MIRA INFORM REPORT
|
Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
KHAITAN WINDING WIRE PRIVATE LIMITED |
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|
|
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Registered
Office : |
P-38, India Exchange Place, 3rd Floor, Kolkata-700001 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
22.02.1989 |
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Com. Reg. No.: |
21-046314 |
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Capital
Investment / Paid-up Capital : |
Rs.68.480 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31300WB1989PTC046314 |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
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|
Line of Business
: |
Manufacturing of enameled winding wire made of Copper. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for
business dealing. Trade relations are reported as fair. Business is active. Payments
term are reported to be slow but correct. The company can be considered normal for 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating BB+ |
|
Rating Explanation |
Moderate risk of default |
|
Date |
14 Aug, 2014 |
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 DENIED BY
Management non co-operative (91-33-22254597)
LOCATIONS
|
Registered Office : |
P-38, India Exchange Place, 3rd Floor, Kolkata-700001,
India |
|
Tel. No.: |
91-33-22254597/3846, 22158628 |
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Fax No.: |
91-033-22254486 |
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E-Mail : |
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Website : |
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Ahmedabad Office : |
S-2, Ashirwad Shops And Flats, Near. Arihant Society, Opposite Kesharyaji
Nagar Vasna, Ahmedabad-380007,India |
|
Tel. No.: |
91-79-26640299 |
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E-Mail : |
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Coimbatore Office : |
54, Dr, Nanjappa Road, Coimbatore-641018, India |
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Tel. No.: |
91-422-6573822/422-2390554 |
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E-Mail : |
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Secunderabad office : |
u-14, mittal chamber, 2-2-51, m.g. road secuderabad-50003 |
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Tel. No.: |
91-40-39100847 |
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E-Mail : |
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Faridabad office : |
1A/145, N.I.T. Faridabad-12001 |
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Tel. No.: |
91-129-2410864 |
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E-Mail : |
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Bangalore office : |
No.633, ground floor 100, feet ring, 2nd phase, 7th
block BSK 3rd stage, banglore-560085, Karnataka, india |
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Tel. No.: |
91-080-26420978 |
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E-Mail : |
DIRECTORS
|
Name : |
Ajit Kumar Khaitan |
|
Designation : |
Director |
|
Address : |
3 Alipore Road, Kolkata- 700027, West Bengal, India |
|
Date of Birth/Age : |
14.09.1961 |
|
Date of Appointment : |
15.07.1993 |
|
DIN No.: |
00451499 |
|
|
|
|
Name : |
Pradeep Kumar Khaitan |
|
Designation : |
Director |
|
Address : |
3 Alipore Road, Kolkata- 700027, West Bengal, India |
|
Date of Birth/Age : |
21.07.1968 |
|
Date of Appointment : |
22.02.1989 |
|
DIN No.: |
00451976 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2014
Shareholders Details File Attached
As on 25.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
34.04 |
|
Directors or relatives of Directors |
58.11 |
|
Other top fifty shareholders |
7.85 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of enameled winding wire made of Copper. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Agrwal Gupta Nokari and Rustagi Associates Chartered Accountants |
|
Address : |
12, Waterloo Street 3rd Floor Suite No.6, Kolkata-700069,
India |
|
PAN No.: |
AAEFA2153L |
CAPITAL STRUCTURE
As on 25.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
|
|
|
700000 |
Equity shares |
Rs.100/- each |
Rs.70.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
684800 |
Equity Shares |
Rs.100/-each
|
Rs. 68.480
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
68.480 |
68.480 |
68.480 |
|
(b) Reserves & Surplus |
162.008 |
153.244 |
146.861 |
|
(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) |
230.488 |
221.724 |
215.341 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
20.687 |
38.584 |
53.995 |
|
(b) Deferred tax liabilities (Net) |
12.281 |
10.976 |
8.735 |
|
(c) Other long term
liabilities |
1.100 |
0.000 |
0.000 |
|
(d) long-term
provisions |
2.614 |
2.349 |
2.183 |
|
Total Non-current
Liabilities (3) |
36.682 |
51.909 |
64.913 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
146.485 |
171.782 |
140.009 |
|
(b) Trade
payables |
73.994 |
62.330 |
106.247 |
|
(c) Other
current liabilities |
21.854 |
23.667 |
24.194 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
242.333 |
257.779 |
270.450 |
|
|
|
|
|
|
TOTAL |
509.503 |
531.412 |
550.704 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
143.434 |
152.785 |
161.175 |
|
(ii) Intangible
Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
22.320 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.500 |
0.500 |
0.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.738 |
0.708 |
0.606 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
166.992 |
153.993 |
162.281 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
83.467 |
102.990 |
105.110 |
|
(c) Trade
receivables |
176.141 |
181.741 |
171.148 |
|
(d) Cash
and cash equivalents |
16.130 |
15.916 |
32.215 |
|
(e)
Short-term loans and advances |
62.893 |
76.772 |
79.950 |
|
(f) Other
current assets |
3.880 |
0.000 |
0.000 |
|
Total
Current Assets |
342.511 |
377.419 |
388.423 |
|
|
|
|
|
|
TOTAL |
509.503 |
531.412 |
550.704 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
|
|
Gross Turnover |
939.719 |
828.650 |
687.098 |
|
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
N.A |
N.A |
N.A |
|
|
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PROFIT/
(LOSS) BEFORE TAX |
N.A |
N.A |
N.A |
|
|
|
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|
|
|
|
|
Less |
TAX |
N.A |
N.A |
N.A |
|
|
|
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|
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|
|
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|
PROFIT/
(LOSS) AFTER TAX |
8.764 |
6.382 |
4.201 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
12.79 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.93 |
0.77 |
0.61 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.73 |
0.95 |
0.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41 |
1.46 |
1.44 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
68.480 |
68.480 |
68.480 |
|
Reserves & Surplus |
146.861 |
153.244 |
162.008 |
|
Net
worth |
215.341 |
221.724 |
230.488 |
|
|
|
|
|
|
long-term borrowings |
53.995 |
38.584 |
20.687 |
|
Short term borrowings |
140.009 |
171.782 |
146.485 |
|
Total
borrowings |
194.004 |
210.366 |
167.172 |
|
Debt/Equity
ratio |
0.901 |
0.949 |
0.725 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
(Gross Turnover ) |
687.098 |
828.650 |
939.719 |
|
|
|
20.601 |
13.404 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
(Gross Turnover ) |
687.098 |
828.650 |
939.719 |
|
Profit |
4.201 |
6.382 |
8.764 |
|
|
0.61% |
0.77% |
0.93% |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
--- |
|
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 |
OPERATION:
Total production of
Cu. Wire (including job work) has increased marginally by 5.46% but overall
Gross Turnover of the company has increased by 13.40% i.e. Rs. 939.719 Millions
(P.Y. 828.650 Millions) and income (after Taxes) has increased by 37.32% i.e.
8.764 Millions (P.Y. 6.382 Millions).
This year overall
industrial and economic climate of the country has improved marginally but was
not upto the expectation . Despite challenging year for the company due to high
rate of interest, increase in cost raw material, huge fluctuation in rate of
foreign exchange , the company has performed well during the year.
The company
continues to be optimistic about future growth in power sector and
electrification programme undertaken by Govt. of India mainly in rural areas.
Company has installed the Plant and Machinery required to manufacture Enamelled
Aluminium Wire & paper covered Aluminium Wire. Commercial production of
Aluminium Wire has started from April,2014. This will strengthen the turnover
and profitability of the company.
The Company has discharged all the financial obligations in time,
wiithout any delay or default to its bankers and Financial Institutions.
UNSECURED LOANS
|
Unsecured Loans |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
0.936 |
0.654 |
|
|
|
|
|
Total |
0.936 |
0.654 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10032832 |
22/04/2014 * |
365,100,000.00 |
State Bank of India |
Commercial Branch, Jeevandeep,1,Middleton Street, Jeevandeep Building,
2nd Floor, Kolkata, West Bengal - 700071, INDIA |
C04392049 |
|
2 |
10022475 |
22/04/2014 * |
365,100,000.00 |
State Bank of India |
Commercial Branch, Jeevandeep, 1,Middleton Street |
C04390431 |
|
3 |
90254267 |
01/03/2005 * |
27,500,000.00 |
BANK OF BARODA |
KOLKATA KORPORATE BANKING BRANCH, 5; B. T. M. SAR |
- |
FIXED ASSETS
- Plant and
machinery
- Furniture and
fixture
- Land and
building
- Vehicle
- Computers
Equipments
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.61.22 |
|
|
1 |
Rs.98.52 |
|
Euro |
1 |
Rs.77.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
43 |
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.