MIRA
INFORM REPORT
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Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
KANAN GRAPHICS
PRIVATE LIMITED |
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Registered Office : |
A-303, Virwani Industrial
Estate Premises Co. Operative Society Limited, Virwani Industrial Estate,
Goregaon, Mumbai-400063, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
13.03.2000 |
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Com. Reg. No.: |
11-124850 |
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CIN No.: [Company
Identification No.] |
U51900MH2000PTC124850 |
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IEC No.: |
0302080121 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK07974B |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business : |
Trader of Offset
Ink and Adhesive |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 41000 |
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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. 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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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
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Registered Office : |
A-303, Virwani
Industrial Estate Premises Co. Op. Society Limited, Virwani Industrial
Estate, Goregaon, Mumbai – 400 063, Maharashtra, India |
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Tel. No.: |
91-22-40038001/2 |
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Fax No.: |
91-22-40038000 |
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E-Mail : |
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Website : |
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Area : |
1350 sq. ft.
[Owned] |
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Head Office: |
106, Kamaldeep
Industrial Estate, |
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Tel. No.: |
91 22 2685
8629/8632 |
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Fax No.: |
91 22 2685 8953 |
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E-Mail : |
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Braches: |
Located
At:
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DIRECTORS
As on 30.09.2010
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Name : |
Mr. Chetan
Shantilal Shah |
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Designation : |
Director |
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Address : |
84, Vasukamal,
Next to Club Aquaria, Devid as Lane, Borivali (West), Mumbai – 400 103, |
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Date of Birth/Age : |
27.08.1964 |
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Qualification : |
B. Sc. |
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Date of Appointment : |
13.03.2000 |
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Name : |
Mrs. Parul Chetan
Shah |
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Designation : |
Director |
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Address : |
84, Vasukamal, Next
to Club Aquaria, Devid as Lane, Borivali (West), Mumbai – 400 103, |
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Date of Birth/Age : |
31.01.1967 |
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Qualification : |
B. Com. |
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Date of Appointment : |
13.03.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
|
No. of Shares |
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Chetan Shah |
|
100000 |
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Parul Shah |
|
50000 |
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Rashmi Shah |
|
79300 |
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Mayur Shah |
|
100 |
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Vaishali Shah |
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100 |
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Jil Shah |
|
100 |
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Chimanlal P. Mehta |
|
100 |
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Vilas C Mehta |
|
100 |
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Rahul C Mehta |
|
100 |
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Rupal C Mehta |
|
100 |
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Kaustubh Shah |
|
20000 |
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Total |
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250000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Offset
Ink and Adhesive |
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Brand Names : |
“Micro” and
“Pidilite” |
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Agencies Held : |
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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 : |
S. V. Pinge and Company Chartered Accountants |
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Address : |
1/1, Mitrakul, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.801 |
5.674 |
4.673 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.301 |
8.174 |
7.173 |
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LOAN FUNDS |
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1] Secured Loans |
18.478 |
13.346 |
16.491 |
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2] Unsecured Loans |
0.000 |
3.214 |
1.140 |
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TOTAL BORROWING |
18.478 |
16.560 |
17.631 |
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DEFERRED TAX LIABILITIES |
0.214 |
0.000 |
0.000 |
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TOTAL |
28.993 |
24.734 |
24.804 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.853 |
7.077 |
5.104 |
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Capital work-in-progress |
0.000 |
0.243 |
0.000 |
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INVESTMENT |
0.100 |
0.100 |
0.100 |
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DEFERREX TAX ASSETS |
0.000 |
0.031 |
0.040 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.067
|
4.432
|
5.092
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Sundry Debtors |
17.985
|
15.457
|
19.761
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Cash & Bank Balances |
0.351
|
0.400
|
0.029
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
2.031
|
0.509
|
0.856
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Total
Current Assets |
32.434
|
20.798
|
25.738
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
10.846
|
3.333 |
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Other Current Liabilities |
0.324
|
0.182
|
6.105
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Provisions |
0.224
|
0.000
|
0.073
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Total
Current Liabilities |
11.394
|
3.515
|
6.178
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Net Current Assets |
21.040
|
17.283
|
19.560
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
28.993 |
24.734 |
24.804 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL |
96.641 |
73.733 |
76.348 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
92.318 |
71.344 |
73.232 |
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Financial Expenses |
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Advertising Expenses |
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TOTAL |
92.318 |
71.344 |
73.232 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.323 |
2.389 |
3.116 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.835 |
0.799 |
0.734 |
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PROFIT BEFORE
TAX |
3.488 |
1.590 |
2.382 |
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Less |
TAX |
1.361 |
0.589 |
0.785 |
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PROFIT AFTER TAX
|
2.127 |
1.001 |
1.597 |
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EARNINGS IN
FOREIGN CURRENCY |
0.360 |
0.121 |
0.100 |
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IMPORTS |
19.543 |
13.434 |
12.530 |
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Earnings Per
Share (Rs.) |
8.51 |
4.02 |
6.39 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.20
|
1.36 |
2.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.66
|
5.70 |
7.72 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.19 |
0.33 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.90
|
2.45 |
3.32 |
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Current Ratio (Current Asset/Current Liability) |
|
2.85
|
5.92 |
4.17 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF OPERATIONS:
During the year, the Company achieved sales of Rs.87.680 Millions as against sales of Rs. 74.054 Millions in the previous reporting an increase of 18.40% .The Net Profit before tax was Rs.3.488 Millions compared to Rs. 1.590 Millions last year. The Directors are hopeful of achieving better results in the coming year.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90143006 |
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Corporate
identity number of the company |
U51900MH2000PTC124850 |
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Name of the
company |
KANAN GRAPHICS
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
A-303, Virwani
Industrial Estate Premises Co. Op. Society Limited, Virwani Industrial
Estate, Goregaon, Mumbai – 400 063, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Others |
|
Particular of
charge holder |
Bharat
Co-Operative Bank (Mumbai) Limited, Borivali Branch, 6 to 8 Mandapeshwar
Industrial Prem. Co-operative Society Limited, |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
1) Agreement for
Hypothecation of Tangible Moveable Property 2) Agreement for
Creating Charge on Book-Debts. 3) Memorandum of
Entry Recording the Continuation of Deposit of Title Deeds (All the above
agreements constitute a single charge) |
|
Date of
instrument Creating the charge |
03.11.2009 |
|
Amount secured by
the charge |
Rs.17.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest rate @
12.5 % P. a or such other rate as agreed between the borrower company and the
bank from time to time. Penal interest as agreed between the borrower and the
bank from time to time. Terms of
Repayment Repayment, as
agreed between the borrower company and the bank from time to time. Margin Margin Rate, as
agreed between the borrower company and the bank from time to time. Extent and
Operation of the charge At the request of
the borrower company, the bank has enhanced Cash Credit limit from Rs. 12.500
Millions to Rs. 17.500
Millions against Hypothecation of Stocks, Book-Debts and Mortgage of the
immoveable property i. e Gala No. A / 303, admg. 1050 sq. ft (Carpet area)
equivalent to 117.10 sq. meters (built-up area), on the 3rd floor of
"Virwani Industrial Estate", Virwani Industrial Premises
Co-Op. Soc Limited and building
constructed. The Charge stands
modified from Rs. 12.500 Millions to
Rs. 17.500 Millions |
|
Short particulars
of the property charged |
I)
Hypothecation
of Stocks, Book-Debts II)
Mortgage
of Gala No. A / 303, admg. 1050 sq. ft (Carpet area), on the 3rd flr of
"Virwani Industrial Estate", and building Constructed on land
bearing CTS No. 62. |
|
Particulars of
the present modification |
At the request of
the borrower company, the bank has enhanced Cash Credit limit from Rs. 12.500
Millions to Rs. 17.500
Millions against Hypothecation of Stocks, Book-Debts and Mortgage of the
immoveable property i. e. Gala No. A / 303, admg. 1050 sq. ft (Carpet area)
equivalent to 117.10 sq. meters (built-up area), on the 3rd floor of
"Virwani Industrial Estate", Virwani Industrial Premises
Co-Op. Soc Limited and building
constructed. The Charge stands
modified from Rs. 12.500 Millions to
Rs. 17.500 Millions |
Fixed Assets:
- Industrial Gala
- Electrical Installations
- Office Equipments
- Computer Systems
- Vehicles
- Furniture
And Fixtures
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.44.30 |
|
|
1 |
Rs.73.90 |
|
Euro |
1 |
Rs.65.57 |
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 |
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.