MIRA
INFORM REPORT
|
Report Date : |
19.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
KSH DISTRIPARKS PRIVATE LIMITED |
|
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Registered
Office : |
A-18, A-18/1, Talegaon Floriculture and Industrial Park, MIDC, Talegaon – 410507, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
17.05.2006 |
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Com. Reg. No.: |
11-132062 |
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Capital
Investment / Paid-up Capital : |
Rs.130.000 Millions |
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CIN No.: [Company Identification
No.] |
U60210PN2006PTC132062 |
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PAN No.: [Permanent Account No.] |
AACCK9076H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service Provider of Container Handling and Inland Container Depot. |
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No. of Employees
: |
50 (Approximately) |
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 |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a part of KSH Group. It is an established company having a
moderate track record. There appears huge accumulated losses recorded by the
company. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealings on 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting for
more than half of India's output, with only one-third of its labor force. India
has capitalized on its large educated English-speaking population to become a
major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
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.
INFORMATION PARTED BY
|
Name : |
Ms. Kirtida Kale |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-9769330574 |
|
Date : |
16.02.2013 |
LOCATIONS
|
Registered Office / Inland Container Depot : |
A-18, A-18/1, Talegaon Floriculture and Industrial Park,
MIDC, Talegaon – 410507, Maharashtra, India |
|
Tel. No.: |
91-2114-665222 |
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Mobile No.: |
91-9769330574 (Ms. Kirtida Kale) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
DIRECTORS
As on 21.09.2012
|
Name : |
Mr. Kushal Subbayya Hegde |
|
Designation : |
Director |
|
Address : |
Buena Monte NCL Co-Operative Housing Society, Off Pas Han Road, Pune – 411008, Maharashtra, India |
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Date of Birth/Age : |
07.11.1938 |
|
Date of Appointment : |
17.05.2006 |
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DIN No.: |
00135070 |
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|
|
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Name : |
Mr. Rohit Kushal Hegde |
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Designation : |
Director |
|
Address : |
Buena Monte NCL Co-Operative Housing Society, Off Pas Han
Road, Pune – 411008, Maharashtra, India |
|
Date of Birth/Age : |
09.08.1974 |
|
Date of Appointment : |
17.05.2006 |
|
DIN No.: |
00134926 |
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Name : |
Mr. Rajesh Kushal Hegde |
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Designation : |
Director |
|
Address : |
Buena Monte NCL Co-Operative Housing Society, Off Pas Han
Road, Pune – 411008, Maharashtra, India |
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Date of Birth/Age : |
29.08.1970 |
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Date of Appointment : |
17.05.2006 |
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DIN No.: |
00114193 |
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Other Directorship : |
|
|
|
|
|
Name : |
Mr. Akash Aman Mehta |
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Designation : |
Nominee Director |
|
Address : |
14D, Ananta Building, Breach Candy, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
21.06.1974 |
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Date of Appointment : |
21.09.2012 |
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DIN No.: |
00909000 |
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Name : |
Mr. Peter Anthony Allen |
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Designation : |
Nominee Director |
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Address : |
BLK 40, Nassim Hill, 05-42, Singapore 258474 |
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Date of Birth/Age : |
14.05.1955 |
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Date of Appointment : |
17.07.2012 |
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DIN No.: |
03033134 |
KEY EXECUTIVES
|
Name : |
Ms. Kirtida Kale |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Subbaya Kushal Hegde |
|
1034981 |
|
Pushpa Kushal Hegde |
|
658573 |
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Rajesh Kushal Hegde |
|
471809 |
|
Rohit Kushal Hegde |
|
476760 |
|
KSH International Private Limited, India |
|
13030569 |
|
Shubhkamal Leasing and Investments Private Limited, India |
|
2192330 |
|
Waterloo Distributors Private Limited, India |
|
322724 |
|
Kushal Subbaya Hegde |
|
59 |
|
PCRD Services Pte Limited, Singapore |
|
9093903 |
|
Sky Aovance Associates Limited, British Virgin Inland |
|
1818780 |
|
Total |
|
29100488 |
Equity Share Break up (Percentage of Total Equity)
As on 21.09.2012
|
Category |
|
Percentage |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
37.50 |
|
Bodies corporate |
|
53.42 |
|
Directors or relatives of directors |
|
9.08 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Service Provider of Container Handling and Inland Container Depot. |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL INFORMATION
|
Customers : |
End Users ·
JCB ·
APL Logistic ·
Finolex Industries Limited ·
Pudumjee
Industries Limited |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
Cosmos Co-Operative Bank Limited, Laxmi Road Branch, 269/270, Shaniwar
Peth, Pune - 411030, Maharashtra, India Contact No.: 91-20-24461114 |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
A. S. Alva and Company Chartered Accountants |
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Address : |
Flat I - 5, Himali Housing Society, Erandavane, Pune –
411004, Maharashtra, India |
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PAN No.: |
ABYPA9734A |
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Associates : |
·
KSH Logistic Private Limited, Pune, Maharashtra,
India Registered
Address : 26-30, Rahul Chambers, 414 Mumbai – Pune Road, Kasarwadi, Pune –
411034, Maharashtra, India ·
KSH International Private Limited |
CAPITAL STRUCTURE
After 29.09.2012
Authorised Capital : Rs.300.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.248.652 Millions
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
8000000 |
Preference Shares |
Rs.10/- each |
Rs.80.000 Millions |
|
|
Total |
|
Rs.130.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
8000000 |
Preference Shares |
Rs.10/- each |
Rs.80.000 Millions |
|
|
Total |
|
Rs.130.000
Millions |
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 |
130.000 |
40.000 |
40.000 |
|
|
2] Share Application Money |
141.484 |
81.700 |
55.300 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(144.867) |
(137.098) |
(86.016) |
|
|
NETWORTH |
126.617 |
(15.398) |
9.284 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
191.173 |
216.077 |
229.170 |
|
|
2] Unsecured Loans |
0.000 |
79.593 |
70.359 |
|
|
TOTAL BORROWING |
191.173 |
295.670 |
299.529 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
317.790 |
280.272 |
308.813 |
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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] |
313.824 |
289.286 |
293.912 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.506 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.100 |
0.100 |
0.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
34.095
|
10.723 |
12.962 |
|
|
Cash & Bank Balances |
26.639
|
2.647 |
7.410 |
|
|
Other Current Assets |
6.226
|
6.119 |
0.000 |
|
|
Loans & Advances |
11.773
|
13.218 |
14.908 |
|
Total
Current Assets |
78.733
|
32.707 |
35.280 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
22.674
|
14.581 |
16.088 |
|
|
Other Current Liabilities |
42.720
|
23.903 |
9.492 |
|
|
Provisions |
9.473
|
3.337 |
0.000 |
|
Total
Current Liabilities |
74.867
|
41.821 |
25.580 |
|
|
Net Current Assets |
3.866
|
(9.114) |
9.700 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
4.595 |
|
|
|
|
|
|
|
|
TOTAL |
317.790 |
280.272 |
308.813 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Revenue |
174.400 |
73.500 |
40.500 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
(51.082) |
(58.649) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
NA |
(51.082) |
(58.649) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
(15.86) |
(17.82) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
3.32 |
(6.32) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.51 |
(19.20) |
32.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05 |
0.78 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITOR
DETAILS
(Rs.
In Millions)
|
Particulars
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Trade Payables |
22.674
|
14.581 |
16.088 |
|
Total
|
22.674
|
14.581 |
16.088 |
|
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 |
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 two 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 |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
DETAILS OF UNSECURED LOAN
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
LOANS REPAYABLE
ON DEMAND |
|
|
|
- From Others |
0.000 |
1.458 |
|
|
|
|
|
LOANS AND
ADVANCES |
|
|
|
- From Directors |
0.000 |
78.135 |
|
Total |
0.000 |
79.593 |
NOTE:
The registered office
address of the company has been shifted from “461/2 Sadashiv Peth, Tilak Road,
Pune – 411030, Maharashtra, India” to the present address w.e.f. 21.09.2012.
FINANCIAL RESULTS AND
OPERATIONS:
1. Financial Results of the Company – The Company has continued to show robust growth in the FY 11 – 12. Revenues have grown from Rs.73.500 Millions to Rs.174.400 Millions. The Company has seen growth in containers handled from 7,620 TEUs in the previous year to 15,624 TEUs in the current year.
2. Customs Revenue Increase – Customs revenue generated from ICD Talegaon operations have seen a robust growth from Rs.336.700 Millions in FY 2010 – 11 to Rs.2109.600 Millions in FY 2011 – 12. The company was further awarded by the Customs Department, Pune for ‘top revenue generator’, as revenue collections from ICD Talegaon exceeded total revenue collections from all three competing facilities.
3. Capacity Expansion – The company has ramped up capacity by adding yard storage area. The total capacity expansion has meant an addition of yard capacity to store over 3,000 TEUs at any time from the current capacity of 1,000 TEUs, this will auger well with current market requirements.
4. Client Acquisitions – The company continues to add new clients across multiple sectors – General Motors (Auto), Mahindra (Auto), JCB (Auto), Bridgestone (Auto Ancillary), Finolex (Chemicals), Pudumjee (Paper), John Deere (Auto), L’Oreal (FMCG), Volkswagen (Auto), Bajaj Auto (Auto), Cummins India (Auto), Unisource (Paper), Teijin (Chemical), Sakaal (Paper), Thyssen (Project), Thermax (Project), SEMCO (Power), Bilcare (Pharma), Oriental (Rubber) etc.,
5. Future Business Prospects – Overall TEU figures have shown consistent growth from 3,844 TEUs in FY 2009 -2010, to 7,592 TEUs in FY 2010 – 2011 and 15,939 TEUs in 2011 – 2012. It is further expected that this volume will go upto 25,000 TEUs in FY 2012 – 2013. Customs revenue generation is also likely to surpass the 400 Crore mark in 2012 – 2013.
FIXED ASSETS:
· Land and Buildings
· Plant and Equipment
· Furniture and Fixtures
· Office Equipment
· Computer 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.54.29 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
BSN |
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 |
YES |
|
--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.