MIRA
INFORM REPORT
|
Report Date : |
28.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
K D FABRICS PRIVATE LIMITED |
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Registered Office : |
2 Jogendra Kaviraj Row, Kolkata – 700 007, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.03.1997 |
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Com. Reg. No.: |
21-83575 |
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CIN No.: [Company
Identification No.] |
U18101WB1997PTC083575 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALK02246G |
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PAN No.: [Permanent
Account No.] |
AABCK4115A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Sarees and Punjabi Suits. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 28000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Financial position is moderate. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Pankaj Jain |
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Designation : |
Director |
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Contact No.: |
91-9831111311 |
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Date : |
22.08.2008 |
LOCATIONS
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Registered Office : |
2 Jogendra Kaviraj Row, Kolkata – 700 007, West Bengal, India |
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Tel. No.: |
91-33-2259777 / 22598168 |
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Mobile No.: |
91-9339011311 / 9831111311 |
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E-Mail : |
/DIRECTORS
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Name : |
Mr. Dharam Chand Jain |
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Designation : |
Director |
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Address : |
Mani Mansion, Block B, 9/1 Lower Rowdon Street, Kolkata – 700 020,
West Bengal, India |
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Date of Birth/Age : |
28.08.1946 |
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Qualification : |
B.com |
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Experience : |
40 Years |
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Date of Appointment : |
21.03.1997 |
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Name : |
Mrs. Premlata Jain |
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Designation : |
Director |
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Address : |
1, Wood Street, Kolkata – 700 016, West Bengal, India |
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Date of Birth/Age : |
17.01.1961 |
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Date of Appointment : |
21.03.1997 |
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Name : |
Mr. Pawan Kumar Modi |
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Designation : |
Director |
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Address : |
1, Wood Street, Kolkata – 700 016, West Bengal, India |
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Date of Birth/Age : |
04.08.1958 |
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Date of Appointment : |
01.12.1997 |
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Name : |
Mr. Pankaj Kumar Jain |
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Designation : |
Director |
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Address : |
9/1 Lower Rowdon Street, Kolkata – 700 020, West Bengal, India |
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Date of Birth/Age : |
01.11.1970 |
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Qualification : |
B.com |
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Experience : |
20 Years |
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Date of Appointment : |
01.12.1997 |
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Name : |
Pravin Kumar Jain |
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Designation : |
Director |
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Address : |
9/1 Lower Rowdon Street, Kolkata – 700 020, West Bengal, India |
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Date of Birth/Age : |
17.01.1975 |
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Qualification : |
B.com. |
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Experience : |
12 Years |
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Date of Appointment : |
01.12.1997 |
KEY EXECUTIVES
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Name : |
M/S M Jain and Company |
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Designation : |
Company Secretary |
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Address : |
2, Draper Lane, Kolkata – 700 069, West Bengal, India |
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Tel No.: |
91-33-22484777 / 22484455 / 22483386 / 22430755 |
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Fax No.: |
91-33-22483500 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2004)
|
Names of Shareholders |
No. of Shares |
|
Dharam Chand Jain |
65000 |
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Premlata Jain |
30000 |
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Pawan Kumar Modi |
1000 |
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Pankaj Kumar Jain |
26600 |
|
Pravin Kumar Jain |
1000 |
|
Sunny Kumar Jain |
2400 |
|
Satyen Finance Investment Company Private Limited |
25000 |
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S G Credit Private Limited |
25000 |
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Pankaj Kumar Jain |
51000 |
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Sushma Jain |
1000 |
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Pawan Kumar Modi |
51000 |
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Sulochana Devi Jain |
1000 |
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Sumit Kumar Jain |
25000 |
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Dharam Chand Saraogt |
25000 |
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Tristar Agencies Private Limited |
160000 |
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Total |
490000 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
Category |
Percentage |
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Bodies corporate |
43.00 |
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Directors or relatives of Director |
57.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Sarees and Punjabi Suits. |
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Terms : |
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Selling : |
Credit (90 days) |
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Purchasing : |
Credit (90 days) |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
Retailers |
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No. of Employees : |
17 |
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Bankers : |
·
HFDC Bank Limited HFDC Bank House, Senapati Bapat Marg,
Lower Parel (West), Mumbai – 400 013, Maharashtra, India ·
ICICI Bank |
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Facilities : |
CC Limit – Rs.7.500 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Santosh Jain and Company Chartered Accountants |
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Address : |
2, Draper Lane, Govt. Place (East), Kolkata – 700 069, West Bengal,
India |
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Associates/Subsidiaries : |
Surbhi Enterprises, Jaipur |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 million |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
490000 |
Equity Shares |
Rs.10/- each |
Rs.4.900 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.900 |
4.900 |
4.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.743 |
0.612 |
0.443 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.643 |
5.512 |
5.343 |
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LOAN FUNDS |
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1] Secured Loans |
6.938 |
0.000 |
0.000 |
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2] Unsecured Loans |
23.857 |
23.150 |
22.667 |
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TOTAL BORROWING |
30.795 |
23.150 |
22.667 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
36.438 |
28.662 |
28.010 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.326 |
3.320 |
3.213 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.654 |
0.154 |
0.154 |
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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 |
13.094
|
5.959 |
6.362 |
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Sundry Debtors |
19.886
|
24.389 |
21.642 |
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Cash & Bank Balances |
1.046
|
0.455 |
0.686 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.609
|
0.647 |
0.605 |
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Total
Current Assets |
34.635
|
31.450 |
29.295 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7.177
|
6.247 |
4.635 |
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Provisions |
0.000
|
0.018 |
0.024 |
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Total
Current Liabilities |
7.177
|
6.265 |
4.659 |
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Net Current Assets |
27.458
|
25.185 |
24.636 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.003 |
0.007 |
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TOTAL |
36.438 |
28.662 |
28.010 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
50.852 |
63.138 |
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Other Income |
|
0.279 |
0.157 |
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Total Income |
|
51.131 |
63.295 |
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Profit/(Loss) Before Tax |
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0.222 |
0.260 |
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Provision for Taxation |
|
0.091 |
0.091 |
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Profit/(Loss) After Tax |
|
0.131 |
0.169 |
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Expenditures : |
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Financial charges |
|
2.976 |
2.400 |
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Depreciation & Amortization |
|
0.474 |
0.298 |
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Other Expenditure |
|
47.459 |
60.337 |
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Total Expenditure |
|
50.909 |
63.035 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.26
|
0.27 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.44
|
0.41 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.52
|
0.75 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.05 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.73
|
5.34 |
5.11 |
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Current Ratio (Current Asset/Current Liability) |
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4.83
|
5.02 |
6.29 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance Chart
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Parameters |
Details |
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Existence Verification |
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Name |
K D FABRICS PRIVATE LIMITED |
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Statutory Approvals |
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Income Tax Registration |
AABCK4115A |
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Name of Bank |
HDFC Bank |
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Current Account Number |
02192790000249 |
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Credibility Factors |
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Years of Establishment |
1997 |
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Turn Over |
2007-08 Rs.50.000millions |
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Turn Over Year |
2008-09 Rs.70.000 millions |
Trade References
·
Shilpa Sarees, Delhi
·
Ashika Sarees, Mumbai – Kalbadevi, Old Human Land
·
M R Sarees
Form No. 8
|
Corporate
identity number of the company |
U18101WB1997PTC083575 |
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Name of the
company |
K D FABRICS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
2 Jogendra Kaviraj Row, Kolkata – 700 007, West Bengal, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Hypothecation ·
Equitable
mortgage or mortgage of property by depositing the title deeds |
|
Particular of
charge holder |
HFDC Bank Limited HFDC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400
013, Maharashtra, India |
|
Nature of
instrument creating charge |
·
Letter of
Hypothecation ·
Mortgage by
deposit of title deeds |
|
Date of
instrument Creating the charge |
28.04.2006 |
|
Amount secured by
the charge |
Rs.7.500 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Interest as per
Banks / RBI guidelines from time to time |
|
Description of
the property charged indicating whether it is a charged on |
·
Immovable
properties ·
Stock in
trade ·
Book debts |
|
Particulars of
the property charged |
Hypothecation of
stocks and book debts and Equitable mortgage of Unit No. 205, on the 2nd
Floor, premises No.2, at 30 Genedra Kalbadevi Road |
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.43.73 |
|
UK Pound |
1 |
Rs.80.57 |
|
Euro |
1 |
Rs.64.29 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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 |
|