MIRA
INFORM REPORT
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Report Date : |
20.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
KGF COTTONS PRIVATE LIMITED |
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Registered Office : |
Niral Road, Bhainsa 504103, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.07.1997 |
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Com. Reg. No.: |
027584 |
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CIN No.: [Company
Identification No.] |
U18100AP1997PTC027584 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDK01149B |
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PAN No.: [Permanent
Account No.] |
AAACK8379D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject trades in Cotton and other vegetable textile fiber plants |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 179736 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are usually correct
and as per commitments. |
LOCATIONS
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Registered Office : |
Niral Road, Bhainsa 504103, Andhra Pradesh |
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Tel. No.: |
91-8752-231078 / 231145 |
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Fax No.: |
91-8752-231031 / 231681 |
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E-Mail : |
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Corporate Office : |
1-8-663, Azamabad Industrial Area, Hyderabad 500020 |
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Tel. No.: |
91-40-27663397 / 276633364 |
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Fax No.: |
91-40-27633068 |
DIRECTORS
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Name : |
Mr. Vinod Kumar Agarwal |
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Designation : |
Director |
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Address : |
1-2-412 / 12, Gaganhahal Colony, Hyderabad 500029, Andhra Pradesh |
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Date of Birth/Age : |
17.01.1951 |
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Date of Appointment : |
21.07.1997 |
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Name : |
Mrs. Subhasi Chandra Agarwal |
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Designation : |
Director |
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Address : |
1-2-412 / 12, Gaganhahal Colony, Hyderabad 500029, Andhra Pradesh |
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Date of Birth/Age : |
27.03.1961 |
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Date of Appointment : |
21.07.1997 |
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Name : |
Mr. Kailash Chandra Agarwal |
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Designation : |
Director |
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Address : |
1-2-412 / 12, Gaganhahal Colony, Hyderabad 500029, Andhra Pradesh |
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Date of Birth/Age : |
27.04.1963 |
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Date of Appointment : |
21.07.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Kailash Chandra Agarwal |
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1000 |
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Mrs. Subhasi Chandra Agarwal |
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51000 |
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Mr. Vinod Kumar Agarwal |
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1000 |
BUSINESS DETAILS
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Line of Business : |
Subject trades in Cotton and other vegetable textile fiber plants |
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GENERAL INFORMATION
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Bankers : |
² State Bank
of Indore ²
State Bank
of Mysore Industrial
Finance Branch, 2nd Floor, My Home Jupally, Ameerpet, Hyderabad
500016, Andhra Pradesh E-Mail: fm@goodhealthgroup.com |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P S Rander and Company Chartered Accountants |
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Address : |
1-4-34, Dwaraka Nagar, Nizamabad 503001, Andhra Pradesh |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1943000 |
Equity Shares |
Rs.10/- each |
Rs.19.430
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
19.430 |
19.430 |
0.530 |
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2] Share Application Money |
10.765 |
10.765 |
11.308 |
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3] Reserves & Surplus |
14.739 |
11.154 |
8.185 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
44.934 |
41.349 |
20.023 |
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LOAN FUNDS |
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1] Secured Loans |
59.752 |
49.683 |
41.008 |
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2] Unsecured Loans |
0.000 |
0.950 |
0.950 |
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TOTAL BORROWING |
59.752 |
50.633 |
41.958 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
104.686 |
91.983 |
61.981 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.215 |
2.190 |
1.760 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
31.553
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11.204 |
39.087 |
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Sundry Debtors |
34.392
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196.091 |
26.266 |
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Cash & Bank Balances |
17.738
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59.071 |
7.264 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
28.857
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22.685 |
8.641 |
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Total
Current Assets |
112.540
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289.051 |
81.258 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
8.885
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198.602 |
20.131 |
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Provisions |
1.209
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0.693 |
0.953 |
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Total
Current Liabilities |
10.094
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199.295 |
21.084 |
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Net Current Assets |
102.446
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89.756 |
60.174 |
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MISCELLANEOUS EXPENSES |
0.025 |
0.037 |
0.047 |
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TOTAL |
104.686 |
91.983 |
61.981 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
2959.935 |
1590.032 |
574.698 |
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Other Income |
4.671 |
5.217 |
2.554 |
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Total Income |
2964.606 |
1595.249 |
574.698 |
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Profit/(Loss) Before Tax |
5.458 |
5.429 |
3.235 |
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Provision for Taxation |
1.873 |
2.460 |
1.307 |
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Profit/(Loss) After Tax |
3.585 |
2.969 |
1.928 |
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Expenditures : |
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Total Expenditure |
2989.718 |
1605.515 |
610.045 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.12
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0.18 |
0.33 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.18
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0.34 |
0.56 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.75
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1.86 |
3.89 |
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Return on Investment (ROI) (PBT/Networth) |
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0.12
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0.13 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.22
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4.81 |
1.05 |
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Current Ratio (Current Asset/Current Liability) |
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11.14
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1.45 |
3.85 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
KGF COTTONS PRIVATE LIMITED |
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Presented
By |
Subhash Chandra Agarwal, Director |
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1) Date and description of instrument creating the change |
Dated: 2812.2005 Sanction letter from
State Bank of Mysore, IFB, Hyderabad Shipping Lien- Agreement form No. 15. Agreement of
hypothecation of goods and assets |
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2) Amount secured by the charge/amount owing on the securities of charge |
Export Packing
Credit of Rs.40.000 millions |
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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 |
Hypothecation
charge on pari passu basis over stocks intended for export including packing materials
and on all other current assets |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Purpose to meet
the exports of raw cotton Interest as
applicable to packing credit Margin 10% on
stocks insurance to be
covered under the scheme of ECGC of India Limited |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
Mysore Industrial
Finance Branch, Hyderabad |
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6) Date and brief description of instrument modifying the charge |
NIL |
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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. |
NIL |
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Corporate identity
number (CIN) Foreign company registration number |
U18100AP1997PTC027584 |
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Name of the
Company |
KGF COTTONS PRIVATE LIMITED |
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Address |
Niral Road, Bhainsa 504103, Andhra Pradesh |
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This form is for |
Modification of
charge |
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Type of Charge |
Book Debts and
movable property (not being pledge) |
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Particulars of
the charge holder |
State Bank of
Mysore Industrial
Finance Branch, 2nd Floor, My Home Jupally, Ameerpet, Hyderabad
500016, Andhra Pradesh E-Mail: fm@goodhealthgroup.com |
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Amount secured by
the charge |
Rs.180.000
millions |
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Brief of the
principal terms and conditions |
Rate of Interest: Cash credit
11.00% p. a (floating) Corporate Loan 11.00%
p.a. (floating) Terms of
repayments Cash credit and
letter of credit limits-12 months from the date of sanction Packing credit-12
months from the date of sanction Corporate Loan-
to be repaid in 9 months through bullet repayment Margin: Cash credit and
packing credit stock -25% receivable -50% Letter of credit
limit-15% cash margin upfront Extent and
operation of the charge: For cash credit
and corporate loan- hypothecation 1st charge on pari passu basis,
over the entire current assets of the company, including pacing materials,
book debts and other current assets both present and future, along with state
bank of indoor. For pacing credit hypothecation 1st charge on
pari passu basis, with state bank of Indore, over goods intended for export, including
packing materials, book debts and other current assets For import L/c
limit hypothecation charge over goods import |
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Date of
Instrument |
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Particular of the
present modification |
The existing working
capital limit of Rs.97.500 millions are enhanced to Rs.180.000 millions. Due
to sanction of a fresh packing credit Limit of Rs.40.000 millions, a fresh
corporate loan of Rs.25.000 millions and a fresh cheque purchase limit of
Rs.17.500 millions by state Bank of Mysore. As per their sanction letter. |
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 Intl
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 companys 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.39.41 |
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UK Pound |
1 |
Rs.81.37 |
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Euro |
1 |
Rs.58.56 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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48 |
This score serves as a reference to assess SCs 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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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