|
Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
KAY INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
205 - 206 Lusa Tower, Azad Pur, New Delhi – 110033 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on)
: |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
12.06.1978 |
|
|
|
|
Com. Reg. No.: |
55-009057 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 8.598 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28939DL1978PLC009057 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELK05730E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK1928L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture of Twin Rotary Blowers. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and
healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief information
officers at gathering in Bangalore in April to meet Indian startups at an event
called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term Fund Based Limits = BBB- (Suspended) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
June, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term Non-Fund Based Limits = A3 (Suspended) |
|
Rating Explanation |
Moderate degree of safety and high credit risk |
|
Date |
June, 2013 |
Reason: the suspension in ability to carry out requisite information.
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 (91-11-27671851)
LOCATIONS
|
Registered Office / Head Office : |
205 - 206 Lusa Tower, Azad Pur, New Delhi – 110033, India |
|
Tel. No.: |
91-11-27671851 / 27679052 |
|
Fax No.: |
91-11-27674703 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Located At
|
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Kanahiya Lal Arora |
|
Designation : |
Whole-Time Director |
|
Address : |
D-8, Model Town, New Delhi – 110009, India |
|
Date of Birth/Age : |
11.06.1945 |
|
Date of Appointment : |
12.06.1978 |
|
DIN No.: |
00019796 |
|
|
|
|
Name : |
Mr. Kapil Arora |
|
Designation : |
Whole-Time Director |
|
Address : |
D-8, Model Town, New Delhi – 110009, India |
|
Date of Birth/Age : |
16.06.1969 |
|
Date of Appointment : |
01.06.1989 |
|
DIN No.: |
00019829 |
|
|
|
|
Name : |
Mrs. Monika Arora |
|
Designation : |
Director |
|
Address : |
D-8, Model Town, New Delhi – 110009, India |
|
Date of Birth/Age : |
17.01.1949 |
|
Date of Appointment : |
27.04.2007 |
|
DIN No.: |
00019937 |
|
|
|
|
Name : |
Mrs. Roma Arora |
|
Designation : |
Director |
|
Address : |
D-8, Model Town, New Delhi – 110009, India |
|
Date of Birth/Age : |
06.07.1969 |
|
Date of Appointment : |
27.04.2007 |
|
DIN No.: |
00019968 |
KEY EXECUTIVES
|
Name : |
Mr. Arvind Bhardwaj |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Monika Arora |
|
10 |
|
Kapil Arora |
|
11990 |
|
Kanahiya Lal Arora |
|
751721 |
|
Sagar Arora |
|
400 |
|
Roma Arora |
|
92289 |
|
Deepika Khosla |
|
3300 |
|
Sahil Arora |
|
54 |
|
Total |
|
859764 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Twin Rotary Blowers. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||||||||||||||||||||||||||
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|
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Bankers : |
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||||||||||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking Relations
: |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
HDSG and Associates Chartered Accountants |
|
Address : |
K-61, Basement Jungpura Extension, New Delhi – 110014, India |
|
PAN No.: |
AACFH5298R |
|
|
|
|
Enterprises over which
a key personnel is able to exercise significant influence : |
|
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
859764 |
Equity Shares |
Rs.10/- each |
Rs.8.598 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 |
8.598 |
8.598 |
8.598 |
|
(b) Reserves & Surplus |
162.673 |
133.876 |
106.243 |
|
(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) |
171.271 |
142.474 |
114.841 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
38.417 |
38.813 |
9.770 |
|
(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 |
8.684 |
7.994 |
6.684 |
|
Total Non-current
Liabilities (3) |
47.101 |
46.807 |
16.454 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
40.260 |
35.101 |
34.773 |
|
(b) Trade
payables |
81.063 |
67.237 |
82.369 |
|
(c) Other
current liabilities |
66.360 |
48.089 |
41.988 |
|
(d) Short-term
provisions |
4.454 |
4.655 |
6.184 |
|
Total Current
Liabilities (4) |
192.137 |
155.082 |
165.314 |
|
|
|
|
|
|
TOTAL |
410.509 |
344.363 |
296.609 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
185.985 |
126.968 |
53.399 |
|
(ii)
Intangible Assets |
0.278 |
0.338 |
0.475 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.125 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
2.305 |
1.687 |
1.111 |
|
(d) Long-term Loan and Advances |
1.901 |
1.226 |
1.126 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
190.469 |
130.344 |
56.111 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
32.473 |
31.913 |
29.543 |
|
(c) Trade
receivables |
104.909 |
92.063 |
114.432 |
|
(d) Cash
and cash equivalents |
45.121 |
65.263 |
28.788 |
|
(e)
Short-term loans and advances |
37.537 |
24.780 |
67.735 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
220.040 |
214.019 |
240.498 |
|
|
|
|
|
|
TOTAL |
410.509 |
344.363 |
296.609 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
524.424 |
527.662 |
477.411 |
|
|
|
Other Income |
4.019 |
2.483 |
1.281 |
|
|
|
TOTAL (A) |
528.443 |
530.145 |
478.692 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
324.080 |
328.882 |
303.258 |
|
|
|
Changes in inventories of finished goods, work-in-progress |
(1.426) |
2.632 |
-4.094 |
|
|
|
Employee benefits expense |
70.054 |
64.879 |
54.299 |
|
|
|
Other expenses |
75.527 |
75.043 |
67.122 |
|
|
|
TOTAL (B) |
468.235 |
471.436 |
420.585 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
60.208 |
58.709 |
58.107 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.577 |
4.699 |
6.059 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
55.631 |
54.010 |
52.048 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.208 |
11.164 |
10.458 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
44.423 |
42.846 |
41.590 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
14.627 |
14.213 |
14.186 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
29.796 |
28.633 |
27.404 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
33.825 |
22.293 |
7.448 |
|
|
TOTAL EARNINGS |
33.825 |
22.293 |
7.448 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1.486 |
30.414 |
0.112 |
|
|
TOTAL IMPORTS |
1.486 |
30.414 |
0.112 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
34.66 |
33.30 |
31.87 |
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
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) |
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 |
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 |
Yes |
LITIGATIONS DETAILS
IN THE HIGH COURT OF
DELHI AT NEW DELHI
CS(OS) 2596/2013 and
I.A. 20878/2013
VARDEY DEVI EDUCATION SOCIETY..... Plaintiff
Through: Mr. Rahul Gupta and Mr. S.Gupta, Adv
Versus
M/S ESSKAY INTERNATIONAL and ORS..... Defendant Through
CORAM:
HON'BLE MR. JUSTICE G.S.SISTANI
Order
31.03.2014
Summons could not be issued to the defendants, as the process fee was not filed. Counsel for the plaintiff submits that during the pendency of the present suit, three cheques were issued by the defendant in favour of the plaintiff towards the part payment and it was also agreed that further proceedings would not be initiated. Counsel for the plaintiff submits that all the three cheques issued, have been dishonoured.
Issue fresh summons in the suit and notice in the application, returnable on 27.5.2014. In case steps are not taken within one week, the matter will be placed before Court for passing appropriate orders for non-prosecution.
G.S.SISTANI, J
MARCH 31, 2014
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10184008 |
14/12/2012 * |
229,000,000.00 |
BANK OF BARODA |
MODEL TOWN, DELHI, DELHI - 110009, INDIA |
B64135379 |
* Date of charge modification
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. |
|
|
1 |
Rs. |
|
Euro |
1 |
Rs. |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
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.