MIRA
INFORM REPORT
|
Report Date : |
26.04.2012 |
IDENTIFICATION DETAILS
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 : |
USD350000 |
|
|
|
|
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Vikram |
|
Designation : |
Accounts Manager |
|
Email: |
|
|
Date : |
25.04.2012 |
LOCATIONS
|
Registered Office : |
148, Vyas Bhavan, Hindu Colony, Dadar (East), Mumbai-400014, |
|
Tel. No.: |
91-22-24185107/24104500 |
|
Mobile No.: |
91-9820322055 (Mr.NImesh Sanghrajka |
|
Fax No.: |
91-22-24160462/24105400 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head office : |
101,Sudaiv, Plot No.97,
|
|
Tel. No.: |
91-22-24104500 |
DIRECTORS
(AS ON 29.09.2010)
|
Name : |
Mr. Dhilan Dolatrai Kanakia |
|
Designation : |
Managing Director |
|
Address : |
901A/B, 9th Floor, Plot No. 161/162, Riddhi Apartment,
Scheme No. 57, |
|
Date of Birth/Age : |
09.10.1967 |
|
Date of Appointment : |
19.10.2000 |
|
Din No: |
00085965 |
|
|
|
|
Name : |
Mr. Nimesh Kiran Sanghrajka |
|
Designation : |
Director |
|
Address : |
558, Sangharajka House, |
|
Date of Birth/Age : |
01.07.1966 |
|
Date of Appointment : |
01.12.2005 |
|
Din No.: |
00086319 |
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
MAJOR SHAREHOLDERS - NOT
AVAILABLE
(AS ON 29.09.2010)
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
36.41 |
|
Directors or relatives of directors |
|
63.59 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||
|
|
|
||||||
|
Bankers : |
Bank Of |
||||||
|
|
|
||||||
|
Facilities : |
Rs. in Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Hinesh r. Doshi and Company Chartered Accountant |
|
Address : |
Shrirma Bhuvan 2nd Floor, 772, |
|
Tel. No.: |
91-22-24132475/ 24128111 |
|
Fax No.: |
91-22-24184061 |
|
E-Mail : |
|
|
Pan No: |
AACFH3118C |
|
|
|
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Share |
Rs.10/- each |
Rs.1.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
98751 |
Equity Share |
Rs.10/- each |
Rs.0.988
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 |
0.988 |
0.988 |
0.988 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
86.707 |
80.211 |
72.477 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
87.695 |
81.199 |
73.465 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.732 |
0.000 |
0.149 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
2.465 |
|
|
TOTAL BORROWING |
1.732 |
0.000 |
2.614 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
89.427 |
81.199 |
76.079 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.412 |
3.402 |
3.434 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
3.297 |
3.000 |
0.500 |
|
|
DEFERREX TAX ASSETS |
0.128 |
0.070 |
0.022 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8.214
|
4.239 |
0.000 |
|
|
Sundry Debtors |
36.076
|
32.560 |
52.126 |
|
|
Cash & Bank Balances |
57.300
|
46.350 |
10.516 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
15.695
|
16.098 |
25.136 |
|
Total
Current Assets |
117.285
|
99.247 |
87.778 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
18.245
|
9.797 |
6.922 |
|
|
Other Current Liabilities |
16.450
|
14.723 |
1.450 |
|
|
Provisions |
0.000 |
0.000 |
7.283 |
|
Total
Current Liabilities |
34.695
|
24.520 |
15.655 |
|
|
Net Current Assets |
82.590
|
74.727 |
72.123 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
89.427 |
81.199 |
76.079 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
291.417 |
260.359 |
|
|
|
Other Income |
|
2.143 |
0.707 |
|
|
|
TOTAL (A) |
206.435 |
293.560 |
261.066 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of sales |
|
257.997 |
230.208 |
|
|
|
Administrative Expenses |
|
17.524 |
11.186 |
|
|
|
Employee cost |
|
7.591 |
3.866 |
|
|
|
Increase/Decrease in stock |
196.983 |
(4.239) |
0.992 |
|
|
|
TOTAL (B) |
( Including
interest and Deprecation Expenses) |
278.873 |
246.252 |
|
|
|
|
|
||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
14.687 |
14.814 |
||
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
1.081 |
1.288 |
||
|
|
|
|
|
||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13.606 |
13.526 |
||
|
|
|
|
|
||
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.909 |
0.680 |
||
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9.452 |
12.697 |
12.846 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.906 |
4.887 |
4.600 |
|
|
|
|
|
|
|
|
|
Less |
Short provision
for tax |
0.000 |
0.076 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
Prior Period
Expense |
0.050 |
0.000 |
0.019 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6.496 |
7.734 |
8.227 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
56.323 |
48.589 |
40.362 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
62.819 |
56.323 |
48.589 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN EXCHANGE |
|
|
|
|
|
|
|
Export Earnings |
176.001 |
295.445 |
0.000 |
|
|
|
Other Earnings |
174.414 |
309.309 |
0.000 |
|
|
TOTAL EARNINGS |
350.415 |
604.754 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
17.995 |
7.466 |
0.000 |
%20PRIVATE%20LIMITED%20178119%2026-Apr-2012_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.15
|
2.63 |
3.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
4.36 |
4.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.83
|
11.97 |
14.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.16 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.42
|
0.30 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.38
|
4.04 |
5.61 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETIALS
Rs. In Millions
|
Particular |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
For Goods |
17.918 |
8.011 |
5.714 |
|
For Expenses |
0.327 |
1.786 |
1.208 |
|
Total |
18.245 |
9.797 |
6.922 |
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
No |
|
Major
Shareholders, if applicable |
No |
WORKING OF THE COMPANY:
With downtown in global economy, the sales of
the company were badly affected. This resulted in 31% reduction in sales income
for the year. With economy drive carried out by the your Directors, the
reduction in Profit before Tax was about 26% only.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U51900MH2000PTC2129260 |
|
Name of the
company |
KT EXPORTS ( |
|
Address of the
registered office or of the principal place of business in |
148, Vyas Bhavan, Hindu Colony, Dadar (East), Mumbai-400014, |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10237792 |
|
Type of charge |
·
Book
Debts · Movable property (not being pledge) · Floating charge |
|
Particular of
charge holder |
CITIBANK N. A.,
Trent House, 2nd Floor, Plot No.C-60,
G Block Bandra Kurla Complex, Bandra (E) Mumbai 400051, Maharashtra-MH India |
|
Nature of
instrument creating charge |
Amendatory Agreement |
|
Date of
instrument Creating the charge |
01.03.2011 |
|
Amount secured by
the charge |
Rs.33.900 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : Packing Credit
Foreign Currency : LIBOR + 200 Bps, Annually Renewable
Overdraft : As per Trade Norms. Letter of Credit
: As per Trade Norms. Terms of Repayment: Packing Credit
Foreign Currency of Rs.24.000 Millions, Letter of Credit of Rs.0.970
Millions, Annually Renewable Overdraft facility of Rs.0.200 Millions shall be
repayable in 180 days. Margin: As may be stipulated by Bank from time to
time. Extent and Operation of the charge: Hypothecation by
way of first exclusive charge on Movable Assets and Current Assets including
Plant and Machinery of the Company as described under Item No.15 below as
security for repayment of restructured limits of Rs.33.900 Millions by the
Company, together with interest, liquidated damages, costs, charges and
expenses and all other moneys due and payable by the Company to the Bank. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First exclusive charge over the whole of the movable assets of the Borrower,
including any and all stocks, book-debts and receivables, and all other
current assets and including plant and machinery tools, machinery spares, furniture, fixtures, accessories and all
other equipments both present and future, |
|
Date of last
modification prior to the present modification |
07.02.2011 |
|
Particulars of the present modification |
The charge shall now stand secured for revised/restructured limits up
to Rs.33.900 Millions in favor the Bank. |
Fixed Assets:
Ø
Warehouse
Ø
Air Conditions
Ø
EPBX System
Ø
Computer
Ø
Fax Machine
Ø
Motor Car
Ø
Mobile Phone
Ø
Office Equipment
Ø
Furniture
Ø
Xerox Machine
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.52.49 |
|
|
1 |
Rs.69.53 |
|
Euro |
1 |
Rs.84.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
BYI |
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 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.