MIRA
INFORM REPORT
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Report Date : |
22.02.2011 |
Note : The correct name of the company is “KUWER INDUSTRIES
LIMITED”.
IDENTIFICATION DETAILS
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Name : |
KUWER INDUSTRIES LIMITED |
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Registered Office : |
D – 1004, First Floor, New Friends Colony, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
24.12.1993 |
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Com. Reg. No.: |
55 - 56627 |
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CIN No.: [Company
Identification No.] |
L74899DL1993PLC056627 |
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Legal Form : |
Public limited liability company. The Company Shares Listed to The
Stock Exchange. |
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Line of Business : |
Manufacturer Polyester Films, Security Holograms etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 370000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for business dealings with slight
caution. |
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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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
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Name : |
Mr. D. J. Jha |
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Designation : |
Accounts Department |
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Contact No.: |
91-9310135107 |
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Date : |
07.02.2011 |
LOCATIONS
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Registered Office : |
D – 1004, First Floor, New Friends Colony, New Delhi – 110065, Delhi, India. |
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Tel. No.: |
91 – 120 – 2580088 |
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Mobile No.: |
91 – 9810128955 (Mr. Tarun Aggarwal) |
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Fax No.: |
91 – 120- 2580514 |
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E-Mail : |
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Website : |
http:// www.kuwer.com |
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Location : |
Owned |
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Factory 1 : |
A – 71, 72, sector – 58. Noida – 201301. |
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Tel. No.: |
91 – 120 - 2580088 |
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Fax No.: |
91 – 120 - 2580514 |
DIRECTORS
As On : 30.09.2010
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Name : |
Mr. Jai Bhagwan Aggarwal |
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Designation : |
Chairman cum Managining Director |
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Address : |
D – 1004, New Friends Colony, New Delhi – 110065, Delhi, India. |
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Date of Birth/Age : |
04.04.1937 |
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Date of Appointment : |
15.10.2003 |
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DIN No : |
00315184 |
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Name : |
Mr. Tarun Aggarwal |
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Designation : |
Director |
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Address : |
D – 1004, New Friends Colony, New Delhi – 110065, Delhi, India. |
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Date of Birth/Age : |
20.09.1974 |
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Date of Appointment : |
16.07.2001 |
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DIN No : |
01320462 |
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Name : |
Mr. Yashpal Sharma |
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Designation : |
Director |
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Address : |
E – 11, Sector – 36, Noida – 201301, Uttar Pradesh, India. |
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Date of Birth/Age : |
01.01.1966 |
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Date of Appointment : |
01.10.2003 |
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DIN No : |
00446877 |
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Name : |
Mr. Shailesh Gupta |
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Designation : |
Director |
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Address : |
A – 42, Kailash Colony, New Delhi – 110048, Delhi, India. |
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Date of Birth/Age : |
10.07.1971 |
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Date of Appointment : |
16.07.2001 |
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DIN No : |
00079956 |
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Name : |
Mr. Dinesh Diwvedi |
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Designation : |
Director |
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Address : |
170 – A, Shiv Katra, Harjinder Nagar, |
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Date of Birth/Age : |
05.07.1957 |
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Date of Appointment : |
15.10.2003 |
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DIN No : |
02439669 |
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Name : |
Mr. Pankaj Gupta |
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Designation : |
Director |
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Address : |
PT – 62/13, Kalkaji, |
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Date of Birth/Age : |
04.11.1961 |
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Date of Appointment : |
01.10.2003 |
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DIN No : |
01390045 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Jai Bhagwan Aggarwal |
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1112150 |
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Mr. Tarun Aggarwal |
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571690 |
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AS ON 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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0.04 |
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Bodies corporate |
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17.21 |
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Directors or relatives of directors |
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47.01 |
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Other top fifty shareholders |
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35.74 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer Polyester Films, Security Holograms etc. |
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Products : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
PRODUCTION STATUS (As On 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
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Metalized Polyester and BOPP Films |
MT |
2400 on 3 Shift
Basis |
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Metalized Embossed Polyester and BOPP |
MT |
2400 on 3 Shift
Basis |
GENERAL INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
210 (In Office-30 and In Factory-180) (Approximately) |
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Bankers : |
Ř State Bank of Bikaner
and Jaipur, Nehru Place, New Delhi-110019, Delhi, India. Ř HDFC Bank Ř ICICI Bank |
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Facilities : |
Notes : 1.
The working Capital Loans and Term Loan from
State Bank of Bikaner and Jaipure are secured by the mortgage and the first
charge on all the stock, debtors and other current assets of the company and
first charge on all fixed assets of the company and M/s Ellora Machenical
product(P)Limited. In such form as may be required by the State Bank of
Bikaner and Jaipur. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vinod Ralhan and Company Chartered Accountant |
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Address : |
B – 4 / 148C. Safdurjung Enclave. New Delhi – 110029, Delhi, India |
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Associates/Subsidiaries : |
Ř Ellora
Mechanicals Products Private Limited |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares |
Rs. 10/- each |
Rs. 60.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5095000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.950 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
50.950 |
50.950 |
50.950 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
42.608 |
41.594 |
39.402 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
93.558 |
92.544 |
90.352 |
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LOAN FUNDS |
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1] Secured Loans |
82.948 |
65.661 |
52.635 |
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2] Unsecured Loans |
18.820 |
14.320 |
14.320 |
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TOTAL BORROWING |
101.768 |
79.981 |
66.955 |
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DEFERRED TAX LIABILITIES |
17.412 |
17.158 |
16.496 |
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TOTAL |
212.738 |
189.683 |
173.803 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
89.268 |
85.645 |
62.239 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
56.143
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43.298
|
38.954 |
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Sundry Debtors |
89.857
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94.997
|
74.931 |
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Cash & Bank Balances |
5.873
|
3.766
|
3.789 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
10.583
|
13.334
|
16.118 |
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Total
Current Assets |
162.456
|
155.395 |
133.792 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
32.121
|
41.981 |
13.801 |
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Other Current Liabilities |
3.623
|
6.770 |
5.909 |
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Provisions |
3.242
|
2.606 |
2.518 |
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Total
Current Liabilities |
38.986
|
51.357
|
22.228 |
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Net Current Assets |
123.470
|
104.038
|
111.564 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
212.738 |
189.683 |
173.803 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
320.991 |
367.763 |
197.155 |
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Other Income |
3.119 |
1.803 |
0.946 |
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TOTAL (A) |
324.110 |
369.566 |
198.101 |
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Less |
EXPENSES |
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Raw Material Consumed |
242.876 |
266.105 |
134.809 |
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Manufacturing Expenses |
60.922 |
74.260 |
47.317 |
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Benefits to Employees |
4.681 |
4.242 |
4.045 |
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Increase/(Decrease) in Finished Goods |
(13.667) |
(5.885) |
(5.275) |
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Selling and Distribution Expenses |
0.324 |
0.966 |
0.350 |
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Administrative Expenses |
5.593 |
5.642 |
5.075 |
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TOTAL (B) |
300.729 |
345.330 |
186.321 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
23.381 |
24.236 |
11.780 |
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Less |
FINANCIAL
EXPENSES (D) |
12.835 |
13.711 |
8.560 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.546 |
10.526 |
3.220 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.939 |
6.705 |
6.659 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.607 |
3.820 |
(3.439) |
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Less |
TAX (H) |
1.593 |
1.497 |
(0.932) |
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PROFIT AFTER TAX
(G-H) (I) |
1.014 |
2.323 |
(2.507) |
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Less |
Income
tax paid earlier year |
0.000 |
0.132 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
1.014 |
2.191 |
(2.507) |
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IMPORTS |
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Capital Goods |
15.041 |
1.190 |
NA |
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Others |
1.854 |
0.278 |
NA |
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TOTAL IMPORTS |
16.895 |
1.468 |
NA |
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Earnings Per
Share (Rs.) |
0.43 |
(0.49) |
(0.49) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.31
|
0.63
|
(1.27) |
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Net Profit Margin (PBT/Sales) |
(%) |
0.81
|
1.04
|
(1.74) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.04
|
1.58
|
(1.75) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.04
|
(0.04) |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.69
|
1.42
|
0.99 |
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Current Ratio (Current Asset/Current Liability) |
|
4.17
|
3.02
|
6.01 |
LOCAL AGENCY FURTHER INFORMATION
Note :
The registered office of the company has been shifted from New Delhi-110092,
Delhi, India to the present address w.e.f.06.07.2006
PERFORMANCE
The total turnover achieved by the company is Rs.162.270 millions. The
Directors are of the opinion that the company has the immense potential and
adequate resources to achieve the rapid rate of growth in the coming year.
FORM 8
|
Corporate
identity number of the company |
L74899dl1993plc056627 |
|
Name of the
company |
KUWER INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
D – 1004, First Floor, New Friends Colony. New Delhi – 110065. India |
|
This form is for |
Modification of charge |
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Type of charge |
Book debts Movable property (not being pledge) Floating charge |
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Particular of
charge holder |
State Bank of Bikaner And Jaipur. Nehru Place, New Delhi – 110019. akandco@hotmail.com |
|
Nature of
instrument creating charge |
Supplemental
Agreement of loan for increase in the overall limit and Supplemental Agreement
of Hypothecation of Goods and Assets for increase in the overall limit and
letter regarding grant of individual limits within the overall limit. |
|
Date of
instrument Creating the charge |
05.03.2010 |
|
Amount secured by
the charge |
Rs.80.400 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Cash
Credit Limit - @ 2.00% above BPLR i.e. 14.25% p.a. Term
Loan - As Agreed. Extent and
operation of the charge 100% Other The above
is to secure Cash Credit (Hypothecation) - Rs. 45.000 millions (with sub
limit for Book Debts (within CC) - Rs. 22.500 millions and drawing against
clearing within above Rs. 2.000 millions), Term Loan (Existing) - Rs. 10.400
millions. Total Fund Based Limits of Rs. 55.400 millions and non fund based
limits (Letter of Credit(DA/DP- Docy) - Rs. 25.000 millions. Total Fund Based
and Non fund Based limits are Rs. 80.400 millions. |
|
Short particulars
of the property charged (Including location of the property) |
Stock
of raw materials, stock in process, finished goods, stores and spares lying
at company's factory gate at Noida and other stock point, Book Debts and
other current assets of the Company. |
|
Charge
identification number of the charge to be modified |
90043583 |
|
Particulars of
the present modification |
Existing
Limit stands enhanced to Rs. 80.400 millions consisting of Cash Credit
(Hypothecation.) - Rs. 45.000 millions (with sub limit for Book Debts (within
CC) - Rs. 22.500 millions and drawing against clearing within above Rs. 2.000
millions), Term Loan (Existing) - Rs. 10.400 millions. Total Fund Based
Limits of Rs. 55.400 millions and non fund based limits (Letter of Credit
(DA/DP- Docy) - Rs. 25.000 millions. Total Fund Based and Non fund Based
limits are Rs. 804.00 millions. Other terms and conditions remained the same. |
TRADE REFERENCES –
- Kapoor Print Pack Industrial Private Limited, Delhi.
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Furniture and Fixture
- Office Equipments
- Vehicles
WEB SIDE DETAILS
PROFILE
Subject offers
end-to-end holography solutions to the companies for brand imaging and
counterfeit prevention. The product portfolio includes security holograms, holographic
films, flexible packaging material, coated lacquered films and many more. From
a humble beginning in the year 1994, subject has grown to become one of the
leading manufacturers and exporters of a wide range of holographic products. By
virtue of the untiring efforts towards customer service and product's quality,
the company has been bestowed with the goodwill of a vast global clientele.
Subject provides
tailor-made solutions to its customers as they have varied anti-counterfeit
marking requirements. The company works hand in hand with the clients to ensure
speedy implementation of the customized solutions - right from concept to
marketplace application.
Committed to meet
the tomorrow's requirements, subject invests a handsome amount of its turnover
on advanced R and D for new products development. Subject has with it the
services of best professional designers, who are conversant in developing
innovative designs. At subject, the manufacturing site conforms to the
stringent security standards that ensure highly secure environment for the
production of anti-counterfeit products.
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.45.11 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.61.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.