IRA INFORM REPORT

 

 

Report No. :

328225

Report Date :

22.06.2015

 

IDENTIFICATION DETAILS

 

Name :

KUSTERS CALICO MACHINERY PRIVATE LIMITED (w.e.f. 12.05.2011)

 

 

Formerly Known As :

KUSTERS CALICO MACHINERY LIMITED (w.e.f. 25.10.1996)

KUESTERS CALICO MACHINERY LIMITED

 

 

Registered Office :

N.H. No.8, Bamangam, Taluka Karjan, Vadodara- 391210, Gujarat

Tel. No.:

91-2666-271085/86

 

 

Country :

India

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

01.07.1996

 

 

Com. Reg. No.:

04-054866

 

 

Capital Investment / Paid-up Capital :

Rs. 90.000 Million

 

 

CIN No.:

[Company Identification No.]

U29260GJ1996PTC054866

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACK4140J

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufactures textile process machinery and spares that are used for dyeing, bleaching, singeing, raising, and shrinking (sanforising).

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Exist

 

 

Comments :

Subject company was incorporated in 1996 as a joint venture of “Eduard Kusters Maschinenfabrik GmbH and Company, Germany” and Calico Industrial Engineers. Subject is an established company and it is having satisfactory track record.

 

As management failed to file the financials documents for the year ended 31.03.2014 to statutory authorities. And the documents are not been available from any sources.

 

The ratings continue to reflect its moderate financial risk profile, marked by low gearing and strong debt protection metrics, and the company’s established market position, supported by its promoters extensive industry experience.

 

These rating strengths are partially offset by company’s extensive dependence on the textile industry, which is risk to cyclical demand, marked by company’s modest scale of operations and volatile operating margin.

 

However, trade relations are fair. Business is active. Payments are reported to be slow but correct.

 

In view of moderate scale of operation backed by extensive experience of the promoters, the company can be considered for business dealings at usual trade terms and condition.

 

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

 

Rating Agency Name

CRISIL

Rating

Long term rating BBB-

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

Jun 2015

 

Rating Agency Name

CRISIL

Rating

Short term rating A3

Rating Explanation

Moderate degree of safety and high credit risk.

Date

Jun 2015

 

 

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 DECLINED

 

Management non co-operative (91-2666-271085)

 

LOCATIONS

 

Registered Office :

N.H. No.8, Bamangam, Taluka Karjan, Vadodara- 391210, Gujarat, India

Tel. No.:

91-2666-271085/86

Fax No.:

Not Available

E-Mail :

kcml@kusterscalico.com

info@kuesters-calico.com  

 

 

DIRECTORS

 

As on 20.06.2014

 

Name :

Mr. Dipak Nandlal Shah

Designation :

Managing Director

Address :

503-B, Gazdar Apartments, Juhu Tara Road, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

13.10.1942

Date of Appointment :

01.07.1996

DIN No.:

00389014

 

 

Name :

Mr. Sevantilal Jivanlal Parekh

Designation :

Director

Address :

Bhartiya Bhavan, 5th Floor, 72, Marine Drive, Mumbai-400020, Maharashtra, India

Date of Birth/Age :

21.07.1932

Date of Appointment :

13.08.2009

DIN No.:

00010767

 

 

Name :

Mr. Vishal Dipak Shah

Designation :

Director

Address :

503-B, Gazdar Apartments, Juhu Tara Road, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

24.09.1971

Date of Appointment :

29.11.2012

DIN No.:

01153074

 

 

Name :

Erich Wilhelm Broker

Designation :

Director

Address :

Roermonder Str 82, Bruggen, 41379, Germany

Date of Appointment :

16.03.2000

DIN No.:

02594254

 

 

Name :

Jostes Christian

Designation :

Additional Director

Address :

Uerdinger Strabe 473, Krefeld, 47800, Germany

Date of Appointment :

01.08.2014

DIN No.:

06900602

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 26.06.2014

 

Names of Shareholders

 

No. of Shares

Dipak Nandlal Shah

 

10

Harsha Dipak Shah

 

10

Rama Rasik Parekh

 

314750

Vishal Dipak Shah

 

10

Dhiranand Engineers Private Limited, India

 

1699970

Jagenberg AG

 

6300000

Reshma Family Trust

 

375000

Rama Rasik Parekh and Ms. Arundhati Sunil Parekh

 

310250

Total

 

9000000

 

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

70.00

Bodies corporate

18.89

Directors or relatives of Directors

6.94

Other top fifty shareholders

4.17

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufactures textile process machinery and spares that are used for dyeing, bleaching, singeing, raising, and shrinking (sanforising).

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

 

Banker Name :

Bank of Baroda

Branch Address :

Sayajigung Branch, Yash Kamal Building, Sayajigunj, Vadodara - 390005, Gujarat, India

Facilities :

Not Divulged

Person Name :

Not Divulged

Contact No.:

Not Divulged

Report :

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

Bank of Baroda, Andheri, S. V. Road, Mumbai - 400058, Maharashtra, India

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.12.2013

As on

31.12.2012

Short Term Borrowing

 

 

Working capital loans from banks

118.821

114.964

Total

118.821

114.964

 

Auditors :

 

Name :

Kamdar Patel and Associates

Chartered Accountants

Address :

47, Perin Nariman Street, 1st Floor, Fort, Mumbai, 400001, Maharashtra, India

PAN No.:

AAEFK1265H

 

 

Memberships :      

Not Available

 

 

Collaborators :

Not Available

 

 

Associates:
  • Kampf Machinery India Private Limited

CIN No.:U29291GJ2010PTC062505

  • Kampf Shneid Und Wickltechnik Gmbh and Co KG

 

 

Others :
  • Dhiranand Engineers Private Limited
  • Hemant Plastics And Chemicals Limited
  • Geratex Machinery Private Limited

 

 

CAPITAL STRUCTURE

 

As on 20.06.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10,000,000

Equity Shares

Rs.10/- each

Rs.100.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

9,000,000

Equity Shares

Rs.10/- each

Rs.90.000 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

 

SOURCES OF FUNDS

31.12.2013

31.12.2012

31.12.2011

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

90.000

90.000

90.000

(b) Reserves & Surplus

116.231

79.687

36.455

(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)

206.231

169.687

126.455

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

11.693

11.591

13.264

(c) Other long term liabilities

5.152

22.042

4.311

(d) long-term provisions

5.429

3.576

0.419

Total Non-current Liabilities (3)

22.274

37.209

17.994

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

118.821

114.964

95.113

(b) Trade payables

66.257

27.002

54.096

(c) Other current liabilities

53.661

23.025

55.287

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

238.739

164.991

204.496

 

 

 

 

TOTAL

467.244

371.887

348.945

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

97.149

92.030

95.334

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

2.344

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.756

6.801

0.000

Total Non-Current Assets

100.249

98.831

95.334

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

157.835

159.464

159.919

(c) Trade receivables

124.765

51.447

29.200

(d) Cash and cash equivalents

20.671

9.853

21.135

(e) Short-term loans and advances

63.724

52.292

43.357

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

366.995

273.056

253.611

 

 

 

 

TOTAL

467.244

371.887

348.945

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2013

31.12.2012

31.12.2011

 

SALES

 

 

 

 

 

Income

NA

 

 

Other Income

NA

 

 

 

 

TOTAL                                    

NA

613.094

470.564

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

Operating Expenses

56.368

49.497

 

 

TOTAL                                    

 

56.368

49.497

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

NA

556.726

421.067

 

 

 

 

 

 

DEPRECIATION/ AMORTISATION                    

 

6.561

5.983

 

 

 

 

 

 

PROFIT BEFORE TAX

 

49.807

43.514

 

 

 

 

 

 

TAX                                                                 

 

6.575

18.752

 

 

 

 

 

 

PROFIT AFTER TAX

58.719

43.232

24.762

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

79.687

36.455

21.760

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed Dividend

0.000

0.000

9.000

 

 

Tax on Proposed Dividend

0.000

0.000

1.068

 

BALANCE CARRIED TO THE B/S

138.406

79.687

36.454

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

432.635

(347.382)

(47.091)

 

 

 

 

 

 

Earnings Per Share (Rs.)

6.52

4.80

2.75

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.12.2013

31.12.2012

31.12.2011

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2013

31.12.2012

31.12.2011

Net Profit Margin

(PAT / Sales)

(%)

NA

7.05

5.26

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

12.63

13.39

12.47

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.28

0.29

0.34

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.58

0.68

0.75

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.54

1.65

1.24

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

 

DEBT EQUITY RATIO

 

Particular

31.12.2011

31.10.2012

31.12.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

90.000

90.000

90.000

Reserves & Surplus

36.455

79.687

116.231

Net worth

126.455

169.687

206.231

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

95.113

114.964

118.821

Total borrowings

95.113

114.964

118.821

Debt/Equity ratio

0.752

0.678

0.576

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of establishment

Yes

2]

Constitution of the entity -Incorporation details

Yes

3]

Locality of the entity

Yes

4]

Premises details

No

5]

Buyer visit details

--

6]

Contact numbers

Yes

7]

Name of the person contacted

Yes

8]

Designation of contact person

Yes

9]

Promoter’s background

Yes

10]

Date of Birth of Proprietor / Partners / Directors

Yes

11]

Pan Card No. of Proprietor / Partners

No

12]

Voter Id Card No. of Proprietor / Partners

No

13]

Type of business

Yes

14]

Line of Business

Yes

15]

Export/import details (if applicable)

No

16]

No. of employees

No

17]

Details of sister concerns

Yes

18]

Major suppliers

No

19]

Major customers

No

20]

Banking Details

Yes

21]

Banking facility details

No

22]

Conduct of the banking account

--

23]

Financials, if provided

Yes

24]

Capital in the business

Yes

25]

Last accounts filed at ROC, if applicable

No

26]

Turnover of firm for last three years

Yes

27]

Reasons for variation <> 20%

--

28]

Estimation for coming financial year

No

29]

Profitability for last three years

Yes

30]

Major shareholders, if available

Yes

31]

External Agency Rating, if available

Yes

32]

Litigations that the firm/promoter involved in

--

33]

Market information

--

34]

Payments terms

No

35]

Negative Reporting by Auditors in the Annual Report

No

 

 

LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

 

SPECIAL CIVIL APPLICATION No. 15535 of 2010

Status : PENDING

( Converted from : ST/14156/2010 )

CCIN No : 001021201015535

 

Last Listing Date: 15/07/2015

 

Coram

HONOURABLE MS.JUSTICE HARSHA DEVANI

 

 

 

S.NO.

Name of the Petitioner

Advocate On Record

1.

RADHAMADHAV CORPORATION LTD

MR HASIT DILIP DAVE for: Petitioner(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

 

S.NO.

Name of the Respondent

Advocate On Record

1.

KUSTERS CALICO MACHINERY LTD

MR HARSHAD J SHAH for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1
MR ASHISHKUMAR A JHA for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

 

Presented On

: 27/10/2010

Registered On

: 27/10/2010

Bench Category

: SINGLE BENCH

District

:  AHMEDABAD

Case Originated From

:THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 32 times

 

StageName

FOR FINAL HEARING

Classification

SJ - NON-SERVICE - LOWER COURT - CODE OF CIVIL PROCEDURE, 1908 - GRANT OF LEAVE TO DEFEND UNDER ORDER 37, RULE 3

Act

CARRIAGE BY AIR ACT, 1972

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10247040

24/03/2015 *

200,000,000.00

BANK OF BARODA

SAYAJIGUNG BRANCH, YASH KAMAL BUILDING, SAYAJIGUNJ, VADODARA, Gujarat - 390005, INDIA

C48696736

 

* Date of charge modification

 

FIXED ASSETS

  • Land
  • Buildings
  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Office equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 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.63.82

UK Pound

1

Rs.101.25

Euro

1

Rs.72.36

 

 

INFORMATION DETAILS

 

Information Gathered by :

DPA

 

 

Analysis Done by :

KAS

 

 

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

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

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

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

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

44

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.