MIRA INFORM REPORT

Report Date :

09.04.2012

IDENTIFICATION DETAILS

Name :	KILLICK AGENCIES AND MARKETING LIMITED
Registered Office :	Plot No. 7, Chandivali Farm Road, Chandivali, Mumbai – 400072, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.07.1987
Com. Reg. No.:	11-044103
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U67120MH1987PLC044103
TAN No.: [Tax Deduction & Collection Account No.]	MUMK14579F
PAN No.: [Permanent Account No.]	AACCK5821C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Company is acting as agent for various foreign principals for sale of Dredgers, Dredging equipment, Steerable Rudder Propellers, Maritime and aviation lighting, Acoustic communication equipment etc..
No. of Employees :	Not Available

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 30000
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	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 :	Plot No. 7, Chandivali Farm Road, Chandivali, Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-28573581
Fax No.:	91-22-28573549
E-Mail :	kaml@killickagencies.com
Website :	www.kaml.in

DIRECTORS

As on 04.08.2011

Name :

Mr. Prakash Fulchand Nagori

Designation :

Director

Address :

409, ‘C’ Wing, Abhar, Off J. P. Road, Andheri (West), Mumbai – 400061, Maharashtra, India

Date of Birth/Age :

04.01.1945

Date of Appointment :

04.12.1987

DIN No.:

00012193

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	U67120MH1987PLC044103	KILLICK AGENCIES AND MARKETING LIMITED	Director	4/12/1987	4/12/1987	-	Active	NO
2	L45202MH1910PLC000319	THE CENTRAL PROVINCE RAILWAYS COMPANY LIMITED	Director	26/03/1996	26/03/1996	-	Active	NO
3	U24222MH2005PTC215180	SNOWCEM PAINTS PRIVATE LIMITED	Director	12/09/2005	12/09/2005	15/11/2007	Active	NO
4	U40100MH2005PTC158357	KARNATAKA WIND ENERGY PRIVATE LIMITED	Director	27/12/2005	27/12/2005	-	Strike off	NO

Name :

Ms. Vibha Ashish Khandelwal

Designation :

Director

Address :

904-A, Valencia Apartment, Hiranandani Garden, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

14.05.1971

Date of Appointment :

06.08.2007

DIN No.:

00023427

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	U72900MH1995PLC092026	KILLICK CHALLENGER TECHNOLOGIES LIMITED	Managing director	30/08/2000	30/08/2000	-	Active	NO
2	U72200MH1981PLC025679	KILLICK INFOTECH LIMITED	Whole-time director	1/04/2007	1/03/2001	-	Active	NO
3	U63110MH1996PTC102143	KILLICK MARINE SERVICES PRIVATE LIMITED	Director	1/09/2006	1/09/2006	-	Active	NO
4	U65990MH1982PTC027866	STALLION INVESTMENTS PRIVATE LIMITED	Director	15/01/2007	15/01/2007	-	Active	NO
5	U67120MH1987PLC044103	KILLICK AGENCIES AND MARKETING LIMITED	Director	6/08/2007	6/08/2007	-	Active	NO
6	U74899DL1978PTC009082	VOHRA BUILDERS PRIVATE LIMITED	Director	22/11/2007	22/11/2007	-	Active	NO
7	U24222MH2005PTC215180	SNOWCEM PAINTS PRIVATE LIMITED	Nominee director	30/12/2008	30/12/2008	-	Active	NO

Name :

Mr. Tejkumar Balkrishna Ruia

Designation :

Director

Address :

01.06.1947

Date of Birth/Age :

Samruda Gaurav, 6A, Abdul Gaffarkhan Road, Worli Seaface, Worli, Mumbai – 400025, Maharashtra, India

Date of Appointment :

19.11.2001

DIN No.:

00011088

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	L51900MH1947PLC006068	KILLICK NIXON LIMITED	Director	1/11/1996	1/11/1996	-	Active	NO
2	L99999MH1959PLC011275	SIL BUSINESS ENTERPRISES LIMITED	Director	23/01/2001	23/01/2001	1/03/2011	Active	NO
3	U63110MH1996PTC102143	KILLICK MARINE SERVICES PRIVATE LIMITED	Director	1/02/2001	1/02/2001	-	Active	NO
4	U67120MH1987PTC043948	KILLICK FINANCIAL SERVICES LIMITED	Director	17/04/2001	17/04/2001	-	Active	NO
5	U67120MH1987PLC044103	KILLICK AGENCIES AND MARKETING LIMITED	Director	19/11/2001	19/11/2001	-	Active	NO
6	U65990MH1960PTC011860	TEJCO FINANCIERS PRIVATE LIMITED	Director	6/08/2007	6/08/2007	-	Active	NO
7	U72200MH1981PLC025679	KILLICK INFOTECH LIMITED	Director	6/08/2007	6/08/2007	-	Active	NO
8	U63090MH1987PLC044051	KILLICK SHIPPING SERVICES LIMITED	Director	6/08/2007	6/08/2007	-	Active	NO
9	U99999MH1987PLC043935	KILLICK ENGINEERING LIMITED	Whole-time director	6/08/2010	6/08/2007	-	Active	NO

Name :

Thretun Boman Patel

Designation :

Director

Address :

805, Tehmi Terrace, Flat No. 2/4, Dr. Ambedkar Road, Dadar, Mumbai – 400014, Maharashtra, India

Date of Birth/Age :

06.01.1953

Date of Appointment :

03.05.1999

DIN No.:

00011132

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	U74940WB1948PTC006085	AIR SURVEY CO OF INDIA PRIVATE LIMITED	Director	4/08/1992	4/08/1992	-	Active	NO
2	U63090MH1987PLC044051	KILLICK SHIPPING SERVICES LIMITED	Director	28/02/1995	28/02/1995	-	Active	NO
3	U70100MH1995PTC095430	SWETANK REALTY PRIVATE LIMITED	Director	26/03/1999	26/03/1999	-	Strike off	NO
4	U67120MH1987PLC044103	KILLICK AGENCIES AND MARKETING LIMITED	Director	3/05/1999	3/05/1999	-	Active	NO
5	U63110MH1996PTC102143	KILLICK MARINE SERVICES PRIVATE LIMITED	Managing director	20/05/1999	20/05/1999	-	Active	NO
6	U67120MH1987PLC043949	KILLICK AIR COURIERS AND FORWARDERS LIMITED	Director	8/01/2001	8/01/2001	-	Active	NO
7	U74300MH2002PTC137962	FIREPLACE ADVERTISING PRIVATE LIMITED	Director	22/11/2002	22/11/2002	-	Strike off	NO
8	U45202MH1965PLC013354	KILLICK EXPORTS LIMITED	Director	27/01/2003	27/01/2003	-	Active	NO
9	U67120MH1987PLC044102	KILLICK IMPEX LIMITED	Director	27/01/2003	27/01/2003	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 04.08.2011

Names of Shareholders	No. of Shares
Ramgopal Ganpatrai and Sons Private Limited, India	20000
Ramrikhdas Balkison and Sons Private Limited, India	20000
Vibha A. Khandelwal	9940
Prakash F. Nagori	10
Arvind Kumar Gupta	10
Hariprasad Manmohan Adka	10
Pradeep Mankame	10
Maheshkumar Mannalal Sharma	10
Dhiren Pranlal Pandya	10
Total	50000

Equity Share Break up (Percentage of Total Equity)

As on 04.08.2011

Category	Percentage
Bodies corporate	80.00
Directors or relatives of Directors	19.88
Other top fifty shareholders	0.12
Total	100.00

BUSINESS DETAILS

Line of Business :	Company is acting as agent for various foreign principals for sale of Dredgers, Dredging equipment, Steerable Rudder Propellers, Maritime and aviation lighting, Acoustic communication equipment etc.
Products :	Commission

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

ICICI Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
ICICI Bank Car Loan	0.285	0.510
Total	0.285	0.510

Banking Relations :	--
Auditors :
Name :	V. S. Paranjape and Company Chartered Accountants
Address :	1, Commerce Centre, Vishweshwar Nagar Road, Off Aarey Road, Goregaon (East), Mumbai – 400063, Maharashtra, India
PAN.:	AABPP0515E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
999000	Equity Shares	Rs.10/- each	Rs.9.990 Millions
100	Cumulative 14% Preference Shares	Rs.100/- each	Rs.0.010 Million
	TOTAL		Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.801	7.745	4.285
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9.301	8.245	4.785
LOAN FUNDS
1] Secured Loans		0.285	0.510	0.703
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.285	0.510	0.703
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		9.586	8.755	5.488
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.568	2.262	1.415
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.131	0.093	0.109
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	4.002	2.405	1.926
	Cash & Bank Balances	6.750	2.066	0.921
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.887	2.795	1.894
Total Current Assets		11.639	7.266	4.741
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.864	0.199	0.298
	Other Current Liabilities	1.596	0.609	0.463
	Provisions	0.292	0.058	0.016
Total Current Liabilities		3.752	0.866	0.777
Net Current Assets		7.887	6.400	3.964
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9.586	8.755	5.488

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.129	11.806	0.222
		Commission/ Services Charges	25.505	21.967	13.738
		Other Income	0.158	0.401	0.109
		TOTAL (A)	25.792	34.174	14.069
Less	EXPENSES
		Purchases	0.079	8.419	0.147
		Personnel Expenses	5.260	4.829	4.608
		Administrative and other expenses	17.907	15.437	5.699
		Preliminary Expenses	0.000	0.000	0.020
		TOTAL (B)	23.246	28.685	10.474
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.546	5.489	3.595
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.546	5.489	3.595
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.580	0.381	0.481
	PROFIT BEFORE TAX (E-F) (G)		1.966	5.108	3.114
Less	TAX (H)		0.618	1.589	1.125
	PROFIT AFTER TAX (G-H) (I)		1.348	3.519	1.989
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.745	4.285	2.296
Less	APPROPRIATIONS
		Proposed Dividend	0.250	0.050	0.000
		Income Tax on Proposed Dividend	0.042	0.009	0.000
		Transfer to Reserve fund	0.500	0.000	0.000
	BALANCE CARRIED TO THE B/S		8.301	7.745	4.285
	Earnings Per Share (Rs.)		26.95	70.00	40.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.22	10.29	14.14
Net Profit Margin (PBT/Sales)	(%)	1524.03	43.27	1402.70
Return on Total Assets (PBT/Total Assets}	(%)	14.88	82.97	50.58
Return on Investment (ROI) (PBT/Networth)		0.21	0.62	0.65
Debt Equity Ratio (Total Liability/Networth)		0.43	0.17	0.31
Current Ratio (Current Asset/Current Liability)		3.10	8.39	6.10

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

PERFORMANCE:

Earnings of the Company during the current period were maintained. The recession in the Shipbuilding industry, in the World, continued in the current year. In addition, the withdrawal of subsidy by the Government of India for shipbuilding for Exports added to woes of the Shipbuilding industry. Though there have been signs of the recession easing Worldwide, no new foreign orders were received by the Indian Shipbuilding industry.

During the current year, the Company arranged for J and K Government’s Contract for 2 Dredges.

In the current year, there has been no progress with the equipment from Racal for the Defence Industry. The major revamp project for Control Harness System for Military Vehicle is also at a slow pace.

The Ship Lighting business from Glamox showed an upward swing.

The Company signed an Agreement with N.E.I. Treatment Systems from Los Angeles, U.S.A. for India representation. The procedure for marketing their systems has begun.

The Service Department of the Company has taken up additional responsibility in terms of Annual Maintenance Contract with T. M. Harbour Services Private Limited, Dhamra Port, Orissa. Efforts are still on to secure such contracts from Port Trusts, like – Kandla and Mumbai. The new Engineers are now trained and are slowly being effective, individually.

The current Shipbuilding recession and withdrawal of subsidy by the Government of India on Shipbuilding for exports will continue to hamper the Marine industry, which will in turn affect our business. The general economic downturn worldwide will affect the Maritime Industry and the prospects of equipment for Shipbuilding will be severely affected for at least for two years.

Business

Subject is a public limited unlisted Company. Company is acting as agent for various foreign principals for sale of Dredgers, Dredging equipment, Steerable Rudder Propellers, Maritime and aviation lighting, Acoustic communication equipment etc. Company also offers after sales services. Apart from this, Company is involved in exports of micro switches, engineering items, acoustics items and head sets.

FIXED ASSETS

· Computer and Software

· Motor Cars

· Furniture and Fixture

· Telephone Instrument/ Mobile Electrical fittings

· EPABX systems

· Office Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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.51.05
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.