MIRA
INFORM REPORT
|
Report Date : |
19.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
KOTAK GINNING AND PRESSING INDUSTRIES LIMITED |
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Registered Office : |
240, Naw Asari Building, Dr Dn Road, Fort, Mumbai – 400001,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.11.1994 |
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Com. Reg. No.: |
082794 |
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CIN No.: [Company
Identification No.] |
U17120MH1994PLC082794 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK09506A |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Processed Cotton, Cotton Seed and Loose Cotton |
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 |
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Maximum Credit Limit : |
USD 280276 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company engaged in trading, ginning and pressing of cotton. Directors are experienced, respectable and resourceful businessmen. Their trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long-run. |
LOCATIONS
|
Registered Office/Factory : |
240, Naw Asari Building, Dr Dn Road, Fort, Mumbai – 400001,
Maharashtra |
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Tel. No.: |
91-22-22073331 |
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Fax No.: |
91-22-22072267 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Surish Amritlal Kotak |
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Designation : |
Director |
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Address : |
Shakti Villa, 14 Laburnam Road, Mumbai – 400007, Maharashtra, India |
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Date of Birth/Age : |
02.10.1933 |
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Date of Appointment : |
04.01.2000 |
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|
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Name : |
Mr. Vinay Narottamdas Kotak |
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Designation : |
Director |
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Address : |
Seksaria House, 28, Babulnath Road, Mumbai – 400007, Maharashtra,
India |
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Date of Birth/Age : |
20.05.1958 |
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Date of Appointment : |
10.11.1994 |
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|
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Name : |
Mr. Bhupendra Shantilal Thakkar |
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Designation : |
Director |
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Address : |
B – 4, Mayur Pankh, Netaji Subhash Road, Mulund (West), Mumbai –
400080, Maharashtra, India |
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Date of Birth/Age : |
26.07.1961 |
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Date of Appointment : |
14.11.2003 |
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|
|
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Name: |
Mr. Pradeep Natwarlal Kotak |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Vinay Narottamdas Kotak |
|
100 |
|
Mr. Pradeep Natwarlal Kotak |
|
100 |
|
Kotak and Company Limited |
|
1500000 |
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|
|
|
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Total |
|
1500200 |
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|
|
|
|
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|
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Category |
|
Percentage |
|
Bodies corporate (not mantioned above) |
|
99.99 |
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Directors or relatives of directors: |
|
0.01 |
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|
|
|
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Processed Cotton, Cotton Seed and Loose Cotton |
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Products : |
Pressed Cotton |
GENERAL
INFORMATION
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No. of Employees : |
62 |
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Bankers : |
State Bank of Indore, Empire House, 214, Dr. D. N. Road, Mumbai 400001 Centurion Bank of Punjab Limited, 25/26, III Maker Chambers, 2nd Floor, Nariman Point, Mumbai - 400021 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V C Shah And Company Chartered Accountant |
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Address: |
Rajgir Chambers, 3rd Floor, 12-14, Shahid Bhagat Singh Road, Opp. Old Custom House Mumbai – 400001, Maharashtra, India |
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|
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Associates/Subsidiaries : |
Kotak And Company Limited, Mumbai |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity shares |
Rs.10/- each |
Rs.20.000
Millions |
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|
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|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
20.000 |
5.000 |
|
|
2] Share Application Money |
|
10.000 |
15.000 |
|
|
3] Reserves & Surplus |
|
40.069 |
22.794 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
70.069 |
42.794 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
106.360 |
162.324 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
106.360 |
162.324 |
|
|
DEFERRED TAX LIABILITIES |
|
0.811 |
0.971 |
|
|
|
|
|
|
|
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TOTAL |
|
177.240 |
206.089 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
10.037 |
11.289 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
|
45.859 |
0.309 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
|
0.480 |
28.696 |
|
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Sundry Debtors |
|
121.176 |
243.884 |
|
|
Cash & Bank Balances |
|
11.696 |
6.317 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
29.072 |
32.425 |
|
Total
Current Assets |
|
162.424 |
311.322 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
40.823 |
106.273 |
|
|
Provisions |
|
0.257 |
10.558 |
|
Total
Current Liabilities |
|
41.080 |
116.831 |
|
|
Net Current Assets |
|
121.344 |
194.491 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
177.240 |
206.089 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
1865.850 |
1659.350 |
|
|
Other Income |
|
55.096 |
19.503 |
|
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Total Income |
|
1920.946 |
1678.853 |
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|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
26.166 |
23.907 |
|
|
Provision for Taxation |
|
8.890 |
9.107 |
|
|
Profit/(Loss) After Tax |
|
17.276 |
14.800 |
|
|
|
|
|
|
|
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Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
|
60.352 |
126.051 |
|
|
Commission Earnings |
|
1786.129 |
1503.027 |
|
|
Other Earnings |
|
0.000 |
0.000 |
|
Total Earnings |
|
1846.481 |
1629.078 |
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|
|
|
|
|
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Expenditures : |
|
|
|
|
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Raw Material Consumed |
|
72.848 |
127.860 |
|
|
Purchases made for re-sale |
|
1602.661 |
1332.008 |
|
|
Consumption of stores and spares parts |
|
0.000 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
|
0.000 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
|
4.385 |
3.878 |
|
|
Managerial Remuneration |
|
0.000 |
0.000 |
|
|
Payment to Auditors |
|
0.165 |
0.138 |
|
|
Interest |
|
17.627 |
20.048 |
|
|
Insurance Expenses |
|
1.486 |
1.776 |
|
|
Power & Fuel |
|
1.031 |
1.493 |
|
|
Depreciation & Amortization |
|
1.645 |
1.324 |
|
|
Other Expenditure |
|
192.932 |
166.421 |
|
Total Expenditure |
|
1894.780 |
1654.946 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
0.89 |
0.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.40 |
1.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
15.17 |
7.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.37 |
0.55 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.10 |
6.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.95 |
2.66 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U17120MH1994PLC082794 |
|
Name of the
Company |
KOTAK GINNING AND PRESSING INDUSTRIES LIMITED |
|
Address |
240, Naw Asari Building, Dr Dn Road, Fort, Mumbai – 400001,
Maharashtra |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
Immovable
Property |
|
Particulars of
the charge holder |
State Bank of
Indore Emplre House,
214, D. N. Road, Fort, Mumbai – 400001, Maharashtra, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Memorandum of
mortgage by deposit of title deeds. |
|
Date of the
instrument creating or modifying the charge |
06.02.2007 |
|
Amount secured by
the charge |
Rs.90.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest
: As per RBI/H.O.Rules Terms of
Repayment: As per RBI/H.O.Rules Margin: As per
RBI/H.O.Rules Extent and
operation of the charge: Security to cover principal amount together with
interest, Costs, Charges and expenses etc. Others: Details
of Credit facilities as under:- Cash Credit
(Hyp)/EPC/PSC – Rs.80.000 Millions Bank Guarantee
– Rs. 10.000
Millions Total Rs. 90.000 Millions |
|
Short particulars
of the property charged (including location of the property) |
Hypothecation of
Stocks, Book Debts, Plant and Machinery and Bills. |
|
Particular of the
present modification |
Aggregate limit of
Rs.90.000 Millions further secured bu equitable mortgage of immovable
property being, factory land and building situated at survey No. 192/2, Moje
Kalyanpura, Tal. Kadi, District – Mehsana, Gujarat |
|
Name of the company |
KOTAK GINNING AND PRESSING INDUSTRIES LIMITED |
|
Presented By |
Centurion Bank of
Punjab Limited and Kotak Ginning and Pressing industries Limited |
|
1) Date and description of instrument creating the change |
Dated : 26th
December, 2005 Agreement of loan
for overall limit Agreement of
hypothecation of goods and assets |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.30.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All the present
and future goods, book debts, and all other movable assets of the borrower
including documents of title to the goods, outstanding moneys, receivables
including receivable by way of cash assistance and/or cash incentive under
any scheme claims by way of refund of customs/excise duties under any scheme,
bills, invoices, contracts, insurance policies, gurantees, engagements
securities, investment amd rights and the present and future machinery
belonging to or in the possession or under the control of the borrower
wherever lying stored and kept and whether in possession of the borrower or
of the Bank or of any third party whether in India or elsewhere theoughout
the world. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
|
|
5) Name and Address and description of the person entitled to the charge. |
Centurion Bank of
Punjab Limited 25/26 III Maker
Chambers, 2nd Floor, Nariman Point, Mumbai - 400021 |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
Website details are attached herewith:
ORIGIN
Subject flagship of Kotak group dates back its origin to 1927.
Subject was established as a
Trading Firm in Raw Cotton for domestic and overseas markets. Since then the
company has powered a group and grown from strength to strength. Today, Subject
is a Multi-division Multi-product company having wide network of marketing in
India and well wishers around the world.
Subject Products Profile today includes not only raw cotton, yarn, fibre, and textiles, but also Agri-Commodities, Industrial Pharmaceutical Chemicals and Minerals, Leather products and Carpets, besides products of various Engineering Sectors.
Subject trading operations are not
only within the country but also span to West Asia, South and South-east Asia,
Europe, C I S, and U S A.
VISION
The vision is to create a truly global
goods supply and linkage chain that seeks to transcend all international and
cultural borders in pursuit of the best business opportunities.
As a progressive service house,
Subject constantly endeavor to quicken the response time and ever-improvise
subjects services, quality and speed, and to set higher and higher targets.
Subject are now looking forward to
a strategy of forward and backward integration designed to strengthen the
group's synergy in resource based industries such as agriculture and minerals.
STREGNTH
The company has powered the
Group’s growth from strength to strength.
From its modest beginnings, the company has vastly expanded its products portfolio to include other than
- raw cotton,
- yarn and fiber,
- textiles,
- agri-commodities,
- chemicals,
- machinery,
- leather products,
- carpets etc.
Geographically, trading operations
straddle the globe –
- CIS,
- Europe,
- USA, and
- West, South and South East Asia,
- and eleven branch offices in India.
- Information
- Quality control and
- Communication - are the three factors responsible for
their success.
- In keeping with its credo of prompt response to the
client’s queries and requirements, they maintain extensive and live
database supported by its network of branch offices.
- Just as important, a factor in contributing to their
growth has been their corporate philosophy that guides every policy
decision and every action.
COTTON YARN
This was the first commodity with
which the company began its trading activity seven decades backs and continues
to occupy the primary place of pride in the company’s products portfolio.
The company is a leading supplier of cotton to almost all the leading mills in
India.
Cotton plays an important role in
the country’s export and import trade spreading its activities to several
countries like Europe, the Far East, Pakistan, USA, China and the CIS
countries.
To cater to subject discerning
clientele, the company has setup a manufacturing unit for processing of
care-ginned cotton so as to impart synergy to its trading activities.
AGRICULTURE
Over last seven decades, this
division has built up mainly for Exports, a formidable product range in the
area of agricultural produce.
The range includes:
- long grained rice (Basmati / Non-basmati)
- wheat
- sorghum and millet
- oilseeds like sesame seed and HPS groundnut kernels
- Hulled Sunflower seed and Safflower seed and
- the best coffee beans.
Subject network of offices are strategically located at major producing centers enabling ensure stringent standards enforcing quality and schedules.
CARPETS
This division markets the finest
hand-knotted carpets in :
- Persian
- Aubusson
- Indo-Tibetan and Chinese designs.
The durries exported are international hot sellers with a design and color range limited only by imagination.
TEXTILES
This division supplies fabrics
made of cotton, synthetic, rayon, woolen and silk to global markets.
The division offers range of
casual and hi-fashion garments for ladies, men and children exclusively by
approved manufacturing units with modern production techniques.
The division also deals in several
value added textile made-ups like:
- household linen
- bed linen
- hospital linen
- towels, etc.
COTTON AND YARNS
This Division markets cotton yarn
and cotton-blended yarns of different counts produced by the most quality
conscious spinning mills in India.
The cotton yarns are supplied in cones and cheeses to major textile
manufacturers to customers worldwide.
The division imports man made fibers and filament yarns of textile and industrial grade and markets polyester, filament, textured and POY fibers for indigenous manufacturers including Reliance Industries Limited
The division also markets all
kinds of cotton wastes like combers, droppings, stripping and yarn wastes (both
cotton and synthetic) in India and abroad.
KOTAK GINNING AND PRESSING LIMITED
As a progressive service house, subject constantly endeavor to quicken the response time and ever-improvise our services, quality and speed, and to set higher and higher targets.
Subject are now looking forward to a strategy of forward and backward integration designed to strengthen the group's synergy in resource based industries such as agriculture and minerals.
KOTAK CHEMICALS LIMITED
As a progressive service house, we constantly endeavor to quicken the response time and ever-improvise their services, quality and speed, and to set higher and higher targets.
They are now looking forward to a strategy of forward and backward integration designed to strengthen the group's synergy in resource based industries such as agriculture and minerals.
KOTAK MAHINDRA BANK
As a progressive service house, subject constantly endeavor to quicken the response time and ever-improvise subject services, quality and speed, and to set higher and higher targets.
Subject are now looking forward to a strategy of forward and backward integration designed to strengthen the group's synergy in resource based industries such as agriculture and minerals.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.39.57 |
|
UK Pound |
1 |
Rs.79.91 |
|
Euro |
1 |
Rs.56.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|