MIRA
INFORM REPORT
|
Report Date : |
24.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
K.A.S INDUSTRIES INDIA LIMITED (PARKT IX) |
|
|
|
|
Registered
Office : |
No. 24, (Old No.36) |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
25.11.2005 |
|
|
|
|
Com. Reg. No.: |
18-012317 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.14.089 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17111TZ2005PLC012317 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Importers and Exporters Of Upper Leather and
Lining Leather |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1165000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having a satisfactory track record.
There appears dip in its profitability during 2012. However, general financial strength seems to be strong. Trade
relations are reported to be fair. Business is active. Payments are reported
to be usually correct and as per commitment. The company can be considered for normal 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 |
|
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.
LOCATIONS
|
Registered Office : |
No. 24, (Old No.36) |
|
Tel. No.: |
91-424-2292431 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
7, Muthu Street, Periampet, Chennai-600003, Tamilnadu, India |
|
|
|
|
Factory 1 : |
Gnanipalayam Post, Thanneerpandal, Vellode Via Perundurai-638112,
Erode District, Tamilnadu, India |
|
|
|
|
Factory 2 : |
118-C, MBT Road, I Cross, Ranipet, India |
|
|
|
|
Factory 3 : |
437/2B C Adbul Hanjeem Road, KAthiyavadi Village, Melvisharam-632509,
Vellore, India |
|
|
|
|
Factory 4 : |
736/2, 4B, 5A, Poondi Road, Vanniyachatrram, Poodi Post,
Valaja-632508, India |
DIRECTORS
AS ON 30.09.2012
|
Name : |
Mr. Allaudin Shameem |
|
Designation : |
Managing Director |
|
Address : |
192, |
|
Date of Birth/Age : |
15.05.1956 |
|
Date of Appointment : |
25.11.2005 |
|
DIN No.: |
00148409 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U01911TZ2002PTC010166 |
PERUNDURAI
LEATHER INDUSTRIES ECO SECURITY PRIVATE LIMITED |
Director |
23-04-02 |
23-04-02 |
27-06-11 |
Active |
NO |
|
2 |
U19201TN2004PTC052699 |
K.A.S.
SHOES PRIVATE LIMITED |
Director |
09-03-04 |
09-03-04 |
- |
Active |
NO |
|
3 |
U19113TZ2004PLC011121 |
K A
S TANNING COMPANY LIMITED |
Director |
28-04-04 |
28-04-04 |
- |
Active |
NO |
|
4 |
U17111TZ2005PLC012317 |
K.A.S
INDUSTRIES INDIA LIMITED (PARKT IX) |
Managing
director |
25-11-05 |
25-11-05 |
- |
Active |
NO |
|
Name : |
Mrs. Abdul Jalal Shahiba Begam |
|
Designation : |
Director |
|
Address : |
192, |
|
Date of Birth/Age : |
07.06.1967 |
|
Date of Appointment : |
25.11.2005 |
|
DIN No.: |
00179384 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U19201TN2004PTC052699 |
K.A.S.
SHOES PRIVATE LIMITED |
Director |
09-03-04 |
09-03-04 |
Active |
NO |
|
2 |
U19113TZ2004PLC011121 |
K A
S TANNING COMPANY LIMITED |
Director |
28-04-04 |
28-04-04 |
Active |
NO |
|
3 |
U17111TZ2005PLC012317 |
K.A.S
INDUSTRIES INDIA LIMITED (PARKT IX) |
Director |
25-11-05 |
25-11-05 |
Active |
NO |
|
Name : |
Kurichi Marappa Mudaliar Varadharaj |
|
Designation : |
Director |
|
Address : |
Kaspappettai, Erode, |
|
Date of Birth/Age : |
22.07.1975 |
|
Date of Appointment : |
31.03.2006 |
|
Date of Cessation : |
23.11.2012 |
|
DIN No.: |
00140479 |
|
|
|
|
Name : |
Mr. Abdul Jalal Mohamed Asick |
|
Designation : |
Director |
|
Address : |
16, Aok Nagar B P Agraharam, Erode-638005, |
|
Date of Birth/Age : |
01.02.1969 |
|
Date of Appointment : |
31.03.2006 |
|
Date of Cessation : |
23.11.2012 |
|
DIN No.: |
01249945 |
|
|
|
|
Name : |
Mr. P I Ashraf Ali Khan |
|
Designation : |
Director |
|
Address : |
C-11, Saibaba Colony, K.K Pudur, Coimbatore-38, |
|
Date of Birth/Age : |
20.07.1975 |
|
Date of Appointment : |
31.03.2006 |
|
Date of Cessation : |
23.11.2012 |
|
DIN No.: |
00144413 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Names of Shareholders |
No. of Shares |
|
Allaudin Shameem |
1019050 |
|
Abdul Jalal Shahiba Begam |
327350 |
|
Sirajudden A |
100 |
|
Abdul Jalal Mohamed Asick |
100 |
|
Rashila Begum S |
100 |
|
K A Abdul Wahid |
100 |
|
Mohammed Farook A |
100 |
|
KAS Tanning Company Limited, India |
32250 |
|
S Mohamed Arshath |
29750 |
|
TOTAL
|
1408900 |
AS ON 30.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importers and Exporters Of Upper Leather and
Lining Leather |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of ·
The Indian Overseas Bank, 56,57,58, Teppakulam
Street, Sankari Main Road, Tiruchengode, Namakkal -634211, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
NOTES
LONG TERM BORROWINGS
1.
There is no default in repayment of principal loan
or interest thereon
2.
Repayment Schedule
(Rs.
In Millions)
|
|
2011 – 12 |
2012 – 13 |
2013 – 14 |
2014 – 15 |
2015 – 16 |
2016 – 17 |
2017 – 18 |
2018 – 19 |
|
380700005 |
4.908 |
4.908 |
4.908 |
4.908 |
2.200 |
0.000 |
0.000 |
0.000 |
|
380700006 |
24.288 |
24.288 |
24.288 |
24.288 |
12.112 |
0.000 |
0.000 |
0.000 |
|
381000002 |
6.000 |
13.236 |
19.680 |
19.680 |
19.680 |
19.680 |
19.680 |
18.164 |
|
32256271007 |
0.000 |
0.200 |
2.400 |
3.600 |
0.600 |
0.000 |
0.000 |
0.000 |
|
380500006 |
6.222 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
381000001 |
8.700 |
8.700 |
8.700 |
8.700 |
6.525 |
0.000 |
0.000 |
0.000 |
|
381000003 |
3.840 |
3.840 |
3.840 |
3.520 |
0.000 |
0.000 |
0.000 |
0.000 |
|
381000002 |
13.570 |
14.358 |
14.358 |
14.358 |
14.358 |
14.358 |
0.000 |
0.000 |
|
3807000004 |
2.780 |
2.780 |
0.231 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A. Kumar Chartered Accountant |
|
Address : |
28/1, |
|
PAN No.: |
AMTPK6524E |
|
|
|
|
Related Parties : |
·
Excel Shoes ·
KAS Leathers ·
KAS Shoes Private Limited ·
KAS Tanning Company Limited ·
M B Leathers |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs. 40.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1408900 |
Equity Shares |
Rs.10/- each |
Rs. 14.089
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 |
|
14.089 |
13.469 |
|
(b) Reserves & Surplus |
|
277.216 |
227.836 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.003 |
|
Total
Shareholders’ Funds (1) + (2) |
|
291.305 |
241.308 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
282.098 |
277.374 |
|
(b) Deferred tax liabilities (Net) |
|
28.515 |
13.844 |
|
(c) Other long term liabilities |
|
24.177 |
63.524 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
334.790 |
354.742 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
103.906 |
126.325 |
|
(b) Trade payables |
|
11.319 |
70.358 |
|
(c) Other current
liabilities |
|
73.028 |
71.275 |
|
(d) Short-term provisions |
|
7.139 |
3.943 |
|
Total Current Liabilities (4) |
|
195.392 |
271.901 |
|
|
|
|
|
|
TOTAL |
|
821.487 |
867.951 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
609.809 |
587.890 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.380 |
|
(b) Non-current Investments |
|
5.450 |
5.450 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
3.533 |
3.540 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
618.792 |
597.260 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
63.486 |
75.998 |
|
(c) Trade receivables |
|
67.751 |
135.662 |
|
(d) Cash and cash
equivalents |
|
21.877 |
21.944 |
|
(e) Short-term loans
and advances |
|
44.189 |
32.082 |
|
(f) Other current
assets |
|
5.392 |
5.005 |
|
Total Current Assets |
|
202.695 |
270.691 |
|
|
|
|
|
|
TOTAL |
|
821.487 |
867.951 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
13.469 |
|
|
2] Share Application Money |
|
|
0.003 |
|
|
3] Reserves & Surplus |
|
|
167.623 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
181.095 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
352.020 |
|
|
2] Unsecured Loans |
|
|
21.697 |
|
|
TOTAL BORROWING |
|
|
373.717 |
|
|
DEFERRED TAX LIABILITIES |
|
|
13.844 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
568.656 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
383.832 |
|
|
Capital work-in-progress |
|
|
46.245 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
5.450 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
61.516 |
|
|
Sundry Debtors |
|
|
59.472 |
|
|
Cash & Bank Balances |
|
|
26.243 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
19.619 |
|
Total
Current Assets |
|
|
166.850 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
25.821 |
|
|
Other Current Liabilities |
|
|
0.188 |
|
|
Provisions |
|
|
7.764 |
|
Total
Current Liabilities |
|
|
33.773 |
|
|
Net Current Assets |
|
|
133.077 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.052 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
568.656 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
851.931 |
825.289 |
477.899 |
|
|
|
Other Income |
19.289 |
42.072 |
29.853 |
|
|
|
TOTAL (A) |
871.220 |
867.361 |
507.752 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
561.454 |
571.564 |
381.633 |
|
|
|
Employees Benefit Expenses |
13.870 |
9.106 |
|
|
|
|
Other Expenses |
111.846 |
125.410 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(15.247) |
(0.671) |
|
|
|
|
TOTAL (B) |
671.923 |
705.409 |
381.633 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
199.297 |
161.952 |
126.119 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
65.928 |
44.746 |
32.306 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
133.369 |
117.206 |
93.813 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
77.188 |
53.257 |
39.025 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
56.181 |
63.949 |
54.788 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
18.581 |
3.736 |
17.712 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
37.600 |
60.213 |
37.076 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
63.202 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
100.278 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Finished Leather |
242.072 |
183.228 |
NA |
|
|
|
Shoe Upper |
16.812 |
0.000 |
NA |
|
|
TOTAL EARNINGS |
258.884 |
183.228 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Chemical Purchase |
4.387 |
3.461 |
NA |
|
|
|
Capital Goods |
0.449 |
43.105 |
NA |
|
|
TOTAL IMPORTS |
4.836 |
46.566 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
27.91 |
44.70 |
-- |
|
%20-%20226525%2024-Jun-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.32
|
6.94 |
7.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.59
|
7.75 |
11.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.88
|
7.41 |
9.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.27 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.33
|
1.67 |
2.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04
|
1.00 |
4.94 |
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 |
No |
|
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) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
NOTE
The Registered office of the company has been
shifted from Door No.192, Bhavani Main Road B.P.Agraharam Erode-5 Tamilnadu
PERFORMANCE OF THE COMPANY
To begin with,
company’s performance has been shown some improvement. The company recorded a
Gross Income of Rs. 871.220 Millions against Rs. 843.538 Millions in the
previous year registering a growth of 3.28%. The operating profit before
depreciation and interest has been Rs. 199.232 Millions as against Rs. 161.941
Millions in the previous year. After charging interest of Rs. 65.928 Millions
(Rs. 44.745 Millions), depreciation and amortization expense Rs. 77.181
Millions (Rs. 53.250 Millions) and providing for tax Rs. 11.558 Millions (Rs.
12.934 Millions), the profit after tax for the year remained at Rs. 37.598
Millions compared to Rs. 60.210 Millions in the previous year.
SPINNING
The company
installed 5760 spindles additionally and thus the company’s spindlage capacity stand
increased to 43440. Spinning unit performed excellently well during the year.
During the year the company has processed 3014294 kgs of cotton and produced
2427028 kgs of yarn. The
financial
performance too, improved significantly.
LEATHER
During the year,
the company has purchased one tanning unit comprised of land and building and
machineries in Melvisharam, Ranipet at a cost of 98,29,100/- being Rs.1.811
Millions towards land, Rs.7.414 Millions towards building and Rs. 0.604 Million
towards machineries. During the year, 209888 nos of rawhides processed into wet
blue and 151651 nos of wet blue into finished leathers. During the year, the
company has exports finished leather amounting Rs. 2419.56 to Italy, Honkong,
Germany, Thailand, Spain, Portugal etc.
WIND MILL
The company
already has 8 windmills aggregating capacity of 4400 KWA - 4 windmills
aggregating 2000 KWA in Chettikulam of Tirunelveli District and Palladam of
Coimbatore District and 4 wind mills of each 600 KWA aggregating 2400 KWA in
Thekasi of Tiruneveli District. During the year, the company has purchased 1 No
of Windmill in the capacity of 600 KWA at a cost of Rs. 27.000 Millions and
land at a cost of Rs. 0.083 Millions (including stamp paper and registration
expenses) With this the company has 9 windmills aggregating capacity of 5000
KVA. The wind mills have generated 10.392 Millions units of power during the
year.
SHOE
On 01.01.2012, the
company has entered into a lease agreement with M/s Excel Shoes, a partnership
firm manufacturing shoes, for taking lease of its shoe unit comprised of land
and building and machineries in Ranipet until the firm selling the unit to the
company. The company started production of shoes from 01.01.2012. The company
eventually purchased the land and building at cost of Rs. 15.745 Millions on
23.02.2012 and continuing the lease terms for the machineries.
During the period
of 3 months the company has produced 22014 pairs shoes upper and exported 22014
pairs of shoes upper. Exports sale of shoes to UK came to Rs. 168.12
FORM 8
|
Corporate
identity number of the company |
U17111TZ2005PLC012317 |
|
Name of the
company |
K.A.S INDUSTRIES
INDIA LIMITED (PARKT IX) |
|
Address of the
registered office or of the principal place of business in |
No.24 (Old No.
36), Veerabathrar Street, Near District Central Library, Erode-638003,
Tamilnadu, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10028192 |
|
Type of charge |
·
Immovable
property ·
Any interest in immovable property ·
Book
debts ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
State Bank of India, Commercial Branch, 78/79, CD Building, Park Road,
Erode -638003, Tamilnadu, India |
|
Nature of
instrument creating charge |
Inter se
agreement between State Bank of India and Indian Overseas Bank 1.Form C1 -
Agreement of Loan for overall limit for Rs.123.500 Millions 2.Form C2 -
Agreement of Hypothecation of Goods and Assets for Rs.123.500 Millions 3.Form C5 -
Letter regarding the Grant of Individual Limits within the Overall Limit for
Rs.123.500 Millions 4. Form A -
Letter of Creation of Equitable Mortgage by way of deposit of title deeds |
|
Date of
instrument Creating the charge |
30.03.2013 |
|
Amount secured by
the charge |
Rs. 123.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Working
capital-13.25%.Term Loan I and II -13.50%. Terms of repayment TERM LOAN -I OF
37.500 Millions-71 Monthly Installments -first installment start from march
2013 and last installment: Jan 2019
(Rs in Millions -0.200 x 13 m, 0.300 x 12 m, 0.525 x12 m, 0.700 x 24 m.,
0.820 x 10 m) TERM LOAN II-1.20
Millions -59 Monthly Installments, first installment start from Oct 2013 and
last installment: Jan 2017 (Rs. in Millions - 0.200 x 30 months., 0.300 x 12
months., 0.240 x 10 months) Margin RM-SIP-FG/Stores/Consumables-25% Book Debts(Cover
Period 90 Days-50% LC-Inland/Import-25% Term Loan I and
II-25% Extent and operation of the charge EPC / PCFC / SBL
/ CC (Hypothecation) / FC Cr. Exposure : Charge over current assets such as
RM, SFG, FG, Receivables and other Current Assets on pari passu basis with
other bank in MBA. FBDN [Non LC] /
SBL : Bills in course of collection and charge over the current assets as
stipulated for EPC facilities on pari passu basis with other bank in MBA. Other LC [WC] / SBL :
Merchandise covered against the bills drawn under LCs and Extension of charge
over the current assets as stipulated for CC on pari passu basis with other
bank in MBA. TL I / LC (CG) :
Exclusive Charge on the land and building of the company related to Shoe
division. TL II : First
charge on the assets to be created out of bank finance. Exclusive charge
: Plant and Machinery of the Leather processing unit at Ranipet. |
|
Short particulars
of the property charged (Including location of the property) |
Em On Land At
Vellur District, Arakkonam Reg. District, Valaja Sub Reg. District Valaja
Taluk, Ward C, Block No.19, T.S.No.2/2B (Old Survey No.12/3) Extent of Dry
Acre 0.50 1/2 (22018 Sq. Ft) Em On Land And
Building At Vellur District, Arakkonam Reg. District, Valaja Sub Reg.
District Valaja Taluk, Ward C, Block No.19, T.S.No.2/2b (Old Survey No.12/3)
Extent of Dry Acre 0.50 1/2 (22018 Sq. Ft) along with Acc Sheet Building,
Electricity Connection (S.C.No.341 and 475) Totally Dry Acre 1.01 (44036 Sq.
Ft) In The Name of KAS Industries India Limtied And A Shameem and A Sahiba
Begam (Exclusive Charge To SBI) Exclusive charge:
Plant and Machinery of the Leather processing unit at Ranipet. |
|
Whether any of
the property or interest therein under reference is not registered in the
name of the company. If yes, in whose
name it is registers |
Yes Allaudin Shameem |
|
Particulars of
the present modification |
Intersee
Agreement Between IOB and SBI |
FIXED ASSETS
·
Machines
·
Vehicles
·
Electrical Machineries
·
Building
·
Land
·
Computer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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] 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. 59.35 |
|
|
1 |
Rs. 92.11 |
|
Euro |
1 |
Rs. 78.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.