1. Summary Information
|
|
|
Country |
|
|
Company Name |
KHANDELWAL
BROTHERS LIMITED |
Principal Name 1 |
Mr. Himani Madanmohan Khandelwal |
|
Status |
Moderate |
Principal Name 2 |
Mr. Rajeev Khandelwal |
|
|
|
Registration # |
21-022803 |
|
Street Address |
24, |
||
|
Established Date |
15.11.1955 |
SIC Code |
-- |
|
Telephone# |
91-23-22308762 |
Business Style 1 |
Exporters |
|
Fax # |
91-33-25007587 |
Business Style 2 |
Suppliers |
|
Homepage |
Not Available |
Product Name 1 |
Cosmetics Perfumes |
|
# of employees |
Not Available |
Product Name 2 |
Hair Accessories |
|
Paid up capital |
Rs.5,500,000/- |
Product Name 3 |
|
|
Shareholders |
Bodies corporate 5.63% Directors or relatives of
directors 94.37% |
Banking |
Punjab National Bank |
|
Public Limited Corp. |
No |
Business Period |
57 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ca (18) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
65,935,000 |
Current Liabilities |
11,637,000 |
|
Inventories |
16,972,000 |
Long-term Liabilities |
49,848,000 |
|
Fixed Assets |
1,095,000 |
Other Liabilities |
60,501,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
121,986,000 |
|
Invest& other Assets |
14,391,000 |
Retained Earnings |
12,680,000 |
|
|
|
Net Worth |
(23,593,000) |
|
Total Assets |
98,393,000 |
Total Liab. & Equity |
98,393,000 |
|
Total Assets (Previous Year) |
108,085,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
89,507,000 |
Net Profit |
4,170,000 |
|
Sales(Previous yr) |
88,257,000 |
Net Profit(Prev.yr) |
6,047,000 |
|
Report Date : |
04.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
KHANDELWAL BROTHERS LIMITED |
|
|
|
|
Registered
Office : |
24, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
15.11.1955 |
|
|
|
|
Com. Reg. No.: |
21-022803 |
|
|
|
|
Capital Investment/
Paid-up Capital: |
Rs.5.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909WB1955PLC022803 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALK00748G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Exporters and Suppliers of Cosmetics, Perfumes and Hair
Accessories. |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a established company having moderate track record. There
appears huge accumulated losses recorded by the company. However, trade
relations are reported to be fair. Business is active. Payment are reported
to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and
secured 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ 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 : |
24, |
|
Tel. No.: |
91-23-22308762 |
|
Fax No.: |
91-33-25007587 |
|
E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Himani Madanmohan Khandelwal |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
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|
Address : |
Kishore Vihar 6 M L Dhanumar Marg, Mumbai – 400026, |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
18.10.1970 |
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Date of Appointment : |
28.09.2005 |
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Din No.: |
00990450 |
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Other Directorship:
|
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|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Rajeev Khandelwal |
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|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
Kishore Vihar 6 M L Dhanumar Marg, Mumbai – 400026, |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
19.01.1964 |
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|
Date of Appointment : |
17.04.1993 |
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Din No.: |
02344140 |
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Other Directorship:
|
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|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Pushpalata Gairola |
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|
Designation : |
Director |
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|
Address : |
B K C P School, Kanhan, |
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|
Date of Appointment : |
01.11.2005 |
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Din No.: |
02095509 |
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Other Directorship:
|
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|
||||||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Deviprasad Khandelwal and Company Private Limited |
|
3000 |
|
Khandelwal Mining and
Ores Private Limited |
|
100 |
|
Kishore Kanti Khandelwal |
|
2000 |
|
Rajeev Khandelwal |
|
49278 |
|
Kishore Kanti Khandelwal |
|
113 |
|
Kishore Kanti Khandelwal |
|
500 |
|
Himani Khandelwal |
|
5 |
|
Rajesh Khandelwal |
|
1 |
|
Rachana Samarth Gairola |
|
1 |
|
Pushpalata Gairola |
|
1 |
|
Samarth Gairola |
|
1 |
|
Total |
|
55000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
5.63 |
|
Directors or relatives of directors |
|
94.37 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporters and Suppliers of Cosmetics, Perfumes and Hair
Accessories. |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
Punjab National Bank |
||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||
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Facilities : |
Rs.
In Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P C Mehra and Company Chartered Accountant |
|
Address : |
716, Maker Chambers V, Nariman Point, Mumbai -40021, |
|
Tel. No.: |
91-22-22825044 |
|
Fax No.: |
91-22-22824817 |
|
E-Mail : |
|
|
Pan No.: |
AABFP7194B |
|
|
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000 |
Equity Shares |
Rs.100/- each |
Rs.15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55000 |
Equity Shares |
Rs.100/- each |
Rs.5.500
Millions |
|
|
|
|
|
Note: of the above shares 8000 shares are allotted
as fully paid and 2000 shares are allotted as paid- up to the extent of Rs.90/-
each per shares pursuant to contract without payment received in cash per last
balance sheet
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 |
5.500 |
5.500 |
5.500 |
|
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
|
3] Reserves & Surplus |
12.680 |
12.679 |
12.679 |
|
|
|
4] (Accumulated Losses) |
(41.773) |
(45.944) |
(51.991) |
|
|
|
NETWORTH |
(23.593) |
(27.765) |
(33.812) |
|
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
10.000 |
10.000 |
10.000 |
|
|
|
2] Unsecured Loans |
39.848 |
50.372 |
50.521 |
|
|
|
TOTAL BORROWING |
49.848 |
60.372 |
60.521 |
|
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
WORKS LIABILITY |
60.000 |
60.000 |
60.000 |
|
|
|
|
|
|
|
|
|
|
TOTAL |
86.255 |
92.607 |
86.709 |
|
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.095 |
1.129 |
1.342 |
|
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
INVESTMENT |
14.391 |
15.544 |
16.932 |
|
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
16.972
|
21.573 |
15.937 |
|
|
|
Sundry Debtors |
7.624
|
10.683 |
9.602 |
|
|
|
Cash & Bank Balances |
19.038
|
19.850 |
20.376 |
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
|
Loans & Advances |
39.273
|
39.306 |
35.653 |
|
|
Total
Current Assets |
82.907
|
91.412 |
81.568 |
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditors |
11.637
|
15.065 |
12.721 |
|
|
|
Other Current Liabilities |
0.501
|
0.413 |
0.000 |
|
|
|
Provisions |
0.000
|
0.000 |
0.412 |
|
|
Total
Current Liabilities |
12.138
|
15.478 |
13.133 |
|
|
|
Net Current Assets |
70.769
|
75.934 |
68.435 |
|
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
TOTAL |
86.255 |
92.607 |
86.709 |
|
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
89.507 |
88.257 |
66.811 |
|
|
|
Other Income |
2.619 |
1.797 |
2.743 |
|
|
|
TOTAL |
92.126 |
90.054 |
69.554 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchased of finished goods |
46.769 |
45.189 |
37.404 |
|
|
|
Purchase of shares |
29.064 |
36.015 |
21.860 |
|
|
|
Salaries, wages and other employee benefits |
2.804 |
2.684 |
2.380 |
|
|
|
Administrative selling other expenses |
4.656 |
4.693 |
3.467 |
|
|
|
Increase/ Decrease in stock |
4.601 |
(5.636) |
15.984 |
|
|
|
TOTAL |
87.894 |
82.945 |
81.095 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4.232 |
7.109 |
(11.541) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.062 |
0.062 |
0.062 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
4.170 |
7.047 |
(11.603) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
1.000 |
0.025 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
4.170 |
6.047 |
(11.628) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(45.944) |
(51.991) |
(40.363) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(41.774) |
(45.944) |
(51.991) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.53 |
6.71 |
(16.72) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.66 |
7.98 |
(17.37) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.96 |
7.38 |
13.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.18) |
(0.25) |
(0.34) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(2.63) |
(3.85) |
(2.18) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.83 |
5.91 |
6.21 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
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] |
No |
|
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 |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
FIXED ASSETS
·
Building
·
·
Furniture and Fixtures
·
Vehicles
·
Office Appliances
·
Air Conditioners
·
Eclectic pump set
·
Generators
·
Computer 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 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 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.52.33 |
|
|
1 |
Rs.84.30 |
|
Euro |
1 |
Rs.67.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
|
18 |
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.