MIRA
INFORM REPORT
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Report Date : |
05.02.2014 |
IDENTIFICATION DETAILS
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Name : |
KISAN MOULDINGS 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 : |
20.11.1989 |
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Com. Reg. No.: |
11-054305 |
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Capital
Investment / Paid-up Capital : |
Rs. 203.251 Millions |
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CIN No.: [Company Identification
No.] |
LU17120MH1989PLC054305 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK05663A |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturers of multiple applications of pipes for water supply, sanitation, sewerage, construction, cable ducting, drinking water, tube wells, submersible pumps and other polymer products for various uses and also engaged in manufacturing of plastic moulded fittings and furniture. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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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 4050000 |
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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 moderate track record. Profitability of the company appears to be low. 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.
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted for
the sixth consecutive month in December, as orders dipped. However, hiring has
risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus on providing payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Term Loan: “BB” |
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Rating Explanation |
Moderate risk of default and high credit risk. |
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Date |
September, 2013 |
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Rating Agency Name |
ICRA |
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Rating |
Fund based limits: “A4” |
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Rating Explanation |
Minimal degree of safety and very high credit risk. |
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Date |
September, 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 DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-42009100)
LOCATIONS
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Registered / Corporate/ Head Office : |
Tex Centre, 'K’ Wing, 3rd Floor, 26-A, Chandivili Road, Near HDFC Bank, Andheri (East), Mumbai - 400072, Maharashtra, India. |
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Tel. No.: |
91-22-28478505/
28478549/ 50/ 52/ 42009100/ 42009200 |
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Fax No.: |
91-22-2847 8508. |
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Email : |
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Website : |
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Factory 1 : |
Survey No. 64/1,
63/1, 70, 71, 72, 74/1/1 Village - Mahagaon, Taluka - Palghar, Boisar,
District Thane, Maharashtra, India |
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Factory 2 : |
Survey No.
34/1/1, Village-Umerkui, Silvassa, Dadra and Nagar Haveli, India |
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Factory 3 : |
Plot No.67 to 74
and 80 to 89, Birkoni Industrial Area, Mahasammund - 493445, Chhattisgarh,
India |
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Factory 4 : |
Plot No 5/A/5
Industrial Area No. 2, Dewas – 455001, Madhya Pradesh, India |
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Factory 5 : |
Plot No 127/2 ,
128/1, Village Bir Plassi, Tehsil Nalagarh, Solan -174101, Himachal Pradesh,
India |
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Factory 6 : |
Plot No. 172-B and 173 A, Village Nagenahalli, Kore Hobli, Tumkur Taluka,
District Tumkur - 572138, Karnataka, India |
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Factory 7 : |
Plot No. H-41 to H-53, RIICO Industrial Area, Phulera, District
Jaipur, Rajasthan, India |
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Factory 8 : |
Plot No. 69/70, MIDC, Dhatav, Roha, Raigarh - 402116, Chattisgarh,
India |
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Factory 9 : |
Survey No. 108/1/6, Surangi Road, Near Khadoli Sub Station, Silvassa, Dadra and Nagar Haveli, India |
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Branches : |
Located At · Noida Mohali Indore Raipur Ahmedabad
Bangalore
Secunderabad
Jaipur
Kolkata
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DIRECTORS
As on 31.03.2013
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Name : |
Mr. Ramesh J. Aggarwal |
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Designation : |
Chairman |
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Name : |
Mr. Vijay J. Aggarwal |
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Designation : |
Vice Chairman – 1 and Whole Time Director |
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Name : |
Mr. Ashok J. Aggarwal |
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Designation : |
Vice Chairman - 2 |
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Name : |
Satish J Aggarwal |
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Designation : |
Managing Director |
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Name : |
Sanjeev A Aggarwal |
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Designation : |
Joint Managing Director |
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Name : |
R D Suvarna |
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Designation : |
Director |
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Name : |
S K Jain |
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Designation : |
Director |
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Name : |
T B Subramaniam |
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Designation : |
Director |
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Name : |
Sunil Goyal |
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Designation : |
Director |
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Name : |
Kunal R. Aggarwal |
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Designation : |
Director |
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Name : |
Mr. Swaminathan Sundararajan Mittur |
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Designation : |
Director |
KEY EXECUTIVES
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AUDIT COMMITTEE: |
· Mr. T. B. Subramaniam – Chairman Mr.
Sunil Goyal Mr.
S. K. Jain – Chairman R.D. Suvarna |
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REMUNERATION COMMITTEE: |
· Mr. S. K. Jain – Chairman R.D. Suvarna Mr.
Sunil Goyal |
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SHAREHOLDERS'/INVESTORS'
GRIEVANCE COMMITTEE : |
· Mr. S. K. Jain – Chairman Mr.
Vijay J. Aggarwal Mr.
T. B. Subramaniam Mr.
Ashok J. Aggarwal |
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PERFORMANCE
REVIEW COMMITTEE : |
· Mr. Satish J. Aggarwal - Chairman Mr.
Sanjeev A. Aggarwal Mr.
T. B. Subramaniam Mr.
Sunil Goyal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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11237843 |
55.29 |
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2499735 |
12.30 |
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13737578 |
67.59 |
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Total shareholding of Promoter and Promoter Group (A) |
13737578 |
67.59 |
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(B) Public Shareholding |
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340000 |
1.67 |
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340000 |
1.67 |
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3789530 |
18.64 |
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1946545 |
9.58 |
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|
478647 |
2.35 |
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|
32765 |
0.16 |
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31340 |
0.15 |
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|
1425 |
0.01 |
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6247487 |
30.74 |
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Total Public shareholding (B) |
6587487 |
32.41 |
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Total (A)+(B) |
20325065 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
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|
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
20325065 |
100.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Name of the
Shareholder |
No. of Shares held |
Shares as % |
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Anmol Insurance Consultants Private Limited |
750000 |
3.69 |
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Bhageria Trade Investment Private Limited |
475000 |
2.34 |
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Canara Bank |
340000 |
1.67 |
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Integrated Master Securities (Private) Limited |
405535 |
2.00 |
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Nipur Chemicals Limited |
475000 |
2.34 |
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Sallee Tradefin Limited |
600000 |
2.95 |
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Total |
3045535 |
14.98 |
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Details of Locked-in Shares
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Name of the
Shareholder |
No. of Shares |
Locked-in Shares as % |
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Amit V Aggarwal |
30,000 |
0.15 |
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Amita A Aggarwal |
50,000 |
0.25 |
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Gaurav A Aggarwal |
1,40,000 |
0.69 |
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Nishi Sanjeev Aggarwal |
90,000 |
0.44 |
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Polsons Investment And Finance P |
8,00,000 |
3.94 |
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Rekha S Aggarwal |
90,000 |
0.44 |
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Sanjeev A Agarwal |
1,00,000 |
0.49 |
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Satish J Aggarwal |
1,00,000 |
0.49 |
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Veena V Aggarwal |
60,000 |
0.30 |
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Vijay J Aggarwal |
1,00,000 |
0.49 |
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Total |
15,60,000 |
7.68 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of multiple applications of pipes for water supply,
sanitation, sewerage, construction, cable ducting, drinking water, tube
wells, submersible pumps and other polymer products for various uses and also
engaged in manufacturing of plastic moulded fittings and furniture. |
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Products : |
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GENERAL INFORMATION
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Customers : |
· B. R. Shirke Construction Technology Private Limited Petrochemicals
Corporation Limited Hiranandani
Constructions Lloyds
Steel Peninsula
Land Limited Kalpataru Raheja Lokhandwala
Developers Private Limited Haware Voltas Jain
Housing |
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No. of Employees : |
Information declined by management |
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Bankers : |
· Punjab National Bank Union
Bank of India The
Shamrao Vithal Co-operative Bank Limited IDBI
Bank Limited ICICI
Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mittal and Associates Chartered Accountants |
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Company Law Advisors: |
Rathi and Associates Company Secretaries |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
22500000 |
Equity Shares |
Rs.10/- each |
Rs. 225.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
20325065 |
Equity Shares |
Rs.10/- each |
Rs. 203.251 Millions |
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Note:
Reconciliation of number of shares at the beginning and at the end of
the reporting period
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Particulars |
As at March 31, 2013 |
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Number |
Rs. In Millions |
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Shares outstanding at the beginning of the year |
13638180 |
136.382 |
|
Shares issued during the year as per the scheme of merger of “Roha and
Silvassa Undertakings” |
6686885 |
66.869 |
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Shres bought back during the year |
20325065 |
203.251 |
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Shares outstanding at the end of the year |
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The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian rupees. The dividend proposed by the board of directors is subject to the approval of the shareholders in the ensuring annaual general meeting.
During the year ended March 31, 2013, the company has recognized Rs. 0.50 (Previous Year Rs. 0.60) per share dividend as proposed for distribution to equity shareholders which is subject to approval of shareholders in the ensuing annual general meeting.
Information of shareholders having holding more than 5% of shares in the
company
There are no shareholders having holding more than 5% of shares in the company.
Bonus shares/ Buy back/ shares for consideration other than cash issued
during past year
There is no issue of bonus shares / buy back of own shares issued during previous five financial year form the reporting date.
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 |
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|
(1)Shareholders'
Funds |
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(a) Share Capital |
203.251 |
203.251 |
136.382 |
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(b) Reserves & Surplus |
808.405 |
800.655 |
510.786 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
1011.656 |
1003.906 |
647.168 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
600.314 |
699.007 |
641.027 |
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(b) Deferred tax liabilities (Net) |
113.267 |
94.169 |
64.932 |
|
(c) Other long term liabilities |
16.415 |
9.483 |
0.000 |
|
(d) long-term provisions |
3.724 |
2.061 |
0.000 |
|
Total Non-current Liabilities (3) |
733.720 |
804.720 |
705.959 |
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(4) Current Liabilities |
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(a) Short term borrowings |
1440.421 |
1264.000 |
917.988 |
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(b) Trade payables |
949.975 |
778.539 |
463.934 |
|
(c) Other current
liabilities |
474.037 |
425.966 |
168.192 |
|
(d) Short-term provisions |
138.168 |
81.503 |
72.706 |
|
Total Current Liabilities (4) |
3002.601 |
2550.008 |
1622.820 |
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TOTAL |
4747.977 |
4358.634 |
2975.947 |
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II.
ASSETS |
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|
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|
(1) Non-current assets |
|
|
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1333.761 |
1254.982 |
853.791 |
|
(ii) Intangible Assets |
68.886 |
69.491 |
1.743 |
|
(iii) Capital
work-in-progress |
65.481 |
143.585 |
53.946 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6.911 |
6.595 |
4.358 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
121.008 |
106.646 |
59.559 |
|
(e) Other Non-current assets |
19.687 |
19.907 |
15.893 |
|
Total Non-Current Assets |
1615.734 |
1601.206 |
989.290 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1584.909 |
1289.854 |
864.673 |
|
(c) Trade receivables |
1238.808 |
1151.503 |
727.731 |
|
(d) Cash and cash
equivalents |
136.828 |
138.911 |
332.822 |
|
(e) Short-term loans and
advances |
76.173 |
86.798 |
26.727 |
|
(f) Other current assets |
95.525 |
90.362 |
34.704 |
|
Total Current Assets |
3132.243 |
2757.428 |
1986.657 |
|
|
|
|
|
|
TOTAL |
4747.977 |
4358.634 |
2975.947 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
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SALES |
|
|
|
|
|
|
|
Income |
5184.598 |
4401.897 |
2407.317 |
|
|
|
Other Income |
12.159 |
18.380 |
10.268 |
|
|
|
TOTAL (A) |
5196.757 |
4420.277 |
2417.585 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3576.855 |
3054.555 |
1565.625 |
|
|
|
Puchases of Stock-in-trade |
142.503 |
51.105 |
255.181 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(258.138) |
(179.963) |
(300.266) |
|
|
|
Employees benefits expenses |
256.413 |
185.955 |
106.790 |
|
|
|
Other expenses |
1010.089 |
878.761 |
495.867 |
|
|
|
Prior period items |
0.000 |
(2.290) |
24.246 |
|
|
|
Exceptional items |
0.361 |
(32.496) |
(0.781) |
|
|
|
TOTAL (B) |
4728.083 |
3955.627 |
2146.662 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
468.674 |
464.650 |
270.923 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
281.213 |
245.583 |
148.920 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
187.461 |
219.067 |
122.003 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
136.805 |
109.919 |
73.558 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
50.656 |
109.148 |
48.445 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
26.443 |
38.666 |
11.219 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
24.213 |
70.482 |
37.226 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales |
4.050 |
7.755 |
5.664 |
|
|
TOTAL EARNINGS |
4.050 |
7.755 |
5.664 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.19 |
3.47 |
2.46 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1309.900 |
1086.100 |
|
Total Expenditure |
|
1183.800 |
946.000 |
|
PBIDT (Excl OI) |
|
126.200 |
140.100 |
|
Other Income |
|
7.900 |
2.300 |
|
Operating Profit |
|
134.100 |
142.400 |
|
Interest |
|
92.600 |
105.000 |
|
Exceptional Items |
|
(0.200) |
0.000 |
|
PBDT |
|
41.300 |
37.500 |
|
Depreciation |
|
35.600 |
36.600 |
|
Profit Before Tax |
|
5.700 |
0.900 |
|
Tax |
|
1.800 |
0.400 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
3.900 |
0.500 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
3.900 |
0.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.47
|
1.59 |
1.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.98
|
2.48 |
2.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.08
|
7.52 |
1.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.11 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.02
|
1.96 |
2.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04
|
1.01 |
1.22 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
|
Rupee Loan |
|
|
|
|
The SVC Bank Limited (Loan a/c No.946) |
7.691 |
|
|
|
The SVC Bank Limited (Loan a/c No.895) |
11.274 |
11.274 |
|
|
The SVC Bank Limited (Loan a/c No.928) |
4.222 |
5.163 |
|
|
The SVC Bank Limited (Loan a/c No.1005) |
0.000 |
0.406 |
|
|
The SVC Bank Limited (Loan a/c No.1051) |
13.884 |
0.000 |
|
|
Punjab National Bank (Loan a/c No.506) |
4.665 |
8.340 |
|
|
Punjab National Bank (Loan a/c No.746) |
27.200 |
25.778 |
|
|
Union Bank of India (Loan a/c No. 1401) |
21.766 |
21.763 |
|
|
Union Bank of India (Loan a/c No. 1565) |
6.567 |
6.240 |
|
|
Rupee Loan “Roha and Silvassa Undertaking” |
|
|
|
|
Punjab National Bank (Loan a/c No.1019) |
15.200 |
15.200 |
|
|
Punjab National Bank (Loan a/c No.524) |
10.624 |
0.000 |
|
|
Foreign Currency
Loan |
60.500 |
22.383 |
|
|
Housing Loan For
Office Premises |
2.278 |
1.908 |
|
|
Term Loans Form
NBFC |
|
|
|
|
Rupee Loan |
12.000 |
0.000 |
|
|
Vehicle Loans |
|
|
|
|
Form Bank |
5.310 |
7.517 |
|
|
From NBFC’s |
0.414 |
0.528 |
|
|
Total |
203.595 |
132.054 |
92.765 |
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
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 |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGAION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No:
WPST/26076/2013 Filing Date:
20/09/2013 Reg. No.:
WP/11626/2013 Reg. Date: 10/12/2013 |
|
Petitioner: MAHARASHTRA STATE ELECTRICITY DISTRI Respondent: KISAN MOULDINGS LIMITED AND
ORS – Petn. Adv : M.V. KINI & CO. (841) Resp.Adv.:- MANNADIAR
AND COMPANY (14844) District: THANE |
|
Bench: SINGLE Status: Pre-Admission
Stage: PETITIONS FOR ADMISSION – FRESH [CIVIL SIDE MATTERS] Next Date: 21/02/2014 Stage:
PETITIONS FOR ADMISSION – FRESH [CIVIL SIDE MATTERS] Last Date: 31/01/2014 Last Coram: HON’BLE SHRI JUSTICE R.M. SAVANT |
|
Act: Electricity Supplies Act, 1948 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10468804 |
27/12/2013 |
100,000,000.00 |
THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED |
ANAND BUILDING, 82/84 KAZI SYED STREET, MANDVI, MUMBAI - 400003, MAHARASHTRA, INDIA |
B92971993 |
|
2 |
10460150 |
30/10/2013 |
50,000,000.00 |
PNB INVESTMENT SERVICES LIMITED |
10, RAKESH DEEP
BUILDING, YUSUF SARAI COMMERCIAL |
B89509020 |
|
3 |
10430962 |
07/08/2013 * |
2,335,000,000.00 |
PNB INVESTMENT SERVICES LIMITED |
10, RAKESH DEEP
BUILDING, YUSUF SARAI COMMERCIAL |
B83005504 |
|
4 |
10407645 |
22/04/2013 * |
3,000,000.00 |
DIR. OF INDUSTRIES WITH PARRI PASSU PNB MUMBAI |
SINGLE WINDOW CLEARING AGENCY, BAROTIWALA ROAD, BADDI - 173205, HIMACHAL PRADESH, INDIA |
B73322919 |
|
5 |
10384594 |
16/10/2012 |
230,000,000.00 |
PUNJAB NATIONAL BANK |
MID CORPORATE BRANCH,BRADY HOUSE, V.N.ROAD, FORT - 400023, MAHARASHTRA, INDIA |
B61423802 |
|
6 |
10374041 |
29/08/2012 |
150,000,000.00 |
THE SHAMRAO VITHAL CO-OP. BANK LIMITED |
ANAND BUILDING, 82/84, KAZI SYED STREET, MANDVI, MUMBAI - 400003, MAHARASHTRA, INDIA |
B57069668 |
|
7 |
10369210 |
18/07/2012 |
60,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBA - 400001I, MAHARASHTRA, INDIA |
B45147287 |
|
8 |
10291642 |
16/05/2011 |
38,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B14798334 |
|
9 |
10273531 |
08/02/2011 |
800,000.00 |
THE SHAMRAO VITHAL CO-OP. BANK LIMITED |
ANAND BUILDING, 82/84, KAZI SYED STREET, MANDVI, MUMBAI - 400003, MAHARASHTRA, INDIA |
B07741374 |
|
10 |
10261593 |
22/12/2010 |
840,000.00 |
THE SHAMRAO VITHAL CO-OP BANK LIMITED |
ANAND BUILDING, 82/84, KAZI SYED STREET, MANDVI, MUMBAI - 400003, MAHARASHTRA, INDIA |
B03581196 |
|
11 |
10252025 |
10/02/2011 * |
340,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B06200307 |
|
12 |
10181313 |
25/09/2009 |
20,000,000.00 |
PUNJAB NATIONAL BANK |
MID CORPORATE BRANCH,BRADY HOUSE, V.N.ROAD, FORT - 400023, MAHARASHTRA, INDIA |
A71237002 |
|
13 |
10157725 |
28/04/2009 |
15,000,000.00 |
THE SHAMRAO VITHAL CO-OP. BANK LIMITED |
ANAND BUILDING, 82/84, KAZI SYED STREET, MANDVI, MUMBAI - 400003, MAHARASHTRA, INDIA |
A62349030 |
|
14 |
10157726 |
28/04/2009 |
12,500,000.00 |
THE SHAMRAO VITHAL CO-OP. BANK LIMITED |
ANAND BUILDING, 82/84, KAZI SYED STREET, MANDVI, MUMBAI - 400003, MAHARASHTRA, INDIA |
A62349295 |
|
15 |
10134747 |
18/11/2008 |
30,000,000.00 |
THE SHAMRAO VITHAL CO-OP. BANK LIMITED |
ANAND BUILDING, 82/84, KAZI SYED STREET, MANDVI, MUMBAI - 400003, MAHARASHTRA, INDIA |
A53340980 |
|
16 |
10114339 |
01/12/2008 * |
158,000,000.00 |
PUNJAB NATIONAL BANK |
MID CORPORATE BRANCH,BRADY HOUSE, V.N.ROAD, FORT - 400023, MAHARASHTRA, INDIA |
A52028131 |
|
17 |
10033920 |
29/04/2009 * |
1,147,000,000.00 |
PUNJAB NATIONAL BANK |
MID CORPORATE BRANCH,BRADY HOUSE, V.N.ROAD, FORT - 400023, MAHARASHTRA, INDIA |
A62406368 |
|
18 |
90235134 |
07/05/2012 * |
1,528,000,000.00 |
PUNJAB NATIONAL BANK(LEAD BANK) |
MID CORPORATE BRANCH,BRADY HOUSE, V.N.ROAD, FORT - 400023, MAHARASHTRA, INDIA |
B40254351 |
|
19 |
90223483 |
24/10/2003 |
8,800,000.00 |
UNION BNAK OF INDIA |
INDU. FINANCE BRANCH, MUMBAI, MAHARASHTRA, INDIA |
- |
|
20 |
90218526 |
14/08/2003 |
4,000,000.00 |
PUNJAB NATIONAL BANK |
BRADY HOUSE, VEER NARIMAN ROAD; FORT, MUMBAI - 400023, MAHARASHTRA, INDIA |
- |
|
21 |
90223440 |
28/03/2003 |
6,000,000.00 |
PUNJAB NATIONAL BANK |
BRADY HOUSE, VEER NARIMAN ROAD; FORT, MUMBAI - 400023, MAHARASHTRA, INDIA |
- |
|
22 |
90218481 |
06/12/2002 * |
7,200,000.00 |
THE SHAMRAO VITHAL CO-OP. BANK LIMITED |
MANDVI BRANCH, MUMBAI - 400003, MAHARASHTRA, INDIA |
- |
|
23 |
90218426 |
03/11/2001 |
6,000,000.00 |
PUNJAB NATIONAL BANK |
BRADY HOUSE, VEER NARIMAN ROAD; FORT, MUMBAI - 400023, MAHARASHTRA, INDIA |
- |
|
24 |
90218382 |
21/03/2001 * |
4,350,000.00 |
PUNJAB NATIONAL BANK |
BRADY HOUSE, VEER NARIMAN ROAD; FORT, MUMBAI - 400023, MAHARASHTRA, INDIA |
- |
|
25 |
90218362 |
02/04/2002 * |
77,161,000.00 |
THE SHAMRAO VITHAL CO-OP. BANK LIMITED |
MANDVI BRANCH, MUMBAI - 400003, MAHARASHTRA, INDIA |
- |
|
26 |
90218338 |
21/03/2000 |
595,000.00 |
PUNJAB NATIONAL BANK |
BRADY HOUSE, VEER NARIMAN ROAD; FORT, MUMBAI - 400023, MAHARASHTRA, INDIA |
- |
|
27 |
90218336 |
15/03/2000 |
20,000,000.00 |
JANKALYAN SAHAKARI BANK LIMITED |
140; VIVEK DARSHAN, SINDHI SOCIETY; CHEMBUR, MUMBAI - 400071, MAHARASHTRA, INDIA |
- |
|
28 |
90218328 |
29/02/2000 |
315,000.00 |
PUNJAB NATIONAL BANK |
K.G. ROAD, BANGALORE - 560009, KARNATAKA, INDIA |
- |
|
29 |
90216270 |
31/07/1999 |
400,000.00 |
PUNJAB NATIONAL BANK |
BRADY HOUSE, VEER NARIMAN ROAD; FORT, MUMBAI - 400023, MAHARASHTRA, INDIA |
- |
|
30 |
90218273 |
10/06/1999 * |
7,500,000.00 |
PUNJAB NATIONAL BANK |
BRADY HOUSE, VEER NARIMAN ROAD; FORT, MUMBAI - 400023, MAHARASHTRA, INDIA |
- |
|
31 |
90218232 |
11/02/1999 |
2,500,000.00 |
THE MALAD SAHAKARI BANK LIMITED |
5; SUJATA RANI SATI MARG, MALAD, MUMBAI - 400064, MAHARASHTRA, INDIA |
- |
|
32 |
90218226 |
06/01/1999 |
11,900,000.00 |
THE SHAMRAO VITHAL CO-OP. BANK LIMITED |
MANDVI, BOMBAY - 400003, MAHARASHTRA, INDIA |
- |
|
33 |
90218214 |
12/10/1998 |
299,830.00 |
PUNJAB NATIONAL BANK |
MATUNGA, MUMBAI, MAHARASHTRA, INDIA |
- |
|
34 |
90218197 |
02/05/2001 * |
17,500,000.00 |
PUNJAB NATIONAL BANK |
BRADY HOUSE, VEER NARIMAN ROAD; FORT, MUMBAI - 400023, MAHARASHTRA, INDIA |
- |
|
35 |
90219085 |
21/03/2001 * |
5,000,000.00 |
PUNJAB NATIONAL BANK |
BRADY HOUSE, VEER NARIMAN ROAD; FORT, MUMBAI - 400023, MAHARASHTRA, INDIA |
- |
|
36 |
90220272 |
08/01/2004 * |
20,100,000.00 |
UNION BNAK OF INDIA |
INDU. FINANCE BRANCH, MUMBAI, MAHARASHTRA, INDIA |
- |
|
37 |
90222680 |
03/11/2004 * |
27,500,000.00 |
PUNJAB NATIONAL BANK |
BRADY HOUSE, VEER NARIMAN ROAD; FORT, MUMBAI - 400023, MAHARASHTRA, INDIA |
- |
|
38 |
90216229 |
23/04/1996 |
18,000,000.00 |
MAHARASHTRA STATE FINANCIAL CORPORATION |
NEW EXCELSIOR BUILDING; 5TH; 7TH; 8TH AND 9TH FLRS, AMRIT KESHAV NAYAK MARG, BOMBAY - 400001, MAHARASHTRA, INDIA |
- |
|
39 |
90217967 |
17/06/1999 * |
11,000,000.00 |
THE SHAMRAO VITHAL CO-OP. BANK LIMITED |
MANDVI, MUMBAI - 400003, MAHARASHTRA, INDIA |
- |
|
40 |
90219651 |
06/01/1999 * |
11,000,000.00 |
THE SHAMRAO VITHAL CO-OP. BANK LIMITED |
MANDVI, MUMBAI - 400003, MAHARASHTRA, INDIA |
- |
|
41 |
90217929 |
18/11/1999 * |
7,500,000.00 |
PUNJAB NATIONAL BANK |
BRADY HOUSE, VEER NARIMAN ROAD; FORT, MUMBAI - 400023, MAHARASHTRA, INDIA |
- |
|
42 |
90217878 |
24/01/1995 |
312,000.00 |
THE SHAMRAO VITHAL CO-OP. BANK LIMITED |
MANDVI, MUMBAI - 400003, MAHARASHTRA, INDIA |
- |
|
43 |
90217858 |
17/12/1994 |
350,000.00 |
THE SHAMRAO VITHAL CO-OP. BANK LIMITED |
MANDVI, MUMBAI - 400003, MAHARASHTRA, INDIA |
- |
|
44 |
90217675 |
28/03/1995 * |
4,000,000.00 |
THE SHAMRAO VITHAL CO-OP. BANK LIMITED |
MANDVI, MUMBAI - 400003, MAHARASHTRA, INDIA |
- |
|
45 |
90217658 |
03/03/1993 |
305,000.00 |
THE SHAMRAO VITHAL CO-OP. BANK LIMITED |
MANDVI, MUMBAI - 400003, MAHARASHTRA, INDIA |
- |
|
46 |
90218922 |
22/07/1991 |
4,000,000.00 |
THE MAHARASHTRA STATE FINANCIAL CORPORATION |
NEW EXCELSIOR BUILDING, A.K. NAYAK MARG; FORT, BOMBAY - 400001, MAHARASHTRA, INDIA |
- |
|
47 |
90218899 |
02/05/2001 * |
5,000,000.00 |
PUNJAB NATIONAL BANK |
BRADY HOUSE, VEER NARIMAN ROAD; FORT, MUMBAI - 400023, MAHARASHTRA, INDIA |
- |
|
48 |
90217324 |
27/12/1990 * |
1,200,000.00 |
THE SHAMRAO VITHAL CO-OP. BANK LIMITED |
KAJI SAYED STREET; MANDVI, BOMBAY - 400003, MAHARASHTRA, INDIA |
- |
|
49 |
90219940 |
23/09/1988 |
4,700,000.00 |
THE MAHARASHTRA STATE FINANCIAL CORPORATION |
NEW EXCELSIOR BUILDING; 5TH; 7TH; 8TH AND 9TH FLOORS, AMRIT KESHAV NAYAK MARG; FORT, BOMBAY - 400001, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and Advances |
|
|
|
Inter Corporate
Loan |
|
|
|
From related parties |
24.144 |
35.185 |
|
From other parties |
22.382 |
0.045 |
|
Other |
|
|
|
From related parties |
5.541 |
5.145 |
|
Total |
52.067 |
40.375 |
PERFORMANCE:
The Company continued to maintain its operations by registering Sales ofRs. 5184.598 Millions as against Rs. 4401.897 Millions in "the previous year. Profit before Depreciation, Interest and Tax was amounted Rs. 468.674 Millions compared to Rs. 464.650 Millions. After providing for Interest and Depreciation amounting to Rs. 281.213 Millions and Rs. 136.805 Millions respectively, the Profit before Tax for the year has amounted to Rs. 50.656 Millions as compared to Rs. 109.148 Millions of the previous year. Net profit After Tax for the year was amounted to Rs. 24.213 Millions as compared to Rs. 70.437 Millions of the previous year.
Barring unforeseen circumstances, the Directors are confident of achieving better results in the ensuing year.
DEMERGER OF ROHA AND
SILVASA UNDERTAKINGS OF KISAN IRRIGATIONS LIMITED AS GOING CONCERN TO KISAN
MOULDINGS LIMITED:
The Scheme of Arrangement of Demerger of Roha and Silvassa Undertakings ("the demerged Undertakings") of Kisan Irrigations and Infrastructure Limited as going concern to the Company (Kisan Mouldings Limited) was approved by the Hon. High Court, Bombay under the provisions of Section 391 to 394 of the Companies Act, 1956 vide its Order dated 26th July 2012. Accordingly, the operations of Roha and Silvassa Units along with all the assets and liabilities were merged with effect from 1st April 2010.
THEIR STRATEGIC
PLANS:
Agriculture in India employs over half the workforce and accounts for over 16% of the national GDP. Despite having a large base, the Agriculture sector is targeting a growth of 4% annually in the short-medium term. A large factor determining the output of this sector is the availability and use of water at the required time and place. Due to increasingly erratic rainfall, the use for plastic pipes as a means to supply water to farms is increasingly important. With the acquisition of the Roha and Silvassa undertakings of Kisan Irrigations, KML has vastly strengthened its position in this sector.
Along with being the largest employer in India, the agricultural sector is also the highest consumer of water. Micro-Irrigation is the process of utilising lesser quantities of water while maximising the yield of a number of crops. This has truly been a revolution in the agricultural sector of India, and the prospects remain high. Studies indicate that the potential area eligible for Micro Irrigation is nearly 70 Million Ha. The actual area serviced today is around 5% of this figure and therefore this sector represents a huge potential for growth and KML has increasingly focused on this product. KML Also promotes the use of Micro Irrigation systems for recreational uses like Golf courses, Landscaping projects etc to ensure water is provided in a sustainable manner.
In addition to the benefits of having divisions associated with Irrigation and Micro Irrigation in particular, the merger of the Roha and Silvassa undertakings was beneficial from a consolidation point of view. The distribution network consists of a number of dealers and distributors who market both irrigation and construction based piping products. A common entity therefore assists in catering to them efficiently. Moreover KML is now able to use its vast infrastructure of factories, godowns, and sales offices to supply both agricultural and irrigation based products.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Subject is one of the pioneers of a new trend in themanufacturing industry known for its unconventional innovations, has established itsposition in the field of pipes and fittings for Water Management, Irrigation, WaterDistribution and Sewage Disposal Systems. The Company is one of the largest manufacturers of multiple applications of pipes for water supply, sanitation, sewerage, construction, cable ducting, drinking water, tube wells, submersible pumps and other polymer products for various uses. The Company also actively engaged in manufacturing of Plastic Moulded Fittings and Furniture.
INDUSTRY STRUCTURE
AND DEVELOPMENT
The Plastic industry in India symbolizes a promising industry and is creating newemployment opportunities for the people of India. The per capita consumption of plasticproducts in India is growing and is moving towards 2.5 times GDP growth. This potentialityof the market will surely actuate the entrepreneurs to invest in this industry. TheGovernment of India is trying to set up the economic reforms to elevate and boost theplastic industry by JV's foreign investments and entrepreneurs are trying to provide highquality plastic products, so that it becomes a booming industry.
The Plastic industry chain can be classified into two primary segments, viz., theUpstream which is the manufacturing of polymers and the Downstream which is the conversionof polymers into plastic articles. The upstream Polymer manufacturers have commissionedglobally competitive size plants with imported state-of-art technology from the worldleaders. The upstream petrochemicals industries have also witnessed consolidation toremain globally competitive.
The downstream plastic processing industry is highly fragmented and consists of micro,small and medium units. Presently, 75% are in the small-scale sector. The small-scalesector, however, accounts for only about 25% of polymer consumption. The industry alsoconsumes recycled plastic, which constitutes about 30% of total consumption.
Despite the industry's high growth spanning over a period of over 2 decades crossingseveral milestones, Indian plastics industry is yet to realize its full potential. The percapita consumption of plastics in India, at 5 kgs, is the lowest in the world. The averageglobal per capita consumption is 26 kgs. The low level of per capita plastics consumptionin India is indicative of the massive growth potential of the plastic industry. India hasthe advantage of high population and is expected to maintain high economic growth. Thisshould propel India's plastics consumption to new levels in coming years.
The next two decades are expected to offer unprecedented opportunities for the plasticindustry in India and will provide a lucrative opportunity for India, but with just a 1.5%share in world export volumes, India is not in a position to capture this opportunity. TheIndian Plastic Industry, going forward, needs to consolidate and enhance capacity, upgradefacilities and improve productivity and increase utilisation of critical plasticapplications.
BUSINESS PERFORMANCE
The Company is presently operating with 9 manufacturing facilities across India withbranch offices in the major metro cities and dealer network across the country extendedits reach in almost all major cities of the nation., However, though the Company was ableto maintain its operations with marginal growth but the margin of the Company during thefinancial year 2012-13 affected severally with high crude prices, volatile raw materialmarket and depreciation of value of rupee.
During the last financial year the Company introduced new products in Submersible Pipes, Drip Irrigation and Sprinkler System range which are mainly used in the AgricultureIndustry the response to the said products were satisfactory. The Company has alsoachieved capability of manufacture high diameter pipes in the range of 315". During the year, the Company achieved sales of Rs. 5184.600 Millions comparedto Rs. 4401.900 Millions registering a growth of more than 17% compared to previous financialyear. However, as informed Net profit after tax for the financial year was amounted to Rs. 24.200 Millions compared to Rs. 70.400 Millions of the previous financial year.
FUTURE OUTLOOK
The Indian plastic industry is expected to be worth US$30bn by 2015, employing over 7million people. An estimated US$ 1 Obn of capital investment in new capacity is planned.
The planned growth in the Indian economy is expected to be fueled by the development ofthe infrastructure, automotive and consumer goods sectors, all of which will be significant drivers for the plastics sector. The Indian plastics industry is expanding ata phenomenal speed and also among the fastest growing sectors in the country. India'sdemand for plastics in Irrigation Industry alone is projected to surpass 2.5 million tonnes by 2015.
The Company has after considering the present market conditions has revised its productmix and it has decided give more focus on the Irrigation Market and it has expected thatout of the total operations, the Company will generate 60% of its revenue from supplies tothe said Industry.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Guarantees given by Banks and Financial Institutions against Export obligation to custome Authorities |
57.546 |
61.484 |
FIXED ASSETS
v
Tangible
Assets
Land
Building
Plant
and Machinery
Furniture
and Fixtures
Vehicles
Office
Equipment
Computers
Dies
and Moulds
Transformer
and Others
v
Intangible Assets
Patents
and Licence
Goodwill
(Due of merged entity of “Roha and Silvassa Undertakings”)
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.62.68 |
|
|
1 |
Rs.101.98 |
|
Euro |
1 |
Rs.84.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.