MIRA
INFORM REPORT
|
Report Date : |
17.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
KANODIA TECHNOPLAST LIMITED |
|
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|
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Registered
Office : |
A- 54, Wazirpur Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.04.1995 |
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|
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Com. Reg. No.: |
55-067544 |
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|
|
Capital
Investment/ Paid-up Capital: |
Rs. 97.860 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1995PLC067544 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELK03431B |
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company |
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|
Line of Business
: |
Manufacturer of Flexible Packaging Material |
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|
No. of
Employees: |
Approximately (101-500) |
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 1300000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an well established company having satisfactory track.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as
per commitment. 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 |
LOCATIONS
|
Registered Office/ Factory : |
A-54, Wazirpur Industrial Area, New Delhi-110052, |
|
Tel. No.: |
91-11-27373071 |
|
Fax No.: |
91-11-27373072 |
|
E-Mail : |
|
|
Website: |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Chetan Kanodia |
|
Designation : |
Director |
|
Address : |
A-213, Kewal Park, Azadpur, Delhi-110033, |
|
Date of Birth/Age : |
24.12.1952 |
|
Date of Appointment : |
20.04.1995 |
|
DIN No: |
00713513 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of
the director |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U74899DL1995PLC067544 |
KANODIA TECHNOPLAST
LIMITED |
Managing director |
20-04-95 |
20-04-95 |
- |
Active |
NO |
|
2 |
U28113DL2007PTC168297 |
DLK DESIGNS PRIVATE
LIMITED |
Additional director |
11-07-11 |
07-01-11 |
- |
Active |
NO |
|
Name : |
Ms. Meenu Kanodia |
|
Designation : |
Director |
|
Address : |
A-213, Kewal Park, Azadpur, Delhi-110033, |
|
Date of Birth/Age : |
20.07.1955 |
|
Date of Appointment : |
20.04.1995 |
|
DIN No: |
00688289 |
|
Name : |
Mr. Ashok Kumar |
|
Designation : |
Director |
|
Address : |
366, Sector 15 A, |
|
Date of Appointment : |
19.09.2009 |
|
DIN No: |
02788486 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Chetan Kanodia |
|
3528350 |
|
Meenu Kanodia |
|
2607815 |
|
Keshav Dev Kanodia |
|
35 |
|
Chetan Kanodia ansd Mr. Keshav Dev Kanodia |
|
1111250 |
|
Kavita Gupta |
|
35 |
|
Chetan Kanodia and Sons HUF |
|
2153113 |
|
Dhruv Kanodia |
|
385000 |
|
K.D. Kanodia and Sons HUF |
|
402 |
|
Total |
|
9786000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
78.00 |
|
Other top fifty shareholders |
22.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Flexible Packaging Material |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
|
|
Actual
Production |
|
Pouches of Plastic |
Qty (KG) |
|
|
864967 |
|
Waste and Scrap – Plastic |
Qty (KG) |
|
|
699553.050 |
|
Printing Cylinder |
Qty (KG) |
|
|
5403 |
|
Wastage Copper Mix |
Qty (KG) |
|
|
2359.700 |
|
Packaging Films |
Qty (KG) |
|
|
7321093 |
GENERAL INFORMATION
|
No. of Employees : |
Approximately (101-500) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Raj Kumar and Associates Chartered Accountant |
|
Address : |
4435/7, |
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Tel. No.: |
91-11-41563091/ 94 |
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Fax No.: |
91-11-41563095 |
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E-Mail : |
|
|
PAN No: |
AAAFR9008B |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9786000 |
Equity Shares |
Rs. 10/-
each |
Rs. 97.860
Millions |
As on 27.09.2010
Authorised Capital: Rs. 400.000 Millions
Paid up Capital: Rs. 195.720 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 |
97.860 |
27.960 |
26.268 |
|
|
2] Share Application Money |
0.000 |
0.000 |
3.400 |
|
|
3] Reserves & Surplus |
250.545 |
249.384 |
165.985 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
348.405 |
277.344 |
195.653 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
372.312 |
236.849 |
157.247 |
|
|
2] Unsecured Loans |
45.194 |
41.028 |
11.569 |
|
|
TOTAL BORROWING |
417.506 |
277.877 |
168.816 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
765.911 |
555.221 |
364.469 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
503.692 |
444.710 |
225.153 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.100 |
0.100 |
0.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
91.907
|
70.517 |
66.622 |
|
|
Sundry Debtors |
241.875
|
159.042 |
89.304 |
|
|
Cash & Bank Balances |
2.545
|
6.153 |
3.608 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
29.877
|
20.929 |
11.440 |
|
Total
Current Assets |
366.204
|
256.641 |
170.974 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
5.479
|
10.447 |
6.359 |
|
|
Sundry Creditor |
82.49
|
124.933 |
18.213 |
|
|
Provisions |
16.480
|
10.850 |
7.198 |
|
Total
Current Liabilities |
104.449
|
146.23 |
31.77 |
|
|
Net Current Assets |
261.755
|
110.411 |
139.204 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.364 |
0.000 |
0.012 |
|
|
|
|
|
|
|
|
TOTAL |
765.911 |
555.221 |
364.469 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1237.797 |
923.923 |
564.177 |
|
|
|
Export Incentives |
8.487 |
2.341 |
1.001 |
|
|
|
Other Income |
0.680 |
1.589 |
0.000 |
|
|
|
TOTAL (A) |
1246.964 |
927.853 |
565.178 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Excise Duty |
98.203 |
102.092 |
69.953 |
|
|
|
Manufacturing Expenses |
72.283 |
62.476 |
39.713 |
|
|
|
Administrative Expenses |
14.630 |
7.601 |
9.256 |
|
|
|
Raw Material Consumed |
902.790 |
639.474 |
383.193 |
|
|
|
Increase/(Decrease) in Finished Goods |
[9.360] |
[6.396] |
[2.338] |
|
|
|
Payments and Benefits to Employees |
10.186 |
7.155 |
4.786 |
|
|
|
Other Expenses |
0.091 |
0.012 |
0.013 |
|
|
|
TOTAL (B) |
1088.823 |
812.414 |
504.576 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
158.141 |
115.439 |
60.602 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
46.457 |
24.109 |
22.661 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
111.684 |
91.33 |
37.941 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.891 |
14.789 |
13.261 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
86.793 |
76.541 |
24.680 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.159 |
7.739 |
6.126 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
71.634 |
68.802 |
18.554 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
69.386 |
66.460 |
--- |
|
|
|
|
|
|
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|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
|
|
|
|
- Indigenous |
839.029 |
0.369 |
--- |
|
|
|
- Imported |
63.760 |
0.014 |
--- |
|
|
TOTAL IMPORTS |
902.789 |
0.383 |
--- |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
-- |
7.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.74
|
0.07 |
3.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.01
|
8.28 |
4.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.97
|
10.91 |
6.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.27 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.49
|
1.52 |
1.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.50
|
1.75 |
5.38 |
LOCAL AGENCY FURTHER INFORMATION
Operating /
Financial Results:
The company earned a net profit of Rs. 0.867 Millions before provision for
taxation during the year as compared to Rs. 0.765 Millions each in the previous
year of the company. The directors are hopeful of much better result in coming
periods.
Bankers Charges
Report as per Registry
Form 8:
|
This form is for |
Modification of
Charge |
|
Charge
Identification (ID) Number of the charge to be modified |
10169744 |
|
Corporate
identity number of the company |
U74899DL1995PTC067544 |
|
Name of the
company |
KANODIA TECHNOPLAST LIMITED |
|
Address of the registered
office or of the principal place of
business in |
A-54, Wazirpur Industrial Area, New Delhi-110052, Email: vivek@kanodiaindia.com |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of Email: sbpcbnd@yahoo.co.in |
|
Nature of description
of the instrument creating or modifying the charge |
Supplementary
Agreement of Hypothecation of goods and assets for increase in the overall
limit. |
|
Date of
instrument Creating the charge |
20.11.2010 |
|
Amount secured by
the charge |
Rs. 230.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit @ 4%
Above Base Rate Presently Effective Rate 12.00% P.A. Term Loan @ 4.50%
Above Base Rate Presently Effective Rate 12.50% P.A. Terms of
Repayment Cash Credit –
Payable on demand. Term Loan – 20
Equal Quarterly Installments of Rs. 030.000 Millions each commencing from
July 2010. Interest shall be paid as and when applied. Margin Stocks – 25% Book Debts – 30% Term Loan –
32.35% Inland / Import
LC – 10% Extent and
Operation of the charge Pari Passu Charge Others: The above is to
secure the following: Cash Credit = Rs.
0.001 Millions Term Loan =
Rs.0.600 Millions Letter of credit (
inland/ Foreign) = Rs. 0.400 Millions LOC/LOU (submit
of CC and LC ) = Rs. 0.001 Millions. |
|
Short particulars
of the property charged |
Working Capital –
First pari passu charge by hypothecation of all present and future current assets
of the company. Term Loan – First
pari passu hypothecation charge of the entire mov. Fixed Assets of the having
WDV of Rs. 438.000 Millions and second pari passu charge on the entire
current assets of the company. |
|
Date of last Modification
prior to the present modification |
20.04.2010 |
|
Particulars of
present modification |
Bank’s First Pari
Passu charge over all present and future current assets and movable fixed
assets of the company already regd. For Rs. 160.000 Millions shall stand
enhanced to Rs. 230.000 Millions. |
Fixed Assets:
·
·
Fire Fighting Equipments
·
Lab Equipments
·
Plant and Machinery
·
Office Equipments
·
Comuters
·
Furniture and Fixture
·
Vehicles
·
Printing Cylinder
Websites Details:
Company Profile
Subject was established in 1995 and today it is one of the
biggest and the most integrated Flexible packaging manufacturing company in
ISO 9001:2008 company Dealing in manufacturing of multi-layer Laminated Films and Rolls, with specialization in high-speed Candy Wrappers and Engraved Cylinders. Equipped to manufacture almost all kinds of packs, pouches and bags that have universal demand in the current market. Servicing global clients across diverse segments: Snacks, Tea, Salt, Biscuits Confectionary, Noodles, Ice Creams, Engine Oils and Lubricants, Shampoo, Edible Oils and Chemicals and Fertilizers.
Milestone Journey
2009
Increased the capacity of Cylinder Plant by 50%. Added one more Internal Bubble Cooling Blown Film Plant.
Installed latest Extrusion Coating Line from ETS (
2008
Added one more set of converting unit including another
solvent less lamination machine from Nord Mechanical SPA (
2006
A major step towards backward integration by putting up a
state of art Cylinder making unit from Daetwyler (
2005
Added one 10-Colour Fully Automatic Printing Press and One
high end imported solvent less lamination machine from Nord Mechanical SPA (
2003
Added a latest Internal Bubble Cooling Blown Film Plant,
first time in
1999
Doubled the capacity sssof their converting unit by adding a state of art Printing Press and other converting equipments.
1998
Ventured into PE Blown Film making as a first step towards backward integration.
1997
Shifted its operations to Jazzier Industrial Area,
1995
Company started its operations in
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.47.84 |
|
|
1 |
Rs.75.40 |
|
Euro |
1 |
Rs.65.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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.