MIRA
INFORM REPORT
|
Report Date : |
18.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
KISHAN PRASAD AND COMPANY LIMITED |
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Registered
Office : |
175, Hope Apartment, 4th Floor, Sector 15 II, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
17.07.1917 |
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Com. Reg. No.: |
05-000026 |
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CIN No.: [Company Identification
No.] |
U74899HR1917PLC000026 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RTKM03028E |
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PAN No.: [Permanent Account No.] |
AAACK4707F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of Recliners, Three Way Push Back Recliner,
Chair Recliner, Swivel Glider Recliner, Massage Chairs, Foot Massager. |
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 |
|
Maximum Credit Limit : |
USD 28000 |
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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 old and 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 |
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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 : |
175, Hope Apartment, 4th Floor, Sector 15 II, |
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Tel. No.: |
91-124-2324976 |
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E-Mail : |
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Head/ Corporate Office : |
J-82, |
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Tel. No.: |
91-11-29536216/ 29536221 |
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Fax No.: |
91-11-29536022 |
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Factory : |
E-14/6, Sangam Vihar, |
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Tel. No.: |
91-11-65354260 |
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Fax No.: |
91-11-26044976 |
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Mumbai Office : |
Jiji House, 3/F, 17, Damodardas Sukhandvala Marg, Fort, Mumbai – 400
001, |
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Tel. No.: |
91-22-22079341 |
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Fax No.: |
91-22-22070510 |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Neeraj Bansal |
|
Designation : |
Director |
|
Address : |
C-67, 3rd Floor, Freedom Fighters Enclave, |
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Date of Birth/Age : |
07.04.1969 |
|
Date of Appointment : |
05.02.2004 |
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DIN No.: |
00825123 |
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Name : |
Mrs. Nirmal Bansal |
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Designation : |
Director |
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Address : |
B-140, 1st Floor, Freedom Fighters Enclave, |
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Date of Birth/Age : |
15.11.1943 |
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Date of Appointment : |
16.06.2003 |
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DIN No.: |
00859337 |
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Name : |
Ms. Richa Bansal |
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Designation : |
Director |
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Address : |
C-67, 3rd Floor, Freedom Fighters Enclave, |
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Date of Birth/Age : |
02.04.1975 |
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Date of Appointment : |
16.06.2003 |
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DIN No.: |
00861602 |
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Name : |
Mr. Desh Bandhu Marwah |
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Designation : |
Director |
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Address : |
E-2367, Palam Vihar, Gurgaon – 122 001, |
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Date of Birth/Age : |
01.11.1933 |
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Date of Appointment : |
31.07.2010 |
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DIN No.: |
03165061 |
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|
|
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Name : |
Mr. Rajinder Kumar Bansal |
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Designation : |
Director |
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Address : |
B-140, 1st Floor, Freedom Fighters Enclave, |
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Date of Birth/Age : |
12.02.1936 |
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Date of Appointment : |
16.12.1979 |
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Date of Ceasing : |
31.12.2009 |
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DIN No.: |
00861789 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Leila Dhanda |
|
20 |
|
Prem Chand Dhanda |
|
134 |
|
Rejinder Kumar Bansal jointly with Nirmal Bansal |
|
265 |
|
Anupa Lal |
|
30 |
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Akhil Bansal jointly with Nirmal Bansal |
|
240 |
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Nirmal Bansal jointly with Neeraj Bansal |
|
130 |
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Uma Bansal jointly with M.K. Bansal |
|
128 |
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Neeraj Bansal jointly with R.K. Bansal |
|
180 |
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Rajinder Bansal jointly with Nirmal Bansal |
|
140 |
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Akhil Bansal jointly with Kamna Bansal |
|
68 |
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Kamna Bansal jointly with Akhil Bansal |
|
100 |
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Mohinder Kumar Bansal jointly with Uma Bansal |
|
100 |
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Mohinder Bansal jointly with Uma Bansal |
|
100 |
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Nirmal Bansal jointly with Akhil Bansal |
|
126 |
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Ruchi Goel jointly with Uma Bansal |
|
85 |
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Richa Bansal jointly with Neeraj Bansal |
|
84 |
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Desh Bandhu Marwah |
|
70 |
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Total
|
|
2000 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
91.00 |
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Other
top fifty shareholders |
|
9.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Recliners, Three Way Push Back Recliner, Chair
Recliner, Swivel Glider Recliner, Massage Chairs, Foot Massager. |
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GENERAL INFORMATION
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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 : |
Basant Ram and Sons Chartered Accountants |
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Address : |
A-18, Nizamuddin East, Murli Marg, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000 |
Equity Shares |
Rs.250/- each |
Rs.0.500 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000 |
Equity Shares |
Rs.250/- each |
Rs.0.500 million |
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|
|
|
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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 |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6.390 |
5.833 |
5.449 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
6.890 |
6.333 |
5.949 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
9.654 |
9.987 |
5.241 |
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2] Unsecured Loans |
7.233 |
7.479 |
4.319 |
|
|
TOTAL BORROWING |
16.887 |
17.466 |
9.560 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
23.777 |
23.799 |
15.509 |
|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.837 |
1.118 |
1.559 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
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INVESTMENT |
1.954 |
1.954 |
1.954 |
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|
DEFERREX TAX ASSETS |
0.114 |
0.106 |
0.049 |
|
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|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
47.750
|
51.807 |
21.775 |
|
|
Sundry Debtors |
6.820
|
7.964 |
7.178 |
|
|
Cash & Bank Balances |
0.305
|
0.704 |
1.114 |
|
|
Other Current Assets |
0.002
|
0.002 |
0.001 |
|
|
Loans & Advances |
2.098
|
2.282 |
1.634 |
|
Total
Current Assets |
56.975
|
62.759 |
31.702 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
33.984
|
35.246 |
17.118 |
|
|
Other Current Liabilities |
1.805
|
6.496 |
2.286 |
|
|
Provisions |
0.314
|
0.396 |
0.351 |
|
Total
Current Liabilities |
36.103
|
42.138 |
19.755 |
|
|
Net Current Assets |
20.872
|
20.621 |
11.947 |
|
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|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23.777 |
23.799 |
15.509 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
55.026 |
52.217 |
54.614 |
|
|
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Other Income |
0.213 |
0.344 |
0.367 |
|
|
|
TOTAL (A) |
55.239 |
52.561 |
54.981 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
39.824 |
38.071 |
41.180 |
|
|
|
Direct Expenses |
0.445 |
0.000 |
0.000 |
|
|
|
Employees Cost |
3.653 |
3.706 |
2.388 |
|
|
|
Administrative & Selling Expenses |
7.374 |
6.795 |
8.953 |
|
|
|
TOTAL (B) |
51.296 |
48.572 |
52.521 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.943 |
3.989 |
2.460 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
2.822 |
2.757 |
1.327 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.121 |
1.232 |
1.133 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.280 |
0.515 |
0.574 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.841 |
0.717 |
0.559 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.256 |
0.333 |
0.256 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.585 |
0.414 |
0.303 |
|
|
|
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.994 |
2.609 |
2.335 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.025 |
0.025 |
0.025 |
|
|
|
Corporate Dividend Tax |
0.004 |
0.004 |
0.004 |
|
|
BALANCE CARRIED
TO THE B/S |
3.550 |
2.994 |
2.609 |
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
8.585 |
31.520 |
NA |
|
|
TOTAL IMPORTS |
8.585 |
31.520 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
292.77 |
206.81 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.06
|
0.79 |
0.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.53
|
1.37 |
1.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.45
|
1.12 |
1.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.11 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.69
|
9.41 |
4.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58
|
1.49 |
1.60 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS AND
FINANCIALS RESULTS:
The Company’s Sales Turnover increased by 5.4% to Rs.55.000 millions as
compared to last year and their net profit during the year grew by 17% over
last year.
All their products viz. Reclining Chairs, Foot Massagers and Massage
Chairs remained in demand during the year. With the economy growing, we hope to
do even better this year. During the year, they have been successful in
introducing new concepts in cinema seating, home theatres and for individual
homes. Increasing use of ‘Recliners’ in homes adds to new experience in seating
concepts.
Due to economic slow down in retail space, we did not open any new
stores but the existing arrangements continued to grow with marginal increase
in sales.
During the year and from the enclosed Profit and Loss Account, a sum of
Rs.0.841 million has been shown as profits for the year, to which when added a
sum of Rs.2.994 millions brought forward from last year as well as Deferred Tax
Asset and earlier years provisions written back, a total sum of Rs.3.606
millions has become available for distribution.
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80050737 |
|
Corporate
identity number of the company |
U74899HR1917PLC000026 |
|
Name of the
company |
KISHAN PRASAD AND COMPANY LIMITED |
|
Address of the
registered office or of the principal place of business in |
175, Hope Apartment, 4th Floor, Sector 15 II, |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Canara Bank, Gole Market, E-Mail: ca_rcg@yahoo.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement dated 04.11.2008. |
|
Date of
instrument Creating the charge |
04.11.2008 |
|
Amount secured by
the charge |
Rs.7.500 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: @ 3.50% p.a.
above ongoing BPLR of the Bank with a minimum of 17.50% p.a. at monthly rests.
Terms of
Repayment: Payable on
demand Margin: As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge: 100% Others: To secure all
amounts payable under enhanced Cash Credit limit of Rs.7.500 millions granted
to the Company. |
FIXED ASSETS:
·
Plant and Machinery
·
Furniture and Fixtures
·
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.45.24 |
|
|
1 |
Rs.72.57 |
|
Euro |
1 |
Rs.63.00 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--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.