MIRA INFORM REPORT
|
Report Date : |
05.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
KEMS FORGINGS LIMITED
(w.e.f. 14.07.2011) |
|
|
|
|
Formerly Known
As : |
KEMS FORGING LIMITED
(w.e.f. 17.06.2011) KEMS FORGINGS LIMITED
(w.e.f. 06.07.2010) SREE LAKSHMI INDUSTRIAL
FORGE AND ENGINEERS LIMITED (w.e.f. 06.03.1997) SREE LAKSHMI INDUSTRIAL
FORGE AND ENGINEERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Donna Bas Tower, 2nd
Floor, 100, Railway Parallel Road, Seshadripuram, Bangalore – 560 020,
Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.07.1970 |
|
|
|
|
Com. Reg. No.: |
08-001918 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.19.880
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110KA1970PLC001918 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS8846C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in manufacturing of closed die steel forgings and
machined forgings (hot forging) primarily catering to the automotive and
construction equipment industry. |
|
|
|
|
No. of Employees
: |
475 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2272000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having moderate track record. Rating reflects moderate
financial risk profile due to deterioration in profit of the company and
moderately high customer concentration. However, trade
relations are fair. Business is active. Payment terms are slow but correct. The company can
be considered for business dealing 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from
$31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limits-State Bank of India: BB |
|
Rating Explanation |
Inadequate credit quality and high credit risk. |
|
Date |
July, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund Based Limits-State Bank of India: A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
July, 2013 |
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 : |
Mr. Sujit |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-80-23082600 |
|
Date : |
02.04.2014 |
LOCATIONS
|
Registered Office/ Corporate Office : |
Donna Bas Tower, 2nd
Floor, 100, Railway Parallel Road, Seshadripuram, Bangalore – 560 020,
Karnataka, India |
|
Tel. No.: |
91-80-23082600 |
|
Fax No.: |
91-80-23464622 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Plot No.B-35, KIADB Industrial Area, Hoskote, District Bangalore – 562
114, Karnataka, India |
|
Tel. No.: |
91-80-27971165 |
|
Fax No.: |
91-80-27971166 |
|
|
|
|
Factory 2 : |
Plot No.8, Attibele Industrial Area, Icchangoor Village, Anekal Taluk,
Bangalore, Karnataka, India |
|
Tel. No.: |
91-80-27820112/ 113 |
|
Fax No.: |
91-80-27820517 |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Kushal Kumar Gandhi |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Modi
Sadan, 3rd Floor, Flat No.7, Ashok Nagar, 11th Road,
J.V.P.D. Scheme, Vile Parle, Mumbai – 400 049, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
12.05.1969 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
17.10.1996 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00056128 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
ADXPG3045K |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Manish Gandhi |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
78/5, 8th
Cross, 8th Main, RMV
Extension Sadahivanagar, Bangalore – 560 080, Karnataka, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
24.07.1970 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
17.10.1996 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00515230 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
ADPPG5892G |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Deepak Gandhi |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
78/5, 8th
Cross, 8th Main, RMV
Extension Sadahivanagar, Bangalore – 560 080, Karnataka, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
20.06.1973 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
17.10.1996 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00515256 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
ADWPG8202D |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Surendra Kumar Gandhi |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
78/5, 8th
Cross, 8th Main, RMV
Extension Sadahivanagar, Bangalore – 560 080, Karnataka, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
12.07.1945 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
16.04.1990 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00515978 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
ADWPG2543D |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Sujit |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
S.K.
Gandhi |
|
19000 |
|
Pushpa
Devi Gandhi |
|
176000 |
|
Paras
Kumar Gandhi |
|
5000 |
|
Prabha
Devi Gandhi |
|
5500 |
|
Raj Kumar
Gandhi |
|
5000 |
|
Pratap
Singh Gandhi |
|
5000 |
|
Kushal
Gandhi |
|
159000 |
|
Manish
Gandhi |
|
204000 |
|
Amar
Gandhi |
|
5000 |
|
V.M. Dasot |
|
55500 |
|
Kems
Securities Limited, India |
|
275500 |
|
India
Industrial Enterprises Private Limited, India |
|
49000 |
|
Deepak
Gandhi |
|
205000 |
|
Gautham
Dasot |
|
5000 |
|
H.M.
Dasot |
|
5000 |
|
Gaurav
Dasot |
|
5000 |
|
Seema
Gandhi |
|
135000 |
|
Sonali
Gandhi |
|
133000 |
|
Sonal
Gandhi |
|
106500 |
|
Kems Auto
Components Limited, India |
|
430000 |
|
Total
|
|
1988000 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
37.95 |
|
Directors
or relatives of directors |
|
58.50 |
|
Other
top fifty shareholders |
|
3.55 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of closed die steel forgings and machined
forgings (hot forging) primarily catering to the automotive and construction
equipment industry. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Machining
and Forging Products |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
L/C, Cheque and Credit |
||||
|
|
|
||||
|
Purchasing : |
L/C, Cheque and Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
2010-11 Qty.
|
|
Installed Capacity |
28,800
MT |
|
Actual Production |
14408.346
MT |
GENERAL INFORMATION
|
No. of Employees : |
475 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Ashok
Kumar, Prabhashankar and Company Chartered Accountants |
|
Address : |
73,
Millers Road, Benson Town, Bangalore – 560 046, Karnataka, India |
|
PAN No.: |
AAKFA0917E |
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1988000 |
Equity Shares |
Rs.10/- each
|
Rs.19.880
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
19.880 |
19.880 |
19.880 |
|
(b) Reserves & Surplus |
548.159 |
521.421 |
480.627 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
568.039 |
541.301 |
500.507 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
86.198 |
99.266 |
63.250 |
|
(b) Deferred tax liabilities (Net) |
16.822 |
13.907 |
10.607 |
|
(c)
Other long term liabilities |
0.515 |
1.038 |
0.000 |
|
(d)
Long-term provisions |
2.243 |
2.324 |
2.463 |
|
Total
Non-current Liabilities (3) |
105.778 |
116.535 |
76.320 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
141.721 |
148.448 |
157.029 |
|
(b)
Trade payables |
226.522 |
236.698 |
273.745 |
|
(c)
Other current liabilities |
204.160 |
208.057 |
213.920 |
|
(d)
Short-term provisions |
0.000 |
10.513 |
13.426 |
|
Total
Current Liabilities (4) |
572.403 |
603.716 |
658.120 |
|
|
|
|
|
|
TOTAL |
1246.220 |
1261.552 |
1234.947 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
672.382 |
679.880 |
676.840 |
|
(ii)
Intangible Assets |
1.973 |
1.922 |
0.000 |
|
(iii)
Capital work-in-progress |
77.483 |
50.791 |
29.585 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.001 |
0.001 |
0.001 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
10.415 |
10.346 |
24.770 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
762.254 |
742.940 |
731.196 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
5.808 |
5.808 |
5.808 |
|
(b)
Inventories |
164.966 |
173.722 |
187.708 |
|
(c)
Trade receivables |
276.803 |
296.212 |
259.715 |
|
(d)
Cash and cash equivalents |
22.009 |
13.687 |
17.016 |
|
(e)
Short-term loans and advances |
5.533 |
14.965 |
7.840 |
|
(f)
Other current assets |
8.847 |
14.218 |
25.664 |
|
Total
Current Assets |
483.966 |
518.612 |
503.751 |
|
|
|
|
|
|
TOTAL |
1246.220 |
1261.552 |
1234.947 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from operations |
1202.468 |
1375.597 |
1168.619 |
|
|
|
Other Income |
13.717 |
10.170 |
36.747 |
|
|
|
TOTAL (A) |
1216.185 |
1385.767 |
1205.366 |
|
|
|
(Market Down) |
|
||
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of materials consumed |
681.835 |
850.816 |
750.635 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and stock-in-trade |
22.020 |
(19.968) |
(8.582) |
|
|
|
Employee
benefit expense |
56.290 |
52.958 |
46.966 |
|
|
|
Other
expenses |
326.220 |
351.664 |
288.676 |
|
|
|
TOTAL (B) |
1086.365 |
1235.470 |
1077.695 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
129.820 |
150.297 |
127.671 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
59.857 |
61.707 |
61.276 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
69.963 |
88.590 |
66.395 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
29.762 |
27.619 |
26.604 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
40.201 |
60.971 |
39.791 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
13.463 |
20.176 |
13.437 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
26.738 |
40.795 |
26.354 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1.692 |
30.897 |
4.544 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
70.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1.692 |
30.897 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
Nil
|
2.738 |
11.101 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
13.45 |
20.52 |
13.26 |
|
Expected Sales (2013-2014): Rs.1200.000 millions
The above information has been parted by Mr. Sujit (Finance Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.20
|
2.94 |
2.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.34
|
4.43 |
3.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.44
|
5.04 |
3.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.11 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.40
|
0.46 |
0.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.85
|
0.86 |
0.77 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
19.880 |
19.880 |
19.880 |
|
Reserves & Surplus |
480.627 |
521.421 |
548.159 |
|
Net worth |
500.507 |
541.301 |
568.039 |
|
|
|
|
|
|
long-term borrowings |
63.250 |
99.266 |
86.198 |
|
Short term borrowings |
157.029 |
148.448 |
141.721 |
|
Total borrowings |
220.279 |
247.714 |
227.919 |
|
Debt/Equity ratio |
0.440 |
0.458 |
0.401 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
1168.619 |
1375.597 |
1202.468 |
|
|
|
17.711 |
(12.586) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
1168.619 |
1375.597 |
1202.468 |
|
Profit |
26.354 |
40.795 |
26.738 |
|
|
2.26% |
2.97% |
2.22% |
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 |
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% |
Yes |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
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 |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10478330 |
20/01/2014 |
80,000,000.00 |
KARNATAKA BANK LIMITED |
652 3RD BLOCK, 17TH MAIN,
PB NO.3424, KORAMANGALA, BANGALORE, KARNATAKA - 560034, INDIA |
B96575733 |
|
2 |
10478323 |
20/01/2014 |
135,000,000.00 |
KARNATAKA BANK LIMITED |
652 3RD BLOCK, 17TH MAIN,
PB NO.3424, KORAMANGALA, BANGALORE, KARNATAKA - 560034, INDIA |
B96576988 |
|
3 |
10445523 |
27/01/2014 * |
30,000,000.00 |
TATA CAPITAL FINANCIAL
SERVICES LIMITED |
ONE FORBES, DR. V. B.
GANDHI MARG, FORT, MUMBAI, |
B96388723 |
|
4 |
10443724 |
06/07/2013 |
3,672,000.00 |
MAGMA FINCORP LIMITED |
MAGMA HOUSE, 24 PARK
STREET, KOLKATA, WEST BENGAL |
B82444233 |
|
5 |
10379818 |
13/09/2012 |
1,019,912.00 |
MAGMA FINCORP LIMITED |
MAGMA HOUSE, 24 PARK
STREET, KOLKATA, WEST BENGAL |
B59418533 |
|
6 |
10384174 |
13/09/2012 |
1,019,912.00 |
MAGMA FINCORP LIMITED |
MAGMA HOUSE, 24 PARK
STREET, KOLKATA, WEST BENGAL |
B61193975 |
|
7 |
10379821 |
14/08/2012 |
4,732,800.00 |
MAGMA FINCORP LIMITED |
MAGMA HOUSE, 24 PARK STREET,
KOLKATA, WEST BENGAL - 700016, INDIA |
B59418954 |
|
8 |
10255838 |
30/03/2013 * |
23,800,000.00 |
TATA CAPITAL FINANCIAL
SERVICES LIMITED |
ONE FORBES, DR. V. B.
GANDHI MARG, FORT, MUMBAI, |
B72311004 |
|
9 |
10009119 |
19/04/2007 * |
175,000,000.00 |
STATE BANK OF INDIA |
SPECIALIZED COMMERCIAL
BRANCH, KRISHI BHAVAN, I FLOOR, HUDSON CIRCLE, BANGALORE, KARNATAKA - 560001,
INDIA |
A01823400 |
|
10 |
80002090 |
09/05/2013 * |
559,000,000.00 |
STATE BANK OF INDIA |
SPECIALISED COMMERCIAL
BRANCH, 1ST FLOOR, KRISHI BHAVAN, HUDSON CIRCLE, BANGALORE, KARNATAKA -
560001, INDIA |
B77532927 |
|
11 |
80062551 |
01/10/2003 |
18,500,000.00 |
KARNATAKA STATE FINANCIAL
CORPORATION |
NO.1/1, THIMMAIAH ROAD,
BANGALORE, KARNATAKA - |
- |
|
12 |
80062534 |
12/11/2002 |
20,000,000.00 |
CANARA BANK |
TOWN HALL BRANCH STOCK
EXCHANGE BUILDING, , BANGA |
- |
|
13 |
80062552 |
31/12/2001 |
1,000,000.00 |
CANARA BANK |
TOWN HALL BRANCH, BANGALORE,
KARNATAKA - 560002, INDIA |
- |
|
14 |
80062539 |
29/06/1998 |
1,600,000.00 |
CANARA BANK |
TOWN HALL BRANCH,
BANGALORE, KARNATAKA - 560002, INDIA |
- |
|
15 |
80062538 |
28/10/1996 |
2,500,000.00 |
CANARA BANK |
TOWN HALL BRANCH, BANGALORE,
KARNATAKA - 560002, INDIA |
- |
|
16 |
80062548 |
28/10/1996 |
2,500,000.00 |
CANARA BANK |
TOWN HALL BRANCH,
BANGALORE, KARNATAKA - 560002, INDIA |
- |
|
17 |
80062542 |
28/12/1994 |
1,000,000.00 |
CANARA BANK |
TOWN HALL BRANCH, , BANGALORE,
KARNATAKA - 560002, INDIA |
- |
|
18 |
80062547 |
09/07/1994 |
1,000,000.00 |
CANARA BANK |
TOWN HALL BRANCH,
BANGALORE, KARNATAKA - 560002, INDIA |
- |
*
Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Other loans and advances |
9.878 |
4.093 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
5.336 |
0.000 |
|
Total
|
15.214 |
4.093 |
Note:
The registered office of the company has been shifted from 89/1, Opposite S K
C Shopping Mall, J. C. Road, Bangalore – 560 002, Karnataka to the
present address w.e.f. 16.01.2012.
OPERATIONS AND REVIEW OF OPERATIONS:
The company operates in the
field of manufacturing of forged components for various industries, having
strong capability in design, engineering and consistency in delivering quality
forgings. These qualities give the firm an edge over its competitors. The
manufactured components are used in automobile industry, Earth Moving
Equipments, Hydraulic Cylinders, Valve manufacturing, Oil and Gas industry and
Petrochemicals Industry. The company is committed to building a Growth Oriented
Quality Organization with prime focus on Total Customer Satisfaction through
Forged products and services, achieving this through a process of Continual
Improvement in all areas of operations by involving all the employees. This
shall be achieved through: Implementation of a Documented Quality Management
System - Delivering Defect Free Products on Time Every Time Upgrading
Technology Appropriate to the Changing Needs of Customer - Training, Motivation
and Involving all the Employees in Achieving Excellence in Product Quality This
Policy Shall be periodically reviewed and revised, if needed, to meet the
changing needs of customers The company’s technical wing is furnished with
high-end softwares like CAD/CAM, D-Form, Pro-E and Unigraphics. With the latest
technologies, they continuously come out with value additions and methods there
by helping the industries save cost and time in production. The company’s
manufacturing facilities are situated at easily accessible locations. This
helps the company to source the raw materials easily and deliver the finished
goods comfortably. Each Manufacturing location is well connected with different
modes of transport. The components are exported to Germany, France, Canada, UK,
and USA. As part of the growth, the company has diversified its portfolio by
supplying to more and more customers from different industries. Since the
export market is fast growing, companies from different countries are looking
at the company as a competent and reliable vendor in the industry. These all
initiatives taken by the company and growing business opportunities are the
motivating factors to remain focused on cost effective operations for being
able to service the demand and be profitable as well. Therefore during the
period ended 31st March, 2013, since incorporation, the Company has
earned a profit of Rs.26.738 millions against the profit of Rs.40.795 millions
for the previous period ended 31st March, 2012, after providing the
provision for income tax. However, the business is in a very dynamic state of
growth and the Directors are hopeful of further excellent results during the
current financial year ended 31st March, 2014. The Directors are
continuously looking for avenues for future growth of the Company in
manufacturing industry.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Electrical
Installations
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
·
Measuring
Instruments
·
Furnace
Equipments
·
Jigs
and Equipments
Intangible Assets
·
Computer Software
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.60.32 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
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 |
|
33 |
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.