MIRA
INFORM REPORT
|
Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
KIRI INDUSTRIES LIMITED (w.e.f28.03.2011) |
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|
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Formerly Known
As : |
KIRI DYES AND CHEMICALS LIMITED (w.e.f.10.03.2006) KIRI DYES AND CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
7th
Floor, Hasubhai Chambers, Town Hall, Ellisbridge, Ahmedabad - 380006, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of Incorporation
: |
14.05.1998 |
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Com. Reg. No.: |
04-034094 |
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Capital
Investment / Paid-up Capital : |
Rs. 190.001
Millions |
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|
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CIN No.: [Company Identification
No.] |
L24231GJ1998PLC034094 |
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|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
AHMK01019E |
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Legal Form : |
A Public Limited Liability Company. The Companys Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Dyes, Dyes intermediates and Basic Chemicals. |
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No. of Employees
: |
300
(Approximately) |
RATING & COMMENTS
|
MIRAs Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 15160000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having a fine track record. Company has incurred a huge loss during 2012. However, networth
appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
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.
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 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
RBI DEFAULTERS LIST STATUS
Subjects name is not enlisted as a defaulter in
the publicly available RBI Defaulters list.
EPF (Employee Provident Fund) DEFAULTERS LIST STATUS
Subjects name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [91-79-25894477]
LOCATIONS
|
Registered Office : |
7th
Floor, Hasubhai Chambers, Town Hall, Ellisbridge, Ahmedabad - 380006,
Gujarat, India |
|
Tel. No.: |
91-79-26574371/
72/ 73/ 40237444 |
|
Mobile No.: |
91-9925012884 [Mr. Dhyan V] |
|
Fax No.: |
91-79-26574373/
74 / 25834960 |
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E-Mail : |
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Website: |
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Location : |
Owned |
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Corporate Office/ Factory 1 : |
Dyes Division: Plot No. 299/1/A,
299/1/B and 10/8, Near Water Tank, Phase II, GIDC Estate, Vatva, Ahmedabad
382445, |
|
Tel. No.: |
91-79-25894477/
25835297/ 26730802/ 40237444 |
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Fax No.: |
91-79-25834960/
26769529 |
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E-Mail : |
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Location : |
Owned |
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Factory 2 : |
Intermediates
Division: Block No. 396 / 399/ 403/ 404 EPC Canal Road,, Village: Dudhwada,
Karakhadi, Taluka: Padra, District Vadodara, Gujarat, India |
|
Tel. No.: |
91-2662-273444 |
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Fax No.: |
91-2662-273444 |
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E-Mail : |
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Factory 3 : |
Basic Chemicals
Division: Plot No. 552, 566, 567, 569, 570, 571, Village: Dudhwada, Karakhadi,
Taluka: Padra, District: Vadodara, Gujarat, India |
|
Tel. No.: |
91-2662273724/ 25 |
|
Fax No.: |
91-2662-273726 |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Pravin
Amritlal Kiri |
|
Designation : |
Chairman |
|
Address : |
53, Manek Baug Society,
Ambawadi, Ahmedabad-380006, Gujarat, India |
|
Date of Birth/Age : |
01.11.1945 |
|
Qualification : |
B. Sc.
(Chemistry) |
|
Date of Appointment : |
14.05.1998 |
|
PAN No.: |
AIGPK7830A |
|
|
|
|
Name : |
Mr. Manish
Pravinbhai Kiri |
|
Designation : |
Managing Director |
|
Address : |
53, Manek Baug
Society, Ambawadi, Ahmedabad-380006, Gujarat, India |
|
Date of Birth/Age : |
26.12.1972 |
|
Qualification : |
B. E. (Ele. and
Comm.) MBA. ( |
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Date of Appointment : |
14.05.1998 |
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|
|
|
Name : |
Mr. Shankar R Patel |
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Designation : |
Whole Time Director |
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|
Name : |
Mr. Ajay J. Patel |
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Designation : |
Non Executive Independent Director (upto 14.08.2012) |
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Qualification : |
M. D. (Radio Diagnosis), D.M.R.D. |
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|
Name : |
Mr. Keyoor M. Bakshi |
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Designation : |
Non Executive Independent Director |
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Qualification : |
B. Com, LLB, FCS |
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|
Name : |
Ms. Harsha Bangari |
|
Designation : |
Nominee Director (Export Import Bank of India) |
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|
Name : |
Mr. V. Anish Babu |
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Designation : |
Nominee Director (IFCI Limited) (w.e.f. 13.02.2012) |
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Qualification : |
B.Com, F.C.A., A.C.S. |
KEY EXECUTIVES
|
Name : |
Mr. Suresh S. Gondalia |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5974168 |
31.44 |
|
|
5974168 |
31.44 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5974168 |
31.44 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1579037 |
8.31 |
|
|
1362730 |
7.17 |
|
|
2941767 |
15.48 |
|
|
|
|
|
|
2974006 |
15.65 |
|
|
|
|
|
|
3840308 |
20.21 |
|
|
2591031 |
13.64 |
|
|
678773 |
3.57 |
|
|
2736 |
0.01 |
|
|
131140 |
0.69 |
|
|
318307 |
1.68 |
|
|
224521 |
1.18 |
|
|
2069 |
0.01 |
|
|
10084118 |
53.07 |
|
Total Public shareholding (B) |
13025885 |
68.56 |
|
Total (A)+(B) |
19000053 |
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) |
19000053 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Dyes, Dyes intermediates and Basic Chemicals. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Actual Production |
|
Dyes |
Kgs. |
13614080.00 |
|
H Acid |
Kgs. |
3467100.00 |
|
Vinyl Sulphone |
Kgs. |
4341530.00 |
|
Acetanilide Flake |
Kgs. |
2838500.00 |
|
Other Chemicals (Dyes Intermediates) |
Kgs. |
9650805.00 |
|
Sulphuric Acid |
Kgs. |
8263825.00 |
|
Oleum 23% |
Kgs. |
1267300.00 |
|
Oleum 65% |
Kgs. |
3555910.00 |
|
Chloro Sulphonic Acid |
Kgs. |
1311520.00 |
|
Liquid SO3 |
Kgs. |
1089440.00 |
|
Others (Sulphuric Acid Plant) |
Kgs. |
2453040.00 |
GENERAL INFORMATION
|
No. of Employees : |
300
(Approximately) |
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Bankers : |
State
Bank of India
Bank
of India
Oriental
Bank of Commerce
Export
Import Bank of India
Standard
Chartered Bank
Punjab
National Bank
Indian
Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
V.D. Shukla and Company Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
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Wholly Owned
Subsidiary : |
Kiri
International (Mauritius) Private Limited Dystar Global
Holdings (Singapore) Pte. Limited (formerly known as Kiri Holding Singapore
Private Limited) Synthesis
International Limited SMS Chemicals
Company Limited Kiri Peroxide
Limited |
|
|
|
|
Step down
subsidiary : |
Kiri Investment
and Trading Singapore Private Limited DyStar Colours
Distribution GmbH DyStar Nanjing
Colours Company Limited DyStar Pakistan
(Private) Limited DyStar Singapore
Pte Limited DyStar South
Africa (PTY) Limited. DyStar Taiwan
Limited Color Solutins
International (Shanghai) Company Limited (formerly known as DyStar Textile
Services (Shanghai) Company Limited) DyStar Thai
Limited DyStar UK
Limited DyStar Wuxi
Colours Company Limited PT DyStar
Colours Indonesia Boehme Asia
Limited DyStar
Anilinas Texteis Lda. DyStar
(Shanghai) Trading Company Limited DyStar Benelux
S.P.R.L. DyStar Chemicals
Israel Limited DyStar China
Limited DyStar de
Mexico, S. de R.L. de C.V. DyStar France
S.A.R.L. DyStar Hispania,
S.L. DyStar India
Private Limited DyStar Industria
e Comercio de Produtos Quimicos Ltda. DyStar Italia
S.r.l DyStar Japan
Limited DyStar Kimya
Sanayi ve Ticaret Limited DyStar Korea
Limited DyStar Boehme
Africa (Pty) Limited Texanlab
Laboratories Private Limited Dystar
(Hangzhou) Chemical Company Limited (formerly known as Boehme Republic of
China (Hangzhou) Chemical Auxiliary Company Limited) DyStar Denim
GmbH DyStar
Acquisition Corporation DyStar Americas Holding
Corporation DyStar LP USA Boehme Filatex
Canada Inc. |
|
|
|
|
Joint Venture : |
Lonsen Kiri Chemical Ind. Limited |
|
|
|
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Associate
Company : |
Kiri Infrastructure Private Limited |
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|
|
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Entity Controlled by Key Managerial
Personnel : |
Unique Dyechem |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,00,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 Millions |
|
15,00,00,000 |
Preference Shares |
Rs. 10/- each |
Rs. 1500.000 Millions |
|
|
Total |
|
Rs. 2000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19,000,053 |
Equity Shares |
Rs.10/- each |
Rs. 190.001
Millions |
|
|
|
|
|
The reconciliation
of the number of shares outstanding as at 31.03.2012 and 31.03.2011 is set out
below:
|
Particulars |
31.03.2012 |
|
Number of shares at the beginning |
19,000,053 |
|
Add: Equity Shares issued during the year |
-- |
|
Number of shares at the end |
19,000,053 |
The details of
shareholders holding more than 5% shares as at 31.03.2012 and 31.03.2011 are
set out below:
|
Name of the shareholders |
No. of shares |
% held as at
31.03.2012 |
|
Mr. Pravin Kiri |
7638843 |
40.20 |
|
Mr. Manish Kiri |
1859391 |
9.79 |
|
GMO Emerging Markets Fund |
1231731 |
6.48 |
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 |
|
190.001 |
190.001 |
|
(b) Reserves & Surplus |
|
3600.205 |
3836.099 |
|
(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 |
|
1644.969 |
1562.770 |
|
(b) Deferred tax liabilities (Net) |
|
223.119 |
190.838 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
|
|
|
|
|
(4)
Current liabilities |
|
|
|
|
(a)
Short term borrowings |
|
3183.923 |
2155.236 |
|
(b)
Trade payables |
|
972.852 |
1032.776 |
|
(c)
Other current liabilities |
|
1130.907 |
492.158 |
|
(d) Short-term
provisions |
|
13.594 |
36.969 |
|
TOTAL |
|
10959.570 |
9496.847 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2953.454 |
2697.367 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
948.069 |
168.618 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1663.608 |
1433.049 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
368.582 |
398.884 |
|
(e)
Other Non-current assets |
|
115.520 |
111.640 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1586.736 |
1575.892 |
|
(c) Trade receivables |
|
2659.017 |
2117.541 |
|
(d) Cash and cash equivalents |
|
31.478 |
105.343 |
|
(e) Short-term loans and advances |
|
614.479 |
872.783 |
|
(f) Other current assets |
|
18.627 |
15.730 |
|
TOTAL |
|
10959.570 |
9496.847 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
150.001 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1302.259 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1452.260 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1557.455 |
|
|
2] Unsecured Loans |
|
|
1738.458 |
|
|
TOTAL BORROWING |
|
|
3295.913 |
|
|
DEFERRED TAX LIABILITIES |
|
|
136.850 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4885.023 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1777.157 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1182.673 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1454.634
|
|
|
Sundry Debtors |
|
|
658.653
|
|
|
Cash & Bank Balances |
|
|
119.405
|
|
|
Other Current Assets |
|
|
13.964
|
|
|
Loans & Advances |
|
|
952.694
|
|
Total
Current Assets |
|
|
3199.350
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
780.760
|
|
|
Other Current Liabilities |
|
|
370.524
|
|
|
Provisions |
|
|
123.032
|
|
Total
Current Liabilities |
|
|
1274.316
|
|
|
Net Current Assets |
|
|
1925.034
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.159 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4885.023 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5345.380 |
5724.218 |
3408.468 |
|
|
|
Other Income |
25.028 |
41.608 |
64.927 |
|
|
|
TOTAL |
5370.408 |
5765.826 |
3473.395 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3617.819 |
3240.213 |
|
|
|
|
Purchase of Stock-in-Trade |
146.863 |
916.889 |
|
|
|
|
Changes in Inventories of Finished goods, Work-in-Progress and
Stock-in-Trade |
(106.038) |
(165.584) |
|
|
|
|
Employee Benefits Expense |
214.292 |
135.008 |
|
|
|
|
Administrative Expenses |
89.187 |
47.461 |
|
|
|
|
Manufacturing Expenses |
422.587 |
331.918 |
|
|
|
|
Selling & Distribution Expenses |
112.176 |
120.284 |
|
|
|
|
Prior Period Adjustments |
2.154 |
1.625 |
|
|
|
|
TOTAL |
4499.040 |
4627.814 |
2807.994 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
871.368 |
1138.012 |
665.401 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
523.886 |
438.928 |
205.662 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
347.482 |
699.084 |
459.739 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
302.562 |
186.155 |
117.247 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE EXTRAORDINARY ITEMS AND TAX |
44.920 |
512.929 |
342.492 |
|
|
|
|
|
|
|
|
|
Less/ Add |
EXTRAORDINARY
ITEMS |
218.412 |
128.388 |
6.057 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(173.492) |
384.541 |
348.549 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
62.402 |
54.039 |
99.531 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(235.894) |
330.502 |
249.018 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS BALANCE BROUGHT FORWARD |
946.327 |
665.478 |
455.286 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
16.530 |
12.500 |
|
|
|
Proposed Dividend |
0.000 |
28.500 |
22.500 |
|
|
|
Provision For Dividend Tax |
0.000 |
4.623 |
3.826 |
|
|
|
Debenture Redemption reserve |
80.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
630.433 |
946.327 |
665.478 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
1561.483 |
2397.879 |
1567.756 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
456.264 |
508.664 |
243.364 |
|
|
|
Machinery and Spares |
305.933 |
51.945 |
2.295 |
|
|
TOTAL IMPORTS |
762.197 |
560.609 |
245.659 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(12.42) |
19.86 |
16.60 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
|
Sales Turnover |
1338.870 |
1259.990 |
1331.800 |
1315.500 |
|
Total Expenditure |
1223.730 |
1200.990 |
1275.600 |
1232.100 |
|
PBIDT (Excl
OI) |
115.140 |
59.000 |
56.100 |
83.400 |
|
Other Income |
15.110 |
8.610 |
5.300 |
2.800 |
|
Operating
Profit |
130.250 |
67.610 |
61.500 |
86.300 |
|
Interest |
165.290 |
234.220 |
153.100 |
201.600 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
(35.040) |
(166.610) |
(91.700) |
(115.400) |
|
Depreciation |
80.120 |
81.140 |
80.900 |
77.600 |
|
Profit
Before Tax |
(115.160) |
(247.750) |
(172.600) |
(193.000) |
|
Tax |
0.000 |
0.010 |
0.000 |
(10.200) |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
(115.160) |
(247.760) |
(172.600) |
(182.800) |
|
Extraordinary Items |
(613.530) |
(465.400) |
0.000 |
(37.000) |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(728.690) |
(713.160) |
(172.600) |
(219.800) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(4.39) |
5.73
|
7.17
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.25) |
6.72
|
10.23
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.08) |
4.87
|
7.00
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05) |
0.10
|
0.24
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.27 |
0.92
|
2.27
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93 |
1.26
|
2.51
|
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
CHARGES:
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY
CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER
DEVELOPMENTS |
|
Kiri Industries Limited |
|
DRT |
Default of dues |
Auction Notices/ Notices for Sale- Rs. 9.880 Millions |
-- |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
SHORT-TERM BORROWINGS |
|
|
|
Working Capital Facility |
164.393 |
128.329 |
|
Loans from Directors / Promoters |
2.632 |
43.771 |
|
Inter Corporate Deposits |
139.403 |
0.000 |
|
Total |
306.428 |
172.100 |
REVIEW OF STANDALONE PERFORMANCE:
During the year,
the Company has recorded a total income of Rs. 5370.408 Millions as against Rs.
5765.826 Millions; a decrease of 6.86%; the performance was impacted as the
worldwide economy went through turmoil. Across the world, on account of
economic crisis in various countries, demand has gone sluggish and hence we
could see under utilization of our dyes production capacities making the same
as loss making units. Pile up of inventories on lack of demand has also added to
the wounds of the colours business. Profit before Finance Cost, Depreciation,
Tax and Prior period adjustments decreased from Rs. 1139.637 Millions to Rs.
873.522 Millions in the reporting year, a decline by 23.35% as compared to the
previous financial year. The sharp depreciation of Rupee as against Dollar in
FY 2011-12 had added to the adverse impact of the companys performance and for
the first time in the companys history it reported a Net Loss. Out of the
total Loss for the year 2011-12 of Rs. 235.894 Millions as against a Net Profit
of Rs. 330.502 Millions in the preceding financial year 2010-11, Rs. 218.412
Millions is on account of forex losses.
INDUSTRY STRUCTURE
AND DEVELOPMENT:
The Chemical
Industry is one of the largest and oldest industries. It is crucial for the
economic development of any country, which provides products and enabling
technical solutions to all sectors of the economy. Global chemical industry has
been growing by 3.6% and is currently valued at $3.4 trillion. There has been
notable transition in the global arena during the last 2-3 decades in chemical
industries with a shifting in production from Europe and USA to Asia specially
in China, India, Taiwan, Thailand and Indonesia. India and China are now
preferred sources for supply of chemicals and related products to the global
market.
The Indian
Chemical Industry is growing annually by 3% with global chemical industry,
hence India is an emerging focus destination for Chemical Industry. The global
chemical companies want to join hands with Indian Business Community. The
industry with a large domestic demand potential as compared to other countries,
contributes more than 3% of the overall GDP and it helps the overall economic
growth and net foreign exchange earnings of the Country. If Indian chemical
industries effectively leverage its strengths and manage challenges, adopt
their strategies with advanced technology, enhance research capabilities,
innovate through backward and forward linkages and utilize production
capacities to ensure reduction in dependence on imports, then it can grow at
11% to reach size of $224 billion by 2017.
The Company is a
leading global supplier of reactive dyes, dyes Intermediates in various forms
like standardized spray dried/tray dried, powder/granular. The Company is also
the leading supplier of basic chemicals in India and its product caters to the
various industries.
OUTLOOK AND
OPPORTUNITIES:
The global
economic slowdown has forced major players of other markets to divert their
supply to India. As a result, the domestic chemical sector is witnessing the
double impact of sluggish local demand as well as increased competition from
global and domestic players. The Contribution of chemical industry in GDP has
declined since past two years due to countrys inability to build
competitiveness required to meet global challenges, to develop domestic market
and through building latest in house research and development and low cost of
production. India has emerged as a global supplier of dyestuff, intermediates
and other chemicals and the industry is growing with steady demand from
domestic and export markets. However with the intention to take a leap forward,
the industry has to address the issues concerning clean environment and
simultaneously meet competitive pressures from global markets specifically from
its nearest neighbour, China.
The Company is a
leading player in chemicals industry. By virtue of the large scale facilities
and fully integrated operations from manufacturing of basic chemicals, dye
intermediaries and dyes, the Company derives benefits of economies of scales
and quality control. This along with the Companys wide product range of
colours makes it a preferred partner for sourcing of dyes.
Being vertically
integrated from basic chemicals to dyes has also helped the Company to de-risk
variations in input cost thereby improving margins over a period of time. The
Company believes that its high level of modernization, trained work force and
managerial expertise results in a consistently high level of productivity.
Global buyers
today are increasingly looking to consolidating their sourcing strategy. This
would mean sourcing from fewer countries and fewer vendors. The Company,
therefore, is a preferred vendor because of its size, integrated operations and
modern facilities.
CONTINGENT LIABILITIES
(Rs. in millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Outstanding Letter of Credits issued by Banks. |
229.822 |
339.167 |
|
Guarantees given by Banks on behalf of the Company for various
purposes. * |
2528.623 |
3386.538 |
|
Corporate Guarantees given by the Company on behalf of the Joint
Venture Company. |
890.000 |
890.000 |
|
Corporate Guarantees given by the Company on behalf of wholly owned
Subsidiary Company. * |
886.527 |
1000.000 |
|
Disputed Income Tax / Excise matters for various assessment years for
which appeals are pending with Appellate authorities. |
188.644 |
144.352 |
* Out of the
above, the loans availed for Dystar Acquisition have been paid after 31st
March, 2012 in full for which the Company had given corporate guarantees
amounting to Rs. 3393.644 Millions.
FIXED
ASSETS
Land
Building
Plant
and Machinery
Electrification
Office
Equipments
Furniture
and Fixtures
Vehicles
PRESS RELEASE:
KIRI INDUSTRIES
LIMITED - KIRI INDUSTRIES BAGS BLOCKBUSTER RS. 1000.000 MILLIONS PER ANNUM
MULTI-YEAR ORDER FOR EXPORTS OF DYES
AUG 24 2011
Kiri Industries Limited, Indias leading manufacturer and exporter of Dyes, has bagged a massive about US $20 mm per annum export order for supplies to South East Asia.
This business is over and above the normal expected sales being targeted in the current financial year, FY20 12. (March ending 2012)
Kiri Industries also owns DyStar, the worlcPs largest dyestuff company, with operations across the world, and sales of approximately US $800 mln.
Mr. Manish Kin, MD of Kin 1ndusfrie said “ This landmark order will allow JUL to penetrate into one of the largest textile producers globally wish its entire product range.
KIL has contracted a brilliant product mLr of specially products and commodity products together as one basket would allow KIL to increase its average sales price and average margins.
Profit sharing mechanism with the consumer prices incorporated in provide additional benefits to KIL profits.
This large order will help KJL to strengthen its sales network globally
BODAL CHEM, KIRI INDUSTRIES
DENY TRANSACTION
AHMEDABAD, AUG
29:
Two Gujarat-based chemicals companies, Bodal Chemicals Limited and Kiri Industries Limited, on Monday, denied having transacted any stake in Bodal Chemicals with the latter also legal action against those who misused office stationary to spread the rumors.
Apparently, somebody photocopied the office letterhead on August 27 and sent out the press release the same day claiming about the transaction.
Mr. Suresh Patel, Chairman and Managing Director, Bodal Chemicals, told Business Line on Monday that somebody seems to have misused office stationary in issuing a press release which triggered the rumors to the effect that Bodal Chemicals was divesting its single super phosphate (SSP) plant in Vadodara district to Kiri Industries for a cash consideration of Rs 6400.000 Millions.
We have held no Board meeting in this regard nor taken any decision for any divestment of the said plant and have also informed the bourses accordingly on Monday. We are contemplating action in the matter against the mischief-makers by lodging a case with the police and the cyber crime branch, he added.
Both Bodal Chemicals and Kiri Industries have, separately, informed the stock exchanges denying the transaction.
Earlier, the purported press release created a flutter in business circles as it claimed that the SSP plant, set up with an investment of just Rs 310.000 Millions in 2008 with a 14 lakh metric tonne capacity, had brought in a huge cash of Rs 6400.000 Millions for Bodal Chemicals. The deal, it claimed would it a zero-debt company and still leave plenty of cash with it.
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 Intl
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 companys 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. 57.73 |
|
|
1 |
Rs. 90.61 |
|
Euro |
1 |
Rs. 76.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
This score serves as a reference to assess SCs 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.