MIRA
INFORM REPORT
|
Report Date : |
13.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
KEDAR METALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
502, Akruti Arcade, 5th Floor, Near Andheri Sports Complex, J.P. Road, Andheri (West), Mumbai – 400058, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
09.09.1992 |
|
|
|
|
Com. Reg. No.: |
11-068486 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 3.900 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100MH1992PTC068486 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Lead Oxides |
|
|
|
|
No. of Employees
: |
70 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 170000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of ‘Kedar Group’. It is an established company having
a moderate track record. The company has recorded modest scale of business
operation. The profit margin seems to be low. The rating also take into consideration the increase in working
capital intensity of its operations impact the liquidity position. However, trade relations are reported to be fair. Business is active.
Payments are reported to be 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Letter of Credit = A4 |
|
Rating Explanation |
Having minimal degree of safety regarding timely payment of financial
obligation it carry high credit risk |
|
Date |
August, 2012 |
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. Jyoti |
|
Designation : |
Account Department |
|
Contact No.: |
91-22-66845555 |
|
Date : |
12.06.2013 |
LOCATIONS
|
Registered Office : |
502, Akruti Arcade, 5th Floor, Near Andheri Sports Complex, J.P. Road, Andheri (West), Mumbai – 400058, Maharashtra, India |
|
Tel. No.: |
91-22-66845555 / 56929570 / 71 / 72 |
|
Fax No.: |
91-22-56929576 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No. 35, Panchal Udyog Nagar, Daman - 396210,Daman and Diu, India |
|
Tel. No.: |
91-260-2220854 |
|
Fax No.: |
91-260-2220854 |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Dilip Mukundrai Muni |
|
Designation : |
Director |
|
Address : |
403 A-1, Horizon View, Off. J.P. Road, Seven Bunglows,
Versova, Andheri West, Mumbai – 400061, Maharashtra, India |
|
Date of Birth/Age : |
23.06.1946 |
|
Date of Appointment : |
09.09.1992 |
|
DIN No.: |
00801983 |
|
|
|
|
Name : |
Mr. Jitesh Mukundrai Muni |
|
Designation : |
Managing Director |
|
Address : |
7-Mahavir, Khandubhai Desai Road, Vile Parle (West),
Mumbai- 400056, Maharashtra, India |
|
Date of Birth/Age : |
03.05.1956 |
|
Date of Appointment : |
30.11.1992 |
|
DIN No.: |
01225925 |
KEY EXECUTIVES
|
Name : |
Ms. Jyoti |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Muni Mukund Dilip |
|
105000 |
|
Muni Jitesh Kalpana |
|
76000 |
|
Muni Mukund Jitesh |
|
107500 |
|
Muni Dilip Rekha |
|
30000 |
|
Muni Sachin Shylee |
|
60000 |
|
Muni R. Mukundrai and Muni M. Jitesh |
|
11500 |
|
Total |
|
390000 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Lead Oxides |
|
|
|
|
Terms : |
|
|
Selling : |
Cash / Credit |
|
|
|
|
Purchasing : |
Cash / Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
70 (Approximately) |
|
|
|
|
Bankers : |
Dena Bank, Vile Parle (West) Branch, Manoj Villa,
Dashrathlal Joshi Road, Vile Parle (West),, Mumbai - 400056, Maharashtra,
India |
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Shroff and Company Chartered Accountants |
|
Address : |
503, Deluxe Court, Rao Bahadur Bhambardekar Marg, Station Road, Bandra (West), Mumbai – 400050, India |
|
PAN No.: |
AALPS0110J |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
490000 |
Equity Shares |
Rs.10/- each |
Rs.4.900 Millions |
|
10000 |
unclassified shares |
Rs.10/- each |
Rs.0.100 Million |
|
|
Total |
|
Rs.5.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
390000 |
Equity Shares |
Rs.10/- each |
Rs.3.900 Millions
|
|
|
|
|
|
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 |
|
3.900 |
3.900 |
|
(b) Reserves & Surplus |
|
41.058 |
37.790 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3) Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
52.084 |
29.692 |
|
(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 |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
15.635 |
7.762 |
|
(c) Other current liabilities |
|
1.629 |
3.644 |
|
(d) Short-term provisions |
|
1.644 |
0.510 |
|
TOTAL |
|
115.950 |
83.298 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
13.726 |
15.529 |
|
(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 |
|
6.142 |
6.142 |
|
(c) Deferred tax assets (net) |
|
0.222 |
0.086 |
|
(d) Long-term Loan and Advances |
|
6.124 |
10.351 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
8.594 |
14.858 |
|
(c) Trade receivables |
|
51.044 |
34.003 |
|
(d) Cash and cash equivalents |
|
6.634 |
0.883 |
|
(e) Short-term loans and advances |
|
23.464 |
1.446 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
TOTAL |
|
115.950 |
83.298 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
3.900 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
36.648 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
40.548 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
8.195 |
|
|
2] Unsecured Loans |
|
|
10.985 |
|
|
TOTAL BORROWING |
|
|
19.180 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
59.728 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
8.194 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
6.142 |
|
|
DEFERREX TAX ASSETS |
|
|
0.077 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
5.344 |
|
|
Sundry Debtors |
|
|
35.945 |
|
|
Cash & Bank Balances |
|
|
1.655 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
9.176 |
|
Total
Current Assets |
|
|
52.120 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
|
3.161 |
|
|
Provisions |
|
|
3.644 |
|
Total
Current Liabilities |
|
|
6.805 |
|
|
Net Current Assets |
|
|
45.315 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
59.728 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
283.260 |
276.954 |
0.000 |
|
|
|
Other Income |
NA |
NA |
0.000 |
|
|
|
TOTAL |
NA |
NA |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
283.136 |
280.492 |
0.036 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
283.136 |
280.492 |
0.036 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
4.745 |
1.644 |
0.036 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.478 |
0.501 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
3.267 |
1.143 |
0.036 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.03 |
2.90 |
NA |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover |
|
|
450.000 |
The above information has been parted by Ms. Jyoti
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.33
|
2.13 |
0.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.04 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.16
|
0.71 |
0.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.75
|
4.30 |
7.66 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITOR
Rs.
In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Trade payables |
15.635 |
7.762 |
Not
Available |
|
Total |
15.635 |
7.762 |
Not
Available |
|
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 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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
Yes |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24100MH1992PTC068486 |
|
Name of the
company |
KEDAR METALS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
502, Akruti Arcade, 5th Floor, Near Andheri Sports Complex, J.P. Road, Andheri (West), Mumbai – 400058, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
90155354 |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Dena Bank, Vile Parle (West) Branch, Manoj Villa, Dashrathlal Joshi Road, Vile Parle (West),, Mumbai - 400056, Maharashtra, India |
|
Nature of
instrument creating charge |
No instrument was
executed. Charge created by way of equitable mortgage by deposit of title
deeds by constructive delivery. |
|
Date of instrument
Creating the charge |
02.03.2012 |
|
Amount secured by
the charge |
Rs.121.200
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Not applicable. Terms of Repayment Not applicable. Margin Not applicable. Extent and Operation of the charge Security to cover
the principal amount together with interest, commission, liquidated damages /
commitment charges, costs, charges, expenses etc. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Immovable properties being (i) Non- agricultural plot of land or ground of piece or parcel of land of larger known as "Panchal Udyog Nagar" situated at Village Bhimpore within the jurisdiction of Bhimpore Village Panchayat, Taluka Daman, Sub-District and District of Daman bearing Survey No. 175/3 (35) admg. 750 Sq. Meters or thereabout alongwith factory building situated on the said land together with structures, erections, fixed plant and machinery and other fittings and fixtures now constructed, erected or installed thereon, both present and future. (ii) Office Space No.502, on the Fifth Floor, in "Akruti Arcade", JP Road, Opp. Wadia School, Next to Andheri Complex, Andheri West, Mumbai 400058, bearing CTS Mo. 807-B, Village Ambivali, Bombay Suburban District, Bombay admg. 527 Sq. ft. Carpet area. |
|
Date of
instrument modifying the charge |
17.03.2008 |
|
Particulars of
the present modification |
Charge over
immovable properties is now extended to secure the enhanced credit facilities
aggregating Rs.121.200 millions. |
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.58.27 |
|
|
1 |
Rs.91.16 |
|
Euro |
1 |
Rs.77.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.