MIRA INFORM REPORT
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Report No. : |
343665 |
|
Report Date : |
05.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
KIKANI EXPORTS PRIVATE LIMITED |
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Registered
Office : |
104, West Periasamy Road, R. S. Puram, Coimbatore – 641002, Tamilnadu |
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Tel. No.: |
91-422-2540804 / 2540805 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
30.03.2000 |
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Com. Reg. No.: |
18-009278 |
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Capital
Investment / Paid-up Capital : |
Rs. 5.000 Million |
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CIN No.: [Company Identification
No.] |
U05110TZ2000PTC009278 |
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IEC No.: |
3201013293 |
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TIN No.: |
33542001729 |
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CST No.: |
640813 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CMBK03084E |
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PAN No.: [Permanent Account No.] |
AABCK4784H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is engaged in Trading of Cotton Yarns and Cotton Fabrics. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1300000 |
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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. The company has registered decent operational activity marked by good
top line growth along with an average profitability margin of 0.80% in FY
2014. The rating reflects the company’s healthy financial base comfortable
working capital and long standing experience of the promoters in yarn trading
business. Trade relations are fair. Payments are usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term loan facilities BB |
|
Rating Explanation |
Inadequate-credit-quality and high credit risk. |
|
Date |
September, 2015 |
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Rating Agency Name |
ICRA |
|
Rating |
Short term fund based facilities A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
September, 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
31-03-2015.
LOCATIONS
|
Registered Office : |
104, West Periasamy Road, R. S. Puram, Coimbatore – 641002, Tamilnadu,
India |
|
Tel. No.: |
91-422-2540804 / 2540805 |
|
Fax No.: |
91-422-2540806 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 04.09.2014
|
Name : |
Mr. Vrajesh Lalitkumar Kikani |
|
Designation : |
Director |
|
Address : |
14, Jawahar Nagar, Coimbatore – 641043, Tamilnadu, India |
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Date of Birth/Age : |
05.12.1968 |
|
Date of Appointment : |
30.03.2000 |
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PAN No.: |
AEEPK3953J |
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DIN No.: |
01393929 |
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|
|
|
Name : |
Mr. Nrupen Shah |
|
Designation : |
Director |
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Address : |
25K, Chinnammal Street, K. K. Pudur, Coimbatore - 641 038, Tamilnadu, India |
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Date of Birth/Age : |
11.01.1964 |
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Date of Appointment : |
23.03.2012 |
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PAN No.: |
ACHPN3921C |
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DIN No.: |
05191439 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 04.09.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Lalitkumar Baldevdas Kikani |
82500 |
16.50 |
|
Vrajesh Lalitkumar Kikani |
207500 |
41.50 |
|
Ilaben Lalit Kikani |
42500 |
8.50 |
|
Roopal Vrajesh Kikani |
167500 |
33.50 |
|
Total |
500000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 04.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in Trading of Cotton Yarns and Cotton Fabrics. |
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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 : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Karthikeyan and Jayaram Chartered Accountants |
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Address : |
1280 Sun Towers, 3rd Floor, Mettupalayam Road, Coimbatore – 641043, Tamilnadu, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AADFG5927B |
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Memberships : |
-- |
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Collaborators : |
-- |
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Enterprises which
are owned, or have
significant influence of or are
partners with Key management personnel and their relatives |
· Kikani Enterprises Private Limited CIN No.: U17111TZ2010PTC016597 · Intertext Enterprises Private limited CIN No.: U17111TZ2013PTC019210 |
CAPITAL STRUCTURE
As on 04.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500,000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500,000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000
Million |
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|
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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 |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
5.000 |
5.000 |
5.000 |
|
(b) Reserves & Surplus |
446.721 |
332.474 |
238.476 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
451.721 |
337.474 |
243.476 |
|
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|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.807 |
25.990 |
31.307 |
|
(b) Deferred tax liabilities (Net) |
11.861 |
13.724 |
15.478 |
|
(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) |
12.668 |
39.714 |
46.785 |
|
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(4)
Current Liabilities |
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|
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|
(a) Short
term borrowings |
419.048 |
2772.020 |
1303.832 |
|
(b) Trade
payables |
152.700 |
43.463 |
66.949 |
|
(c) Other
current liabilities |
7.715 |
15.694 |
16.240 |
|
(d) Short-term
provisions |
59.318 |
43.943 |
62.794 |
|
Total Current
Liabilities (4) |
638.781 |
2875.120 |
1449.815 |
|
|
|
|
|
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TOTAL |
1103.170 |
3252.308 |
1740.076 |
|
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II.
ASSETS |
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|
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|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
98.076 |
55.776 |
57.382 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
8.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
20.026 |
20.018 |
19.897 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
126.102 |
75.794 |
77.279 |
|
|
|
|
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
189.214 |
213.538 |
2.536 |
|
(c) Trade
receivables |
534.474 |
2429.435 |
1139.786 |
|
(d) Cash
and cash equivalents |
234.173 |
349.718 |
429.522 |
|
(e)
Short-term loans and advances |
73.327 |
65.683 |
80.160 |
|
(f) Other
current assets |
(54.120) |
118.140 |
10.793 |
|
Total
Current Assets |
977.068 |
3176.514 |
1662.797 |
|
|
|
|
|
|
TOTAL |
1103.170 |
3252.308 |
1740.076 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
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Income |
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Other Income |
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|
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TOTAL |
14210.669 |
8862.432 |
5309.670 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
14030.712 |
8718.319 |
5109.972 |
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
179.957 |
144.113 |
199.698 |
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
8.256 |
7.926 |
8.825 |
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|
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|
PROFIT BEFORE
TAX |
171.701 |
136.187 |
190.873 |
|
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Less |
TAX |
57.455 |
42.189 |
62.467 |
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PROFIT AFTER TAX
|
114.246 |
93.998 |
128.406 |
|
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|
|
|
Earnings Per
Share (Rs.) |
228.49 |
187.99 |
256.81 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.832 |
7.741 |
6.957 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operation |
2482.656 |
(1411.927) |
(195.024) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.80 |
1.06 |
2.42 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
1.27 |
1.63 |
3.76 |
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.97 |
4.21 |
11.10 |
|
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38 |
0.40 |
0.78 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.93 |
8.31 |
5.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53 |
1.10 |
1.15 |
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 |
5.000 |
5.000 |
5.000 |
|
Reserves & Surplus |
238.476 |
332.474 |
446.721 |
|
Net
worth |
243.476 |
337.474 |
451.721 |
|
|
|
|
|
|
long-term borrowings |
31.307 |
25.990 |
0.807 |
|
Short term borrowings |
1303.832 |
2772.020 |
419.048 |
|
Current maturities of
long-term debts |
6.957 |
7.741 |
0.832 |
|
Total
borrowings |
1342.096 |
2805.751 |
420.687 |
|
Debt/Equity
ratio |
5.512 |
8.314 |
0.931 |
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 |
5309.670 |
8862.432 |
14210.669 |
|
|
|
66.911 |
60.347 |
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 |
5309.670 |
8862.432 |
14210.669 |
|
Profit/ (Loss) |
128.406 |
93.998 |
114.246 |
|
|
2.42% |
1.06% |
0.80% |
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 |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
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 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80010445 |
24/11/2014 * |
17,198,900,000.00 |
ANDHRA BANK |
COIMBATORE MAIN BRANCH, MILL ROAD, COIMBATORE, Tamil Nadu - 641001,
INDIA |
C36226892 |
* Date of charge modification
OPERATIONS AND
FINANCIAL RESULTS:
During the year the working of the company has been very satisfactory. The company’s operations have resulted in a Total Income of Rs.14210.669 Million with a Net Profit of Rs.114.246 Million after providing for depreciation and taxation. During the year, the industrial climate in general, and more particularly with regard to the textile industry was favourable. The operations for the year has seen an appreciable increase in terms of company’s income generation and profitability, as when compared to that of the previous year. The directors hope that the company will post improved financial results in the future years with the divine blessings of the Almighty.
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.65.55 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
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 |
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 |
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 |
|
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.