. mtr. Thereabouts
together with all or superstructure standing thereon) |
||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Following facilities will be covered.
|
||||||||||||||||||
|
5) Name and Address and description of the person entitled to the
charge. |
State Bank of Vatva industrial Estate, Branch Ahmedabad |
||||||||||||||||||
|
6) Date and brief description
of instrument modifying the charge |
Memorandum of entry dated 26.02.2004 |
||||||||||||||||||
|
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. |
The original charge by way of equitable mortgage of the properties
described in Point No. 3 above is further extended to secure enhanced various
credit limits of Rs.123.517 millions making total charge of Rs.35.900
millions. The company has also offered
by way of equitable mortgage and has created security by the memorandum of
entry dated 26.02.2004 on the property described in 7th schedule
to secure the original and additional credit limits aggregating to Rs.35.900
millions in addition to the property described in memorandum of entry dated
06.09.2002. the brief description of
the properties is as follows : All the piece of leasehold land as Plot No. 10/8, Vatva Ind. Area, R S
No. 418/p, Vil. Vinzol, Ta. Dascroi, Dist. Ahmedabad adm. 2539 sq. mtrs.
together with any superstructures thereon more particularly described in the
7th schedule. |
FIXED
ASSETS
·
Land
·
Building
·
Plant
and Machinery
·
Electrification
·
Office
Equipment
·
Furniture
and Fixtures
·
Vehicles
WEBSITE DETAILS:
One of the foremost manufacturers and suppliers of high quality dyes and intermediates in the dyestuff industry. Through innovation, dedication to total quality and consumer satisfaction, as well as commitment to research and development, they have succeeded in meeting the needs of a broad range of customers worldwide.
Company production facilities are strategically located in the heart of chemical industrial zone, which provides comparative ease and convenience to effectively utilize the Common Effluent Treatment Plant to further treat outlets. Centralized administration is established in highly commercial area of the city, Ahmedabad.
PROFILE:
Subject, was incorporated on 14th May 1998 as a subject at
Ahmedabad,
The product range of the company comprises of more than 120 dyestuffs used by textiles, leather, paint and printing-ink industries with total production capacity of 10800 MT per annum. KDCL supplies reactive, acid, and direct dyes as well as dye-intermediates in various forms like standardized spray dried/tray dried - powder/granular, crude and reverse osmosis. All the products manufactured by the company have found global acceptance.
KDCL has already commenced the first phase of Backward Integration Expansion
Plan at Padra in
the District of Vadodara and commenced manufacturing of Vinyl Sulphone in
March, 2006.
MANAGEMENT TEAM
Key Managerial
Personnel
The day-to-day operations of the company are managed by the
professionals under the guidance of the Managing Director. A brief profile of
the key management personnel is as under
Mr. Janardhan S. Bhatt, Senior Vice President, aged 65 years, is a commerce graduate. He has 38 experience in the field of Dyes and intermediates, regarding sourcing of raw material from domestic and global market. Prior to joining the company he was partner in Sun Chemical Industries.
Mr. Bipin C. Patel, Vice President, aged 40 years, is a science graduate. He has total experience of 17 years in the field of manufacturing of Dyes. Currently he overlooks production of Dyes at Vatva. Prior to joining their company he was working with Achem Products as Production Manager.
Mr. Bhupatrai K. Mehta, General Manager – Padra Plant, aged 51 years, holds a post graduation degree in Science. He has 26 years of experience in Dyes and Dye Intermediates. He is oversees production of Dyes at Padra unit. Prior to joining our Company he was working with Maradia Chemicals Limited.
Mr. Munim Prasad Tripathi, General Manager – Project, aged 61 years, is a post graduate in Science. He has experience of 33 years in implementation of various projects for Sulphuric Acid and S.S.P. (Single Super Phospate) fertilizers. Prior to joining the company he was working with Industrial Solvent and Chemicals Private Limited.
Mr. Manoj Jingar,
Chief Financial Officer, aged 39 years, is a graduate in Commerce from
Neelima H. Rajput, Senior Manager, Marketing and Exports, aged 38 years, is a graduate in Commerce from Gujarat Universiry. Prior to joining the company she was associated with Vinny Overseas Private Limited.
Mr. Suresh Gondalia, Company Secretary, aged 31 years is an Associate Member of The Institute of Company Secretaries of India since October, 2003. He is also a graduate in commerce and has bachelors degree in Law. He has experience of over 3 years in Corporate Laws and Secreterial compliances. Prior to joining the company he was Company Secretary at Vishal Exports Limited.
ACHIEVEMENTS
1999
·
Started export to
2001
· Awarded by CHEMEXIL for outstanding export performance in the year 1998-1999.
2001
· Awarded by CHEMEXIL for outstanding export performance for the year 1999-2000.
· Trophy awarded by Gujarat Dyestuffs Manufactures Association for export performance of more than Rs.60.000 Millions for direct export of self manufactured dyes and dye intermediates during 1990-2000.
2002
·
Received
First Award for the highest exports of chemicals from small scale industry by
CHEMEXIL for the year 2000-2001.
·
Obtained
permission confirming eligibility of Kiri Dyes to become 100% Export Oriented
Unit from Kandla Special Economic Zone.
·
Awarded
by Gujarat Dyestuff Manufacturers Association as Second award for direct export
of self manufactured dyes in the year 2000-2001.
2003
· Received prestigious Platinum Award from CHEMEXCIL for outstanding performance during the year 2002 – 2003.
· Company became Government Recognized Trading House.
2004
· Recognized as a Two Star Export House.
·
Obtained Environmental Clearance Certificate
from the Ministry of Environment and
· Conversion of manufacturing unit into 100% Export Oriented Unit.
2005
· Started strategic backward integration project at Padra, Dist. Vadodara.
·
Silver Jubilee awarded by Export Credit
Guarantee Corporation of
2006
·
Awarded by Clariant (
· Commercial production of backward integration project with respect to Vinyl Sulphone Easter started at Padra, Dist. Vadodara.
2007
·
Awarded
ISO 9001:2000, a certificate for quality management system by ISOQAR for manufacture
and supply of reactive dyes for its Unit located at Vatva, Ahmedabad.
·
Awarded
ISO 9001:2000, a certificate for quality management system by ISOQAR for
manufacture and supply of dyes intermediates for its Unit located at Village
Dudhwada, Padra, Vadodara.
RESEARCH AND
DEVELOPMENT
R and D - Continual
Pursuit of Excellence
Research and Development is given prime importance at KDC. About 4% to 5% of the total sales is allocated to R and D. R and D laboratories are equipped with sophisticated and technologically advanced equipment, where highly skilled team of research chemists, engineers and technicians serve their deverse range of products.
R and D programs are designed to achieve four objectives
· Continual improvement in quality by improving manufacturing technology and processes.
· Low manufacturing costs through process improvement
· Conduct exploratory research to develop new product lines and markets.
· Develop new products and processes that they environmentally responsible
SALES OPERATION
Company customer base in Indian and
International like ko
Secretarial
Department:
The Secretarial department
of Company endeavors at delivering valuable service to the shareholders of the
company by providing consistent, timely and adequate information and redressing
their problems and complaints as early as possible.
PRESS RELEASE:
Accord Fintech (
15.03.2011
Accord Fintech (
09.03.2011
India, March 09 -- Kiri Dyes and Chemicals is currently
trading at Rs 3250.000, up by 1.80 points or 0.56% from its previous closing of
Rs 3232.000 on the BSE.The scrip opened at Rs 3273.500 and has touched a high
and low of Rs 3315.000 and Rs 3190.000 respectively. So far 9,933 shares were
traded on the counter. The BSE group 'B' stock of face value Rs 10 has touched
a 52 week high of Rs 7920.000 on 18.03.2010 and a 52 week low of Rs 3020.000 on
07.03.2011.Last one week high and low of the scrip stood at Rs 3414.000 and Rs
3020.000 respectively. The current market cap of the company is Rs 6137.000
millions.The promoters holding in the company stood at 58.19% while
Institutions and Non-Institutions held 27.04% and 14.78% respectively. Credit
rating agency, Fitch Ratings has upgraded India-based Kiri Dyes and Chemicals'
(KDCL) Long-term rating to BBB+ (
Accord Fintech (
28.02.2011
India, February 28 -- Kiri Dyes And Chemicals Limited has informed the Exchange that the members of the Company by way of Postal Ballot have passed the following resolutions, with requisite majority: (1) Increase in borrowing powers of the Company up to Rs. 10000.000 millions. (2) Creation of charge /mortgage on the properties of the Company. (3) Make investment/give loan/ extend guarantee/ provide security. (4) Change of Name of the Company from Kiri Dyes and Chemicals Limited to Kiri Industries Limited.
Accord Fintech (
17.01.2011
India, January 17 -- Kiri Dyes and Chemicals has informed that the board of directors of the company at its meeting held on 17.01.2011, has approved the change of name of the company from Kiri Dyes and Chemicals to Kit Industries subject to approval of members, central government and such other authorities as may be necessary. The above information is part of the company's filing submitted to the BSE.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.16 |
|
|
1 |
Rs.72.10 |
|
Euro |
1 |
Rs.63.10 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.