MIRA INFORM REPORT

 

 

Report No. :

322015

Report Date :

13.05.2015

 

IDENTIFICATION DETAILS

 

Name :

KANDUI INDUSTRIES PRIVATE LIMITED

 

 

Registered Office :

Plot No.112, Minerva Industrial Estate P.K. Road, Near Hercules Hoist, Mulund (West), Mumbai – 400080, Maharashtra

Tel No :

91-22-61510500

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

03.02.2010

 

 

Com. Reg. No.:

11-199649

 

 

Capital Investment / Paid-up Capital :

Rs. 35.582 Million

 

 

CIN No.:

[Company Identification No.]

U25199MH2010PTC199649

 

 

IEC No.:

0306001012

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AADCK8554D

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Manufacturer and Exporter of Additive Batch and Color Master Batch.

 

 

No. of Employees :

40 (Approximately)

 

 

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

 

Maximum Credit Limit :

USD 320000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

As per the directors report, management has reported 30% increase in turnover to Rs. 1330.200 Million during FY2014 from Rs. 1023.800 Million during FY2013. Also the company expect to increase its profitability in the ensuing year, as the interest on capital expenditure will reduced due to repayment of term loan.

 

Profit margin of the company seems to be fair.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

The company can be considered for business dealing 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.

 

 

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

 (CARE) BB- (Suspended)

Rating Explanation

The rating has been suspended as the company has not furnished the information required by CARE for monitoring of the rating.

Date

January 2013

 

 

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. Nitai Ghosh

Designation :

HOD Accountant

Contact No.:

91-22-61510557

Date :

09.05.2015

 

 

LOCATIONS

 

Registered Office :

Plot No.112, Minerva Industrial Estate P.K. Road, Near Hercules Hoist, Mulund (West), Mumbai – 400080, Maharashtra, India  

Tel. No.:

91-22-61510500

Mobile No.:

Not Available

Fax No.:

91-22-25916269

E-Mail :

ashwin@pvn.in

masterbatchinfo@kandui.in

ankur@kandui.in

prachi@kandui.in

ghosh@kandui.in

Website :

http://www.additivemasterbatches.com

Location :

Owned

 

 

Factory :

S. No. 39/2, 39/3, 39/3C, 39/3D, 39/4, Kadaiye Village, Nani Daman – 396210, Daman and Diu, India 

 

 

 

DIRECTORS

 

As on : 30.09.2014

 

Name :

Mr. Poonamchand Laxminarayan Agarwal

Designation :

Director

Address :

803, Tirupati Apartments, Ashish Building, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

05.04.1940

PAN No :

AAAPA5155A

Date of Appointment :

03.02.2010

DIN No.:

01399414

 

 

Name :

Mr. Arvindkumar Poonamchand Agarwal

Designation :

Director

Address :

802/C, Tirupati Apartments, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

27.03.1971

Date of Appointment :

03.02.2010

DIN No.:

01255667

 

 

Name :

Mr. Ashwinkumar Poonamchand Agarwal

Designation :

Director

Address :

802/C, Tirupati Apartments, Pedder Road, Gamdevi, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

16.09.1981

Date of Appointment :

03.02.2010

DIN No.:

02284868

 

 

KEY EXECUTIVES

 

Name :

Mr. Nitai Ghosh

Designation :

HOD Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on : 30.09.2014

 

Names of Shareholders

No. of Shares

%age

Ashwinkumar Poonamchand Agarwal

1779146

50.00

Shika Ashwin Agarwal

1779143

50.00

Total

3558289

100.00

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Additive Batch and Colour Master Batch.

 

 

Products :

ITC Code No.

 

Product Descriptions

32050000

Additive Master Batch and Colour Master Batch

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Countries :
  • Middle East
  • Saudi Arabia
  • Iran
  • Nepal
  • Bhutan

 

 

Imports :

 

Products :

Raw Material

Countries :
  • China
  • Germany
  • Malaysia

 

 

Terms :

Not Available

 

PRODUCTION STATUS = NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Experience :

Not Available

Maximum Limit Dealt :

Not Available

 

 

Customers :

 

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Experience :

Not Available

Maximum Limit Dealt :

Not Available

 

 

No. of Employees :

40 (Approximately)

 

 

Bankers :

Banker Name

Bank of Baroda

Branch Address

Bhandup Branch, Mumbai, Maharashtra, India

Person Name (With Designation)

Not Available

Contact Number

Not Available

Name of Account Holder

Not Available

Account Number

Not Available

Account Since (Date/Year of Account Opening)

Not Available

Average Balance Maintained (If Possible)

Not Available

Credit Facilities Enjoyed (If any)

Fund + Non Fund Rs. 400.000 Million

Account Operation

Not Available

Remarks (If any)

Not Available

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

From Bank of Baroda

Term Loan Bank of Baroda A/C No 07620600000903 Repayable in 83 monthly installment of Rs 96.000 Million and 84th installment of

Rs 92.000 Million commencing from Oct 2010 with interest 2.5 % over base

28.718

40.239

Term Loan Bank of Baroda A/C No 07620600001101

Repayable in 83 monthly installment of Rs 41.700 Million and 84th installment of Rs 3.890 Million commencing from April 2011 with 2.5 % over base rate

14.836

19.839

Term Loan Bank of Baroda A/C No 07620600001424

Repayable in 83 monthly installment of Rs 41.700 Million and 84th installment of Rs 54.000 Million commencing from Apr 2011 with interest of 2.5 % over base rate

14.707

13.609

SHORT TERM BORROWING

 

 

Cash Credit from Bank of Baroda

(Secured Against Mortgage of Immovable Properties of Company and Director at Kadiya- Daman, Hypothecation of Movable Properties Both Present and Future Subject to Charge Created In Favor of Bankers For Working Capital Facilities, Personal Guarantee of Directors and Relative)

102.048

162.855

Foreign Currency Loan -Buyer Credit

(Above Term Loans is secured Against Mortgage of Immovable Properties of

Company and Director at Kadayia- Daman, Hypothecation of Movable

Properties Both Present and Future Subject to Charge Created In Favor of

Bankers For Working Capital Facilities, Personal Guarantee of Directors and

Relative)

50.273

0.000

Total

210.582

236.542

 

Auditors :

 

Name :

Ajmera Ajmera and Associates

Chartered Accountants

Address :

2/334, New Sonal Link Industrial Estate, Link Road, Malad (West), Mumbai – 400064, Maharashtra, India

PAN No.:

AAJFA6672P

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associate :

  • PVN Fabrics

AAIFP6563D

  • PVN Tex Industries

AADFP1837F

           

 

CAPITAL STRUCTURE

 

As on : 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4250000

Equity Shares

Rs.10/- each

Rs. 42.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3558289

Equity Shares

Rs.10/- each

Rs. 35.582 Million

 

 

 

 

 

 

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

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

35.582

35.582

35.582

(b) Reserves & Surplus

76.852

48.735

34.799

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

11.000

Total Shareholders’ Funds (1) + (2)

112.434

84.317

81.381

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

97.952

105.057

81.048

(b) Deferred tax liabilities (Net)

7.501

7.534

7.102

(c) Other long term liabilities

0.435

0.225

0.225

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

105.888

112.816

88.375

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

152.321

162.855

162.068

(b) Trade payables

143.832

139.283

97.562

(c) Other current liabilities

34.431

30.411

9.140

(d) Short-term provisions

6.698

1.933

0.000

Total Current Liabilities (4)

337.282

334.482

268.770

 

 

 

 

TOTAL

555.604

531.615

438.526

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

164.771

165.096

152.383

(ii) Intangible Assets

0.028

0.000

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

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

3.122

0.106

1.604

(e) Other Non-current assets

0.039

0.079

0.118

Total Non-Current Assets

167.960

165.281

154.105

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

92.229

111.616

86.026

(c) Trade receivables

232.056

202.809

168.230

(d) Cash and cash equivalents

21.196

22.967

11.848

(e) Short-term loans and advances

41.656

28.255

17.833

(f) Other current assets

0.507

0.687

0.484

Total Current Assets

387.644

366.334

284.421

 

 

 

 

TOTAL

555.604

531.615

438.526

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income From Operation

1330.296

1023.837

719.738

 

 

Other Income

2.929

1.279

0.432

 

 

TOTAL                                    

1333.225

1025.116

720.170

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

1274.596

985.488

688.388

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

58.629

39.628

31.782

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

22.576

19.760

19.247

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX

36.053

19.868

12.535

 

 

 

 

 

Less

TAX                                                                 

7.936

5.932

5.695

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX

28.117

13.936

6.840

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

37.935

23.999

18.303

 

 

 

 

 

 

Earnings Per Share (Rs.)

7.90

3.92

1.92

 

 

Expected Sales (2014-15) : Rs. 1510.000 Million

 

The above information has been parted by Mr. Nitai Ghosh (HOD Accountant)

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

2.11

1.36

0.95

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)

4.41

3.87

4.42

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

6.49

3.74

2.86

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.32

0.24

0.15

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.23

3.18

2.99

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.15

1.10

1.06

 

 

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

35.582

35.582

35.582

Reserves & Surplus

34.799

48.735

76.852

Share Application money pending allotment

0.000

0.000

11.000

Net worth

70.381

84.317

123.434

 

 

 

 

long-term borrowings

81.048

105.057

97.952

Short term borrowings

162.068

162.855

152.321

Total borrowings

243.116

267.912

250.273

Debt/Equity ratio

3.454

3.177

2.028

 

 

 

 

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)

Sales

719.738

1023.837

1330.296

 

 

42.251

29.932

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

719.738

1023.837

1330.296

Profit

6.840

13.936

28.117

 

0.95%

1.36%

2.11%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CURRENT MATURITY OF LONG TERM DEBT = NOT AVALABLE

 

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

 

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

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

Yes

 

 

OPERATIONS AND FUTURE RESPECTS

 

During the year under consideration the company has achieved a turnover of Rs. 1330.200 Million as against previous year of Rs. 1023.800 Million. The Profit before tax is Rs. 36.100 Million as against previous year of Rs. 19.900 Million. The company expects to increase its profitability in the ensuing year, as the interest on capital expenditure will reduce due to repayment of term loans.

 

UNSECURED LOAN

(Rs. In Million)

 

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loans From Related Parties

14.655

16.370

From Others'

25.036

15.000

Total

39.691

31.370

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10214265

23/07/2014 *

383,400,000.00

Bank of Baroda

SME Daman Branch, 1st Floor, Centre Point, Somnath Junction, Dabhel, Daman, Dadar Nagar Haveli - 396210, INDIA

C14418222

 

* Date of charge modification

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, 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 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.64.18

UK Pound

1

Rs.100.57

Euro

1

Rs.72.07

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

SAN

 

 

Report Prepared by :

RNK

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

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

NO

--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

 

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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.