MIRA
INFORM REPORT
|
Report Date : |
31.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
KRYPTON INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Falta Special
Economic Zone, Sector - 1, Plot No. 31 and 32, P S Diamond Harbour, 24 Parganas
- 743 504, West Bengal |
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|
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Country : |
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|
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Financials (as
on) : |
31.03.2013 |
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|
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Date of
Incorporation : |
20.04.1990 |
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Com. Reg. No.: |
21-048791 |
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Capital
Investment / Paid-up Capital : |
Rs.146.971 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
L25199WB1990PLC048791 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALK01120A |
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|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of MCP Tubeless Cycle Tyres, PU Footwear and Health Care
Products such as Wheelchairs. |
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|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1146000 |
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|
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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 a part of Krypton Group. It is an established company
having moderate track record. The rating reflect KIL’s moderate financial risk profile, marked by
modest gearing, debt-protection metrics and its moderate net worth. However, trade relations are fair. Business is active. Payment terms
are slow but correct. 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.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
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
Uptick in
agriculture and construction spread some cheer as the economy grew a higher-than-expected
4.8 % in the three months through September. Manufacturing rose an annual rate
per cent during the quarter and mining fell by 0.4 %, government data showed
while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of
payments is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of
18.4 % between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating B+ |
|
Rating Explanation |
Risk prone credit quality and high risk of
default |
|
Date |
September 02, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
September 02, 2013 |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Vinay Slpani |
|
Designation : |
CA |
|
Contact No.: |
91-9339773896 |
|
Date : |
26.12.2013 |
LOCATIONS
|
Registered Office / Factory 1 : |
Falta Special Economic
Zone, Sector - 1, Plot No. 31 and 32, P S Diamond Harbour, 24 Parganas - 743
504, West Bengal, India |
|
Tel. No. : |
91-3174-222227 |
|
Fax No. : |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Head Office : |
410, Vardaan Building, 25 A, Abanindra Nath Tagore Sarani, 4th
Floor, Kolkata – 700016, West Bengal, India |
|
Tel. No.: |
91-33-22871366 |
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Fax No.: |
91-33-22871084 |
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|
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Factory 2 : |
P.O. and Village Banganagar, Diamond Harbour Road, 24-Parganas (South)
– 743513, West Bengal, India |
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Tel. No. : |
91-31-74241005 |
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|
|
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Factory 3 : |
Falta Special
Economic Zone, Sector - 2, Plot No. 48, 24 Parganas (S) Pin - 743 504, West
Bengal, India |
|
Tel. No. : |
91- 3174-222262 / 67 |
|
|
|
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Factory 4 : |
Falta Special Economic
Zone, Sector - 2, 24 Parganas (S), Pin - 743 504, West Bengal, India |
|
Tel. No. : |
91- 3174-222602 |
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|
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Factory 5 : |
Falta Special
Economic Zone, Sector - 2, Plot No. 49, 24 Parganas (S) Pin - 743 504, West
Bengal |
|
Tel. No. : |
91-3174-222719 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Jay S. Bardia |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Tansukh Gulgulia |
|
Designation : |
Director |
|
|
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|
Name : |
Mr. T. C. Bachhawat |
|
Designation : |
Director |
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|
Name : |
Mr. Pradeep Kumar Singh |
|
Designation : |
Director (w.e.f. 08.12.2010) |
KEY EXECUTIVES
|
Name : |
Mr. P. L. Bardia |
|
Designation : |
Chief Executive |
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|
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|
Name : |
Mr. Tapan Kumar Das |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of
Shareholder |
Total No. of
Shares |
Total No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3858141 |
26.25 |
|
|
3858141 |
26.25 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3858141 |
26.25 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
7000 |
0.05 |
|
|
200 |
0.00 |
|
|
7200 |
0.05 |
|
|
|
|
|
|
2099772 |
14.29 |
|
|
|
|
|
|
2672400 |
18.18 |
|
|
4825048 |
32.83 |
|
|
1234569 |
8.40 |
|
|
910569 |
6.20 |
|
|
324000 |
2.20 |
|
|
10831789 |
73.70 |
|
Total Public shareholding (B) |
10838989 |
73.75 |
|
Total (A)+(B) |
14697130 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
14697130 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of MCP Tubeless Cycle Tyres, PU Footwear and Health Care
Products such as Wheelchairs. |
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|
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Exports : |
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|
Products : |
Wheel Chairs Parts |
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Countries : |
·
USA ·
Thailand ·
South Africa |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
Germany ·
South Korea ·
Netherland ·
China |
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Trade References : |
·
Bayer ·
BSF ·
Huntsman |
|
Terms : |
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Selling : |
Credit (Open Credit) |
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Purchasing : |
L/C and Credit (50 % Advance and 50 % Delivery) |
GENERAL INFORMATION
|
Customers : |
Manufacturer |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
Bank of Baroda, International Business Branch, 4, India Exchange Place,
Kolkata – 700001, West Bengal, India |
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Facilities : |
NOTE: LONG TERM
BORROWINGS A.
Car loan from HDFC Bank was taken during the
financial year 2010-2011 and carries interest @ 8.75% p.a. the loan is
repayable in 60 monthly installment of Rs.51.590 millions, inclusive of interest from the date of loan.
The car loan is secured by hypothecation of Mercedes Car itself. B.
The Car Loan from ICICI Bank was taken during the
Financial Period 2012-13 and carries interest @11.25 % p.a. The loan is
repayable as per term each along with interest from the date of loan. This
loan is secured by hypothecation of the Car. These loans were further secured
by Equitable Mortgage of Leasehold land at Falta and further secured by
personal guarantee of Mr. J. S. Bardia and Mr. T. S. Gulgulia, Directors of
the company. SHORT TERM
BORROWINGS A.
For current Maturities of long term borrowings
please refer to Note B.
The cash credit from Bank of Baroda of Tyre
Division was reviewed during the financial year 2012-13 and carries floating
interest @ Base Rate + 4.25% i.e. 14.75% p.a. with monthly rests subject to
Limit of Rs. 5.000 millions.
The loan is repayable as per term each along with interest, from the date of
loan. The term loan is secured by hypothecation of both present and future
stock of raw material, work in progress, Finished goods, consumable spares,
hypothecation of Book Debts, Notarized Power of Attorney for Book Debts,
Equitable mortgage of Land and building/Factory Shed and hypothecation of
Plant and Machinery of the company lying in and/or stored and / or installed
at any place in India or abroad. Further the loans are secured by personal
guarantee of Mr J.S Bardia, the managing Director of the company along with
Personal guarantee of Mr. T.S Gulgulia, Director the company and Mr P.C.
Daga. The company has not yet accepted the sanction letter and is under
negotiation with the Bank. C.
The packing credit from Bank of Baroda of Tyre
Division was reviewed during the financial year 2012-13 and carries floating
interest @ Base Rate + 1.25% i.e. 11.75% p.a. for PC below 270 Days (Base
Rate +7% if above 270 days) with monthly rests subject to Limit of Rs. 10.000 millions. The loan is
secured by hypothecation of both present and future stock of raw material,
work in progress, Finished goods, Lodgment of Letter of Credit/Company Order,
WTPCG of ECGC, Equitable mortgage of Land and building/Factory Shed. Further
the loans are secured by personal guarantee of Mr J.S Bardia, the manage
Director of the company along with Personal guarantee of Mr. T.S Gulgulia,
Director the company and Mr P.C. Daga. The company has not yet accepted the
sanction letter and is under negotiation with the Bank. D.
The cash credit from Bank of Baroda of Footwear
Division was reviewed during the financial year 2012-13 and carries floating
interest @ Base Rate + 4.25% i.e. 14.75% p.a. with monthly rests (as per
Sanction Letter dated 20.01.2013) with a Limit of " 400 Lacs. The
loan is repayable as per term each along with interest, from the date of
loan. The term loan is secured by hypothecation of both present and future
stock of raw material, work in progress, Finished good, consumable spares,
hypothecation of Book Debts, Power of Attorney for Book Debts, B.P.
Undertaking, D.P. Undertaking, Equitable mortgage of Land and
building/Factory Shed and hypothecation of Plant and Machinery of the company
lying in and/or stored and / or installed at any place in India or abroad.
Further the loans are secured by personal guarantee of Mr. J.S Bardia, the
managing Director of the company along with Personal guarantee of Mr. T.S
Gulgulia, Director of the company and Mr. P.C. Daga. There Company has not
yet accepted the Sanction Letter and is under negotiation with the Bank. E.
The Packing credit from Bank of Baroda of Wheel
Division was taken during the financial Year 2011-12 and carries interest
rate of base rate+1.25% (i.e.,12.00)% p.a at a floating rate with monthly
rests. The loan is repayable as per term each along with interest, from the
date of loan. This loan is secured by hypothecation of stocks, D.P. Note,
Letter of Continuing Security, Export Trust Receipt, Packing Credit
Undertaking, Undertaking to pay penal rate of interest, Letter of Undertaking
for adjusting P/C Drawings and WTPCG of ECGC. These loans were further
secured by Equitable Mortgage of Leasehold land at Falta and structure
standing thereon in the name of the company and lien on FDR and further
secured by personal guarantee of Mr. J.S Bardia and Mr. T.S Gulgulia ,
Directors the company and Binod Kumar Sipani. (As per sanction letter dated
25/04/2012 in the name of Eco Wheels Private Limited, now merged with the
Company). F.
The Cash credit from Bank of Baroda of Wheel
Division was taken during the financial Year 2011-12 and carries interest
rate of base rate+3.5% (i.e.,14.25) % p.a at a floating rate with monthly
rests. The loan is repayable as per term each along with interest, from the
date of loan. This loan is secured by hypothecation of stocks of Raw
Material, W.I.P, Finished Goods and Spares of the co., D.P. Note, Letter of
Continuing Security, Hypothecation of Book Debts up to 90 days, Irrevocable
Power of Attorney for Book Debts (to be notarized), Undertaking cum
declaration cum authority and Extension of charge on Plant & Machinery .
These loans were further secured by Equitable Mortgage of Leasehold land at
Falta and structure standing thereon in the name of the company, lien on FDR
and further secured by personal guarantee of Mr J.S Bardia and Mr. T.S
Gulgulia , Directors the company and Binod Kumar Sipani. (As per sanction
letter dated 25/04/2012 in the name of Eco Wheels Private Limited now merged
with the Company). G.
The Cash credit from Bank of Baroda of Engg.
Division was taken during the financial Year 2011-12 and carries interest
rate of base rate+3.5% (i.e.14.25) % p.a at a floating rate with monthly
rests. The loan is repayable as per term each along with interest, from the
date of loan. This loan is secured by hypothecation of stocks of Raw
Material, W.I.P, Finished Goods and Spares of the co., D.P. Note, Letter of
Continuing Security, Hypothecation of Book Debts upto 90 days, Irrevocable
Power of Attorney for Book Debts (to be notarized), Undertaking cum
declaration cum authority and Extension of charge on Plant & Machinery .
These loans were further secured by Equitable Mortgage of Leasehold land at
Falta and structure standing thereon in the name of the company, lien on FDR
and further secured by personal guarantee of Mr. J.S Bardia and Mr. T.S
Gulgulia, Directors the company and Binod Kumar Sipani. (As per sanction
letter dated 25/04/2012 in the name of Eco Wheels Private Limited now merged
with the Company). H.
The Cash Credit from Bank of Baroda of Plastic
Division was renewed during the financial year 2012-13 and carries interest
rate of [Base Rate+3.25%] i.e,13.5% p.a. with Monthly ests a Limit of Rs. 5.000 millions. Cash Credit
Limit with Bank of Baroda are secured by hypothecation of all kinds of
Stocks, book debts, coverage of WTPCG and WTPSG of ECGS of the Company. This
loan was further secured by Equitable Mortgage of Factory Land &
Building, Plant & Mahinery at SEZ Falta, and Extension of Margin on NFB
Facilities to also secure the other facilities and further secured by
Personal Guarantee of Mr. Jay Singh Bardia, Director of the Company and Mr.
Punam Chand Buchha, Mr. Binod Kumar Sipani and Mr. Sunil Jain. (As per the
Sanction Letter in the name of Barons Polymers Private Limited now merged with the Company) |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jagdish Agarwal and Associates Chartered Accountants |
|
Address : |
446, City Centre, 19, Synagogue Street, Kolkata – 700001, West Bengal,
India |
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|
Enterprises
where control exists Subsidiaries : |
Krypton
Developers Limited (Ceased to be a subsidiary w.e.f 30/03/2013) |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21600000 |
Equity Shares |
Rs.10/- each |
Rs.216.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14697130 |
Equity Shares |
Rs.10/- each |
Rs.146.971 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
146.971 |
116.111 |
43.004 |
|
(b) Reserves & Surplus |
139.711 |
92.674 |
73.321 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
286.682 |
208.785 |
116.325 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
17.514 |
27.560 |
31.702 |
|
(b) Deferred tax liabilities (Net) |
13.610 |
3.762 |
2.961 |
|
(c) Other long term liabilities |
4.027 |
4.421 |
6.560 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
35.151 |
35.743 |
41.223 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
112.452 |
83.711 |
96.981 |
|
(b) Trade payables |
51.050 |
44.114 |
43.383 |
|
(c) Other current
liabilities |
13.572 |
15.158 |
13.143 |
|
(d) Short-term provisions |
1.942 |
0.182 |
1.935 |
|
Total Current Liabilities (4) |
179.016 |
143.165 |
155.442 |
|
|
|
|
|
|
TOTAL |
500.849 |
387.693 |
312.990 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
165.278 |
94.736 |
73.174 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
41.970 |
23.587 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.925 |
10.296 |
10.296 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
10.628 |
29.714 |
28.921 |
|
(e) Other Non-current assets |
8.541 |
5.127 |
3.385 |
|
Total Non-Current Assets |
227.342 |
163.460 |
115.776 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
29.099 |
|
(b) Inventories |
125.428 |
88.515 |
78.783 |
|
(c) Trade receivables |
89.972 |
67.487 |
62.921 |
|
(d) Cash and cash
equivalents |
32.491 |
54.142 |
7.672 |
|
(e) Short-term loans and
advances |
10.969 |
4.962 |
8.953 |
|
(f) Other current assets |
14.647 |
9.127 |
9.786 |
|
Total Current Assets |
273.507 |
224.233 |
197.214 |
|
|
|
|
|
|
TOTAL |
500.849 |
387.693 |
312.990 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
424.931 |
321.357 |
245.968 |
|
|
|
Other Income |
5.879 |
4.833 |
2.232 |
|
|
|
TOTAL |
430.810 |
326.190 |
248.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
16.601 |
23.330 |
5.449 |
|
|
|
Cost of Materials Consumed |
222.343 |
188.068 |
142.966 |
|
|
|
Changes in Inventories |
2.905 |
(1.072) |
(21.679) |
|
|
|
Employee Benefits Expenses |
57.513 |
38.379 |
34.442 |
|
|
|
Power and Fuel |
13.238 |
7.925 |
7.089 |
|
|
|
Other Expenses |
80.820 |
49.913 |
45.656 |
|
|
|
Exceptional Items |
0.000 |
13.742 |
0.000 |
|
|
|
TOTAL |
393.420 |
320.285 |
213.923 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
37.390 |
5.905 |
34.277 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
16.584 |
12.756 |
14.593 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
20.806 |
(6.851) |
19.684 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
12.816 |
7.119 |
6.918 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
7.990 |
(13.970) |
12.766 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
4.000 |
3.230 |
5.741 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
3.990 |
(17.200) |
7.025 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on F.O.B basis |
103.301 |
80.323 |
88.192 |
|
|
TOTAL EARNINGS |
103.301 |
80.323 |
88.192 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Trading Goods and Components |
112.473 |
59.694 |
55.779 |
|
|
|
Stores & Spares |
1.637 |
2.339 |
0.898 |
|
|
|
Capital Goods |
1.073 |
14.186 |
1.849 |
|
|
TOTAL IMPORTS |
115.183 |
76.219 |
58.526 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.27 |
(1.55) |
1.39 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.93
|
(5.27) |
2.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.88
|
(4.35) |
5.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.74
|
(3.79) |
4.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
(0.07) |
(0.11) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.45
|
0.54 |
1.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53
|
1.57 |
1.27 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
8] |
No. of employees |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loans : |
|
|
|
From Other Parties |
16.424 |
26.133 |
|
|
|
|
|
Total |
16.424 |
26.133 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification
|
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10459048 |
30/10/2013 |
58,500,000.00 |
THE FEDERAL BANK LIMITED |
1, R.N.MUKHERJEE ROAD, KOLKATA, West Bengal - 7000 |
B89095970 |
|
2 |
10173587 |
26/05/2012 * |
45,000,000.00 |
BANK OF BARODA |
INTERNATIONAL BUSINESS BRANCH, 4, INDIA EXCHANGE |
B42324483 |
|
3 |
80046274 |
29/06/2009 * |
179,582,000.00 |
BANK OF BARODA |
International Business Branch, 4, India Exchange Place, KOLKATA, West
Bengal - 700001, INDIA |
A65493603 |
|
4 |
90246637 |
13/11/2006 * |
37,000,000.00 |
BANK OF BARODA |
CAMAC STREET BRANCH, 3B CAMAC STRRET, KOLKATA, West Bengal - 700016,
INDIA |
- |
|
5 |
80037772 |
26/05/2012 * |
152,379,000.00 |
BANK OF BARODA |
INTERNATIONAL BUSINESS BRANCH, 4, INDIA EXCHANGE |
B42324707 |
|
6 |
90254050 |
07/01/2008 * |
121,329,000.00 |
BANK OF BARODA |
International Business Branch, 4, India Exchange Place, KOLKATA, West
Bengal - 700001, INDIA |
A38923751 |
|
7 |
90255027 |
19/09/2005 * |
57,300,000.00 |
BANK OF BARODA |
INTERNATION BUSINESS BRANCH, 8; INDIA EXCHANGE PLACE, CALCUTTA, West
Bengal - 700001, INDIA |
- |
|
8 |
90253939 |
26/05/2012 * |
152,379,000.00 |
BANK OF BARODA |
INTERNATIONAL BUSINESS BRANCH, 4, INDIA EXCHANGE |
B42320465 |
|
9 |
90253417 |
31/05/2010 * |
120,822,000.00 |
BANK OF BARODA |
International Business Branch, 4, India Exchange Place, Kolkata, West
Bengal - 700001, INDIA |
A87706552 |
* Date of charge modifications
OVERVIEW AND
REVIEW OF OPERATION
A review on division
wise performance of the company is furnished below:-
TYRE DIVISION
The total income
of the tyre division for the year 2012-13 amounted to Rs.190.184 millions
compared to Rs.144.760 millions of in the previous year i.e. the total income
has increased by about 31.38%. The profit before tax amounted to Rs.0.815
millions as compared to loss of Rs. (5.205) millions previous year.
Company has taken
necessary steps to increase the productivity and cost reduction of every
product in general. With reorganizing of different merged units, overall
performance will improve and overall operational cost will decrease.
FOOTWEAR DIVISION
The total income
of the footwear division for the year 2012-13 amounted to Rs.178.151 millions
compared to Rs.176.103 millions in the previous year i.e. the total income has
increased by about 1.16%. The unit reported a loss before tax of Rs. (5.985)
millions during the year compared to loss of Rs. (8.184) millions in the
previous year.
The continuous
increase in raw materials and slower market conditions have impacted the growth
and profitability of this business.
The company has
taken a comprehensive review of the situation and is taking steps to change the
product and customer mix for a stable business and specifically adding overseas
customers to it business. Company have retained all its customers and have good
continuous orders in hand.
WHEEL DIVISION
[FORMERLY KNOWN AS ECO WHEELS PRIVATE LIMITED (WHEEL DIVISION)]
The total income
of this unit being merged w.e.f. 1.04.2012 for the year 2012-13 amounted to
Rs.174.075 millions compared to Rs.141.783 millions in the previous year i.e.
the total income is being increased by 22.78%.
The unit reported
the profit for the year 2012-13 amounted to Rs.13.550 millions compared to Rs.
10.106 millions in the previous year i.e. showing an increase of 34.08%.
The unit will
further improve its performance due to new efficient increasing steps being
taken and we will see results by mid of 2013 - 14.
ENGINEERING
DIVISION [FORMERLY KNOWN AS ECO WHEELS PRIVATE LIMITED. (ENGG. DIVISION)]
The total income
of this unit being merged w.e.f. 1.04.2012 for the year 2012-13 amounted to
Rs.42.486 millions compared to Rs.35.808 millions in the previous year i.e. the
total income is being increased by 18.65%.
The unit posted
the loss for the year 2012-13 amounted to Rs. (7.416) millions compared to
Rs.(5.155) millions in the previous year .
The division has
inroads to more locations and the "iCare"
brand of products are being recognized in the rehab care equipment
market.
Company has always
taken a long term view of this business and this year the company is expecting
a much better performance due to weaker Rupee and stronger Chinese Yuan, as
they have to compete with Chinese products in India as well as across the
world. This currency situation will help us to increase their sales quickly.
PLASTIC DIVISION
[FORMERLY KNOWN AS BARONS POLYMER PRIVATE LIMITED)
The total income
of this unit being merged w.e.f. 1.04.2012 for the year 2012-13 amounted to
Rs.15.831 millions compared to Rs.13.609 millions in the previous year i.e. the
total income is being increased by 16.33%.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS:-
Krypton Industries
Limited (KIL) has flat year with respect to sales growth and particularly good
year for local market network expansion. The marketing distribution network
will be key focus area for this year also.
The MCP Tubeless
tyre and Castor wheels business is continuously growing. There has been modest
increase in their customer base both in international as well as domestic
market. The overall performance of this division should have been much better
but is affected by increased raw material prices and dollar fluctuation.
The footwear
division too has posted a flat sales. The complete footwear is preferred more
as compare to the footwear component, viz shoe sole business. This trend will
continue this year and krypton will launch newer products in coming months to
strengthen its position further in the Eastern India market. Krypton is working
with very big OEM customers and also selling its own products through
dealership network.
The medical
equipment business has grown further facing stiff competition with cheap
Chinese import. Over the last year the import from China has become more
expensive and the quality of their products has been appreciated by the
customers. This has helped the business to get a very good foothold in the
market and the good quality reputation is bringing better sales.
OUTLOOK AND
OPPORTUNITIES
The Company has
identified the following opportunities and future building business areas: KIL
had a modest growth during the year 2012 - 13 even under difficult and turbulent
market conditions. New amalgamated structure of the units, will bring in new
opportunity in building the existing business into new geographical boundaries.
Company is
exploring the Asian, African and Eastern European market for all of its product
range. These are growing markets compare to its current major market of USA and
Europe. The efforts into Domestic market has brought in good results and
company is making effort to reach more market in the country from selective
markets.
Also their brand "iCare" for rehab products
and "SOFTFLEX" for
footwear is now known brands in Indian market in their respective segments.
FIXED ASSETS
·
Freehold Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Electrical Installations
·
Vehicles
·
Office Equipment
·
Computer
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.62.00 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.85.18 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.