MIRA
INFORM REPORT
|
Report Date : |
17.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
KANHAIYA PROCESSORS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
501, GIDC, Pandesara, Surat –
394221, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.02.1993 |
|
|
|
|
Com. Reg. No.: |
04-018969 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10.459 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17119GJ1993PTC018969 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of textile processor. |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 75000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. Profit margin of the company appears to be low. However, trade relations are reported as fair. Business is active.
Payments terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.
|
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
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction, according
the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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 (GENERAL DETAILS)
|
Name : |
Mr. Yogesh Sheocharan Agarwal |
|
Designation : |
Director |
|
Contact No.: |
91-9825100640 |
|
Date : |
16.01.2014 |
LOCATIONS
|
Registered Office / Factory: |
501, GIDC, Pandesara, Surat –
394221, Gujarat, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9825100640 (Mr. Yogesh Sheocharan Agarwal) |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Yogesh Sheocharan Agarwal |
|
Designation : |
Director |
|
Address : |
35, Ganesh Krupa Society, Near Radheynagar, Surat – 395007, Gujarat,
India |
|
Date of Birth/Age : |
10.04.1974 |
|
Date of Appointment : |
28.06.2001 |
|
DIN No.: |
00097306 |
|
|
|
|
Name : |
Mr. Sanjaykumar Badriprasad Jalan |
|
Designation : |
Director |
|
Address : |
102, Paras Apartment, Akshayrohini Co-operative Housing Society, Near Agarwal
Bhavan, Surat – 395007, Gujarat, India |
|
Date of Birth/Age : |
11.10.1970 |
|
Date of Appointment : |
01.04.2004 |
|
DIN No.: |
00119806 |
KEY EXECUTIVES
|
Name : |
Mr. Dhiren R Dave |
|
Designation : |
Company Secretary |
|
Address : |
D-412 International Trade Center, Majura Gate, Ring Road,
Surat- 395002, Gujarat, India |
|
Tel No.: |
91-
2475122,2460903,9824115061 |
|
Website : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Agarwal Sheocharan |
|
15010 |
|
Agarwal Sajjan Kumar |
|
11470 |
|
Sajjan Kumar Agarwal – HUF |
|
100 |
|
Gopiram Kalanoria – HUF |
|
11300 |
|
Agarwal Manju |
|
29600 |
|
Mahesh Kumar Agarwal – HUF |
|
5100 |
|
Sheocharan Agarwal- HUF |
|
700 |
|
Agarwal Sanjay |
|
43300 |
|
Agarwal Abhishek |
|
38000 |
|
Agarwal Bhagwat Prasad |
|
12590 |
|
Gopi Processors Private Limited, India |
|
75500 |
|
Agarwal Mahesh Kumar |
|
41320 |
|
Agarwal Pinky |
|
91000 |
|
Agarwal Yogesh |
|
35000 |
|
Agarwal Kamal |
|
7510 |
|
Bhagwati Prasad Agarwal –
HUF |
|
5010 |
|
Nathuram Agarwal - HUF |
|
5010 |
|
Sanjay Agarwal – HUF |
|
11010 |
|
Agarwal Indu |
|
9620 |
|
Agarwal Kunjlata |
|
10510 |
|
Jalan Sanjaykumar Badriprasad |
|
389000 |
|
Jalan Anuradha |
|
94000 |
|
Anurag Texo Fab India Private Limited, India |
|
80000 |
|
Agarwal Akshav |
|
24220 |
|
|
|
|
|
Total |
|
1045880 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Bodies corporate |
15.00 |
|
Directors or relatives of Directors |
79.00 |
|
Other top fifty shareholders |
6.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of textile processor. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
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Purchasing : |
Cash and Credit, Depend |
PRODUCTION STATUS (As on 31.03.2013)
|
Licensed
Capacity |
Not Applicable |
|
Installed
Capacity |
Not Applicable |
|
Actual
Production |
50376130.75 Meters * On job work basis for other |
GENERAL INFORMATION
|
No. of Employees : |
100 (Approximately) |
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Bankers : |
ICICI Bank |
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|||||||||||||||
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Facilities : |
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|
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Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sethiya and Bohra Associates Chartered Accountants |
|
Address : |
1009-10, World Trade Center, Ring Road, Surat – 395002, Gujarat, India
|
|
Tel. No.: |
91-261-2302109/3912109/6662109 |
|
Fax No.: |
91-261-2321114 |
|
E-Mail : |
|
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AEDPS0077E |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1045880 |
Equity Shares |
Rs.10/- each |
Rs. 10.459
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 |
10.459 |
10.459 |
10.458 |
|
(b) Reserves & Surplus |
8.380 |
7.748 |
7.515 |
|
(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) |
18.839 |
18.207 |
17.973 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1.367 |
0.551 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
1.367 |
0.551 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2.020 |
3.970 |
4.350 |
|
(b) Trade payables |
22.098 |
15.692 |
7.417 |
|
(c) Other current
liabilities |
3.862 |
0.982 |
0.839 |
|
(d) Short-term provisions |
0.285 |
0.225 |
0.080 |
|
Total Current Liabilities (4) |
28.265 |
20.869 |
12.686 |
|
|
|
|
|
|
TOTAL |
48.471 |
39.627 |
30.659 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
13.737 |
12.343 |
12.703 |
|
(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 |
4.530 |
4.530 |
4.531 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.857 |
1.856 |
1.857 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
20.124 |
18.729 |
19.091 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5.141 |
5.820 |
3.425 |
|
(c) Trade receivables |
18.583 |
11.461 |
5.283 |
|
(d) Cash and cash
equivalents |
1.649 |
1.585 |
0.882 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
0.000 |
|
(f) Other current assets |
2.974 |
2.032 |
1.978 |
|
Total Current Assets |
28.347 |
20.898 |
11.568 |
|
|
|
|
|
|
TOTAL |
48.471 |
39.627 |
30.659 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
101.055 |
83.841 |
64.865 |
|
|
|
Other Income |
0.082 |
0.125 |
0.143 |
|
|
|
TOTAL |
101.137 |
83.966 |
65.008 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
100.220 |
83.448 |
64.937 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE EXCEPTIONAL AND EXTRAORDINARY ITEMS AND TAX |
NA |
0.518 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.917 |
0.455 |
0.229 |
|
|
|
|
|
|
|
|
|
|
TAX |
0.285 |
0.222 |
0.188 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
0.632 |
0.233 |
0.041 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.42 |
0.16 |
0.04 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.62
|
0.28 |
0.06 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.91
|
0.54 |
0.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.09
|
1.30 |
0.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.02 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.18
|
0.25 |
0.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00
|
1.00 |
0.91 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
|
|
|
|
Term Loans Vehicle Loan from ICICI bank (Secured against personal guarantee of director ) |
1.022 |
0.366 |
0.000 |
|
|
|
|
|
|
Total |
1.022 |
0.366 |
0.000 |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Loans and Advance from related parties |
2.020 |
3.970 |
|
|
|
|
|
Total |
2.020 |
3.970 |
FIXED ASSETS
·
Computer
·
Factory Building
·
Land
·
Office Equipment’s
·
Plant and Machinery
·
Vehicles
·
Weighting Scale
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.61.53 |
|
|
1 |
Rs.100.73 |
|
Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.