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MIRA
INFORM REPORT
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Report No. : |
489582 |
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Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
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Name : |
KENNIGTON INDUSTRIES PRIVATE LIMITED (w.e.f. 26.06.2014) |
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Formerly Known
As : |
KENNIGTON FABRICS PRIVATE LIMITED (w.e.f. 09.10.2002) KENNIGTON SECURITIES PRIVATE LIMITED (w.e.f. 10.03.1997) ADUKIA SECURITIES PRIVATE LIMITED |
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Registered
Office : |
103, 1st Floor, Sumer Kendra Premises Co-Operative Housing Society Limited, Pandurang Budhkar Marg, Near Mahendra Tower, Worli, Mumbai – 400018, Maharashtra |
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Tel. No.: |
91-22-61458888/61458813 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
25.11.1992 |
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Com. Reg. No.: |
11-069702 |
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Capital
Investment / Paid-up Capital : |
INR 133.873 Million |
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CIN No.: [Company Identification
No.] |
U65990MH1992PTC069702 |
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IEC No.: |
Not Divulged |
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GSTIN : |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
AABCK6503A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
· Wholesale of household goods (Registered Activity) · Subject is in the business of spinners, weavers, manufacturers, traders, ginners, packers and balers of cotton, jute, hemp, silk, artificial silk, rayon, man-made synthetics, fiber polyester, acrylic, polypropylene, staple fibers, wool and other fibers. (As per Memorandum of Association) |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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 incorporated in the year 1992 and it is having satisfactory track records. It is engaged in trading of all kinds of textile products which includes recycled polyester spun yarn, viscose yarn, fabrics, cotton yarn of various counts, etc. Broadly, the company imports recycled polyester spun yarn /viscose yarn. For the financial year 2017, the company has increased its revenue from operation and maintained average profitability margin of 1.03%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and low debt balance sheet. Further, rating also derives strength from the resourcefulness and the experience of the promoter in the trading industry, long standing track records along with consistent growth in operations and improvement in the profitability profile during the year. However, rating strength is partially offset by trading nature of operations and high working capital intensity. Trade relations are reported as fair. Business is active. Payments are seems 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
|
Rating Agency Name |
CARE |
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Rating |
Long term rating : BBB- |
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Rating Explanation |
Moderate degree of safety and moderate credit risk |
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Date |
20.09.2016 |
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Rating Agency Name |
CARE |
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Rating |
Short term rating : A3 |
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Rating Explanation |
Moderate degree of safety and higher credit risk |
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Date |
20.09.2016 |
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 02.02.2018
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 DENIED BY
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Name : |
Mr. Rajesh |
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Designation : |
Accountant |
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Contact No.: |
91-22-61458888 |
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Date : |
01.02.2018 |
Tel No.: 91-22-61458813 – (Continuously
Ringing)
LOCATIONS
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Registered Office : |
103, 1st Floor, Sumer Kendra Premises Co-Operative Housing Society Limited, Pandurang Budhkar Marg, Near Mahendra Tower, Worli, Mumbai – 400018, Maharashtra, India |
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Tel. No.: |
91-22-61458888/61458813 |
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Fax No.: |
91-22-61458800 |
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E-Mail : |
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Website: |
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Overseas Branch Office: |
904, 9th Floor, Tower B, Hunghomg Commercial Centre, 37,
Hunghom, Kowloon, Hong Kong |
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Email: |
DIRECTORS
As on 31.03.2017
|
Name : |
Mrs. Pooja Rajeev Tulshyan |
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Designation : |
Director |
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Address : |
A - 703, Dhruv Heights, Plot No 98, Upper Govind Nagar, Malad (East), Mumbai - 400097, Maharashtra, India |
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Date of Birth/Age : |
13.10.1976 |
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Date of Appointment : |
30.09.2013 |
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Pan No.: |
AHFPK2978M |
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DIN No.: |
05152036 |
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Name : |
Mr. Rajeev Ratanlal Tulshyan |
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Designation : |
Director |
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Address : |
703-A, Dhruv Heights Upper Govind Nagar, Malad (East), Mumbai - 400097, Maharashtra, India |
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Date of Birth/Age : |
26.06.1980 |
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Date of Appointment : |
22.12.1999 |
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PAN No.: |
ABOPT2790D |
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DIN No.: |
00594253 |
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Name : |
Mrs. Lalitadevi Ratanlal Tulshyan |
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Designation : |
Director |
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Address : |
703-A, Dhruv Heights, Upper Govind Nagar, Malad (East), Mumbai - 400097, Maharashtra, India |
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Date of Birth/Age : |
10.11.1949 |
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Date of Appointment : |
18.07.2002 |
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PAN No.: |
AAAPT8147K |
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DIN No.: |
00594314 |
KEY EXECUTIVES
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Name : |
Dhara Mahendra Mistry |
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Designation : |
Company Secretary |
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Address : |
20, Laxmijyot Apartment, Kopar Cross Road, Shastrinagar, Dombivli (West), Mumbai-421202, Maharashtra, India |
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Date of Birth/Age : |
28.09.1990 |
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Date of Appointment : |
20.08.2014 |
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PAN No.: |
AXDPM8887D |
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Name : |
Mr. Rajesh |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS
As on 31.03.2017
|
Names of Shareholders (Equity
Shares) |
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No. of Shares |
|
Rajeev Ratanlal Tulshyan |
|
75750000 |
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Pooja Rajeev Tulshyan |
|
300000 |
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Lalitadevi Ratanlal Tulshyan |
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2750000 |
|
Adila Limited Hong Kong |
|
676746 |
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Al Jabriah Metals Trading LLC, United Arab Emirates |
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325656 |
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Panama Overseas Limited, India |
|
5280000 |
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Modern Trading Business Private Limited, India |
|
4000000 |
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Choice Office Solution Private Limited, India |
|
2412000 |
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Total |
|
91494402 |
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Names of
Shareholders (Preference Shares) |
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No.
of Shares |
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Sunrise Petoleum FZC |
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271566 |
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S A A General Trading LLC |
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152217 |
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Total |
|
423783 |
Equity Share Break up (Percentage of Total Equity)
As on 23.09.2017
|
Category |
Percentage |
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Promoters (Individual/Hindu Undivided Family – Indian) |
86.13 |
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Promoters (Body corporate) |
13.87 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
· Wholesale of household goods (Registered Activity) · Subject is in the business of spinners, weavers, manufacturers, traders, ginners, packers and balers of cotton, jute, hemp, silk, artificial silk, rayon, man-made synthetics, fiber polyester, acrylic, polypropylene, staple fibers, wool and other fibers. (As per Memorandum of Association) |
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Products / Services
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Brand Names : |
“KT” |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
·
HDFC Bank Limited |
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Facilities : |
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Auditors : |
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Name : |
SGCO and Company LLP Chartered Accountants |
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Address : |
4A Kaledonia, HDIL, 2nd Floor, Sahar Road Near Andheri Station, Andheri (East), Mumbai – 400069, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFS7106D |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
Mahalaxmi Spinning and Weaving Mills Private Limited |
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Other related
parties : |
· Satyam Textile Agency · Rajeev Tulshyan HUF |
CAPITAL STRUCTURE
As on 23.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
100000000 |
Equity Shares |
INR 1/- each |
INR 100.000 Million |
|
500000 |
Preference Shares |
INR 100/- each |
INR 50.000 Million |
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Total |
|
INR 150.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
91494402 |
Equity Shares |
INR 1/- each |
INR 91.495 Million |
|
423783 |
Preference Shares |
INR 100/- each |
INR 42.378 Million |
|
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Total |
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INR 133.873 Million
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FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
133.873 |
91.494 |
91.494 |
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(b) Reserves and Surplus |
444.650 |
391.928 |
345.178 |
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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 |
27.157 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
578.523 |
510.579 |
436.672 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
35.518 |
0.299 |
0.000 |
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(b) Deferred tax liabilities (Net) |
4.205 |
3.217 |
2.776 |
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(c) Other long-term liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term provisions |
0.720 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
40.443 |
3.516 |
2.776 |
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(4) Current Liabilities |
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(a) Short-term borrowings |
429.077 |
933.717 |
194.804 |
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(b) Trade payables |
630.611 |
361.799 |
497.557 |
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(c) Other current liabilities |
7.515 |
34.035 |
478.009 |
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(d) Short-term provisions |
13.339 |
16.020 |
15.708 |
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Total Current
Liabilities (4) |
1080.542 |
1345.571 |
1186.078 |
|
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|
|
|
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TOTAL |
1699.508 |
1859.666 |
1625.526 |
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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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|
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(i) Tangible assets |
28.593 |
33.968 |
35.994 |
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(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets 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 |
2.876 |
0.833 |
0.637 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term loans and advances |
43.054 |
43.633 |
1.125 |
|
(e) Other Non-current assets |
170.761 |
237.888 |
0.000 |
|
Total Non-Current
Assets |
245.284 |
316.322 |
37.756 |
|
|
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(2) Current assets |
|
|
|
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(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
275.689 |
243.032 |
304.076 |
|
(c) Trade receivables |
1029.655 |
1183.936 |
977.566 |
|
(d) Cash and bank balances |
52.401 |
7.120 |
0.736 |
|
(e) Short-term loans and advances |
95.522 |
108.501 |
166.130 |
|
(f) Other current assets |
0.957 |
0.755 |
139.262 |
|
Total
Current Assets |
1454.224 |
1543.344 |
1587.770 |
|
|
|
|
|
|
TOTAL |
1699.508 |
1859.666 |
1625.526 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
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|
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Revenue
from operations |
5102.480 |
4433.709 |
4348.542 |
|
|
Other Income |
37.034 |
17.638 |
11.986 |
|
|
TOTAL |
5139.514 |
4451.347 |
4360.528 |
|
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Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
244.356 |
0.000 |
0.000 |
|
|
Purchases of
Stock-in-Trade |
4542.694 |
4242.295 |
4234.420 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
83.862 |
61.044 |
0.000 |
|
|
Employee benefit expense |
15.880 |
13.718 |
18.388 |
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Other expenses |
117.675 |
29.024 |
18.685 |
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Prior period items |
0.576 |
0.000 |
0.000 |
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TOTAL |
5005.043 |
4346.081 |
4271.493 |
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
134.471 |
105.266 |
89.035 |
|
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|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
48.013 |
33.236 |
21.907 |
|
|
|
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PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
86.458 |
72.030 |
67.128 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.846 |
2.066 |
0.472 |
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|
|
PROFIT/ (LOSS)
BEFORE TAX |
84.612 |
69.964 |
66.656 |
|
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|
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Less |
TAX |
31.890 |
23.214 |
22.955 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
52.722 |
46.750 |
43.701 |
|
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|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.57 |
0.51 |
0.48 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
469.853 |
19.826 |
(61.906) |
|
Net cash flows from (used in) operating activities |
436.145 |
(2.635) |
(77.752) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
73.66 |
97.47 |
82.05 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
4.96 |
3.74 |
4.45 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
48.08 |
31.13 |
42.89 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.49 |
0.43 |
0.29 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
4.70 |
3.10 |
2.47 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.66 |
0.72 |
0.73 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.80 |
1.83 |
0.45 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.87 |
2.64 |
2.72 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.05 |
0.07 |
0.08 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
2.80 |
3.17 |
4.06 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
1.03 |
1.05 |
1.00 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
3.10 |
2.51 |
2.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
9.11 |
9.16 |
10.01 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.35 |
1.15 |
1.34 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.09 |
0.97 |
1.08 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.34 |
0.27 |
0.27 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
3.47 |
10.21 |
2.13 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.35 |
1.15 |
1.34 |
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
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
91.494 |
91.494 |
133.873 |
|
Reserves & Surplus |
345.178 |
391.928 |
444.650 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
27.157 |
0.000 |
|
Net
worth |
436.672 |
510.579 |
578.523 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.299 |
35.518 |
|
Short term borrowings |
194.804 |
933.717 |
429.077 |
|
Total
borrowings |
194.804 |
934.016 |
464.595 |
|
Debt/Equity
ratio |
0.446 |
1.829 |
0.803 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
4348.542 |
4433.709 |
5102.480 |
|
|
|
1.959 |
15.084 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
4348.542 |
4433.709 |
5102.480 |
|
Profit |
43.701 |
46.750 |
52.722 |
|
|
1.00% |
1.05% |
1.03% |
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 |
PERFORMANCE
EVALUATION:
The Company has achieved total revenue of INR 5139.500 million during the year as compared to INR 4451.300 million during the previous year, an increase of 15.46% over the previous year. Net Profit before tax for the year has increased from INR 69.900 million to INR 84.600 million, an increase of 21% over the previous year. Net Profit after tax for the year has increased from INR 46.700 million to INR 52.700 million, an increase of 12.85% over the previous year.
STATE OF COMPANY'S
AFFAIRS AND FUTURE OUTLOOK:
The Company has been able to achieve higher turnover during the year inspite of the fact that the turnover has been affected during the demonetisation period mainly due to the fact that the Company has expanded in terms of more products and geographies.
The Company has during the year commenced manufacturing operations in some of the units taken on Job Work / Lease basis. Company continues to produce value added products in these units.
Their continuous focus on quality products has established us in all major textile markets of India. They are presently catering to Mumbai, Surat, Bhilwara, Delhi, Ludhiana, Thanda, Buranpur, Erode, Tirpur markets. Their brand KT has been popular in all these markets.
The Company continues to be the highest duty payer in Group III. Nhava Sheva, JNPT, Mumbai since the year 2013-14.
Looking at the good demand of our products, the Company is projecting similar growth in the next five years.
UNSECURED LOAN
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Loans and advances from directors |
0.000 |
6.545 |
|
Loans and advances from others |
0.000 |
83.440 |
|
Total |
0.000 |
89.985 |
INDEX OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C78080033 |
10543734 |
Axis Trustee Services Limited |
08/01/2015 |
28/01/2016 |
- |
1150000000.0 |
AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG
BUDHKAR MARG, WORLI, MUMBAI- 400025, MAHARASHTRA, INDIA |
|
2 |
G53058699 |
90158520 |
The Saraswat Co-operative Bank Limited |
15/12/2004 |
19/07/2014 |
07/09/2017 |
140000000.0 |
SMALL AND MEDIUM ENTERPRISES BRANCH, MITTAL COURT, |
|
3 |
G53056537 |
10119873 |
The Saraswat Co-operative Bank Limited |
31/07/2008 |
19/07/2014 |
07/09/2017 |
400000000.0 |
SMALL AND MEDIUM ENTERPRISES BRANCH, MITTAL COURT, |
|
4 |
G53056826 |
10282954 |
The Saraswat Co-operative Bank Limited |
29/03/2011 |
- |
07/09/2017 |
60000000.0 |
SME NARIMAN POINT BRANCH,MITTAL COURT A WING, 1ST |
|
5 |
G53058129 |
10491221 |
The Saraswat Co-operative Bank Limited |
04/03/2008 |
- |
07/09/2017 |
13500000.0 |
SME NARIMAN POINT BRANCH,MITTAL COURT A WING, 1ST |
CONTINGENT
LIABILITIES: (As on 31.03.2017)
i) Contingent Liabilities not provided in respect of:
The Company has paid INR 6.996 million towards sales tax dues, which is still pending to finalise and the amount is now shown as Balance with Government Authority under Long Term Loans and Advances.
The Company has paid INR 35.626 million towards custom duty paid under protest and the amount is now shown as Balance with Government Authority under Long Term Loans and Advances.
FIXED ASSETS
- Land
- Building
- Furniture and
Fixture
- Computer
- Plant and
Machinery
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 records 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 63.61 |
|
UK Pound |
1 |
INR 90.17 |
|
Euro |
1 |
INR 78.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
JYTK |
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.
·