MIRA
INFORM REPORT
|
Report Date : |
03.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
KWAN ENVIRONMENTAL SOLUTIONS INDIA PRIVATE LIMITED |
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Registered
Office : |
“KWAN House”, D-19, Additional MIDC, Anand Nagar, Ambarnath, Thane –
421 501, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
03.04.2003 |
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Com. Reg. No.: |
11-139873 |
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Capital
Investment / Paid-up Capital : |
Rs.5.000 millions |
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CIN No.: [Company Identification
No.] |
U74999MH2003PTC139873 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
PNEK05096A |
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PAN No.: [Permanent Account No.] |
AACCK1624R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service provider and contractor of Water Refinery Project. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (41) |
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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 61000 |
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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. There appears some dip in the sales and
profitability of the company during 2011. However, 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory : |
“KWAN House”, D-19, Additional MIDC, Anand Nagar, Ambarnath, Thane –
421 501, |
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Tel. No.: |
91-251-2625900 (Board) 91-251-2625905 (Sales) 91-251-2625911 (Accounts) |
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Fax No.: |
91-251-2625901 |
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E-Mail : |
Information: info@kwan.co.in Sales: sales@kwan.co.in Accounts: accounts@kwan.co.in |
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Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Ajit Namdev Khandeshe |
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Designation : |
Managing Director |
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Address : |
B-8, Jehangir Apartment, |
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Date of Birth/Age : |
20.10.1968 |
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Date of Appointment : |
30.09.2011 |
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DIN No.: |
00667132 |
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Other Directorship :
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Name : |
Mrs. Anita Ajit Khandeshe |
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Designation : |
Whole-time Director |
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Address : |
B-8, Jehangir Apartment, |
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Date of Birth/Age : |
01.07.1971 |
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Date of Appointment : |
22.09.2009 |
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DIN No.: |
00667277 |
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Other Directorship :
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Name : |
Mr. Namdev Dagdu Khandeshe |
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Designation : |
Whole-time Director |
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Address : |
C-5, Jehangir Apartment, |
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Date of Birth/Age : |
15.05.1938 |
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Date of Appointment : |
30.09.2011 |
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DIN No.: |
00667211 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
V.B. Kondalkar and Associates |
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Designation : |
Company Secretaries |
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Address : |
A/202, Midas Enclave, A-Wing, Dadiseth Agyari Road, Near Babuline Naka,
Malad (West), Mumbai - 400 064, Maharashtra, India |
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Tel. No.: |
91-22-28806348 |
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Mobile No.: |
91-9967837905 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Ajit Namdev Khandeshe |
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33750 |
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Anita Ajit Khandeshe |
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3125 |
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Namdev Dagdu Khandeshe |
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13125 |
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Total |
|
50000 |
As on 30.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service provider and contractor of Water Refinery Project. |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
v The Saraswat
Co-Operative Bank Limited, Gokuldham Complex, v The Saraswat Co-Operative
Bank Limited, SME Branch, Prabhat Bhavan, Block B, 1st Floor, 96,
L.B.S. Marg, Opposite Cipla, Vikhroli (West), Mumbai – 400 083, Maharashtra,
India v HDFC Bank
Limited v Bank of v Axis Bank
Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Madan Achwal and Company Chartered Accountants |
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Address : |
5/6, Shree Ganesh Baug, Dr. Godbole Hospital Building, |
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Income-tax
PAN of auditor or auditor's firm : |
AAZPA4104G |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
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(Of which 30475 Shares are issued for consideration other than cash)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
5.000 |
5.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.134 |
8.905 |
6.066 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.134 |
13.905 |
8.066 |
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LOAN FUNDS |
|
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1] Secured Loans |
4.954 |
7.751 |
9.222 |
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2] Unsecured Loans |
10.985 |
5.270 |
2.270 |
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TOTAL BORROWING |
15.939 |
13.021 |
11.492 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
31.073 |
26.926 |
19.558 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.536 |
8.347 |
2.767 |
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Capital work-in-progress |
0.000 |
0.000 |
1.933 |
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INVESTMENT |
4.246 |
4.246 |
1.746 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.023 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
1.286
|
3.512 |
3.313 |
|
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Sundry Debtors |
10.364
|
15.338 |
19.693 |
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Cash & Bank Balances |
0.312
|
2.662 |
0.364 |
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Other Current Assets |
4.138
|
5.387 |
7.038 |
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Loans & Advances |
0.033
|
0.050 |
0.040 |
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Total
Current Assets |
16.133
|
26.949 |
30.448 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
3.431
|
8.091 |
8.147 |
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Other Current Liabilities |
1.200
|
0.715 |
1.299 |
|
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Provisions |
3.211
|
3.828 |
7.949 |
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Total
Current Liabilities |
7.842
|
12.634 |
17.395 |
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Net Current Assets |
8.291
|
14.315 |
13.053 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.018 |
0.036 |
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TOTAL |
31.073 |
26.926 |
19.558 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income from Operations |
19.903 |
57.250 |
38.113 |
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Other Income |
0.343 |
0.352 |
0.058 |
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TOTAL (A) |
20.246 |
57.602 |
38.171 |
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Less |
EXPENSES |
|
|
|
|
|
|
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|
14.399 |
47.245 |
32.117 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
14.399 |
47.245 |
32.117 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.847 |
10.357 |
6.054 |
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Less |
INTEREST (D) |
1.778 |
1.171 |
0.573 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.069 |
9.186 |
5.481 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.462 |
0.736 |
0.454 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.607 |
8.450 |
5.027 |
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Less |
TAX (H) |
0.988 |
2.611 |
1.744 |
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PROFIT AFTER TAX
(G-H) (I) |
1.619 |
5.839 |
3.283 |
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Less |
|
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|
|
|
|
|
Transfer to General Reserve |
0.389 |
0.000 |
0.328 |
|
|
|
Dividend |
|
0.000 |
1.000 |
|
|
|
Dividend Distribution Tax on above |
|
0.000 |
0.170 |
|
|
BALANCE CARRIED
TO THE B/S |
1.230 |
5.839 |
1.785 |
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|
Earnings Per
Share (Rs.) |
32.38 |
116.78 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
8.00
|
10.14 |
8.60 |
|
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|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.10
|
14.76 |
13.19 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.52
|
23.94 |
15.13 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.61 |
0.62 |
|
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|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.57
|
1.85 |
3.58 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.06
|
2.13 |
1.75 |
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 |
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6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
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8) No. of employees |
No |
|
9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
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23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
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31) PAN of Proprietor/Partner/Director, if available |
No |
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32) Passport No of Proprietor/Partner/Director, if available |
No |
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33) Voter ID No of Proprietor/Partner/Director, if available |
No |
OPERATIONS/WORKING
RESULTS
During the year,
the Company has recorded turnover of Rs.19.903 millions as compared to sales of
last year of Rs.57.250 millions and has earned any Other Income of Rs.0.343
million as compared to Rs.0.352 million for the corresponding previous year.
The Company has
earned net profit to the tune of Rs.1.619 millions as compared to of Rs.5.839
millions in respect of the corresponding previous year, after making provision
for taxation, fringe benefit tax and deferred tax adjustment.
Barring unforeseen
circumstances, further improvement in sale and profitability is expected in the
current year in view of continued efforts being made. Further the company is
taking effective steps to strengthen the profitability and financial soundness
of the Company.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74999MH2003PTC139873 |
|
Name of the
company |
KWAN ENVIRONMENTAL SOLUTIONS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
“KWAN House”, D-19, Additional MIDC, Anand Nagar, Ambarnath, Thane –
421 501, E-Mail: info@kwan.co.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
The Saraswat
Co-Operative Bank Limited, SME Branch, Prabhat Bhavan, Block B, 1st
Floor, 96, L.B.S. Marg, Opposite Cipla, Vikhroli (West), Mumbai – 400 083, Maharashtra,
India E-Mail: kamalax_saraf@hotmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Movable Property |
|
Date of
instrument Creating the charge |
22.02.2012 |
|
Amount secured by
the charge |
Rs.13.800
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 15% p.a. Terms of
Repayment: As per sanction
terms Margin: Fixed Deposits:
10% Extent and
Operation of the charge: One Time Letter
of Credit (DP) : 13.800 millions Others: Not Applicable |
|
Short particulars
of the property charged |
The borrower
hypothecates to and in favour of the Bank all the tangible movable property
including the stocks for the time being whether new or manufactured or in
process of manufacturing or in process of manufacturing and every tangible
movable goods/property/machinery/plant, both present and future as and when
imported or procured by the borrower's place of business at D-19, Additional
MIDC, Ambernath, District Thane and all other tangible movable property
belonging to the borrower/s and lying and being at the borrower's place of
business. the borrower/s doth further hypothecates and charge in favour of
the Bank by way of first charge all the book debts, outstanding, monies
receivables, claims and bills which are now due and owing or which may at any
time hereafter during the continuance of this security become due and owing
to the borrower/s in the course of his business by any person, firm, company,
government or any local public body or authority (all of which are
hereinafter collectively referred to as "the said debts" as
security for due repayment to the bank at any time or times hereinafter
become due and owing from the borrower/s to the Bank including monies owing
upon any cheques , promissory notes or bills of exchange made, drawn,
accepted or endorsed or discounted or purchased or paid at the request or on
behalf of or credit of the borrower/s. |
FIXED ASSETS:
v
New Land
v
Land and Building
v
Furniture and Fixtures
v
Air Conditioners
v
Scientific Equipments
v
Computers
v
Office Equipments
v
Motor Car
v
Work Shop Machinery
v
Cycle
v
Capital Work in Progress (Acid Plant)
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.55.77 |
|
|
1 |
Rs.86.75 |
|
Euro |
1 |
Rs.68.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|
41 |
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.