MIRA
INFORM REPORT
|
Report Date : |
26.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
KANDOI FABRICS PRIVATE LIMITED |
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Registered
Office : |
406, 4th Floor, 33-A, Lotus House, New Marine Lines, Mumbai – 400020, Maharashtra, India |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
12.02.1990 |
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Com. Reg. No.: |
11-055377 |
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Capital
Investment / Paid-up Capital : |
Rs. 7.413 Millions |
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|
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CIN No.: [Company Identification
No.] |
U17120MH1990PTC055377 |
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|
PAN No.: [Permanent Account No.] |
AAACK3305M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and supplier of HDPE and PP woven sacks, bags, HDPE and PP woven sheets HDPE and PP woven fabrics, HDPE and PP tapes. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1000000 |
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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 a satisfactory track record.
Trade relations are reported to be fair. Business is active. Payments are reported
to be usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Kanu Patel |
|
Designation : |
EXIM Department |
|
Date : |
24.04.2013 |
LOCATIONS
|
Registered Office : |
406, 4th Floor, 33-A, Lotus House, New Marine Lines,
Mumbai – 400020, Maharashtra, India |
|
Tel. No.: |
91-22–66338751 / 66338752 / 66342029 / 66342053 |
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Fax No.: |
91-22 - 22072660 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Vijaykumar Laxminarayan Agarwal |
|
Designation : |
Director |
|
Address : |
202, Doshi Palace, 2nd Floor, Walkeshwar Road, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
25.04.1940 |
|
Date of Appointment : |
20.02.2009 |
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Pan No.: |
AABPA4310N |
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DIN No.: |
01250424 |
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|
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|
Name : |
Mr. Niranjankumar Laxminaryan Agrawal |
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Designation : |
Managing Director |
|
Address : |
Ashish Building, 9th Floor, Flat No- 903, Tirupati Apartment, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
20.01.1948 |
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Date of Appointment : |
12.02.1990 |
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Pan No.: |
AABPA4307K |
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DIN No.: |
01255616 |
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|
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|
Name : |
Mr. Prdeepkumar Laxminarayan Agarwal |
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Designation : |
Director |
|
Address : |
Ashish Building, 9th Floor, Flat No- 903, Tirupati Apartment, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
26.06.1963 |
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Date of Appointment : |
30.12.2008 |
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DIN No.: |
02206116 |
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|
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Name : |
Mr. Rajeshkumar Vijaykumar Agarwal |
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Designation : |
Director |
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Address : |
2A, Jai Hind Building, Dr. Atamaram Merchan Road, Bhuleshwar, Mumbai – 400002, Maharashtra, India |
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Date of Birth/Age : |
08.10.1988 |
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Date of Appointment : |
29.09.2012 |
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DIN No.: |
05163726 |
KEY EXECUTIVES
|
Name : |
Mr. Kanu Patel |
|
Designation : |
EXIM Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Niranjan Kumar Agarwal |
|
7791 |
|
Niranjan Kumar Agarwal (HUF) |
|
2465 |
|
Nirmala Agarwal |
|
6760 |
|
Rahul Agarwal |
|
520 |
|
Vijay Kumar Agarwal |
|
3890 |
|
Vijay Kumar Agarwal (HUF) |
|
650 |
|
Rajesh Agarwal |
|
1365 |
|
Pradeep Kumar Agarwal |
|
2780 |
|
Pradeep Kumar Agarwal (HUF) |
|
1820 |
|
Rita Agarwal |
|
7150 |
|
Subhashchand Agarwal- (HUF) |
|
780 |
|
L.N.Kandoi and Sons |
|
12350 |
|
Laxminarayan Agarwal – (HUF) |
|
975 |
|
Vicotex Fabric Private Limited |
|
24830 |
|
Total |
|
74126 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
33.50 |
|
Directors or relatives of Directors |
49.84 |
|
Other top fifty shareholders |
16.66 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and supplier of HDPE and PP woven sacks, bags,
HDPE and PP woven sheets HDPE and PP woven fabrics, HDPE and PP tapes. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
· The Royal Bank of Scotland N.V., 4, North Avenue, Level 3, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India ·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg; Lower Parel, Mumbai - 400003, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Lalit Mehta Associates Chartered Accountants |
|
Address : |
Bharat House, 2nd Floor, Office No. 5,104,
Bombay Samachar Marg, Fort, Mumbai – 400001, Maharashtra, India |
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PAN.: |
AACFL5763D |
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Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives |
· Arwin Tex Industries · Daman Polyfabs · Bhim Polyfab Industries ·
Kandoi Polytex Private Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 Millions |
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
74126 |
Equity Shares |
Rs.100/-
each |
Rs.7.413
Millions |
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Disclosure of
shareholding more than five per cent in company
|
Name of shareholder |
Number of shares held in company |
Percentage of shareholding in company |
|
Niranjan Agarwal |
7,791 |
10.51% |
|
Nirmala Agarwal |
6,760 |
9.12% |
|
Vijay Kumar Agarwal |
3,890 |
5.25% |
|
Rita Agarwal |
7,150 |
9.65% |
|
L.N. Kandoi and Sons HUF |
12,350 |
16.66% |
|
Vicotex Fabrics Private Limited |
24,830 |
33.50% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
7.413 |
7.413 |
7.413 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
253.568 |
202.586 |
178.653 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
260.981 |
209.999 |
186.066 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
75.078 |
101.933 |
102.496 |
|
|
2] Unsecured Loans |
192.379 |
161.435 |
32.103 |
|
|
TOTAL BORROWING |
267.457 |
263.368 |
134.599 |
|
|
DEFERRED TAX LIABILITIES |
2.220 |
1.327 |
6.521 |
|
|
|
|
|
|
|
|
TOTAL |
530.658 |
474.694 |
327.186 |
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|
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
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|
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FIXED ASSETS [Net Block] |
211.708 |
231.454 |
161.646 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.655 |
|
|
|
|
|
|
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INVESTMENT |
26.187 |
33.687 |
33.647 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
96.244
|
82.724 |
43.167 |
|
|
Sundry Debtors |
178.810
|
124.932 |
54.519 |
|
|
Cash & Bank Balances |
16.477
|
3.786 |
20.125 |
|
|
Other Current Assets |
13.804
|
13.479 |
0.000 |
|
|
Loans & Advances |
69.593
|
32.480 |
50.784 |
|
Total
Current Assets |
374.928
|
257.401 |
168.595 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
38.211
|
34.666 |
21.976 |
|
|
Other Current Liabilities |
12.954
|
7.182 |
3.904 |
|
|
Provisions |
31.000
|
6.000 |
11.477 |
|
Total
Current Liabilities |
82.165
|
47.848 |
37.357 |
|
|
Net Current Assets |
292.763
|
209.552 |
131.238 |
|
|
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
530.658 |
474.694 |
327.186 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1220.985 |
784.599 |
NA |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1220.985 |
784.599 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
736.073 |
NA |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
1149.304 (Including
Depreciation Expenses) |
736.073 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
48.526 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
25.340 |
7.669 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
71.681 |
23.186 |
10.739 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
25.907 |
(0.747) |
5.495 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
45.774 |
23.933 |
5.244 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
617.52 |
250.74 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.45
|
3.05 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.22
|
4.74 |
3.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.11 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.02
|
1.25 |
0.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.56
|
5.38 |
4.51 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs.
In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
38.211
|
34.666 |
21.976 |
|
Total |
38.211
|
34.666 |
21.976 |
|
Sr. No. |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
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 involved in |
---------------------- |
|
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
FINANCIAL RESULTS:
During the financial year ended on March 31, 2012, the total revenue of the Company was at Rs. 1220.985 Millions during the financial year against Rs.784.599 Millions in the previous year. The company has earned a profit before tax of Rs. 71.681 Millions during the financial year against Rs.23.186 Millions in the previous year.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long-term
borrowings |
|
|
|
Other loans and advances |
8.866 |
8.000 |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand from others |
183.513 |
153.435 |
|
Total |
192.379 |
161.435 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U17120MH1990PTC055377 |
|
Name of the
company |
KANDOI FABRICS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
406, 4th Floor, 33-A, Lotus House, New Marine Lines, Mumbai – 400020, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10224465 |
|
Type of charge |
· Book debts · Movable property (not being pledge) ·
Floating charge |
|
Particular of
charge holder |
The Royal Bank of Scotland N.V., 4, North Avenue, Level 3, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation of Movable Assets |
|
Date of
instrument Creating the charge |
09.07.2012 |
|
Amount secured by
the charge |
Rs.70.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As agreed by and with
the Bank from time to time. Terms of Repayment As agreed by and
with the Bank from time to time. Margin As agreed by and
with the Bank from time to time. Extent and Operation of the charge The Bank is
having first & exclusive charge on the security |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation by way of a) first and exclusive charge on entire current assets (stocks and book debts) both present and future b) first and exclusive charge on entire movable fixed assets, both present and future situated at unit No.1, S. no. 375/6 and 8, Kachigam, Daman c) first and exclusive charge on movable fixed assets, both present and future situated at Unit No.2, S. no.51, Kachigam, Daman. |
|
Date of
instrument modifying the charge |
24.03.2011 |
|
Particulars of
the present modification |
The existing
charge amt of Rs.70.000 Millions is now secured as first and exclusive charge
in favour of the lender (The Royal Bank of Scotland N.V.) instead of first
pari passu charge. The existing charge amount and security shall remains the
same. |
FIXED ASSETS
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Computer equipments
· Other Equipments
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.54.17 |
|
|
1 |
Rs.82.99 |
|
Euro |
1 |
Rs.70.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.