MIRA
INFORM REPORT
|
Report Date : |
02.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
KEWAL KIRAN CLOTHING LIMITED (w.e.f 02.11.2005) |
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|
|
|
Formerly Known
As : |
KEWAL KIRAN CLOTHING PRIVATE LIMITED |
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Registered
Office : |
B 101 to 107 Synthofines Estate Opp Virwani Industrail Estate,
Goregaon East, Mumbai – 400063, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.01.1992 |
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Com. Reg. No.: |
11-065136 |
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CIN No.: [Company Identification
No.] |
L18101MH1992PLC065136 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK16576A |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACK3402H |
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|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
The Company is
engaged in the business of manufacturing and marketing of Apparels and Apparel
Accessories. The Company is also generating power from Wind Turbine
Generator. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 |
|
Maximum Credit Limit : |
USD 7000000 |
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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. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered 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 – 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 |
INFORMATION DENIED BY
|
Name : |
Ms. Preeti |
|
Designation : |
Accounts Department |
|
Date : |
01.03.2011 |
LOCATIONS
|
Registered Office : |
B 101 to 107 Synthofines Estate Opp Virwani Industrail Estate,
Goregaon East, Mumbai – 400063, Maharashtra, India |
|
Tel. No.: |
91-22-28744433/26814400 |
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Fax No.: |
91-22-28748998/26814410 |
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E-Mail : |
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Website : |
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Corporate Office : |
Kewal Kiran Estate, Behind Tirupati Udyog, 460/7, |
|
Tel. No.: |
91-22-26814400 |
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Fax No.: |
91-22-26814410/44 |
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|
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Factory 1 : |
Plot No. 787/1, 40,
Shed, IInd Phase, G.I.D.C, Vapi - 396 195. |
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Factory 2 : |
697/3/5/5A, Near
Maharani Estate, |
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Factory 3: |
Synthofine Estate,
Opp Virwani Industrial Estate, Goregaon (East), Mumbai - 400 063, |
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Factory 4 : |
71-73, Kasturchand
Mill Estate, |
DIRECTORS
As on 05.08.2010
|
Name : |
Mr. Kewalchand Pukhraj Jain |
|
Designation : |
Chairman and Managing Director |
|
Address : |
302, Bhawani Complex, |
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Date of Birth/Age : |
20.01.1962 |
|
Date of Appointment : |
30.01.1992 |
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DIN No. : |
00029730 |
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Name : |
Mr. Hemant Pukhraj Jain |
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Designation : |
Whole-time Director |
|
Address : |
404, B Manish Market Senapati Bapat marg, Mumbai – 400028, |
|
Date of Birth/Age : |
05.05.1964 |
|
Date of Appointment : |
30.01.1992 |
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DIN No. : |
00029822 |
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Name : |
Mr. Dinesh Pukhraj Jain |
|
Designation : |
Whole-time Director |
|
Address : |
302, Bhawani Complex, |
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Date of Birth/Age : |
05.07.1969 |
|
Date of Appointment : |
02.10.1997 |
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DIN No. : |
00327277 |
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|
|
Name : |
Mr. Vikas Pukhraj Jain |
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Designation : |
Whole-time Director |
|
Address : |
12.12.1970 |
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Date of Birth/Age : |
302, Bhawani Complex, |
|
Date of Appointment : |
02.10.1997 |
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DIN No. : |
00029901 |
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Name : |
Mr. Popatlal Fulchand Sundesha. |
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Designation : |
Independent Director |
|
Address : |
15.02.1945 |
|
Date of Birth/Age : |
|
|
Date of Appointment : |
14.11.2005 |
|
DIN No. : |
00030409 |
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|
|
|
Name : |
Dr. Prakash Amrut Mody |
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Designation : |
Independent Director |
|
Address : |
2 C, Woddlands, 67 Dr G Deshmukh Marg, |
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Date of Birth/Age : |
14.11.1952 |
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Date of Appointment : |
14.11.2005 |
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DIN No. : |
00001285 |
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Name : |
Mr. Nimish Gulabrai Pandya |
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Designation : |
Independent Director |
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Address : |
101 Landmark Poonam Nagar, Andheri – 400093, |
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Date of Birth/Age : |
14.09.1953 |
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Date of Appointment : |
14.11.2005 |
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DIN No. : |
00326966 |
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|
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|
Name : |
Mr. Mrudul Dattakumar Inamdar |
|
Designation : |
Independent Director |
|
Address : |
A 301, Bhaghirati Niwas Plot No 309, |
|
Date of Birth/Age : |
21.04.1956 |
|
Date of Appointment : |
14.11.2005 |
|
DIN No. : |
00030166 |
KEY EXECUTIVES
|
Name : |
Mr. Abhijit Bhalchandra Warange |
|
Designation : |
Company Secretary |
|
Address : |
1801/1802, |
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Date of Birth/Age : |
09.12.1977 |
|
Date of Appointment : |
04.11.2005 |
|
Date of Cessation : |
08.08.2009 |
|
Pan No. : |
AAQPW1067R |
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|
|
|
Name : |
Mr. Bhushan Kumar Gupta |
|
Designation : |
Company Secretary |
|
Address : |
DP-14, Tanwar View, CHS Limited, Plot No. 43, Sector – 7,
Koparkhairane, Navi Mumbai – 400709, Maharashtra, India |
|
Date of Birth/Age : |
11.05.1978 |
|
Date of Appointment : |
09.08.2009 |
|
Date of Cessation : |
31.10.2009 |
|
Pan No. : |
AGLPG9356L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 31.12.2010
|
Names of Shareholders |
|
No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9,128,297 |
74.06 |
|
|
9,128,297 |
74.06 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
9,128,297 |
74.06 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
375,905 |
3.05 |
|
|
22,450 |
0.18 |
|
|
1,522,134 |
12.35 |
|
|
1,920,489 |
15.58 |
|
|
|
|
|
|
397,133 |
3.22 |
|
|
|
|
|
|
588,314 |
4.77 |
|
|
251,448 |
2.04 |
|
|
39,356 |
0.32 |
|
|
336 |
- |
|
|
17,618 |
0.14 |
|
|
17,511 |
0.14 |
|
|
3,891 |
0.03 |
|
|
1,276,251 |
10.35 |
|
Total Public shareholding (B) |
3,196,740 |
25.94 |
|
Total (A)+(B) |
12,325,037 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
12,325,037 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionAs on 05.08.2010
|
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 |
11.00 |
|
Bodies corporate |
1.86 |
|
Directors or relatives of Directors |
74.06 |
|
Other top fifty shareholders |
7.84 |
|
Others |
3.82 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is
engaged in the business of manufacturing and marketing of Apparels and
Apparel Accessories. The Company is also generating power from Wind Turbine
Generator. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Power Generation |
units |
|
|
1283195 |
GENERAL INFORMATION
|
No. of Employees : |
Information not divulged by management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Jain and Trivedi Chartered Accountant |
|
Address : |
319/321, |
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Pan No. : |
AAAFJ7323B |
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|
|
|
Name : |
N. A. Shah Associates Chartered Accountant |
|
Address : |
65-C, Mittal Tower, Nariman Point, Mumbai – 400021, |
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Pan No. : |
AAAFN5380N |
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Name of the Enterprises having same key management personnel and/or
their relatives as the reporting enterprise
: |
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Joint Ventures : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12325037 |
Equity Shares |
Rs. 10/- each |
Rs. 123.250
Millions |
|
|
|
|
|
Note:
Of the above 3000000 (P. Y. 300000 shares)
equity shares are allotted as fully paid up by way of bonus shares of
capitalization of profits)
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 |
123.250 |
123.250 |
123.250 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1628.646 |
1389.713 |
1290.395 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1751.896 |
1512.963 |
1413.645 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
158.008 |
235.866 |
274.466 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
158.008 |
235.866 |
274.466 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1909.904 |
1748.829 |
1688.111 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
400.293 |
449.084 |
354.000 |
|
|
Capital work-in-progress |
26.729 |
6.437 |
13.936 |
|
|
|
|
|
|
|
|
INVESTMENT |
329.039 |
308.229 |
110.535 |
|
|
DEFERREX TAX ASSETS |
16.563 |
14.437 |
14.512 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
217.847
|
162.614 |
281.201 |
|
|
Sundry Debtors |
241.335
|
200.209 |
324.051 |
|
|
Cash & Bank Balances |
801.836
|
652.501 |
648.300 |
|
|
Other Current Assets |
32.012
|
28.150 |
35.832 |
|
|
Loans & Advances |
142.457
|
137.531 |
115.132 |
|
Total
Current Assets |
1435.487
|
1181.005 |
1404.516 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
134.833 |
117.280 |
|
|
|
Other Current Liabilities |
50.995
|
35.785 |
173.000 |
|
|
Provisions |
112.379
|
57.298 |
36.388 |
|
Total
Current Liabilities |
298.207
|
210.363 |
209.388 |
|
|
Net Current Assets |
1137.280
|
970.642 |
1195.128 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1909.904 |
1748.829 |
1688.111 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1752.777 |
1445.835 |
1595.967 |
|
|
|
Other Income |
110.290 |
83.580 |
87.227 |
|
|
|
TOTAL (A) |
1863.067 |
1529.415 |
1683.194 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
(Increase)/Decrease in stocks |
(32.414) |
112.433 |
(36.257) |
|
|
|
Cost of material consumed |
673.273 |
519.791 |
733.336 |
|
|
|
Purchase of trading material |
8.551 |
16.251 |
9.046 |
|
|
|
Personnel cost |
208.184 |
181.151 |
181.188 |
|
|
|
Manufacturing and operating expenses |
117.304 |
66.047 |
120.376 |
|
|
|
Administrative and other expenses |
98.414 |
102.342 |
63.748 |
|
|
|
Selling and distribution expenses |
220.523 |
246.696 |
220.253 |
|
|
|
Lease rental |
0.000 |
0.000 |
1.331 |
|
|
|
TOTAL (B) |
1293.835 |
1244.711 |
1293.021 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
569.232 |
284.704 |
390.173 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
23.290 |
27.089 |
28.378 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
545.942 |
257.615 |
361.795 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
58.445 |
50.410 |
39.203 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
487.497 |
207.205 |
322.592 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
162.332 |
64.628 |
111.544 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
325.165 |
142.577 |
211.048 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
480.278 |
395.218 |
264.348 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
73.950 |
36.975 |
24.650 |
|
|
|
Tax on Proposed Dividend |
12.282 |
6.284 |
4.189 |
|
|
|
Transfer to General Reserve |
32.517 |
14.258 |
22.500 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
24.650 |
|
|
|
Tax on Interim Dividend |
0.000 |
0.000 |
4.189 |
|
|
BALANCE CARRIED
TO THE B/S |
686.694 |
480.278 |
395.218 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
60.194 |
53.731 |
|
|
|
|
Domestic sales/Deemed export sales |
1.192 |
0.007 |
|
|
|
TOTAL EARNINGS |
61.386 |
53.738 |
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
NA |
|
|
|
|
Raw Materials |
|
|
|
|
|
|
Components and Spares Parts |
0.490 |
2.118 |
|
|
|
|
Capital Goods |
5.079 |
9.253 |
|
|
|
|
Apparel and apparel accessories |
14.469 |
2.328 |
|
|
|
TOTAL IMPORTS |
20.038 |
13.699 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.38 |
11.57 |
17.12 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
454.100 |
727.700 |
633.400 |
|
Total Expenditure |
324.400 |
504.900 |
461.700 |
|
PBIDT (Excl OI) |
129.700 |
222.800 |
171.700 |
|
Other Income |
21.400 |
21.300 |
16.000 |
|
Operating Profit |
151.100 |
244.100 |
187.700 |
|
Interest |
5.100 |
5.500 |
5.700 |
|
PBDT |
146.000 |
238.600 |
182.000 |
|
Depreciation |
13.300 |
13.700 |
14.000 |
|
Profit Before Tax |
132.700 |
224.900 |
168.000 |
|
Tax |
44.200 |
74.800 |
55.300 |
|
Profit After Tax |
88.500 |
150.100 |
112.700 |
|
Net Profit |
88.500 |
150.100 |
112.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
17.45
|
9.32 |
12.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
27.81
|
14.33 |
20.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.56
|
12.71 |
18.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.14 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.26
|
0.29 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.81
|
5.61 |
6.71 |
LOCAL AGENCY FURTHER INFORMATION
The details of
sundry creditors
Rs. In
Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors for |
|
|
|
|
Capital expenditure |
1.889 |
7.180 |
NA |
|
Materials and services |
53.603 |
48.644 |
NA |
|
Expenses |
79.341 |
61.456 |
NA |
|
Total |
134.833 |
117.280 |
NA |
TURNOVER AND
PROFITS:
During the
financial year ended 31.032010, the sales and operating income was Rs. 1752.800
millions representing a growth of 21 %and net profit after tax stood at Rs. 325.200 millions
representing a growth of 128% over the previous year.
OVERALL
PERFORMANCE AND OUTLOOK
Being in the
fashion business. the company needs to keep innovating to meet the customer's
expectations and deliver high quality products at a reasonable price and in
line with changing trends. The company is uniquely placed in the sector with an
integrated business model that encompasses the complete value chain of design,
manufacturing and sourcing, distribution, logistics and retailing. The company
has an in-house team of designers that tack national and international trends
to create innovative fashionable products that customers would relate to. The
company has state of the art manufacturing facilities that ensure quality and
timely deliveries. This unique business model along with a strong and committed
focus on its power brands has helped the company sustain the challenging
business environment and capitalize on the rebound in consumer confidence.
All the key brands
of the company Killer. Integriti. Lawman Pg3 and Easies, recorded healthy
growth and are well
positioned to target
specific segments of the market. The growth in sales volume, better price
realilations along with cost efficiencies have resulted in significant
improvement in profitability of the business.
The lndian retail
market provides a big growth opportunity but also poses challenges for chasing
growth profitably. The company will
continue to follow prudent financial policies while seeking growth
opportunities.
While consumer sentiment
has improved it remains susceptible to various factors like rising inflation,
volatile financial markets, uncertainty over monsoons and other uncertain
events. With more and more top of the line international brands entering Indian
market the competition in the branded apparel industry continues to be gemng
fierce by the day.
While the company
has an established presence in Metros and Tier-1 cities the company is also
penetrating into Tier - I1 and Tier- 111 cities. The company would continue its
thrust on product and design innovation. The apparel accessories business looks
promising and would fuel the company's growth trajectory. The company's
presence in the women's segment will drive the company's growth with an
increasing preference for western wear in the women's segment
The medium/long term
Contingent Liabilities:
a. Disputed demands in
respect of income tax not acknowledged as debt- Rs. 12.325 millions (P.Y. Rs.
3.034 millions). Figures exclude show cause notice, if any issued by the income
tax department not considered in nature of demand.
b. Disputed demands
in respect of Custom Duty against Advance License not acknowledged as debt -
Rs. Nil
(P.Y. Rs. 1.321
millions)
c. The company has
purchased capital assets under EPCG license against which the company has an
export obligation of Rs. 24.815 millions (P.Y. Rs. 25.212 millions). Contingent
liability, to the extent of duty saved in respect of EPCG is Rs. 3.151 millions
(P.Y. Rs. 3.151 millions). Balance Export obligation to be fulfilled as per
license up to the year 2015/2016. Further, in respect of the above outstanding
bonds at the year end executed by the company in favour of customs authority
aggregating Rs. 26.003 millions (P.Y. Rs. 26.003 millions) for which export
obligation is pending I fulfilled but under the process of discharge from
custom authorities.
d. Bank guarantees of
Rs. 3.144 millions (P.Y. Rs. 3.941 millions).
e. Letter of Credit
of Rs. 5.723 millions (P.Y. Rs. Nil) discounted with Banks.
f. Guarantee (in the
nature of First Loss Deficiency) to Bankers Rs. 25.847 millions (P.Y Rs. 12.915
millions) against which Fixed Deposits of Rs. 42.500 millions are given as
security for the current year and secured by pari-passu first charge on Stocks
and Receivables for previous year.
AUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 31.12.2010
Rs. In Millions
|
Particulars |
Quarter ended 31.12.2010 (Audited) |
Year to date 31.12.2010 (Audited) |
|
a) Net Sales |
630.200 |
1806.200 |
|
b) Other Operating Income |
3.200 |
9.100 |
|
Total Income from Operations |
633.400 |
1815.300 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock |
10.800 |
(50.600) |
|
(b) Consumption of Raw Materials |
21.5600 |
714.100 |
|
(c) Purchase of traded goods |
13.500 |
21.300 |
|
(d) Personnel Cost |
60.000 |
191.800 |
|
(e) Depreciation / Amortization |
14.000 |
41.000 |
|
(f) Manufacturing and operating expenses |
49.200 |
129.900 |
|
(g) Administrative and Other Expenses |
25.900 |
71.900 |
|
(f) Selling and Distribution Expenses |
86.700 |
211.300 |
|
Total Expenditure |
475.600 |
1330.700 |
|
Profit From Operations before other Income Interest & Exceptional Items |
157.700 |
484.600 |
|
Other Income |
16.000 |
57.400 |
|
Profit before Interest and Exceptional items |
173.700 |
542.100 |
|
Interest and Finance Charges |
5.700 |
16.300 |
|
Profit after interest before Exceptional items |
168.000 |
525.800 |
|
Exceptional Items |
- |
- |
|
Profit From Ordinary
activities before Tax |
168.000 |
525.800 |
|
Tax Expenses |
55.300 |
174.300 |
|
Net Profit From Ordinary activities after Tax |
112.700 |
351.500 |
|
Extraordinary Items |
- |
- |
|
Net Profit for the period |
112.700 |
351.500 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
123.300 |
123.300 |
|
Reserves (Excluding Revaluation Reserves) |
- |
- |
|
Earnings Per Share (EPS)
in Rs (Not Annualized) |
|
|
|
-Basic and Diluted EPS before extra ordinary items |
9.16 |
28.51 |
|
- Basic and Diluted EPS after extra ordinary items |
9.16 |
28.51 |
|
Public Share Holding |
|
|
|
- Number of Shares |
3196740 |
3196740 |
|
- Percentage of shareholding |
25.94% |
25.94% |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
- |
- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
- |
- |
|
- Percentage of shares(as a % of the total share capital of the company) |
- |
- |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
9128297 |
9128297 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
|
- Percentage of Share (as a % of the total share capital of the company) |
74.06% |
74.06% |
Notes:
1. The above audited results have been taken on record by the Board of
Directors at its meeting held on 29.01.2011
2 Tax expenses include current tax, deferred tax, wealth tax and
adjustment of taxes for the previous year.
3 There were no
investor complaints pending at the beginning of the quarter. 2 complaints were
received during the quarter. No complaints were pending to be redressed at quarter ended 31.12.2010, (As certified
by the Company's Registrar and Transfer Agent: Link Intime India Private
Limited)
4 The Company is engaged in the
business of manufacturing and marketing of Apparels and Apparel
Accessories. The Company is also generating power from Wind Turbine Generator.
The power generated from the same is predominantly used for captive
consumption. However, the operation of
Wind Turbine Segment is within the threshold limit stipulated under
AS - 17 "Segment Reporting" and hence it does not require disclosure
as a separate reportable segment.
SEGMENT WISE
REPORTING REVENUE, RESULT AND CAPITAL EMPLOYED
Rs. In Millions
|
Particulars |
Quarter ended 31.12.2010 (Audited) |
Year to date 31.12.2010 (Audited) |
|
1. Segment Revenue |
|
|
|
(Net Sales/Income from Operation) |
|
|
|
- Apparel and Apparel Accessories |
633.400 |
1815.000 |
|
- Others\Reconciling item |
0.900 |
3.800 |
|
- Less: Inter Segment Revenue |
(0.900) |
(3.500) |
|
Total |
633.400 |
1815.300 |
|
2. Segment Result |
|
|
|
- Apparel and Apparel Accessories |
158.300 |
487.400 |
|
- Others\Reconciling item |
(0.400) |
(0.200) |
|
Total |
157.900 |
487.200 |
|
Less : Interest & Finance expenditure |
5.700 |
16.300 |
|
Add: Other unalloacable income net of unalloacable expenditure |
15.900 |
54.900 |
|
Profit before Tax |
168.000 |
525.800 |
|
3. Capital Employed |
|
|
|
(Segment Asset –
Segment Liabilities) |
|
|
|
- Apparel and Apparel Accessories |
793.100 |
793.100 |
|
- Others\Reconciling item |
27.500 |
27.500 |
|
- Corporate (Unallocated) |
1189.300 |
1189.300 |
|
Total |
2009.900 |
2009.900 |
*Includes cash and cash equivalents and liquid
investments net off secured loan of Rs. 1175.700 millions (December 20009 – Rs.
1009.200 Millions, March 2010 – Rs. 1010.700 millions)
Other Income for the
period ended December 2009 and for the year ended March 2010 includes Rs. 8.991 millions being gain
on exchange fluctuation arising 011 repayment of foreign company working
capital demand loan.
6 The Company had
parked its surplus internal accruals inter alia in fixed deposits with banks.
Presently interest rates on bank fixed deposits bas become more advantageous as
a results the Company on 10.01.2011 withdrawn fixed deposits prematurely and
reinvested the same to earn better yield. Consequently other income has been
slated lower by Rs 4.900 millions due to reduction in interest accrued but not
due. However said loss is compensated by higher returns on fixed deposits in
future.
Statements of Assets and Liabilities
Rs. In Millions
|
Particulars |
31.03.2010
(Audited) |
|
SHAREHOLDERS' FUND: |
|
|
(a) Capital |
123.300 |
|
(b) Reserve & Surplus |
1886.600 |
|
LOAN FUNDS |
88.900 |
|
TOTAL |
2098.800 |
|
|
|
|
APPLICATION OF FUNDS: |
|
|
FIXED ASSETS |
417.300 |
|
INVESTMENT |
322.000 |
|
DEFERRED TAX ASSETS (NET) |
17.600 |
|
CURRENT ASSETS, LOANS AND ADVANCES |
|
|
(a) Inventories |
284.900 |
|
(b) Sundry Debtors |
307.300 |
|
(c) Cash & Bank balances |
864.200 |
|
(d) Other Current assets |
74.600 |
|
(e) Loans & Advances |
134.800 |
|
Less: Current Liabilities & Provisions |
|
|
(a) Liabilities |
271.400 |
|
(b) Provisions |
52.500 |
|
TOTAL |
2098.800 |
8. Previous period’s figures have been
regrouped, wherever necessary to conform to current period classification
Form 8:
|
This form is for |
Modification of
charge |
||||||
|
Charge
identification number of the modified |
90166886 |
||||||
|
Corporate
identity number of the company |
L18101MH1992PLC065136 |
||||||
|
Name of the
company |
KEWAL KIRAN
CLOTHING LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
B 101 to 107 Synthofineestate Opp Virwani Industrial Estate Goregaon East, Mumbai – 400063, |
||||||
|
Type of charge |
Immovable
Property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
description of the instrument creating or modifying the charge |
No instrument was
executed. The Company created mortgage by way of deposit of title deeds of
its immovable properties vide Memorandum of Entry. |
||||||
|
Date of
instrument Creating the charge |
06.05.2008 |
||||||
|
Amount secured by
the charge |
Rs. 301.400
Millions |
||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Credit Facilities. Interest /
Commission - As agreed by and with the Bank from time to time. Terms of
Repayment - As agreed by and with the Bank from time to time. Margin - As
applicable, if any. Extent and
Operation of the charge - The Bank is having first charge on the security
offered by the Company. |
||||||
|
Short particulars
of the property charged |
Mortgage on all
those piece and parcel of units and car parking: a) Shop No.1 to
4, Ground Floor with respective basement, b) CTS No. 460/7,
I B Patel Road, Behind Tirupati Udyog, Near Western Express Highway, Goregaon
East, Mumbai 400 063. (As more
described in the enclosed Supplemental MOE) |
||||||
|
Date of latest
modification prior to the present modification |
15.12.2006 |
||||||
|
Particulars of the
present modification |
By way of present
modification, the charge amount enhanced from Rs.212.500 millions to
Rs.301.400 millions |
Fixed Assets:
- Building
- Furnitures and fixtures
- Plant and machinery
- Computer
- Office equipment
- Vehicles
- Software
AS PER WEBSITE DETAILS
PROFILE:
Killer, Easies, Lawman, Integriti – leading brands in men’s wear in
Incorporated in 1981, subject today is amongst the few large branded apparel
manufacturers in
tHERE product
line consists of:
|
Jeans |
Jackets |
Innerwear (briefs
and vests) |
|
Trousers |
Tee Shirts |
Shoes AND socks |
|
Shirts |
Cargos and Capris |
Accessories like
bags, belts, caps, etc. |
The company began as
a manufacturer of men’s wear for reputed brands. The company is exposed to
global standards in quality, technology, marketing and branding. In 1989, the
company introduced “Killer“ the
first international denim brand created in
Innovation has been
the hallmark of Subject A
marriage of design and technology, the company has constantly introduced new
fits, finishes and fabrics. The company’s own R and D team working closely with
designers is constantly innovating – creating an exciting array of product
lines in a variety of fabrics, washes and cuts, using the latest in technology
and processes. The company’s own manufacturing and processing set up enables it
to have a speedy ‘go-to-market’ time frame – from design to production.
“Fashion” with "Quality" is the cornerstone of each collection
introduced by the company. The company’s strong fashion forecasting and
trendsetting abilities have created brands which are vibrant, trendy and with
an attitude. Each brand has been carefully crafted keeping in mind desires and
attitudes of specific market segments. Each brand is an expression of its
customer.
The trendiest
collections are backed by a strong retail and distribution network. The
company’s extensive reach has been built in a strategic and planned manner over
the years.
MANUFACTURING
The success of Subject can be attributed to a great extent to its Manufacturing
capacity. The company has inherent core competency in manufacturing. From
sourcing to finishing every aspect of the company’s manufacturing has added to
its success.
With 5 units, an
annual capacity of 3.000 millions pieces, over 1400 employees, the latest technologies
in jeans manufacturing, the company’s ability to innovate in manufacturing
enables it to quickly go from design to market.
The company has
chalked out plans for growth in manufacturing capacities to meet the growing
markets for its brands internationally.
BOARD OF DIRECTORS:
Subject is led by a family of first-generation entrepreneurs each of them having over a decade of experience in the textiles and branded apparel business.
Mr. Kewalchand P.
Jain - Chairman and Managing Director
Born in 1962, he decided to join the business at early age after
completing school. He learnt the business on the job and spearheaded the
groups’ foray in to branded apparel business. A keen student of finance and a
hands-on manager, he heads the finance functions and is responsible for the
overall management of the affairs of the company.
Mr. Jain is a trustee of Jatnobai Karmchandji Ratanparia Chauhan Charitable
Trust. He is also the treasurer of Shree Jain Vyapar Udyog Seva Sansthan.
Mr. Hemant P. Jain - Whole-time Director
Born in 1965, he also decided to join the business at early age after
completing school. He learnt the business on the job and leads the marketing
functions of the company. He was instrumental in launching the new brands of
the company. An avid traveler and field person, he keeps a keen eye on the
latest trends in international mens fashion.
Mr. Jain is a trustee of Jatnobai Karmchandji Ratanparia Chauhan Charitable
Trust.
Mr. Jain is responsible for marketing of Killer and Easies brands. He also
looks after the business of K-Lounge, the retail concept of the company.
Mr. Dinesh P. Jain - Whole-time Director
Born in 1969, he joined the business in 1990 and heads the
manufacturing operations of the company. He specialises in production and HR
related issues.
Mr. Jain is a trustee of Jatnobai Karmchandji Ratanparia Chauhan Charitable
Trust. He is also the treasurer of Daman Industries Association.
Mr. Jain is responsible for ensuring optimum utilization of production
facilities of the company at its units at Dadar, Goregaon,
Mr. Vikas P. Jain
- Whole-time Director
Born in 1970, he
joined the group in 1992, after completing his graduation in commerce. He heads
the operations and distribution functions of the company.
Mr. Jain is a trustee of Jatnobai Karmchandji Ratanparia Chauhan Charitable
Trust.
Mr. Jain is responsible for marketing of Lawman and Intigriti brands. He also
looks after the business of K-Lounge, the retail concept of the company. Mr.
Jain travels extensively and scouts for new technologies in garment
manufacturing.
Mr. Popatlal F
Sundesha. - Independent Director
Mr. Popatlal
Fulchand Sundesha, is a reputed exporter of garments and has a wide range of
experience in the field of marketing, finance and general administration.
Mr. Sundesha along
with his three brothers took over his fathers business and converted a medium
sized trading firm into one of the leading maufacturer and exporter of knitted
readymade garments to Non Quota countries like
Mr. Sundesha has been awarded the President's award in exports as also Apparels
Export Promotion Council Award for six years
Dr. Prakash A.
Mody - Independent Director
Dr. Prakash Amrut
Mody, is the Chairman and Managing Director of Unichem Laboratories Limited. He
has a rich experience in the field of marketing, research and production.
Dr. Mody is a doctorate (Ph.D.) in Organic Chemistry from the
Dr. Mody is the
former Vice President of the Indian Pharmaceutical Association. He is also on
the Executive Committee of the Indian Drug Manufacturers Association. He is a
member of the Young Presidents’ Organisation Inc, an international organization
for young presidents. He is also a member of the Senate - SNDT Women’s
University and of Rotary Club of Bombay Mid-Town and is also involved in many
other social activities.
Mr. Nimish G.
Pandya - Independent Director
Mr. Nimish Gulabrai
Pandya, aged 53 years, holds a Bachelor’s Degree in Law from
Mr. Pandya is a propreitor in Pandya
and Co., Advocates and specializes in mergers and
acquisitions.Besides, his career in law, he has been actively involved in many
spiritual and social activities and has been a Member of Council of Management
of Sri Sathya Sai Trust,
A prolific speaker, a dramatist and an ardent social worker, he has dedicated
himself to the cause of Education in Human Values for children all over the
world.
Mr. Mrudul
Inamdar - Independent Director
Mr. Mrudul Inamdar,
a fellow member of the Institute of Chartered Accountants of India and a
partner in M/s. Bansi Mehta and Company, a reputed Chartered Accountancy firms
in Mumbai.
Mr. Mrudul Inamdar has been practicing for over 24 years in the field of
Corporate and Individual taxation; with special emphasis on representation
before Income-tax appellate authorities at all levels; Tax Audits; Tax and
Legal Due Diligence and Corporate Tax planning.
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.45.12 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.62.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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.