MIRA
INFORM REPORT
|
Report Date : |
03.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
KAMALAM HANDLOOMS PRIVATE LIMITED |
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Registered Office : |
# 266, Opposite Vijaya Rolling Mill, IV Phase, Peenya,
Bangalore - 560058, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.08.2001 |
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Com. Reg. No.: |
08-29438 |
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CIN No.: [Company
Identification No.] |
U17114KA2001PTC029438 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and exporters of a wide array of Polyester Dyed Yarn, Grey and twisted yarn
including Nylon. |
RATING & COMMENTS
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MIRA’s 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 350000 |
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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 and reputed company having satisfactory
track. Their trade relations are fair. Payments are usually correct and as
per commitments. Financial position is satisfactory. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
# 266, Opposite Vijaya Rolling Mill, IV Phase, Peenya,
Bangalore - 560058, Karnataka, India |
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Tel. No.: |
91-80-41172354 / 28376899 / / 41222620 / 22291355 |
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Mobile No.: |
91-9341240502 /
9341268984 / 9900399999 |
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Fax No.: |
91-80-28376899 / 22233492 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. V. Dhanashekar |
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Designation : |
Director |
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Address : |
No. 504, University Engineering Collect Society, 15th Main
Basavesnara Nagar, |
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Date of Birth/Age : |
01.05.1972 |
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Date of Appointment : |
23.08.2001 |
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Name : |
Mr. A. Velayudhan |
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Designation : |
Director |
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Address : |
No. 504, University Engineering Collect Society, 15th Main Basavesnara
Nagar, |
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Date of Birth/Age : |
05.05.1952 |
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Date of Appointment : |
23.08.2001 |
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Name : |
Ms. Jayamma |
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Designation : |
Director |
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Address : |
No. 504, University Engineering Collect Society, 15th Main
Basavesnara Nagar, |
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Date of Birth/Age : |
14.12.1955 |
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Date of Appointment : |
23.08.2001 |
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Name : |
Ms. Uma Dhanashekar |
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Designation : |
Director |
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Address : |
No. 504, University Engineering Collect Society, 15th Main
Basavesnara Nagar, |
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Date of Birth/Age : |
26.02.1973 |
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Date of Appointment : |
23.08.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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V. Dhanashekar |
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2033,262 |
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A. Velayudhan |
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372,808 |
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Jayamma |
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374,546 |
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Uma Dhanashekar |
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297,652 |
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V. Dhanashekar - HUF |
|
385,869 |
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A. Velayudhan - HUF |
|
920,863 |
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Kavitha Handlooms |
|
100,000 |
|
Alankar Suppliers Private Limited |
|
50,000 |
|
Angoora Trade Finance Private Limited |
|
450,000 |
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Angoora Trade Bill Private Limited |
|
30,000 |
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Artline Vinimay Private Limited |
|
50,000 |
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Bhomiya Suppliers Private Limited |
|
50,000 |
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Desmond Vinimay Private Limited |
|
50,000 |
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Dipta Vanijya Private Limited |
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50,000 |
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Drake Commercials Private Limited |
|
30,000 |
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Dherar Textiles Private Limited |
|
425,000 |
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Fitworth Distributors Private Limited |
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100,000 |
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Jayshree Properties and Exports |
|
130,000 |
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Kathleen Vyapaar Private Limited |
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40,000 |
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Midnight Age Private Limited |
|
100,000 |
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Milan Merchants Private Limited |
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50,000 |
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Offshore Finance Limited |
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30,000 |
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Pigeon Syntex Private Limited |
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50,000 |
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Purak Trading Private Limited |
|
50,000 |
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Plus Jet Finvest Private Limited |
|
200,000 |
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Quantum Impex Private Limited |
|
500,000 |
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Ramuka Commercial Private Limited |
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100,000 |
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Sahaj Tie-up Private Limited |
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20,000 |
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Shekhawati Vainijya Vikas Private Limited |
|
100,000 |
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Shirin Commodeal Private Limited |
|
150,000 |
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Topline Finvest Private Limited |
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50,000 |
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Udayapuria Commodities Private Limited |
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50,000 |
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Varsha Traders
Private Limited |
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50,000 |
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Veena Mercantile Private Limited |
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50,000 |
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Total |
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7,490,000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and exporters of a wide array of Polyester Dyed Yarn, Grey and twisted yarn
including Nylon. |
GENERAL INFORMATION
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No. of Employees : |
300 |
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Bankers : |
Syndicate Bank Bwssb Branch,
Avenue Road, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Raghu G. and Associates Chartered Accountants |
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Address : |
No. 71/96, Ii Floor, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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7,490,000 |
Equity Shares |
Rs. 10/- each |
Rs. 74.900
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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74.900 |
47.300 |
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2] Share Application Money |
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2.500 |
11.135 |
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3] Reserves & Surplus |
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9.152 |
7.050 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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86.552 |
65.485 |
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LOAN FUNDS |
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1] Secured Loans |
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56.166 |
28.762 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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56.166 |
28.762 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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142.718 |
94.247 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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33.307 |
23.546 |
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Capital work-in-progress |
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17.510 |
12.491 |
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INVESTMENT |
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4.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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24.311 |
40.377 |
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Sundry Debtors |
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55.831 |
28.330 |
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Cash & Bank Balances |
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3.131 |
0.772 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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27.068 |
6.764 |
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Total
Current Assets |
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110.341 |
76.243 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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20.891 |
16.362 |
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Provisions |
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2.082 |
1.846 |
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Total
Current Liabilities |
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22.973 |
18.208 |
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Net Current Assets |
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87.368 |
58.035 |
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MISCELLANEOUS EXPENSES |
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0.533 |
0.175 |
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TOTAL |
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142.718 |
94.247 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.91 |
0.72 |
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Current Ratio (Current Asset/Current Liability) |
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4.80 |
4.19 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
80025707 |
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Corporate
identity number of the company |
U17114KA2001PTC029438 |
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Name of the
company |
KAMALAM HANDLOOMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
# 266, Opposite Vijaya Rolling Mill, IV Phase, Peenya, Bangalore
- 560058, Karnataka |
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Type of charge |
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Particular of
charge holder |
Syndicate Bank Bwssb Branch,
Avenue Road, |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
14.03.2007 |
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Amount secured by
the charge |
Rs. 70.300
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest SODH – PLR
[Presently 12.25 % p.a.] Terms of
repayment Running account
repayable on demand subject to annual review / renewal Margin 30 % Extent operation
of the charge The charge shall
operate to the extent of Rs. 70.300 Millions plus interest, commission,
costs, expenses and other charges thereon. Others The said amount
of Rs. 70.3 Millions comprises SODH Rs. 50 Millions; TUFS Rs. 8.000 Millions,
TL Rs. 1.800 Millions; OSL Rs. 10.500 Millions continued at existing level.
Overall limits enhanced from Rs. 60.3 Millions to Rs. 70.3 Millions |
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Short particulars
of the property charged |
Continuing security
by way of first charge on company’s stocks comprising polyster filament yarn,
plant, machineries and other movables as detailed in the list attached to the
agreement and book debts, both present and future stored / installed at
premises No. 266, 4th Phase, Peenya Industrial Area, Bangalore –
560058 or wherever else. |
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Date of latest
modification prior to the present modification |
07.03.2007 |
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Particulars of
the present modification |
By the above, the
extent of charge on the movables comprising stocks, plant, machineries, book
debts and other assets shall cover the present modified limit of Rs. 70.3
Millions All other terms
and conditions remain unchanged. |
AS PER WEBSITE
Subject
was established in January 2003 and since then they have become
one of the pioneers in the field of manufacturing and export of synthetic yarns. They are the
manufacturers and exporters of a wide array of Polyester Dyed Yarn, Grey and twisted yarn including Nylon. They
have maintained consistency in quality and service for total customer
satisfaction and excellence, combined with the innovative and magnificent
products with matching shades.
For Weaving Sector
- Semi dull
products
- Brt products
- Nylon
products
For labels sector
- Semi dull
products
- Brt products
For
embroidery sector
- Bright
products
For knitting sector
- Semi dull
products
For zari products
- Semi dull
products
- Brt products
Specialization
They specialize in products like:
- Polyester mix
lycra yarn
- Slub yarn
- fancy yarns
- 220 Brt slub
yarn
- 110 Brt cat
- 150 Brt cat
Airtex
- 30 / 1000 Brt
Filament yarn
- 40/900 Brt
Filament yarns
- Micropolyester
of all denier
Infrastructure
They are backed with 300 skilled workers who are fully committed towards work.
Their infrastructure includes HTHP Dyeing vessels of batch sizes 500Kg, 300Kg,
150Kg, 50Kg, 25Kg, 10Kg, 1Kg. Other than this they also have the latest soft
and hard winding machines to produce best quality yarns. They also have one
Airtex machine which have an attachment to produce slub yarns which resemble
the properties of silk and cotton.
Quality
Their high standard manufacturing facilities produce Handloom products of very fine
quality and durability. They have computerized matching facility which matches
shades perfectly while keeping the batch to batch variation at its minimum. All
the raw materials are taken from leading brands and their timely delivery keeps
them ahead from their competitors.
Realizing the importance of
giving full satisfaction to the customers Kamalam Handlooms try to
provide every possible solution to the customers as per their requirements
their marketing & technical team work jointly to develop innovative ideas
to fullfill their requirements.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.39.56 |
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|
1 |
Rs.80.30 |
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Euro |
1 |
Rs.55.76 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
YES |
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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 |
|
54 |
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 |
|