MIRA INFORM REPORT
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Report No. : |
316446 |
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Report Date : |
08.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
KANDOI FABRICS PRIVATE LIMITED |
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Registered
Office : |
406, 4th Floor, 33-A, Lotus House, New Marine Lines, Mumbai – 400020, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
12.02.1990 |
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Com. Reg. No.: |
11-055377 |
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Capital Investment
/ Paid-up Capital : |
Rs.5.376
Million |
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CIN No.: [Company Identification
No.] |
U17120MH1990PTC055377 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACK3305M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Bulk Bags and Sacks, HDPE Bags, HDPE Woven Sacks, Jumbo Bags, PP Jumbo Bags etc. |
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No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track. The company possesses a favourable financial profile marked by adequate
networth base comprising of low capital base along with working capital
intensive nature of operations resulting from slow realization of debtors. Moreover, the management has witnessed a decent revenue as well as has
reported an average net profitability from its operations during FY14. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. In view of long standing presence, the company can be considered
for |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
Not Available
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Narendra Kevlya |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-22-66338751 |
|
Date : |
08.04.2015 |
LOCATIONS
|
Registered Office : |
406, 4th Floor, 33-A, Lotus House, New Marine Lines,
Mumbai – 400020, Maharashtra, India |
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Tel. No.: |
91-22–66338751/ 52/ 66342029/ 66342053 |
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Fax No.: |
91-22-22072660 |
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E-Mail : |
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Website : |
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Factory : |
S. N. 51, Kavavala, Village Kanchigam, Near Daman Ganga Garden, Daman – 396210, Daman and Diu, India |
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Daman Office : |
Plot No. 331/1-4, Near Patel Cricket Ground, Village Kachigam, Daman – 396210, Daman and Diu, India |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Niranjankumar Laxminarayan Agarwal |
|
Designation : |
Managing director |
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Address : |
C 802, Tirupati
Apartments, Ashish Building, Bhulabhai Desai Road, Mumbai – 400026,
Maharashtra, India |
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Date of Birth/Age : |
20.01.1948 |
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Date of Appointment : |
12.02.1990 |
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PAN No.: |
AABPA4307K |
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DIN No.: |
01255616 |
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Name : |
Mr. Vijaykumar Laxminarayan Agarwal |
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Designation : |
Director |
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Address : |
2301 and 2302,
F: 23, W:B, P:1/268, B Wing, Raheja Atlantis, Lower Parel, Ganpatrao Kadam Marg,
Delisle Road, Mumbai – 400013, Maharashtra, India |
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Date of Birth/Age : |
13.05.1958 |
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Date of Appointment : |
20.02.2009 |
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PAN No.: |
AABPA4310N |
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DIN No.: |
01250424 |
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Name : |
Mr. Pradeepkumar Laxminarayan Agarwal |
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Designation : |
Director |
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Address : |
Tirupati
Apartment, 802 Ashish Building, Peddar Road, Near Mahalaxmi Mandir, Mumbai –
400026, Maharashtra, India |
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Date of Birth/Age : |
26.06.1963 |
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Date of Appointment : |
30.12.2008 |
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PAN No.: |
AABPA5295L |
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DIN No.: |
02206116 |
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|
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Name : |
Mr. Rajeshkumar Vijaykumar Agarwal |
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Designation : |
Director |
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Address : |
2A, Jai Hind
Building, Dr. Atamaram Merchan Road, Bhuleshwar, Mumbai – 400002,
Maharashtra, India |
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Date of Birth/Age : |
08.10.1988 |
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Date of Appointment : |
29.01.2012 |
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PAN No.: |
AEVPA0042H |
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DIN No.: |
05163726 |
KEY EXECUTIVES
|
Name : |
Mr. Narendra Kevlya |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Poonamchand Agarwal |
|
574 |
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Poonamchand Agarwal - HUF |
|
221 |
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Chandadevi Agarwal |
|
109 |
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Dimple Agarwal |
|
38 |
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Arvindkumar Ashwinkumar Agarwal - HUF |
|
113 |
|
Arvindkumar Agarwal |
|
14 |
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Niranjan Kumar Agarwal |
|
8013 |
|
Niranjan Kumar Agarwal HUF |
|
2691 |
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Nirmala Agarwal |
|
7081 |
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Rahul Agarwal |
|
529 |
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Vijay Kumar Agarwal |
|
4078 |
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Vijay Kumar Agarwal HUF |
|
885 |
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Rajesh Agarwal |
|
2076 |
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Neeta |
|
164 |
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Pradeep Kumar Agarwal |
|
2780 |
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Pradeep Kumar Agarwal - HUF |
|
2111 |
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Rita Agarwal |
|
7464 |
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Subhashchand Agarwal - HUF |
|
915 |
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L.N. Kandoi & Sons - HUF |
|
12409 |
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Laxminarayan Agarwal - HUF |
|
1131 |
|
Subhashchandra G Agarwal |
|
22 |
|
Kandoi Polytex Private Limited |
|
286 |
|
Mohanlal Pareek |
|
55 |
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Total |
|
53759 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Bodies corporate |
0.53 |
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Directors or relatives of Directors |
76.28 |
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Other top fifty shareholders |
23.19 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Bags and Sacks, HDPE Bags, HDPE Woven Sacks, Jumbo Bags, PP Jumbo Bags etc. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cheque, Credit |
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Purchasing : |
Cheque, Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
· The Royal Bank of Scotland N V, 7th Floor, Sakhar Bhavan, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Facilities : |
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Auditors : |
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Name : |
Lalit Mehta Associates Chartered Accountants |
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Address : |
Bharat House, 2nd Floor, Office No. 5, 104 Bombay
Samachar Marg, Fort, Mumbai – 400001, Maharashtra, India |
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PAN No.: |
AACFL5763D |
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Membership : |
-- |
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Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and
their Relatives : |
· Arwin Tex Industries · Daman Polyfabs · Bhim Polyfabs · Kandoi Polytex Private Limited · Mahavir Packaging · Vijay Exports |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
537590 |
Equity Shares |
Rs.10/- each |
Rs.5.376 Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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|
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|
(1)Shareholders' Funds |
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(a) Share Capital |
5.376 |
5.376 |
7.413 |
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(b) Reserves & Surplus |
448.749 |
350.348 |
253.568 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
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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) |
454.125 |
355.724 |
260.981 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
59.996 |
159.525 |
192.379 |
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(b) Deferred tax liabilities (Net) |
10.626 |
2.155 |
2.219 |
|
(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) |
70.622 |
161.680 |
194.598 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
58.301 |
24.017 |
75.005 |
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(b) Trade
payables |
42.733 |
23.650 |
38.212 |
|
(c) Other
current liabilities |
14.565 |
19.887 |
12.954 |
|
(d) Short-term
provisions |
115.550 |
64.350 |
31.000 |
|
Total Current
Liabilities (4) |
231.149 |
131.904 |
157.171 |
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|
|
|
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TOTAL |
755.896 |
649.308 |
612.750 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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|
(i)
Tangible assets |
182.540 |
193.489 |
211.708 |
|
(ii)
Intangible Assets |
3.971 |
3.971 |
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 |
22.324 |
25.283 |
26.187 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
42.585 |
50.753 |
35.758 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
251.420 |
273.496 |
273.653 |
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
84.747 |
86.322 |
96.244 |
|
(c) Trade
receivables |
271.945 |
192.008 |
178.810 |
|
(d) Cash
and cash equivalents |
20.694 |
19.570 |
16.404 |
|
(e)
Short-term loans and advances |
113.292 |
71.976 |
33.835 |
|
(f) Other
current assets |
13.798 |
5.936 |
13.804 |
|
Total Current
Assets |
504.476 |
375.812 |
339.097 |
|
|
|
|
|
|
TOTAL |
755.896 |
649.308 |
612.750 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
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TOTAL |
1725.627 |
1414.546 |
1220.985 |
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
1308.391 |
1149.304 |
|
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PROFIT BEFORE
TAX |
NA |
106.155 |
71.681 |
|
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|
Less |
TAX |
NA |
33.391 |
25.907 |
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PROFIT AFTER TAX
|
98.401 |
72.764 |
45.774 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
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|
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Export Earnings |
11787.995 |
971.143 |
818.493 |
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Earnings Per
Share (Rs.) |
183.04 |
1353.52 |
617.52 |
|
Expected Sales (2014-2015): Rs.2000.000 Million
The above information has been parted by Mr. Narendra Kevlya (Accounts
Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets) |
(%) |
NA |
17.01 |
12.22 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.30 |
0.27 |
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|
Debt Equity Ratio (Total Debt /Networth) |
|
0.26 |
0.52 |
1.02 |
|
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.18 |
2.85 |
2.16 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
7.413 |
5.376 |
5.376 |
|
Reserves & Surplus |
253.568 |
350.348 |
448.749 |
|
Net
worth |
260.981 |
355.724 |
454.125 |
|
|
|
|
|
|
long-term borrowings |
192.379 |
159.525 |
59.996 |
|
Short term borrowings |
75.005 |
24.017 |
58.301 |
|
Total
borrowings |
267.384 |
183.542 |
118.297 |
|
Debt/Equity
ratio |
1.025 |
0.516 |
0.260 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Total Income |
1220.985 |
1414.546 |
1725.627 |
|
|
|
15.853 |
21.992 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Total Income |
1220.985 |
1414.546 |
1725.627 |
|
Profit |
45.774 |
72.764 |
98.401 |
|
|
3.75% |
5.14% |
5.70% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS ARE NOT AVAILABLE
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FINANCIAL
RESULTS:
During the financial year ended on March 31, 2014, the total revenue of the Company was at Rs.1725.627 Million during the financial year against Rs.1414.596 Million in the previous year. The company has earned a profit after tax of Rs.98.401 Million during the financial year against Rs.72.764 Million in the previous year.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Long Term Borrowings |
|
|
|
Loans and advances from related parties |
51.132 |
150.661 |
|
Other loans and advances |
8.864 |
8.864 |
|
|
|
|
|
Total |
59.996 |
159.525 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10455172 |
10/03/2014 * |
60,000,000.00 |
CITI BANK N. A. |
FIRST INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR, PLOT NO.C-54, C-55, G-BLOCK, BKC, BANDRA (E), MUMBAI, MAHARASHTRA -400051, INDIA |
B98515414 |
*Date of modification Charges
FIXED ASSETS:
· Land
· Buildings
· Residential building
· Office building
· Other building
· Plant and equipment
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipments
· Other 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 records 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.62.33 |
|
|
1 |
Rs.92.83 |
|
Euro |
1 |
Rs.68.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
46 |
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.