MIRA INFORM REPORT
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Report No. : |
310788 |
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Report Date : |
05.03.2015 |
IDENTIFICATION DETAILS
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Name : |
KALPSUTRA CHEMICALS PRIVATE LIMITED (w.e.f.
15.07.2004) |
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Formerly Known As
: |
ALLWIN FIBREGLASS AND PLASTICS PRIVATE LIMITED (w.e.f.
23.04.2003) ALLWIN FIBREGLASS AND PLASTICS LIMITED (w.e.f. 1988) ALLWIN FIBREGLASS AND PLASTICS PRIVATE LIMITED |
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Registered
Office : |
103-105, |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
20.10.1986 |
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Com. Reg. No.: |
11-041296 |
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Capital Investment
/ Paid-up Capital : |
Rs.3.110
million |
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CIN No.: [Company Identification
No.] |
U26102MH1986PTC041296 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA23262B |
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PAN No.: [Permanent Account No.] |
AAACA3754C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Aromatic Chemicals. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 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 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
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 (GENERAL DETAILS)
|
Name : |
Ms. Shashi |
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Designation : |
Accounts Department |
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Contact No.: |
91-22-21642085 |
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Date : |
04.03.2015 |
LOCATIONS
|
Registered/ Corporate Office : |
103-105, |
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Tel. No.: |
91-22-21642085 (5
Lines)
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Fax No.: |
91-22-21642086 |
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E-Mail : |
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Website : |
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Area : |
2700 sq. ft. |
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Location : |
Owned |
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Factory : |
Plot No.A-415, M.I.D.C., Mahape, Navi Mumbai – 400 701, |
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Tel. No.: |
91-22-27782689/ 90/ 91 |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Ashok Vasantlal Shah |
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Designation : |
Director |
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Address : |
Flat No.B-1703, Vikas Paradise Towers-3, L.B.S. Road, Mulund (West),
Mumbai – 400 080, Maharashtra, India |
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Date of Birth/Age : |
21.02.1969 |
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Qualification : |
B.E. |
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Date of Appointment : |
15.07.2003 |
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DIN No.: |
00652290 |
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PAN No.: |
AFXPS3621K |
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Name : |
Mr. Niranjan Ratanshi Sachade |
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Designation : |
Director |
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Address : |
903, Manisha Heights, Bal Rajeshwar Road, Mulund (West) , Mumbai – 400
080, Maharashtra, India |
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Date of Birth/Age : |
22.02.1957 |
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Qualification : |
B.E. |
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Date of Appointment : |
15.07.2003 |
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DIN No.: |
00652389 |
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PAN No.: |
AAVPS6353H |
KEY EXECUTIVES
|
Name : |
Ms. Shashi |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Ashok Vasantlal Shah |
|
105502 |
|
Niranjan Ratanshi Sachade |
|
105502 |
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Total |
|
211004 |
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Names of Shareholders (Preference Shares) |
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No. of Shares |
|
Ashok Vasantlal Shah |
|
5000 |
|
Niranjan Ratanshi Sachade |
|
5000 |
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Total |
|
10000 |
AS ON 30.09.2014
|
Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Aromatic Chemicals. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Aromatic Chemicals |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash, Cheque and Credit (30 days) |
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Purchasing : |
Cash, Cheque and Credit (30 days) |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
Indian Overseas Bank, Arjun Tower, 1st
Floor, Gokhale Road, Naupada, Thane – 400 602, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Navin and Associates Chartered Accountants |
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Address : |
23-B, Haji Habib Building, 1st Floor, 108, Naigaon Cross
Road, Above Kohinoor Electronics, Dadar (East), Mumbai – 400 028,
Maharashtra, India |
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E-Mail : |
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PAN
No.: |
AAJFN0726B |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Other Related Parties : |
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CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 million |
|
30000 |
Preference Shares |
Rs.100/- each |
Rs.3.000 million |
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Total |
|
Rs.6.000 million
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
211004 |
Equity Shares |
Rs.10/- each |
Rs.2.110
million |
|
10000 |
Preference Shares |
Rs.100/- each |
Rs.1.000
million |
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Total |
|
Rs.3.110 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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(1)
Shareholders' Funds |
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(a) Share Capital |
3.110 |
4.610 |
4.610 |
|
(b) Reserves & Surplus |
225.846 |
186.099 |
115.190 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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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) |
228.956 |
190.709 |
119.800 |
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(3) Non-Current
Liabilities |
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(a) Long-term borrowings |
23.094 |
37.868 |
26.889 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current Liabilities
(3) |
23.094 |
37.868 |
26.889 |
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(4) Current Liabilities |
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(a) Short
term borrowings |
0.000 |
0.000 |
29.287 |
|
(b) Trade
payables |
234.709 |
180.634 |
135.613 |
|
(c) Other
current liabilities |
0.000 |
0.000 |
3.171 |
|
(d) Short-term
provisions |
71.914 |
37.337 |
15.824 |
|
Total Current
Liabilities (4) |
306.623 |
217.971 |
183.895 |
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TOTAL |
558.673 |
446.548 |
330.584 |
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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 |
56.489 |
38.680 |
42.385 |
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(ii)
Intangible Assets |
0.333 |
0.139 |
0.181 |
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(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
28.849 |
20.792 |
8.718 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
85.671 |
59.611 |
51.284 |
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(2) Current assets |
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|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
53.630 |
84.550 |
46.227 |
|
(c) Trade
receivables |
344.869 |
235.596 |
180.233 |
|
(d) Cash
and cash equivalents |
28.098 |
20.433 |
27.604 |
|
(e)
Short-term loans and advances |
0.544 |
0.383 |
0.529 |
|
(f) Other
current assets |
45.861 |
45.975 |
24.707 |
|
Total
Current Assets |
473.002 |
386.937 |
279.300 |
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|
|
|
|
|
TOTAL |
558.673 |
446.548 |
330.584 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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|
SALES |
|
|
|
|
|
|
|
Gross Receipts |
1635.259 |
1316.745 |
931.724 |
|
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
102.097 |
110.514 |
52.853 |
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DEPRECIATION/
AMORTISATION |
7.250 |
5.756 |
6.197 |
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PROFIT/
(LOSS) BEFORE TAX |
94.847 |
104.758 |
46.656 |
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TAX |
31.500 |
34.000 |
15.800 |
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PROFIT/
(LOSS) AFTER TAX |
63.346 |
70.758 |
30.856 |
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PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
184.519 |
113.610 |
83.041 |
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Income Tax Adjustment |
0.000 |
(0.151) |
0.285 |
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APPROPRIATIONS |
23.520 |
0.000 |
0.000 |
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|
|
BALANCE CARRIED TO
THE B/S |
225.845 |
184.519 |
113.610 |
|
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|
EARNINGS IN
FOREIGN CURRENCY |
US $ 14796716.67 |
NA |
US $ 13426080.70 |
|
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|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
286.63 |
299.82 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.90 |
24.61 |
14.50 |
|
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41 |
0.55 |
0.39 |
|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
0.10 |
0.20 |
0.47 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54 |
1.78 |
1.52 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Share Capital |
4.610 |
4.610 |
3.110 |
|
Reserves & Surplus |
115.190 |
186.099 |
225.846 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
119.800 |
190.709 |
228.956 |
|
|
|
|
|
|
Long Term borrowings |
26.889 |
37.868 |
23.094 |
|
Short Term borrowings |
29.287 |
0.000 |
0.000 |
|
Total borrowings |
56.176 |
37.868 |
23.094 |
|
Debt/Equity ratio |
0.469 |
0.199 |
0.101 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Gross Receipts |
931.724 |
1,316.745 |
1,635.259 |
|
|
|
41.324 |
24.189 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Gross Receipts |
931.724 |
1,316.745 |
1,635.259 |
|
Profit |
30.856 |
70.758 |
63.346 |
|
|
3.31% |
5.37% |
3.87% |
LOCAL AGENCY FURTHER INFORMATION
Details of Current maturities of long term debt:
|
Particulars |
31.03.2014 (Rs. in million) |
31.03.2013 (Rs. in million) |
31.03.2012 (Rs. in million) |
|
Current maturities of
long term debt |
NA |
0.000 |
0.000 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
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 |
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from directors |
6.710 |
6.710 |
|
Loans and advances from others |
1.000 |
1.000 |
|
Total |
7.710 |
7.710 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10275333 |
01/02/2012 * |
46,500,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND FLOOR, G
BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI,
MAHARASHTRA |
B34458075 |
|
2 |
10275349 |
11/03/2011 |
14,220,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND FLOOR, G
BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI,
MAHARASHTRA |
B09001736 |
|
3 |
10258347 |
18/06/2013 * |
145,000,000.00 |
ING VYSYA BANK LIMITED |
SHOP NO.1, 2, 3 AND 4,MANJU
APARTMENTS, R.B. METHA MARG, GHATKOPAR (EAST), MUMBAI, MAHARASHTRA - 400077,
INDIA |
B81581043 |
|
4 |
10075524 |
23/11/2007 |
7,000,000.00 |
CITIBANK N. A. |
CITITOWER, DR. S.S. RAO
ROAD, PAREL, MUMBAI, MAHARASHTRA - 400012, INDIA |
A26653014 |
|
5 |
10057080 |
26/03/2012 * |
46,500,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND FLOOR, G
BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI,
MAHARASHTRA |
B38893004 |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Factory Building
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
Intangible Assets
·
Computer Software
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.61.85 |
|
|
1 |
Rs.94.96 |
|
Euro |
1 |
Rs.69.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
|
-- PROFITABILITY |
1~10 |
5 |
|
--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 |
|
45 |
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.