|
|
|
MIRA INFORM REPORT
|
Report No. : |
505058 |
|
Report Date : |
21.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
KAYNES TECHNOLOGY INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office: |
23-25, Belagola, Food Industrial Estate, Metagali P.O., Mysore – 570016, Karnataka |
|
Tel. No.: |
91-821-4280270 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
28.03.2008 |
|
|
|
|
Com. Reg. No.: |
08-045825 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 49.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29128KA2008PTC045825 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0708003184 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCK3295K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Electronic Components and also Providing Electronic Design Services. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 1577000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 2008 and it is engaged into providing electronic manufacturing solutions and services. It offers solutions for design and engineering, prototype manufacturing, turnkey electronic manufacturing, electro mechanical and allied parts, exclusive RoHS and green manufacturing and product service support. Management has failed to file its financials after the financial year 2015 with Registrar of Companies. For the financial year ended 2015, the company has reported 33.68% revenue growth as compared to previous revenue and it has maintained average profitability margin at 2.62% during the year under review. Ratings continue to reflect the company’s established presence and the longstanding experience of the promoters in the domestic electronic manufacturing service (EMS) industry backed by its dominant position in the railway signalling and IT peripherals segments, the recent focus towards other segments like industrial electronics among others and proposed entry into product manufacturing. The ratings also draw comfort from the company’s financial profile characterized by comfortable profitability and coverage indicators. As per the indirect sources we found that the subject has achieved sales turnover of INR 2769.8 million for the financial year 2017 along with net profit margin of 2.6%. Business is active. Payment seems to be slow but correct. In view of aforesaid, 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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term loans = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
05.04.2018 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term loans = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
05.04.2018 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 21.03.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED BY
|
Name : |
Mr. Nazar |
|
Designation : |
V. P. Marketing |
|
Contact No.: |
91-9900887637 |
|
Date : |
20.04.2018 |
[91-821-4280270/ 4280259/ 258] not working
LOCATIONS
|
Registered/Corporate/ Head Office/ Factory1 : |
23-25, Belagola, Food Industrial Estate, Metagali P.O., Mysore – 570016, Karnataka, India |
|
Tel. No.: |
Not Available |
|
Mobile. No.: |
91-9900887637 [Mr. Nazar] |
|
Fax No.: |
91-821-2282701/ 2582595 |
|
E-Mail : |
commercial@kaynestechnology.net |
|
Website : |
|
|
|
|
|
Factory 2 : |
Plot No 4, Near Govt Middle Primary School, Sector 5, Parwanoo PO, Solan District 173220, Himachal Pradesh, India |
|
Tel. No.: |
91 1792-233045 |
|
|
|
|
Factory 3: |
Khasra No.323 Mi Ground Floor, Central Hope Town, Camp Road, Industrial Area, Selaqui – 248197 Dehradun District, Uttarakhand, India |
|
|
|
|
Factory 4: |
No. A-53, 2nd Main, 2nd Phase Peenya Industrial Area, Bangalore – 560058 Karnataka, India |
|
Tel. No.: |
91-80-40902613 |
|
Fax No.: |
91-80-40902614 |
|
|
|
|
Factory 5: |
No. 40/3, Siva Budam Village, Chettiar Agaram Main Road, Vanagaram, Chennai, Tamilnadu, India |
|
Tel. No.: |
91-44-24767176 |
|
|
|
|
Factory 6 : |
Plot No 339, Hebbal Industrial Area, Hebbal Mysore – 570016, Karnataka, India |
|
Tel. No.: |
91-821-4242903 |
|
Fax No.: |
91-821-4242904 |
|
|
|
|
Factory 7: |
Plot No: 58, Sector 6, IMT Manesar, Gurgaon – 122050, Haryana, India |
|
|
|
|
Factory 8: |
63/2801, Sulakshana, Thrupthi Lane, Near Manorama Junction SA Road, Cochin-682016, Kerala, India |
|
|
|
|
Factory 9: |
Room 402, Dakshana Building, Plot No 2, Sector 11, Next to Raigharh Bhawan, Behind Uttara Complex, CBD Belapur, Navi Mumbai - 400 614. Maharashtra, India |
|
Tel. No.: |
91-22-2756 4530 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mrs. Savitha Ramesh |
||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||
|
Address : |
Rukrani Emerald Enclave Belavadi Post, Mysore – 570018, Karanata, India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
04.03.1972 |
||||||||||||||||||||||||
|
Qualification : |
Graduate |
||||||||||||||||||||||||
|
Date of Appointment : |
28.03.2008 |
||||||||||||||||||||||||
|
PAN No.: |
AHQPS3290P |
||||||||||||||||||||||||
|
DIN No.: |
01756684 |
||||||||||||||||||||||||
|
|||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Name : |
Mr. Ramesh Kunhikannan |
||||||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||||||
|
Address : |
No.232 5th Cross Metagalli, Mysore - 570016, Karnataka, India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
28.02.1964 |
||||||||||||||||||||||||
|
Qualification : |
Graduate |
||||||||||||||||||||||||
|
Date of Appointment : |
28.03.2008 |
||||||||||||||||||||||||
|
PAN No.: |
AGSPK2014Q |
||||||||||||||||||||||||
|
DIN No.: |
02063167 |
||||||||||||||||||||||||
|
|||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
NOTE: SHAREHOLDING AND ALLOTTEES DETAILS FILE ATTACHED
AS ON 30.09.2015
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters |
|
|
Individual/Hindu Undivided Family |
|
|
Indian |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electronic Components and also Providing Electronic Design Services. (Registered Activity) |
|
|
|
|
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 : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Kotak Mahindra Bank Limited 22, Ground Floor, ING Vysya House, M.G. Road, Bangalore - 560001, Karnataka, India · Canara Bank No.6, Temple Road, Jayalakshmipuram, Mysore - 570012, Karnataka, India |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Financial Institution: |
· Karnataka State Financial Corporation 2716, L-4, 1st Floor, Lashkar Mohalla, Sri Harsha Road,
Mysore - 570001, Karnataka, India |
|
|
|
|
Auditors : |
|
|
Name : |
Varma and Varma Chartered Accountants |
|
Address : |
424, 4C Main, 6th Cross, Ombr Layout, Banaswadi, Bangalore - 560043, Karnataka, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFV9555E |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Company: |
· Kemsys Technologies Private Limited [U72900TN2009PTC073280] ·
Kaynes Embedded Systems Private Limited
[U72200KA2009PTC051856] |
CAPITAL STRUCTURE
AFTER 30.09.2015
Authorised Capital : INR 70.000 Million
Issued, Subscribed & Paid-up Capital : INR 68.000
Million
AFTER 30.09.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
INR 10/- each |
INR 70.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5100000 |
Equity Shares |
INR 10/- each |
INR 51.000
Million |
|
|
|
|
|
AS
ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
INR 10/- each |
INR 50.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4950000 |
Equity Shares |
INR 10/- each |
INR 49.500
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
49.500 |
49.500 |
49.500 |
|
(b) Reserves & Surplus |
502.423 |
421.818 |
356.122 |
|
(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) |
551.923 |
471.318 |
405.622 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
79.056 |
32.101 |
51.064 |
|
(b) Deferred tax liabilities (Net) |
43.228 |
30.900 |
25.593 |
|
(c)
Other long term liabilities |
21.748 |
3.709 |
0.000 |
|
(d)
long-term provisions |
11.285 |
2.802 |
0.762 |
|
Total
Non-current Liabilities (3) |
155.317 |
69.512 |
77.419 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
890.553 |
782.362 |
552.765 |
|
(b)
Trade payables |
734.152 |
631.538 |
561.993 |
|
(c)
Other current liabilities |
112.049 |
117.602 |
92.734 |
|
(d)
Short-term provisions |
37.757 |
19.361 |
26.432 |
|
Total
Current Liabilities (4) |
1774.511 |
1550.863 |
1233.924 |
|
|
|
|
|
|
TOTAL |
2481.751 |
2091.693 |
1716.965 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
393.818 |
272.221 |
235.364 |
|
(ii)
Intangible Assets |
0.378 |
1.259 |
2.666 |
|
(iii)
Capital work-in-progress |
0.000 |
2.065 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
33.044 |
28.044 |
19.358 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
43.844 |
29.275 |
27.329 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
471.084 |
332.864 |
284.717 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
709.988 |
613.636 |
416.394 |
|
(c)
Trade receivables |
1003.596 |
894.697 |
870.122 |
|
(d)
Cash and cash equivalents |
79.500 |
66.941 |
51.084 |
|
(e)
Short-term loans and advances |
216.190 |
182.016 |
93.287 |
|
(f)
Other current assets |
1.393 |
1.539 |
1.361 |
|
Total
Current Assets |
2010.667 |
1758.829 |
1432.248 |
|
|
|
|
|
|
TOTAL |
2481.751 |
2091.693 |
1716.965 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
3171.522 |
2372.414 |
2084.602 |
|
|
|
Other Income |
38.059 |
15.731 |
11.704 |
|
|
|
TOTAL (A) |
3209.581 |
2388.145 |
2096.306 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2388.604 |
|
|
|
|
|
Purchases of Stock-in-Trade |
3.607 |
0.673 |
|
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(38.209) |
(38.549) |
|
|
|
|
Employees benefits expense |
253.267 |
187.957 |
|
|
|
|
Other expenses |
322.305 |
273.126 |
|
|
|
|
TOTAL (B) |
2929.574 |
2929.574 |
1874.021 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
280.007 |
211.230 |
222.285 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
110.510 |
87.057 |
66.851 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
169.497 |
124.173 |
155.434 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
31.422 |
28.070 |
22.302 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
138.075 |
96.103 |
133.132 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
55.110 |
30.407 |
46.663 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
82.965 |
65.696 |
86.469 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
16.76 |
16.76 |
13.27 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
28.149 |
28.066 |
30.916 |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
112.016 |
(23.031) |
(27.264) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
115.50 |
137.65 |
152.35 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.16 |
2.65 |
2.40 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
112.02 |
131.39 |
NA |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.39 |
0.34 |
0.53 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.71 |
0.77 |
0.93 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.76 |
0.77 |
0.77 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.81 |
1.79 |
1.56 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
3.22 |
3.29 |
3.04 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.71 |
0.58 |
0.59 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.53 |
2.43 |
3.33 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
2.62 |
2.77 |
4.15 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
3.34 |
3.14 |
5.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
15.03 |
13.94 |
21.32 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.13 |
1.13 |
1.16 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.73 |
0.74 |
0.82 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.22 |
0.23 |
0.24 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
20.16 |
17.02 |
12.82 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.13 |
1.13 |
1.16 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
49.500 |
49.500 |
49.500 |
|
Reserves & Surplus |
356.122 |
421.818 |
502.423 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
405.622 |
471.318 |
551.923 |
|
|
|
|
|
|
Long-term borrowings |
51.064 |
32.101 |
79.056 |
|
Short term borrowings |
552.765 |
782.362 |
890.553 |
|
Current Maturities of Long
term debt |
30.916 |
28.066 |
28.149 |
|
Total
borrowings |
634.745 |
842.529 |
997.758 |
|
Debt/Equity
ratio |
1.565 |
1.788 |
1.808 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
2084.602 |
2372.414 |
3171.522 |
|
|
|
13.807 |
33.683 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
2084.602 |
2372.414 |
3171.522 |
|
Profit |
86.468 |
65.696 |
82.965 |
|
|
4.15% |
2.77% |
2.62% |
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 |
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 |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
C77690535 |
10617286 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
30/09/2015 |
- |
- |
10359348.0 |
130, PANDURANG BUDHKAR MARG,WORLIMUMBAIMH400018IN |
|
2 |
C69588176 |
10601514 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
10/09/2015 |
- |
- |
37152034.0 |
130, PANDURANG BUDHKAR MARG,WORLIMUMBAIMH400018IN |
|
3 |
C63521579 |
10590601 |
RELIANCE CAPITAL LTD |
31/03/2015 |
- |
- |
20000000.0 |
"H" BLOCK 1ST FLOORDHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNENAVI MUMBAIMH400710IN |
|
4 |
C37716263 |
10538016 |
EXPORT-IMPORT BANK OF INDIA |
10/12/2014 |
- |
- |
155000000.0 |
CENTRE ONE BUILDING , WORLD TRADE COMPLEXCUFFE PARADEMUMBAIMH400005IN |
|
5 |
B98534084 |
10482722 |
THE SOUTH INDIAN BANK LIMITED |
04/02/2014 |
- |
- |
1570000.0 |
DOOR NO. 50, 51, 1ST FLOORDEVARAJ URS ROADMYSOREKA570001IN |
|
6 |
B91074989 |
10464082 |
L & T FINANCE LIMITED |
12/11/2013 |
- |
- |
10000000.0 |
UNIT NO. 1, NO 306, 3RD FLOOR, PRIDE HULKUL,LALBAGH ROADBANGALOREKA560027IN |
|
7 |
B89739312 |
10460920 |
THE SOUTH INDIAN BANK LIMITED |
11/11/2013 |
- |
- |
5995000.0 |
DOOR NO. 50, 51, 1ST FLOORDEVARAJ URS ROADMYSOREKA570001IN |
|
8 |
B89739023 |
10460918 |
THE SOUTH INDIAN BANK LIMITED |
21/10/2013 |
- |
- |
750000.0 |
DOOR NO. 50, 51, 1ST FLOORDEVARAJ URS ROADMYSOREKA570001IN |
|
9 |
C34671446 |
10369063 |
ING VYSYA BANK LIMITED |
20/06/2012 |
17/10/2014 |
- |
50000000.0 |
22,GROUND FLOOR,ING VYSYA HOUSEM.G.ROAD,BANGALOREKA560001IN |
|
10 |
G04953717 |
10369075 |
KOTAK MAHINDRA BANK LIMITED |
20/06/2012 |
16/03/2016 |
- |
480000000.0 |
27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMA400051IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (INR
In Million) |
31.03.2014 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Working capital loans from banks |
39.683 |
39.819 |
|
Loans and advances from others |
33.100 |
7.396 |
|
Other loans and advances |
0.000 |
33.900 |
|
|
|
|
|
Total |
72.783 |
81.115 |
CORPORATE INFORMATION:
The Company is a company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in providing Electronic Design and Manufacturing Service EDMS solutions to suit individual customer requirements.
FINANCIAL RESULTS
The company has achieved a total turnover of INR 3171.522 million during the financial year ended 31st March 2015 as against INR. 2372.414 million in the previous financial year. The total turnover grew year on year by 33.68 % in the current year. the company has earned a net profit (after depreciation and tax) of INR 82.964 million in the current year as against INR 65.696 million in the previous year. Gross margin for the current year fell from 27.68% to 25.78%. This is on account of increase in material cost consequent to the rupee devaluation during the first half of the year. However, the company has taken adequate cost control measures during year which will result in better margins in the upcoming years.
Operating and other expenses increased from INR 461.083 million in FY 2013-14 to INR 575.572 million in FY 2014-15. Costas a 17.93% to sales is at in FY 2014-15 as against 19.31% in FY 2013-14. The monetary value increase in operating and other expenses is mainly because of increase in employee cost, Exchange loss on account of rupee devaluation etc.
Profit after tax for the year 2014-15 is INR 82.965 million as against INR 65.696 million in 2013-14. Basic EPS for the year 2014-15 is INR 16 as against INR 13 in 2013-14.
REVIEW OF PEFORMANCE
In the period 2014-2015, the economy witnessed signs of growth revival and some of the key macroeconomic indicators have started moving in the right direction. GDP has begun to show an increasing trend, inflation has also moderated significantly in large part due to erosion in fuel prices following which RBI has also reduced interest rates. However, they are yet to witness significant activity on the ground that indicates a complete turnaround. While GDP growth has begun to show improvement, investment activity across sectors, particularly in industrial, continued to remain muted with uncertainty in the economy. Bank lending activity to the corporate sector has not significantly increased. The early signs of economic revival along with legislative and regulatory actions taken by the Central Government in 2014 should prove beneficial to the overall industry.
During the year their exports have moderately increased when compared to the previous financial year which has helped in increasing their margins.
The year 2014-15 was the comeback of Rupee especially during the first half of the year after having been one of the worst performing currencies during most of the previous year and the hedging measures taken by the management also contributed to attain a better result compared to the slowdown in the previous year.
Manufacturing activity in the core sector is a critical driver for your company’s EDMS business. While activity in this sector has remained muted for 2014, it remains to be seen whether, several positive drivers including Make in India initiatives will help drive favorable trend in the near future. Overall the year was tough year and we feel we have fairly performed compared to our rest of the market and the efforts we have put in developing new customers and products shall certainly going to help us in the coming years.
FUTURE PLANS
They are now embarking on substantial expansion in our Mysore facility to meet up with the growing demands of their customers and also to improve the overall capability of the Plant. The overall investment shall be to the tune of INR 200.000 million and major part of the new plant has been commissioned at the end of the year 2015.
We have started service center in Kochi aiming at the growing needs of the region especially in Defense and Railway. They are also going to have an expansions in their Manesar, Chennai and Bangalore plants to improve the overall business and meet up with the customer demand.
OUTLOOK OF THE COMPANY
Thanks to the excellent patronage by its customers, the commitment demonstrated by its employees towards the Vision of the company and the unstinted support by its business partners, we are consistently growing year on year and have reached the current level of performance.
The company’s strategy of emphasizing on the Process & Customer orientation (Kaynes has 7 different global process accreditations and a Customer list that makes any EDMS company envious) to achieve highest Quality Standards, agility and velocity in all its business operations gave immense satisfaction to our Customers, our employees and all our business associates.
India is strongly emerging as a country focusing on manufacturing and the make in India mantra of the new elected central government is making significant impact in the mindsets globally and we expect to grow significantly in the coming years.
Their company is committed in taking advantage of the improved Global perception on India and getting ourselves geared up for the future. We are committed to take our company to achieve a business level of INR 10000.000 million within the next 4-5 years.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipment’s
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
|
INR |
|
US Dollar |
1 |
INR 66.02 |
|
UK Pound |
1 |
INR 92.73 |
|
Euro |
1 |
INR 81.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.