MIRA
INFORM REPORT
|
Report Date : |
13.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
KAPSONS INDUSTRIES LIMITED (w.e.f. 06.03.1996) |
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Formerly Known As
: |
KAPSONS ELECTRO-STAMPINGS PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
13.02.1987 |
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Com. Reg. No.: |
16-007303 |
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Capital
Investment / Paid-up Capital : |
Rs.400.586
millions |
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CIN No.: [Company Identification
No.] |
U31909PB1987PLC007303 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JLDK00049A |
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PAN No.: [Permanent Account No.] |
AAACK9887G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in
manufacturing of Stamping, Aluminium Dye Cast Components used for Electrical and
Auto Industries for manufacturing of Fans, Motors, Alternators, Various OVMs,
and Indian Railways etc. for various electrical equipments. |
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 5343000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having a moderate track record. There seems dip in the profit of the company during 2013. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealings with some caution.
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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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 |
INDIAN ECONOMIC OVERVIEW
NEWS
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the share goes up further in the
coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption
drive. Chanos believes that many things such as apartment sales, luxury
products, etc. were largely bought with dirty money. And it is now beginning to
impact consumption. This may indeed be bad news for an economy that is
struggling to transition from an investment-driven export-oriented economy to a
domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20%! Equities came in second with annualized
return of 15.5%! However, while these returns may seem mouthwatering, the fact
is that the return from equities adjusted for inflation came down to just 7.1
%.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs.10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long term Bank facilities : B+ |
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Rating Explanation |
Have high risk of default. |
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Date |
August 13, 2013 |
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Rating Agency Name |
CARE |
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Rating |
Short term Bank facilities : A4 |
|
Rating Explanation |
Have minimal degree of safety and carry very
high credit risk |
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Date |
August 13, 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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Baljit Singh |
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Designation : |
Finance Manager |
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Contact No.: |
91-9878424269 |
LOCATIONS
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Registered Office/ Factory : |
G.T. Road, Suranussi, Jalandhar – 144 027, Punjab, India |
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Tel. No.: |
91-181-2670900/ 5066253 |
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Mobile No.: |
91-9878424269 (Mr. Baljit Singh) |
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Fax No.: |
91-181-2671901/ 5066328 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2013
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Name : |
Mr. Narinder Kumar Sehgal |
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Designation : |
Managing Director |
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Address : |
682-683, Model Town, Jalandhar, Punjab, India |
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Date of Birth/Age : |
03.08.1958 |
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Qualification : |
B. Com |
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Experience : |
26 Years |
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Date of Appointment : |
01.04.2011 |
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PAN No.: |
AFRPS3702B |
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DIN No.: |
00232034 |
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Other Directorship :
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Name : |
Mr. Surinder Kumar Sehgal |
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Designation : |
Whole-time director |
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Address : |
682-683, Model Town, Jalandhar, Punjab, India |
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Date of Birth/Age : |
18.03.1949 |
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Qualification : |
B. Tech |
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Experience : |
26 Years |
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Date of Appointment : |
01.04.2011 |
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PAN No.: |
AFRPS3703A |
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DIN No.: |
00232057 |
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Other Directorship :
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Name : |
Mrs. Sunita Sikka |
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Designation : |
Director |
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Address : |
C-3/61 , Janakpuri, New Delhi, India |
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Date of Birth/Age : |
13.01.1956 |
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Qualification : |
B.A |
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Date of Appointment : |
21.02.2005 |
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DIN No.: |
02547964 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Baljit Singh |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Equity Shareholders |
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No. of Shares |
|
Surinder Kumar Sehgal |
|
11447910 |
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Narinder Kumar Sehgal |
|
11467910 |
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Sangeeta Sehgal |
|
114200 |
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Anita Sehgal |
|
114200 |
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Sunita Sikka |
|
400 |
|
Sankalp Vinimay Private Limited, India |
|
5304000 |
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B. D. Finvest Private Limited, India |
|
1020000 |
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Total |
|
29468620 |
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Names of Preference Shareholders |
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No. of Shares |
|
Surinder Kumar Sehgal |
|
3625000 |
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Narinder Kumar Sehgal |
|
3649800 |
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Sangeeta Sehgal |
|
1670000 |
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Anita Sehgal |
|
1645200 |
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Total |
|
10590000 |
AS ON 30.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
21.46 |
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Directors
or relatives of directors |
78.54 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing
of Stamping, Aluminium Dye Cast Components used for Electrical and Auto
Industries for manufacturing of Fans, Motors, Alternators, Various OVMs, and
Indian Railways etc. for various electrical equipments. |
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Exports : |
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Products : |
· Pump |
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Countries : |
· Dubai |
GENERAL INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
· Axis Bank Limited, SCO 30-31, Guru Ram Dass Divine Tower, Ladowali Road, Jalandhar – 144 001, Punjab, India Punjab
National Bank, Civil Lines, Jalandhar – 144 001, Punjab, India State
Bank of India, SME Branch, Civil
Lines, Jalandhar – 144 001, Punjab, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions : |
· Punjab Reliable Investments Private Limited, 16, Defence Colony, Jalandhar, Punjab – 144 001, Punjab, India PKF
Finance Limited, 317, New
Jawahar Nagar, Jalandhar, Jalandhar – 144 001, Punjab, India Punjab
Kashmir Finance Limited, 16 Defence
Colony, Jalandhar – 144 001, Punjab, India Religare
Finvest Limited, D3, P3b,
District Centre, Saket, New Delhi – 110 017, India Intec
Capital Limited, 701,
Manjusha, 57, Nehru Place, New Delhi – 110 019, India |
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Auditors : |
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Name : |
S.K. Vatta and Company Chartered Accountants |
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Address : |
Khanna Building, Milap Chowk, Jalandhar, Punjab, India |
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Tel. No.: |
91-181-4616833 |
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Fax No.: |
91-181-4616833 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAWPV0180G |
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Associates : |
Kapsons Electro Stampings, India |
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Subsidiary Company : |
· B.D. Finvest Private Limited, India (CIN No.: U65993PB1994PTC033371) Sanklap
Vinimay Private Limited, India (CIN No.: U51909WB2004PTC100629) Kapsons
Insulations Private Limited (CIN No.: U29303PB1990PTC010595) |
CAPITAL STRUCTURE
AFTER 30.09.2013
Authorised Capital : Rs.425.000 millions
Issued, Subscribed & Paid-up Capital : Rs.423.586
millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
29900000 |
Equity Shares |
Rs.10/- each |
Rs.299.000 millions |
|
12600000 |
Preference Shares |
Rs.10/- each |
Rs.126.000 millions |
|
|
Total |
|
Rs.425.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
29468620 |
Equity Shares |
Rs.10/- each |
Rs.294.686
millions |
|
10590000 |
Preference Shares |
Rs.10/- each |
Rs.105.900
millions |
|
|
Total |
|
Rs.400.586 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 |
400.586 |
379.296 |
162.598 |
|
(b) Reserves & Surplus |
912.208 |
794.797 |
817.237 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
23.000 |
53.225 |
83.226 |
|
Total
Shareholders’ Funds (1) + (2) |
1335.794 |
1227.318 |
1063.061 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
251.724 |
355.431 |
408.041 |
|
(b) Deferred tax liabilities (Net) |
62.456 |
65.910 |
55.004 |
|
(c) Other long
term liabilities |
89.051 |
12.946 |
0.000 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
403.231 |
434.287 |
463.045 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1082.509 |
903.884 |
936.525 |
|
(b)
Trade payables |
560.199 |
555.042 |
363.274 |
|
(c)
Other current liabilities |
280.402 |
306.711 |
214.488 |
|
(d) Short-term
provisions |
31.000 |
34.710 |
52.574 |
|
Total Current
Liabilities (4) |
1954.110 |
1800.347 |
1566.861 |
|
|
|
|
|
|
TOTAL |
3693.135 |
3461.952 |
3092.967 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1624.694 |
1594.536 |
1465.452 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
42.995 |
39.495 |
34.495 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.921 |
3.515 |
2.490 |
|
(e) Other
Non-current assets |
0.770 |
0.860 |
0.000 |
|
Total Non-Current
Assets |
1672.380 |
1638.406 |
1502.437 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
87.974 |
67.423 |
5.682 |
|
(b)
Inventories |
550.219 |
600.470 |
703.290 |
|
(c)
Trade receivables |
1159.143 |
910.442 |
613.652 |
|
(d) Cash
and cash equivalents |
105.711 |
123.665 |
115.995 |
|
(e)
Short-term loans and advances |
79.486 |
82.240 |
79.011 |
|
(f)
Other current assets |
38.222 |
39.306 |
72.900 |
|
Total
Current Assets |
2020.755 |
1823.546 |
1590.530 |
|
|
|
|
|
|
TOTAL |
3693.135 |
3461.952 |
3092.967 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
3343.646 |
3584.595 |
3248.831 |
|
|
|
Other Income |
14.095 |
10.583 |
12.632 |
|
|
|
TOTAL (A) |
3357.741 |
3595.178 |
3261.463 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2072.588 |
2263.967 |
2213.179 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
9.560 |
18.045 |
(24.252) |
|
|
|
Employee benefit expense |
147.250 |
162.320 |
137.830 |
|
|
|
Other expenses |
719.358 |
693.193 |
528.866 |
|
|
|
Exceptional items |
0.006 |
0.006 |
0.000 |
|
|
|
Extraordinary items |
15.215 |
0.000 |
0.003 |
|
|
|
TOTAL (B) |
2963.977 |
3137.531 |
2855.626 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
393.764 |
457.647 |
405.837 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
294.768 |
314.300 |
226.635 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
98.996 |
143.347 |
179.202 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
87.878 |
81.065 |
71.567 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
11.118 |
62.282 |
107.635 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(3.453) |
24.421 |
33.218 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
14.571 |
37.861 |
74.417 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
US$ 1255424.31 Euro 435947.09 |
US$ 970804.36 Euro 682902.78 |
US$ 496044.13 Euro 744262.20 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Others |
US$ 856670.90 Euro 856670.90 |
US$ 2317679.80 Euro 174698.50 |
US$ 2512662.71 |
|
|
|
Capital Goods |
Nil Nil |
US$ 468600.00 Euro 16627.00 |
US$ 742775.00 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.53 |
1.38 |
4.58 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
5000.000 |
|
|
|
|
|
The above information has been parted by Mr. Baljit Singh (Finance
Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.43
|
1.05 |
2.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.33
|
1.74 |
3.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.30
|
1.82 |
3.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.05 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.00
|
1.03 |
1.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03
|
1.01 |
1.02 |
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 |
162.598 |
379.296 |
400.586 |
|
Reserves & Surplus |
817.237 |
794.797 |
912.208 |
|
Share Application money pending allotment |
83.226 |
53.225 |
23.000 |
|
Net worth |
1063.061 |
1227.318 |
1335.794 |
|
|
|
|
|
|
Long-term borrowings |
408.041 |
355.431 |
251.724 |
|
Short term borrowings |
936.525 |
903.884 |
1082.509 |
|
Total borrowings |
1344.566 |
1259.315 |
1334.233 |
|
Debt/Equity ratio |
1.265 |
1.026 |
0.999 |
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 |
3248.831 |
3584.595 |
3343.646 |
|
|
|
10.335 |
(6.722) |
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 |
3248.831 |
3584.595 |
3343.646 |
|
Profit |
74.417 |
37.861 |
14.571 |
|
|
2.29% |
1.06% |
0.44% |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
LITIGATION DETAILS
PUNJAB AND HARYANA HIGH
COURT
CASE STATUS INFORMATION
SYSTEM
Case Status: PENDING
|
Status of CIVIL APPEAL/COMPANY APPLICATION 752 of 2012
M/S MALWA MANUFACTURING & TRADING
CORP Vs.
KAPSONS INDUSTRIES LTD Pet's Adv.
: RAKESH BHATIA
Last Listed On : No Date
Mentioned List Type : NO LIST TYPE MENTIONED FIR No. : NO FIR DETAILS AVAILABLE /
NOT A CRIMINAL CASE Complaint No. : NO COMPLAINT DETAILS
AVAILABLE Category : NO CATEGORY MENTIONED :NO BENCH MENTIONED Last Hearing Detail 2 : NO BENCH
MENTIONED
Case Updated on: Wednesday, December
19, 2012 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10510501 |
30/06/2014 |
335,600,000.00 |
AXIS BANK LIMITED |
SCO 30-31, GURU RAM DASS
DIVINE TOWER, LADOWALI ROAD, JALANDHAR, PUNJAB - 144001, INDIA |
C12403226 |
|
2 |
10391614 |
15/12/2012 |
12,500,000.00 |
PUNJAB RELIABLE
INVESTMENTS PRIVATE LIMITED |
16, DEFENCE COLONY, JALANDHAR,
PUNJAB, PUNJAB - 144001, INDIA |
B63985931 |
|
3 |
10391492 |
14/12/2012 |
5,000,000.00 |
PKF FINANCE LIMITED |
317, NEW JAWAHAR NAGAR,
JALANDHAR, JALANDHAR, PUNJAB - 144001, INDIA |
B63938450 |
|
4 |
10391486 |
14/12/2012 |
7,500,000.00 |
PUNJAB KASHMIR FINANCE
LIMITED |
16DEFENCE COLONY,
JALANDHAR CITY, PUNJAB, PUNJAB - 144001, INDIA |
B63935878 |
|
5 |
10377429 |
14/09/2012 |
50,000,000.00 |
AXIS BANK LIMITED |
OPPOSITE MINI
SECRETARIAT, LADOWALI ROAD, JALANDHAR, PUNJAB - 144001, INDIA |
B58450644 |
|
6 |
10362240 |
27/06/2012 |
265,000.00 |
RELIGARE FINVEST LIMITED |
D3, P3B, DISTRICT CENTRE,
SAKET, NEW DELHI, DELHI - 110017, INDIA |
B42287656 |
|
7 |
10362182 |
27/06/2012 |
10,439,000.00 |
RELIGARE FINVEST LIMITED |
D3, P3B, DISTRICT CENTRE,
SAKET, NEW DELHI, DELHI - 110017, INDIA |
B42257709 |
|
8 |
10357085 |
28/05/2012 |
5,473,000.00 |
INTEC CAPITAL LIMITED |
701, MANJUSHA, 57 NEHRU
PLACE, NEW DELHI, DELHI -110019, INDIA |
B40061582 |
|
9 |
10329517 |
16/01/2012 |
6,500,000.00 |
PKF FINANCE LIMITED |
317, NEW JAWAHAR NAGAR,
JALANDHAR, JALANDHAR, PUNJAB - 144001, INDIA |
B29807179 |
|
10 |
10329511 |
16/01/2012 |
13,500,000.00 |
PKF FINANCE LIMITED |
317, NEW JAWAHAR NAGAR,,
JALANDHAR, JALANDHAR, PUNJAB - 144001, INDIA |
B29806320 |
|
11 |
10232954 |
19/06/2010 |
95,000,000.00 |
STATE BANK OF INDIA |
SCB, CIVIL LINES,
JALANDHAR, PUNJAB - 144103, INDIA |
A91757294 |
|
12 |
10216800 |
20/01/2014 * |
350,000,000.00 |
CANARA BANK |
BMC CHOWK, JALANDHAR,
PUNJAB - 144001, INDIA |
B97050769 |
|
13 |
10096539 |
04/09/2012 * |
199,000,000.00 |
STATE BANK OF INDIA |
SME BRANCH, CIVIL LINES,
JALANDHAR, PUNJAB - 144001, INDIA |
B60912664 |
|
14 |
90172096 |
12/09/2012 * |
1,390,000,000.00 |
STATE BANK OF INDIA |
SME BRANCH, CIVIL LINES, JALANDHAR,
PUNJAB - 144001, INDIA |
B58488313 |
|
15 |
90169441 |
30/03/2001 * |
200,500,000.00 |
STATE BANK OF INDIA |
SPLD. COMMERCIAL BRANCH,
CIVIL LINES, JALANDHAR, PUNJAB, INDIA |
- |
|
16 |
90170998 |
17/10/2000 * |
140,400,000.00 |
STATE BANK OF INDIA |
SPLD. COMMERCIAL BRANCH,
CIVIL LINES, JALANDHAR, PUNJAB, INDIA |
- |
|
17 |
90171929 |
28/04/1998 |
128,000,000.00 |
STATE BANK OF INDIA |
SPLD. COMMERCIAL BRANCH,
CIVIL LINES, JALANDHAR, PUNJAB, INDIA |
- |
* Date of charge modification
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
31.429 |
54.090 |
|
Total
|
31.429 |
54.090 |
MANAGEMENT DISCUSSION
AND ANALYSIS
INDIAN STAMPING
INDUSTRY - AN OVERVIEW
The Stamping Industry is an integral part of manufacturing
sector of Indian Economy. The effect of global economy movements impacts the economy.
The improvement has been seen in last three years after the global meltdown.
Indian casting industry is quit hopeful for exertive growth in current as well
as coming year.
COMPANY UPDATE
Kapsons Industries Limited is a Company engaged in manufacturing of Stamping, Aluminium Dye Cast Components used for Electrical & Auto Industries for manufacturing of Fans, Motors, Alternators, Various OVMs, Indian Railways etc. for various electrical equipments.
FINANCIAL AND
OPERATIONAL PERFORMANCE
With the constant efforts and devotion of its management and workers, the Company has decreased his sales turnover of Rs.3343.600 millions as compared to last years figure of Rs.3584.500 millions, recording a decrease of 06.72% over the previous financial year. The net profits of the Company after tax are Rs.14.500 millions in comparison to Rs.37.800 millions during the last year’s net profits, recording a decrease of 61.64% over the previous financial year, The directors are expecting and putting constant efforts to further improve / increase the production and sales and achieve higher profitability in the coming years.
INDUSTRY FUTURE AND
COMPANY RESPONSE
Since, the Company is producing Industrial products to be used
by electrical equipment manufacturers, Auto Industry, and the some items are
consumed directly by the end use customers and Industry. Many of its items are
used in the Electrical Equipments or Plant and Machinery, directly used in the
development of Infrastructure. As Infrastructure growth is good in India, the
requirement of the Company product will be always be in demand. Even in the
Auto Industry, is also good for growth, the demand for its pressurized die
components will be maintained over the number of coming year. The Company is
making constant changes in its system of production per the requirements of the
Customers with respect to the quality, cost and timely delivery of products.
Thus, taking it as a positive indicator the Company’s response has been to
broad base its production level. New machineries continue to be installed and
further machinery is proposed and planned to be installed to meet the rising
demands in future.
FUTURE OUTLOOK /
EXPANSION
The Company has achieved the highest ever sales during the
year since inception of the company. Further, considering the demand of the
customers, the Company is in process to enlarge its production base and for
that purpose further new machinery is proposed to be installed. The company is
regularly conversing with its bankers and other financial institutions to
provide finance for the expansion in production facilities and it is expected
that by proposed induction f new machinery and by up gradation of technology,
the production level and sales would be further improved during the current
year. The Company is also making lot of investments and value additions of the
existing products to improve quality and customer dependency on its products.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
a) Towards Bank Guarantees/letter of credits In favour of
the suppliers etc. |
189.050 |
189.050 |
|
b) Towards disputed Excise tax demands for which the Company
has preferred Appeals/raised objections with the appropriate authorities. |
23.692 |
25.625 |
|
c) Towards disputed service tax demands for which the
Company has preferred Appeals/raised objections with the appropriate
authorities. |
0.323 |
0.000 |
|
d) Towards disputed VAT demands for which the Company has
preferred Appeals/raised objections with the appropriate authorities. |
4.132 |
13.626 |
|
e) Towards unpaid dividend on 9% cumulative Redeemable Preferences shares |
9.531 |
9.531 |
|
f) Towards corporate guarantee to bank of its Subsidiary company |
199.000 |
199.000 |
|
Total
|
425.728 |
436.832 |
FIXED ASSETS:
· Land
Buildings
Plant
and Equipment
Furniture
and Fixtures
Vehicles
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.61.18 |
|
|
1 |
Rs.102.56 |
|
Euro |
1 |
Rs.81.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.