MIRA
INFORM REPORT
|
Report Date : |
27TH
May, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
KUMARI
OVERSEAS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
# 4, P. S. Lane, Sathusa Pet, Bangalore - 560
053, Karnataka, India. |
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Country : |
India |
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|
Financials (as on) : |
31.03.2002 |
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|
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Date of Incorporation : |
1st
October, 1996 |
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Com. Reg. No.: |
08-21210 |
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CIN No.: [Company
Identification No.] |
U18101KA1996PTC021210 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRK01410D |
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Legal Form : |
Private
limited liability company. |
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|
|
|
Line of Business : |
Manufacturer,
Importers, Exporters, Dealers and Traders of all kinds of Silk Fabrics,
Textiles, Made-Ups, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
17500 |
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|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established company having satisfactory track. Directors are
reported as experienced, respectable and having satisfactory track records.
Their trade relations are reported as fair. Payments are usually correct and
as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
# 4, P. S. Lane, Sathusa Pet, Bangalore - 560
053, Karnataka, India. |
|
Tel. No.: |
91-80-2257164 / 2870143 / 2832 / 2257464 /
2870443 |
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Fax No.: |
91-80-2258254 / 2258234 |
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E-Mail : |
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Area : |
1000
Sq. ft |
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Location : |
Owned |
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|
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Factory
1 : |
# 1,
11 'F' Cross, Padarayanapura, Bangalore - 560 026, Karnataka |
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Tel.
No.: |
91-80-26745272 |
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Fax
No.: |
91-80-22258254 |
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Area : |
5400
Sq. ft |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. D.
K. Eswar |
|
Designation : |
Managing Director |
|
Address : |
8, Sathusa Pet, Bangalore - 560 053,
Karnataka |
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Date of Appointment : |
01.10.1996 |
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|
|
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Name : |
Mr. D.
K. Jagannath |
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Designation : |
Director |
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Address : |
8, Sathusa Pet, Bangalore - 560 053,
Karnataka |
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Date of Appointment : |
01.10.1996 |
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|
|
|
Name : |
Mrs.
Anusuya Bai |
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Designation : |
Director |
|
Address : |
8, Sathusa Pet, Bangalore - 560 053,
Karnataka |
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Date of Appointment : |
07.10.1996 |
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|
|
|
Name : |
Mr. D.
V. Kiran Kumar |
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Designation : |
Director |
|
Address : |
8, Sathusa Pet, Bangalore - 560 053,
Karnataka |
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Date of Appointment : |
07.10.1996 |
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|
|
|
Name : |
Mr. D.
E. Ambarish |
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Designation : |
Director |
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Address : |
8, Sathusa Pet, Bangalore - 560 053,
Karnataka |
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Date of Appointment : |
07.10.1996 |
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Name
: |
Mrs.
Jyothi Jagannath |
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Designation
: |
Director |
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Address
: |
8, Sathusa Pet, Bangalore - 560 053,
Karnataka |
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Date
of Appointment : |
07.10.1996 |
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|
|
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Name
: |
Mrs.
Swayamprabha |
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Designation
: |
Director |
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Address
: |
8, Sathusa Pet, Bangalore - 560 053, Karnataka
|
|
Date
of Appointment : |
01.04.1998 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr. D.
K. Eswar |
8459 |
|
Mr. D.
K. Jagannath |
6085 |
|
Mrs.
Anusuya Bai |
5196 |
|
Mr. D.
K. Vasanth |
13570 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Importers, Exporters, Dealers and Traders of all kinds of Silk Fabrics,
Textiles, Made-Ups, etc. |
|
|
|
|
Products : |
Silk
Fabrics |
|
|
|
|
Brand Names : |
"Kumari
Overseas" |
GENERAL
INFORMATION
|
No. of Employees : |
60 |
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|
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Bankers : |
Dena
Bank, J. C. Road, Bangalore - 560 002, Karnataka |
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Facilities : |
Charge
registered with ROC for Rs. 26.770 millions |
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Banking Relations : |
Satisfactory |
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Auditors : |
Balakrishna
& Company Chartered
Accountants |
|
Address: |
13th
Cross, 8th Main, Wilson Garden, Bangalore - 560 027, Karnataka |
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Tel. No.: |
91-80-2221493 |
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|
|
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs. 5.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
33100 |
Equity Shares |
Rs.100/- each |
Rs. 3.310 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
No
subsequent financials could be available.
Management
remained non – cooperative during current investigation.
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2002 |
31.03.2001 |
31.03.2000 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.310 |
3.310 |
3.310 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
1.370 |
0.910 |
0.260 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.680 |
4.220 |
3.570 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
17.170 |
18.590 |
6.730 |
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|
2] Unsecured Loans |
1.870 |
0.310 |
0.180 |
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TOTAL BORROWING |
19.040 |
18.900 |
6.910 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
23.720 |
23.120 |
10.480 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.890 |
5.600 |
4.970 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.060 |
0.060 |
0.060 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
9.770 |
5.940 |
6.380 |
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Sundry Debtors |
15.120 |
14.440 |
4.970 |
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Cash & Bank Balances |
0.320 |
1.980 |
0.680 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.050 |
1.270 |
1.630 |
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Total Current Assets |
27.260
|
23.630 |
13.660 |
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|
Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
9.520 |
6.200 |
8.250 |
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Total Current Liabilities |
9.520 |
6.200 |
8.250 |
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Net Current Assets |
17.740 |
17.430 |
5.410 |
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MISCELLANEOUS EXPENSES |
0.030 |
0.030 |
0.040 |
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TOTAL |
23.720 |
23.120 |
10.480 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2002 |
31.03.2001 |
31.03.2000 |
|
Sales Turnover [including other income] |
123.890 |
131.080 |
72.570 |
|
|
|
|
|
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Profit/(Loss)
Before Tax |
0.660 |
0.710 |
0.180 |
|
Provision
for Taxation |
0.200 |
0.060 |
0.020 |
|
Profit/(Loss)
After Tax |
0.460 |
0.650 |
0.160 |
|
|
|
|
|
|
Export
Value |
0.050 |
0.00 |
N.A |
|
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Import
Value |
84.720 |
59.170 |
N.A |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2002 |
31.03.2001 |
31.03.2000 |
|
PAT / Total Income |
(%) |
0.37
|
0.49 |
0.22 |
|
|
|
|
|
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|
Net
Profit Margin (PBT/Sales) |
(%) |
0.53
|
0.54 |
0.24 |
|
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
1.99
|
2.42 |
0.96 |
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Return
on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.16 |
0.05 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
6.10
|
5.94 |
4.24 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
2.86
|
3.81 |
1.65 |
LOCAL AGENCY
FURTHER INFORMATION
The
company is in trade terms with :
v
Anurag
Fabrics, Bangalore, Karnataka
v
A P
Fashions Private Limited, Bangalore, Karnataka
v
Exotics
Exports, Mumbai
v
Pooja
Exports International, Mumbai
v
Silk
Appeal, Mumbai
v
Ventures,
Kolkata, West Bengal
Fixed
assets
v
Building
v
Plant
and machinery
v
Generator
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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.97 |
|
UK
Pound |
1 |
Rs.80.51 |
|
Euro |
1 |
Rs.58.58 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |