MIRA
INFORM REPORT
|
Report Date : |
07.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
KUSH SYNTHETICS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
209, Thakore Bai, Mithaiwala Market, Above Bank of Rajasthan, Sahara
Gate Road, Surat – 395003, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
20.10.1997 |
|
|
|
|
Com. Reg. No.: |
04-33214 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17110GJ1997PTC033214 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
SRTK00129D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCK2282J |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Importer of glass fiber fabrics. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1900000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
Management non co-operative.
LOCATIONS
|
Registered Office/ Factory 1 : |
209, Thakore Bai, Mithaiwala Market, Above Bank of Rajasthan, Sahara
Gate Road, Surat – 395003, Gujarat, India
|
|
Tel. No.: |
91-261-2344251/ 2322715 |
|
Fax No.: |
91-261-2344253 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 Sq. ft. (Factory – 7 acre)
|
|
Location : |
Owned |
|
|
|
|
Administrative Office : |
302 Zediac Squacre, |
|
Tel. No.: |
91-79-40092299 |
|
Fax No.: |
91-79-40092299 |
|
E-Mail : |
|
|
|
|
|
Factory 2: |
Glass
Fiber Unit Survey Number – 146-147, Village: |
|
Tel No.: |
91-2837-282374 |
|
Fax N.: |
91-2837-282375 |
|
|
|
|
Overseas Office : |
Ph No.: +1 858 679 7300 Fax No.: +1 858 679 7335 European Office: Springendalhoek 48, 7546GT Enschede (Overijssel), Ph No.: +31 53 4772401. Fax No: +31 84 7101329. |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Karsandas Becharbhai Patel |
|
Designation : |
Director |
|
Address : |
Digvijay Plot, |
|
Date of Birth/Age : |
24.11.1922 |
|
Date of Appointment : |
20.10.1997 |
|
DIN No.: |
00318377 |
|
|
|
|
Name : |
Mr. Mansukhlal Karsandas Patel |
|
Designation : |
Director |
|
Address : |
Digvijay Plot, |
|
Date of Birth/Age : |
17.12.1952 |
|
Date of Appointment : |
20.10.1997 |
|
DIN No.: |
00873403 |
|
|
|
|
Name : |
Mr. Dineshchandra Karsanbhai Patel |
|
Designation : |
Director |
|
Address : |
Digvijay Plot, |
|
Date of Birth/Age : |
13.05.1958 |
|
Date of Appointment : |
20.10.1997 |
|
DIN No.: |
02209650 |
KEY EXECUTIVES
|
Name : |
Mr. R Ahluwalia |
|
Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Equity
Shares |
|
|
|
|
|
Mansukhlal K. Patel |
|
500000 |
|
Dineshchandra Patel |
|
1000000 |
|
Karsanbhai Patel |
|
750000 |
|
Mansukhbhai Patel |
|
500000 |
|
Dineshbhai Patel |
|
1500 |
|
Kiranben Patel |
|
2000000 |
|
Rasilaben Patel |
|
2000000 |
|
Karsanbhai Patel |
|
748500 |
|
Kishorbhai Patel |
|
500000 |
|
|
|
|
|
Total |
|
8000000 |
|
Names of Shareholders |
|
No. of
Preference Shares |
|
|
|
|
|
Mansukhbhai Patel |
|
750000 |
|
Dineshchandra Patel |
|
420000 |
|
Karsanbhai Patel |
|
750000 |
|
Mansukhbhai Patel (HUF) |
|
200000 |
|
Kiranben Patel |
|
560000 |
|
Kesarben Patel |
|
490000 |
|
Kishorbhai Patel |
|
300000 |
|
Vibhaben Patel |
|
780000 |
|
Jay Dinesh Virani |
|
1500000 |
|
Total |
|
5750000 |
Equity share break-up (Percentage of Total Equity)
(AS ON 30.09.2010)
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of glass fiber fabrics. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
|
Licensed
Capacity |
Installed
Capacity |
|
Knitting Machines |
MT |
|
8000 |
8000 |
|
Knitting Machines- Biaxial |
MT |
|
2000 |
2000 |
|
Knitting Machine- Multiaxial |
MT |
|
2000 |
2000 |
GENERAL INFORMATION
|
No. of Employees : |
Approximately 15 (Office – 4, Factory
: 7 and Branches: 4) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
State Bank of |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
v
3i Infotech Trusteeship Services Limited 3rd to 6th Floor, International Infotech Park,
Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai – 400703,
Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
V H Gundarwala and Company Chartered Accountant |
|
Address : |
23-B, 1st Floor, Multi Storied Building, Singapuri Wadi,
Rustompura, |
|
Tel No.: |
91-261-2353116 |
|
Mobile No.: |
91-9824123329 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8750000 |
Equity Shares |
Rs.10/- each |
Rs.87.500 Millions |
|
5750000 |
Preference Shares |
Rs.10/- each |
Rs.57.500 Millions |
|
|
Total |
|
Rs. 145.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Millions |
|
5750000 |
Preference Shares |
Rs.10/- each |
Rs. 57.500 Millions |
|
|
Total |
|
Rs. 137.500 millions |
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 |
137.500 |
137.500 |
122.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
344.667 |
298.532 |
164.738 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
482.167 |
436.032 |
287.238 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
210.694 |
360.238 |
332.010 |
|
|
2] Unsecured Loans |
6.276 |
6.073 |
1.073 |
|
|
TOTAL BORROWING |
216.970 |
366.311 |
333.083 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
699.137 |
802.343 |
620.321 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
367.711 |
327.030 |
382.319 |
|
|
Capital work-in-progress |
85.705 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
35.714 |
42.332 |
42.332 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
101.734
|
102.593 |
68.626
|
|
|
Sundry Debtors |
258.581
|
492.591 |
141.089
|
|
|
Cash & Bank Balances |
108.744
|
98.133 |
75.948
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
168.713
|
133.977 |
84.427
|
|
Total
Current Assets |
637.772
|
827.294 |
370.090
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
236.556 |
227.184 |
65.866
|
|
|
Other Current Liabilities |
0.036
|
0.036 |
20.000
|
|
|
Provisions |
191.173
|
167.254 |
88.880
|
|
Total
Current Liabilities |
427.765
|
394.474 |
174.746
|
|
|
Net Current Assets |
210.007
|
432.820 |
195.344
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.161 |
0.326 |
|
|
|
|
|
|
|
|
TOTAL |
699.137 |
802.343 |
620.321 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
676.845 |
1199.581 |
977.866 |
|
|
|
Other Income |
3.030 |
6.241 |
3.138 |
|
|
|
TOTAL (A) |
679.875 |
1205.822 |
981.004 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material |
407.393 |
683.520 |
0.000 |
|
|
|
Sales and Administrative Expenses |
83.045 |
94.463 |
45.890 |
|
|
|
Manufacturing and Operating Expenses |
31.431 |
39.252 |
24.422 |
|
|
|
Preliminary Expenses not written off |
0.162 |
0.165 |
0.165 |
|
|
|
Variation in stock |
0.000 |
0.000 |
[41.213] |
|
|
|
Other Expenses |
3.841 |
69.388 |
662.880 |
|
|
|
TOTAL
(B) |
525.872 |
886.788 |
692.144 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
154.003 |
319.034 |
288.860 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
32.693 |
35.944 |
19.030 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
121.310 |
283.090 |
269.830 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
50.566 |
71.732 |
64.185 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
70.744 |
211.358 |
205.645 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
24.505 |
77.630 |
71.210 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
46.239 |
133.728 |
134.435 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
39.925 |
74.477 |
0.000 |
|
|
|
Capital Goods |
0.000 |
0.000 |
83.943 |
|
|
TOTAL IMPORTS |
39.925 |
74.477 |
83.943 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.36 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.80
|
11.09 |
13.70
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.45
|
17.62 |
21.03
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.04
|
18.31 |
27.33
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.48 |
0.72
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.34
|
1.74 |
1.77
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49
|
2.10 |
2.12
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
For Goods |
131.842 |
189.427 |
49.873 |
|
For Expenses |
34.485 |
34.665 |
12.910 |
|
For Capital Goods |
68.198 |
1.799 |
1.865 |
|
For Others |
2.031 |
1.293 |
1.218 |
|
Total |
236.556 |
227.184 |
65.866 |
Results of Operations:
The Net sales of the company has been declined from Rs. 1199.500
Millions to Rs. 676.800 Millions during the year. Likewise, the expenditure has
also gone down to Rs.605.200 Millions to
Rs. 925.000 Millions. The company has booked profit of Rs. 70.700
Millions which was lower by 65% compare to corresponding previous financial
year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U17110GJ1997PTC033214 |
|
Name of the
company |
KUSH SYNTHETICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
209, Thakore Bai, Mithaiwala Market, Above Bank of Rajasthan, Sahara
Gate Road, Surat – 395003, Gujarat, India
|
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
90095473 |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Supplemental
Agreement of Hypothecation of Goods and Assets for increase in the overall limit |
|
Date of instrument
Creating the charge |
22.06.2009 |
|
Amount secured by
the charge |
Rs. 564.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 1% below BPLR
i.e. 11.75% p.a. floating payable monthly and 1% extra upto the period
company is rate by external agency. Terms of
Repayment On Year fro WC
Limit Margin Cash Margin on
LC/ BG- 15% Margin on Stock-
Raw Materials- 25%, Finished Goods- 25%, Stock in Process- 40%, Debtors – 25%
(up to 90 Days) Extent and
Operation of the charge First and
Exclusive charge over the properties fo the company. |
|
Short particulars
of the property charged |
First pari passu
hypothecation charge on raw materials, stock-in-process, finished goods, stores,
spares, consumables, receivables and other chargeable current assets |
|
Particulars of
the present modification |
The overall
credit facilities has been increased from Rs. 464.000 Millions to Rs. 564.000
Millions due to the enhancement in the Letter of Credit (LC) facility from
Rs. 50.000 Millions to Rs. 150.000 Millions
|
Fixed Assets
v
Land
v
Building
v
Plant and Machinery
v
Vehicles
v
Furniture
v
Office Equipment
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. 44.99 |
|
|
1 |
Rs. 73.24 |
|
Euro |
1 |
Rs. 62.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.