MIRA
INFORM REPORT
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Report Date : |
28.01.2012 |
IDENTIFICATION DETAILS
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Name : |
KAY KAY ART PRIVATE LIMITED |
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Registered
Office : |
Unit No.101, Building No.5, 1st Floor, Jogani Industrial Complex,
V.N. Purav Marg, Chunabhatti, Mumbai – 400022, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.11.2005 |
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Com. Reg. No.: |
11-157410 |
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Capital Investment
/ Paid-up Capital : |
Rs.1.000 Million |
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CIN No.: [Company Identification
No.] |
U22000MH2005PTC157410 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK17152C |
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PAN No.: [Permanent Account No.] |
AACCK7895C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Leather Products |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 5000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company is under pressure. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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
Management Non-Cooperative
LOCATIONS
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Registered Office : |
Unit No.101, Building No.5, 1st Floor, Jogani Industrial Complex,
V.N. Purav Marg, Chunabhatti, Mumbai – 400022, |
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Tel. No.: |
91-22-24053568/ 24056567 |
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Fax No.: |
91-22-24051324 |
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E-Mail : |
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Website : |
DIRECTORS
As on 26.09.2011
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Name : |
Kalavanti Kishinchand Gajria |
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Designation : |
Director |
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Address : |
8/B12, SSS Nagar, Near Shanmukhanand Hall, Mumbai – 400037, |
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Date of Birth/Age : |
12.10.1930 |
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Date of Appointment : |
29.09.2008 |
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DIN No.: |
01732417 |
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Other Directorship :
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Name : |
Revathy Subramanian |
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Designation : |
Director |
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Address : |
302/B, Vasant Vihar Complex, Dr. C. Gidwant Road, Chembur – 400074,
Mumbai, Maharashtra, India |
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Date of Birth/Age : |
28.11.1960 |
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Date of Appointment : |
29.09.2008 |
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DIN No.: |
01732577 |
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Other Directorship :
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Name : |
Mr. Dinesh Kishinchand Gajria |
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Designation : |
Director |
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Address : |
8/B12, SSS Nagar, Near Shanmukhanand Hall, Mumbai – 400037, |
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Date of Birth/Age : |
07.11.1967 |
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Date of Appointment : |
18.11.2005 |
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DIN No.: |
01743515 |
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Other Directorship :
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Name : |
Mrs. Sonu Dinesh Gajria |
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Designation : |
Director |
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Address : |
8/B12, SSS Nagar, Near Shanmukhanand Hall, Mumbai – 400037, |
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Date of Birth/Age : |
28.08.1969 |
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Date of Appointment : |
18.11.2005 |
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DIN No.: |
01743591 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2011
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Names of Shareholders |
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No. of Shares |
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Dinesh Gajria |
|
19900 |
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Sonu D. Gajria |
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50000 |
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Revathy Subramanian |
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12500 |
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Kalavanti K. Gajria |
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5000 |
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Print Plus Private Limited |
|
57600 |
Equity Share Break up (Percentage of Total Equity)
As on 26.09.2011
|
Category |
Percentage |
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Bodies corporate |
57.60 |
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Directors or relatives of Directors |
42.40 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Leather Products |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
Apna Sahakari Bank Limited, Matulya Centre ‘C’, 1st Floor, Bapat
Marg and Kadam Marg Junction, Lower Parel, Mumbai – 400013, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Joy Dalia and Company Chartered Accountants |
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Address : |
B/12, Shalimar Apartments, Adj. to Shopper Stop, |
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E-Mail : |
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PAN.: |
AADPD3033B |
CAPITAL STRUCTURE
As on 26.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.309 |
0.316 |
0.339 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.309 |
1.316 |
1.339 |
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LOAN FUNDS |
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1] Secured Loans |
3.341 |
3.458 |
2.324 |
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2] Unsecured Loans |
1.300 |
1.100 |
1.600 |
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TOTAL BORROWING |
4.641 |
4.558 |
3.924 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.950 |
5.874 |
5.263 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.412 |
3.947 |
3.078 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.102 |
0.103 |
0.081 |
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DEFERREX TAX ASSETS |
0.032 |
0.033 |
0.033 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.200
|
2.257 |
2.101 |
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Sundry Debtors |
1.602
|
0.904 |
0.571 |
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Cash & Bank Balances |
0.078
|
0.199 |
0.769 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.278
|
0.519 |
0.337 |
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Total
Current Assets |
4.158
|
3.879 |
3.778 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1.327
|
1.883 |
1.494 |
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Other Current Liabilities |
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Provisions |
0.427
|
0.212 |
0.227 |
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Total
Current Liabilities |
1.754
|
2.095 |
1.721 |
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Net Current Assets |
2.404
|
1.784 |
2.057 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.007 |
0.014 |
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TOTAL |
5.950 |
5.874 |
5.263 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2011 |
31.03.2010 |
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SALES |
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Turnover |
|
10.724 |
14.259 |
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Other Income |
|
0.033 |
0.612 |
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TOTAL |
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10.757 |
14.871 |
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Less |
EXPENSES |
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Office Expenses |
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9.975 |
14.175 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
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9.975 |
14.175 |
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PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
0.782 |
0.696 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.726 |
0.590 |
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PROFIT/(LOSS)
BEFORE TAX |
|
0.056 |
0.106 |
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TAX |
|
0.062 |
0.037 |
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PROFIT/(LOSS)
AFTER TAX |
|
(0.006) |
(0.023) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
0.315 |
0.339 |
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BALANCE CARRIED
TO THE B/S |
|
0.309 |
0.315 |
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Earnings/(loss)
Per Share (Rs.) |
|
(3.09) |
(3.15) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(0.06)
|
(0.15) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.52
|
0.74 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.74
|
1.35 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.08 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.88
|
5.06 |
4.22 |
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Current Ratio (Current Asset/Current Liability) |
|
2.37
|
1.82 |
2.20 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Not Available
OPERATION AND
PERFORMANCE DURING THE YEAR
During the year the sales of the company has achieved turnover of Rs.10.700
millions. Profit before tax and deprecation and interest was at Rs.1.248
millions
Notes:
The registered office address has been changed from Unit No 212, 2nd
Floor, Building No.06, Jogani Industrial Complex, Chunabhatti, Mumbai,
FORM 8
|
Corporate
identity number of the company |
U22000MH2005PTC157410 |
|
Name of the
company |
KAY KAY ART
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Unit No.101, Building No.5, 1st Floor, Jogani Industrial
Complex, V.N. Purav Marg, Chunabhatti, Mumbai – 400022, Email : ssrassociates@gmail.com |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10098252 |
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Type of charge |
|
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Particular of
charge holder |
Apna Sahakari Bank Limited, Matulya Centre ‘c’, 1st Floor,
Bapat Marg and Kadam Marg Junction, Lower Parel, Mumbai – 400013,
Maharashtra, India Email : loan@apnabank.co.in |
|
Nature of
instrument creating charge |
Agreement of
hypothecation of movable property |
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Date of
instrument Creating the charge |
29.06.2010 |
|
Amount secured by
the charge |
Rs.2.000 Millions
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Interest @ 16%
p.a Terms of
Repayment: The Borrower
shall on demand pay the whole amount due to the Bank with interest and cost. Margin: 30% Extent and
operation of the charge: Security to cover
principal amount together with interest, costs, charges and expenses etc. Others : Cash Credit
Rs.2.000 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First and exclusive charge and security by way of hypothecation
of present and future Stocks and Book Debts. |
|
Date of
instrument modifying the charge |
20.06.2009 |
|
Particulars of
the present modification |
Cash Credit limit
enhanced by Rs.0.600 Million Aggregate limit enhanced from Rs.1.400
millions to Rs.2.000 millions |
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.49.65 |
|
|
1 |
Rs.77.80 |
|
Euro |
1 |
Rs.65.05 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
27 |
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.