MIRA
INFORM REPORT
|
Report Date : |
10.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
KAY BOUVET ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
N-3, Addl MIDC Area, Satara-415004, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.10.1993 |
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Com. Reg. No.: |
11-074309 |
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Capital
Investment / Paid-up Capital : |
Rs. 90.043 millions |
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CIN No.: [Company Identification
No.] |
U57909PN1993PTC074309 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK05816G |
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PAN No.: [Permanent Account No.] |
AABCK4669H |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer, Exporter, Service Provider and Supplier of
steel plant machinery, white sugar plant, water tube industrial boilers,
distillery, fuel ethanol plants etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record.
Trade relations are reported as fair. Business is active. Payments are reported
to be usally correct and as per commitments. The company can be considered normal for 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
LOCATIONS
|
Registered Office / Factory 1 / Sales Office: |
N-3, Addl MIDC Area, Satara-415004, Maharashtra, India |
|
Tel. No.: |
91-2162-246653 / 54/ 55 |
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Fax No.: |
91-2162-240554 |
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E-Mail : |
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Website : |
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Factory 2 : |
Plot No. 6 and 7, HSIDC, Mankapur Industrial Area,
Jagadhri 135 003, (Haryana) India |
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Tel. No.: |
91-1735-286667, |
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Fax No.: |
91-1732-235903 |
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E-Mail : |
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Factory 3 : |
B-54, MIDC, Satara – 415004, Maharashtra, India |
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Tel. No.: |
91-2162-246153-56 |
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Fax No.: |
91-2162-246133 |
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|
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Sales Office : |
CHENNAI Ph. No. 91-44-2826 8130 E-mail : info.chennai@kaybouvet.com DELHI Ph. No. 91-11-2272 7354 Fax : 91-11-22727168 E-mail : info.delhi@kaybouvet.com YAMUNANAGAR Ph. No. 91-1732-232 086, 220 409 Fax : 91-1732-235903 E-mail : info.ymnr@kaybouvet.com |
DIRECTORS
AS ON 25.09.2010
|
Name : |
Mr. Sunil Chandra |
|
Designation : |
Chairman and Managing Director |
|
Address : |
Kalindi, Jorian, Jagadhri-135003, Haryana, India |
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Date of Birth/Age : |
15.12.1936 |
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Date of Appointment : |
04.10.1993 |
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DIN No : |
00412736 |
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|
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|
Name : |
Ms. Usha Gupta |
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Designation : |
Director |
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Address : |
Kalindi, Jorian, Jagadhri-135003, Haryana, India |
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Date of Birth/Age : |
21.07.1940 |
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Date of Appointment : |
18.08.2004 |
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DIN No : |
00417803 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2010
|
Names of Shareholders |
No. of Shares |
|
Niraj Chandra |
1907640 |
|
Sushil Chandra |
160240 |
|
Sushil Chandra |
4300 |
|
Usha Gupta |
113000 |
|
Chandra Trading and Investment Private Limited, India |
597600 |
|
J, Bouvet and Associates, USA |
117000 |
|
Deepa Agarwal |
441000 |
|
S M Sadekar |
100 |
|
Kay Nitroxygen Private Limited, India |
2910980 |
|
Kay Chandra Iron Engineering Works Private Limited, India |
2752400 |
|
Total |
9004260 |
AS ON 25.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
1.30 |
|
Bodies corporate |
69.54 |
|
Directors or relatives of Directors |
29.16 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, Service Provider and Supplier of
steel plant machinery, white sugar plant, water tube industrial boilers,
distillery, fuel ethanol plants etc. |
GENERAL INFORMATION
|
Bankers : |
·
IDBI Bank Limited, IDBI Tower WTC, Complex, Cuffe
Parade, Mumbai-400005, Maharashtra, India ·
HDFC Bank Limited ·
ICICI Bank Limited ·
Dena Bank ·
Bank of Maharashtra ·
Central Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
·
Sicom Limited, Nirmal Building, 1st
Floor, Nariman Point, Mumbai-400021, Maharashtra, India |
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Auditors : |
|
|
Name : |
Godbole And Company Chartered Accountant |
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Address : |
F-3, Manali Apartment, 4/2, Kesarkar Peth, Satara-415002, Maharashtra,
India |
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|
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Associates/Subsidiaries : |
·
KAY Iron Works Private Limited ·
Kay Nitroxygen Private Limited ·
Chandra Trading and Investment Private Limited ·
Kay Chandra Iron Engineering Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10250000 |
Equity Shares |
Rs.10/- each |
Rs. 102.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9004260 |
Equity Shares |
Rs.10/- each |
Rs. 90.043
Millions |
|
|
|
|
|
AS ON 25.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9316666 |
Equity Shares |
Rs.10/- each |
Rs. 93.167
Millions |
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|
|
|
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 |
90.043 |
80.043 |
50.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
563.475 |
110.539 |
97.700 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
653.518 |
190.582 |
147.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
106.429 |
82.834 |
48.943 |
|
|
2] Unsecured Loans |
55.447 |
145.447 |
146.374 |
|
|
TOTAL BORROWING |
161.876 |
228.281 |
195.317 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
815.394 |
418.863 |
343.017 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
526.965 |
241.057 |
188.210 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
158.309
|
131.014 |
80.556 |
|
|
Sundry Debtors |
248.178
|
194.925 |
234.965 |
|
|
Cash & Bank Balances |
1.339
|
1.183 |
70.301 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
81.439
|
69.709 |
35.423 |
|
Total
Current Assets |
489.265
|
396.831 |
421.245 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
186.379
|
191.321 |
249.867 |
|
|
Other Current Liabilities |
11.256
|
26.244 |
16.581 |
|
|
Provisions |
3.201
|
1.460 |
0.000 |
|
Total
Current Liabilities |
200.836
|
219.025 |
266.448 |
|
|
Net Current Assets |
288.429
|
177.806 |
154.797 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.010 |
|
|
|
|
|
|
|
|
TOTAL |
815.394 |
418.863 |
343.017 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
831.320 |
499.723 |
424.300 |
|
|
|
Other Income |
1.918 |
0.329 |
NA |
|
|
|
TOTAL (A) |
833.238 |
500.052 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed and Manufacturing Expenses |
727.464 |
375.994 |
|
|
|
|
Increase / Decrease in Stock |
(55.139) |
(3.099) |
|
|
|
|
Employees Emoluments |
24.222 |
19.659 |
NA |
|
|
|
Excise Duty |
38.718 |
45.466 |
|
|
|
|
Administrative, Selling and Distribution Expenses |
22.993 |
14.870 |
|
|
|
|
Expenses Written Off |
0.000 |
0.011 |
|
|
|
|
TOTAL (B) |
758.258 |
452.901 |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
74.980 |
47.151 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
28.223 |
9.717 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
46.757 |
37.434 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.647 |
24.938 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
20.110 |
12.496 |
574.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
3.202 |
2.169 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
16.908 |
10.327 |
NA |
|
|
|
|
|
|
|
|
|
|
PROVISION FOR
DIFFERED INCOME TAX |
(3.396) |
(2.544) |
NA |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
59.676 |
51.932 |
NA |
|
|
|
|
|
|
|
|
|
Less |
PROFIT ADJUSTED
AGAINST AMALGAMATION RESERVE |
0.010 |
0.039 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
73.178 |
59.676 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.03
|
2.07 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.42
|
2.50 |
135.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.98
|
2.05 |
94.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.06 |
3.89 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.55
|
2.35 |
3.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.44
|
1.81 |
1.58 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :
The engineering
industry recovered during the year. Company achieved sales of Rs. 831.300
millions and net profit of Rs. 16.900 millions against sales of Rs. 499.700
millions and net profit of Rs.10.300 millions of the previous year.
Sugar division had
made supplies to Simbhaoli Sugars Limited, Dudhganga Vedganga SSK Limited,
Tatyasaheb Kore SSK Limited, Natural Sugar and Allied Industries Limited, Shree
Vithal SSK Limited, GMR Sugars Limited, Hiranyakeshi SSK Niyamit, Shrigonda SSK
Limited And Sahakar Maharshi Shankarrao Mohite Patil SSK Limited.
Special Product
division had executed orders from Vedanta Aluminium Limited, Nuclear Power
Corporation of India Limited, Bharatiya Nabhikiya Vidyut Nigam
Limited.(BHAVINI), Bhushan Power and Steel Limited, Danieli India Limited,
Essar Steels Limited, Walchandnagar Industries Limited, Voith Hydro Private
Limited, Mcnally Sayaji Engineering Company, F. L. Smidth Minerals Private Limited,
Humboldt Wedag (India) Private Limited, IOL Chemical and pharmaceuticals
Limited, etc.
FORM 8
|
Corporate
identity number of the company |
U57909PN1993PTC074309 |
|
Name of the
company |
KAY
BOUVET ENGINEERING PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
N-3, Addl MIDC Area, Satara-415004, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
IDBI Bank Limited, IDBI Tower WTC, Complex, Cuffe Parade,
Mumbai-400005, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of hypothecation |
|
Date of
instrument Creating the charge |
23.09.2010 |
|
Amount secured by
the charge |
Rs. 286.500 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Extent and
operation of the charge The
charge operates as continuing security for due payment by company to IDBI Bank
Limited of interest, further interest liquidated damages, repayment of loan
and other monies payable in terms of loan agreement entered on September 23rd
2010, between the bank and the company. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation
of all Movable assets ( other than Current Assets) including machinery,
machinery spares, tools and accessories, present and future and the
additional machinery to be acquired. Hypothecation
of stocks of raw materials, semi- finished, finished goods, consumable stores
and spares and such other movables more particularly described in the
schedule of enclosed copy of deed. |
FIXED ASSETS
·
Building
·
Camera
·
Car
·
Computer
·
Electric Installation
·
Factory Building
·
Gas Cylinders
·
Gun
·
Land
·
Moulds and Patterns
·
Plant and Machinery
·
Temple
·
Tools
·
Vehicles
WEB SIDE DETAILS
PROFILE
Subject
is one of the company of KAY GROUP having technical collaboration with M/s. Jean Bouvet and
Associates USA, for Sugar Technology. Sound and Strong Engineering
capabilities, efficient and quality manufacturing setup, heavy fabrication and
machining facilities. Qualified and experienced executives and staff are the
pillars of our company. Consistent efforts to ensure robust construction,
durability, excellent workmanship and performance has given Kay Bouvet vital
technological edge in the Market. The globalization of the economy has made the
market more competitive than ever before. In such a scenario also, Kay Bouvet
is well placed in the market to deliver high quality service and equipment at
highly competitive prices. Special products Division was started in 1999 to
serve the Nation by manufacturing and supplying special purpose equipments and
machinery required by defense Organization, Department of atomic energy and
Nuclear power and Public Sector companies as well as private and co-operative
sector.
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 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.44.72 |
|
|
1 |
Rs.73.47 |
|
Euro |
1 |
Rs.65.38 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.