|
Report Date : |
12.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
KIN-TEX ENGINEERS PRIVATE LIMITED
|
|
|
|
|
Registered
Office : |
205, |
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
30.12.1987 |
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|
|
|
Com. Reg. No.: |
11-045725 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.100
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29261MH1987PTC045725 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK04945D/ MUMK09027E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is primarily
engaged in the business of dealing in Raw Cotton and Cotton Yarn. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 27000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having moderate track record. Mr. Riken, finance head has confirmed that the business was ceased
during 2011-2012 as the management of the subject was concentrating into the
business of its group companies. From May 2012, the subject recommenced its
business activity. Trade relations are reported as fair. Business is active. Payment
terms are reported as slow but correct. The company can be considered for business dealings with some caution.
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 (FINANCIAL DETAILS)
|
Name : |
Mr. Riken |
|
Designation : |
Finance Head |
|
Contact No.: |
91-22-61505001 |
LOCATIONS
|
Registered Office : |
205, |
|
Tel. No.: |
91-22-61505001 |
|
Mobile No.: |
91-9819401278 (Mr. Sandip Chourasiya) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Administrative Office : |
325/326, A to Z Industrial Estate, 3rd Floor, Next to Peninsula
Tower, Lower Parel, Mumbai – 400 013, Maharashtra, India |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Bhadresh Vasantrai Mehta |
|
Designation : |
Director |
|
Address : |
402, Manju Apartment, 2-A, |
|
Date of Birth/Age : |
28.10.1957 |
|
Date of Appointment : |
30.12.1987 |
|
DIN No.: |
01206174 |
|
|
|
|
Name : |
Mrs. Heena Bhadresh Mehta |
|
Designation : |
Director |
|
Address : |
402, Manju Apartment, 2-A, |
|
Date of Birth/Age : |
13.10.1958 |
|
Date of Appointment : |
30.12.1987 |
|
DIN No.: |
00655763 |
KEY EXECUTIVES
|
Name : |
Mr. Riken |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Bhadresh Vasantrai Mehta |
|
9500 |
|
Heena Bhadresh Mehta |
|
500 |
|
Total
|
|
10000 |
As on 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
primarily engaged in the business of dealing in Raw Cotton and Cotton Yarn. |
||||
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|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Indian Bank, Nepean Sea Road Branch, Nav
Shanthi Nagar, Mumbai – 400 006, Maharashtra, India · The South Indian Bank Limited |
|
|
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|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
J.D. Shah Associates Chartered Accountants |
|
Address : |
401, Purva Plaza Co-Operative Housing Society Limited, Simpoli Road,
Opposite Reliance Energy Limited, Borivali (West), Mumbai – 400 092, |
|
Mobile No.: |
91-9322803666/ 9820094761 |
|
Email : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
ABGPJ9579C |
|
|
|
|
|
Bhadresh Trading Corporation Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
|
|
|
|
|
Reconciliation of
the shares outstanding at the beginning and at the end of reporting period
|
Particulars |
31.03.2012 |
|
|
No. of shares |
Amount (Rs. in
millions) |
|
|
Equity Shares |
|
|
|
At the beginning of the period |
10000 |
0.100 |
|
Issued during the period |
-- |
-- |
|
Outstanding at the end of the period |
10000 |
0.100 |
Terms / rights
attached to equity shares
The company has
only one class of equity shares having a par value of Rs.10 per share. Each holder
of equity shares is entitled to one vote per share.
In the event of
liquidation of the company, the holders of equity shares will be entitled to
receive remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
Details of
shareholders holding more than 5% shares in the company
|
Particulars |
31.03.2012 |
|
|
No. of shares |
% holding |
|
|
Equity Shares of Rs.10 each fully paid |
|
|
|
Mr. Bhadresh V. Mehta |
9500 |
95.00% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
0.100 |
0.100 |
|
(b) Reserves & Surplus |
|
3.774 |
3.932 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
2.820 |
2.820 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) Long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
Long-term provisions |
|
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.256 |
0.256 |
|
(b)
Trade payables |
|
2.060 |
19.560 |
|
(c)
Other current liabilities |
|
0.840 |
1.843 |
|
(d)
Short-term provisions |
|
0.014 |
1.667 |
|
TOTAL |
|
9.864 |
30.178 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
0.000 |
0.000 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
5.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
0.000 |
0.000 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
0.000 |
0.000 |
|
(c)
Trade receivables |
|
0.000 |
23.881 |
|
(d)
Cash and cash equivalents |
|
0.134 |
1.895 |
|
(e)
Short-term loans and advances |
|
4.730 |
4.402 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
TOTAL |
|
9.864 |
30.178 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.100 |
|
|
2] Share Application Money |
|
|
2.820 |
|
|
3] Reserves & Surplus |
|
|
0.205 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
3.125 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.099 |
|
|
TOTAL BORROWING |
|
|
0.099 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3.224 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.000 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000
|
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
3.995 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans, Advances & Deposits |
|
|
0.135 |
|
Total
Current Assets |
|
|
4.130 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.040 |
|
|
Other Current Liabilities |
|
|
0.814 |
|
|
Provisions |
|
|
0.052 |
|
Total
Current Liabilities |
|
|
0.906 |
|
|
Net Current Assets |
|
|
3.224 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3.224 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
26.521 |
0.000 |
|
|
|
Other Income |
0.000 |
0.392 |
0.000 |
|
|
|
TOTAL |
0.000 |
26.913 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
0.000 |
19.560 |
0.000 |
|
|
|
Other Expenses |
0.204 |
1.866 |
0.005 |
|
|
|
TOTAL |
0.204 |
21.426 |
0.005 |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(0.204) |
5.487 |
(0.005) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
(0.244) |
0.095 |
0.001 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
0.040 |
5.392 |
(0.006) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.014 |
1.666 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
0.026 |
3.726 |
(0.006) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B Value of Exports |
0.000 |
26.145 |
0.000 |
|
|
TOTAL EARNINGS |
0.000 |
26.145 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
2.61 |
372.65 |
(0.63) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.00 |
13.84
|
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00 |
20.33
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.82 |
17.87
|
(0.15) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.79
|
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.04 |
0.04
|
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53 |
1.29
|
4.56 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
|
Unsecured Loans |
31.03.2012 (Rs. in Millions) |
31.03.2011 (Rs. in Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Loan from Bhadresh V. Mehta |
0.256 |
0.256 |
|
Total |
0.256 |
0.256 |
CORPORATE INFORMATION
The company is a
private limited company domiciled in
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] 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.58.93 |
|
|
1 |
Rs.91.80 |
|
Euro |
1 |
Rs.78.18 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
31 |
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.