%20PRIVATE%20LIMITED%20-%20148539%2019-Jul-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
19.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
KRUGER VENTILATION INDUSTRIES ( |
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Registered Office : |
Prince Industrial Estate, Block B, Village
Atagaon, Taluka Shahapur, Thane – 421 304, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
24.03.2006 |
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Com. Reg. No.: |
11-160726 |
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Capital Investment / Paid-up Capital : |
Rs.14.683 millions |
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CIN No.: [Company
Identification No.] |
u29190mh2006ptc160726 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
pnek07448a |
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PAN No.: [Permanent
Account No.] |
aacck8048a |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Industrial Fans and
Blowers. |
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No. of Employees : |
130 (Office 30, Factory 100) Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 10000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
management has not filed the latest financials of the company with the government
departments. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Madam Trupti |
|
Designation : |
ACC Head |
|
Date : |
15.07.2011 |
LOCATIONS
|
Registered Office/Factory : |
Prince Industrial Estate, Block B, Village Atagaon, Taluka Shahapur,
Thane – 421 304, |
|
Tel. No.: |
91-2527-200075 / 240170 /
008 / 275 / 246275 |
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Fax No.: |
91-2527-240075 / 200075 |
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E-Mail : |
manojkhati@krugerindia.com |
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Website : |
http://www.krugerfans.com |
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Head Office : |
No |
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Tel. No.: |
65 6861 1577 |
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Fax No.: |
65 6861 3577 |
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Factory 2 : |
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Branch Office : |
Located at |
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Sales and Distribution
Offices: |
Kruger Ventilation
Industries, Gulf Branch Tel : 971 4 8832017 Fax : 971 4 8832018 HONG KONG
Tel: 84 66 3585200/01/02 |
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Manufacturing and
Assembly Facilities : |
BEIJING PHILIPPINES SHANGHAI WUHAN |
DIRECTORS
As on 29.09.2009
|
Name : |
Mr. Ching Fu Yang |
|
Designation : |
Director |
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Address : |
11, |
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Date of Birth/ Age: |
24.03.1942 |
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Date of Appointment : |
24.03.2006 |
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DIN No. : |
01447975 |
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Name : |
Mr. Hong Cheng |
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Designation : |
Director |
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Address : |
Blk |
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Date of Birth/Age : |
06.02.1963 |
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Date of Appointment : |
27.09.2007 |
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DIN No. : |
01488258 |
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Name : |
Mr. Chew Juat Wang |
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Designation : |
Director |
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Address : |
10, Calan, Lempeng, # 51-01, |
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Date of Birth/Age : |
04.10.1965 |
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Date of Appointment : |
24.03.2006 |
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DIN No. : |
01227186 |
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Name : |
Mr. Swee Lee Goh |
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Designation : |
Director |
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Address : |
BLK 2C Hong San Walk # 07-09, |
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Date of Birth/Age : |
11.07.1963 |
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Date of Appointment : |
24.03.2006 |
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Date of Cessation : |
27.09.2007 |
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DIN No. : |
01146585 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Kruger Asia Holdings Pte Limited |
|
1468341 |
|
Fu Ching Yang |
|
1 |
|
Total |
|
1468342 |
As on 29.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Industrial Fans and Blowers. |
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|
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Products : |
· Axial Fans ·
Centrifugal Fans ·
Centrifugal Fans · Domestic Fans · In-line Fans · Roof Exhaust Fans · Mixed Flow Fans |
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Services : |
·
Airports ·
Atomic Plants ·
Carparks ·
Clean Room ·
Chemical Processing Industry ·
Private Housing and Utilities ·
Shopping Complexes ·
Tunnel Ventilation ·
Underground Facilities ·
Warehousing and Manufacturing ·
Kitchens ·
Transport |
GENERAL INFORMATION
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No. of Employees : |
130 (Office 30, Factory 100) Approximately |
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Bankers : |
·
HDFC Bank Limited, Vertak Nagar, Thane Branch ·
Standard Chartered Bank ·
Dombivali Nagrik Sahakari Bank |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Dayakar and Company Chartered Accountants |
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Address : |
Unit No. 316, 3rd Floor, Mahavir Industrial Area, |
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Tel No.: |
91-22-66951002 |
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TeleFax No.: |
91-22-66951003 |
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E mail: |
CAPITAL STRUCTURE
As on 29.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1468342 |
Equity Shares |
Rs.10/- each |
Rs.14.683
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
14.683 |
14.683 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
14.583 |
|
|
3] Reserves & Surplus |
0.000 |
17.430 |
0.000 |
|
|
4] (Accumulated Losses) |
(12.306) |
0.000 |
0.000 |
|
|
NETWORTH |
2.377 |
32.113 |
14.683 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
2.377 |
32.113 |
14.683 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
42.129 |
13.543 |
0.000 |
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Capital work-in-progress |
0.331 |
0.108 |
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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|
|
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Inventories |
133.385
|
86.949
|
0.549 |
|
|
Sundry Debtors |
173.942
|
146.578
|
0.000 |
|
|
Cash & Bank Balances |
26.752
|
31.639
|
9.728 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
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Loans & Advances |
58.552
|
31.235
|
4.476 |
|
Total
Current Assets |
392.631
|
296.401
|
14.753 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
403.998
|
243.784
|
1.163 |
|
|
Current Liabilities |
20.944
|
27.046
|
1.393 |
|
|
Provisions |
9.463
|
9.161
|
0.000 |
|
Total
Current Liabilities |
434.405
|
279.991
|
2.556 |
|
|
Net Current Assets |
(41.774)
|
16.410
|
12.197 |
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
1.691 |
2.052 |
2.486 |
|
|
|
|
|
|
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TOTAL |
2.377 |
32.113 |
14.683 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
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Sales Less Return |
|
674.506 |
400.802 |
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|
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Other Income |
|
12.596 |
13.248 |
|
|
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TOTAL |
|
687.102 |
414.050 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
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|
Cost of Material Consumed |
|
499.859 |
285.794 |
|
|
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Manufacturing Expenses |
|
92.878 |
62.273 |
|
|
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Administrative Expenses |
|
72.786 |
16.393 |
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Selling and Distribution Expenses |
|
42.876 |
22.242 |
|
|
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TOTAL |
|
708.399 |
386.702 |
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(21.297) |
27.348 |
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
8.139 |
0.758 |
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|
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PROFIT BEFORE
TAX |
|
(29.436) |
26.590 |
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|
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Less |
TAX |
|
0.300 |
9.160 |
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PROFIT AFTER TAX
|
|
(29.736) |
17.430 |
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|
|
|
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|
|
|
|
Earnings Per
Share (Rs.) |
|
(20.25) |
11.87 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
(4.33)
|
4.21
|
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(4.36)
|
6.63
|
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.77)
|
8.58
|
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(12.38)
|
0.83
|
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
182.75
|
8.72
|
0.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.90
|
1.06
|
5.77 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Sundry Creditors |
403.998 |
243.784 |
1.163 |
PARTIAL DETAILS OF
SUNDRY CREDITORS
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Jaykay Freighters Private Limited |
0.377 |
NA |
NA |
|
Passage Cargo Private Limited |
0.440 |
NA |
NA |
|
Gupta Engineers |
2.384 |
NA |
NA |
|
Swati Pulley Company Private Limited |
0.268 |
NA |
NA |
|
Albatros Shipping Private Limited |
0.690 |
NA |
NA |
|
Parjapat Tempo Services |
0.288 |
NA |
NA |
|
Klinweld Wires Private Limited |
0.200 |
NA |
NA |
|
Robosoft Software Private Limited |
0.198 |
NA |
NA |
HIGHLIGHTS OF 2008-09
·
Total lncome grew by 65.95% to Rs.687.102 millions
·
Profit before Interest, Depreciation and Taxation
decreased by 175.04% to
Rs.21.223 millions after compensating Forex Losses of 49.85 million.
·
Company has made investment of Rs.30.185 million in Plant and Machinery
for enhancing the production capacity.
FINANCIAL
STATEMENTS
During the year
the turnover of the Company is Rs.687.102 millions. The company made an
operating profit, however, Forex (gain/loss) a net loss has emerged. The
Financial results for the year are not comparable with that of the previous
year due to uncertain economic conditions, wide fluctuation in exchange rate,
which has given a major impact on the profitability of the company. Efforts are
being made to ensure for the future growth and profitability.
FIXED ASSETS:
·
Land
·
Plant and Machinery
·
Generator Set
·
Computer
·
ERP Software Package
·
Office Equipments
·
Furniture and Fixture
·
Tools
·
Racking System
·
Air Conditioner
·
Inverter
·
Motor Car
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.44.57 |
|
|
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.62.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
26 |
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.