MIRA
INFORM REPORT
|
Report Date : |
29.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KOTSONS PRIVATE LIMITED |
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Registered Office : |
Budge Budge Trunk Road, Village Chakmir, P.O. Mahesh Talla, 24, Parganas,
South-282002, 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 : |
22.04.1978 |
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Com. Reg. No.: |
21-31458 |
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CIN No.: [Company
Identification No.] |
U31101WB1978PTC031458 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Transformers, Power and Distribution |
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 996000 |
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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
records. Directors are reported as experienced, responsible and respectful businessmen.
Their trade relations are fair. Financials position is satisfactory. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Goyal |
|
Designation : |
Finance Head |
|
Date : |
25.06.2008 |
LOCATIONS
|
Registered Office : |
Budge Budge Trunk Road, Village Chakmir, P.O. Mahesh Talla, 24,
Parganas, South-282002, West Bengal |
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Tel. No.: |
91-562-2521475 |
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E-Mail : |
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Website : |
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Area : |
1500 to 2000 sq ft (Owned) |
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Head Office : |
6, Raghunath Nagar, Suresh Plaza Market, Opposite Sanjay Place, M.G.
Road, Agra-282002, Uttar Pradesh, India |
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Tel. No.: |
91-562-2521475/ 2641818 |
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Fax No.: |
91-562-2521463 |
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E-Mail : |
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Area : |
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Factory : |
C-21, U. P. S. I. D. C., Site –C, Sikandra, Agra-282007 , Uttar
Pradesh, India |
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Tel. No.: |
91-562-2641422/ 2641818 |
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Fax No.: |
91-562-2462059 |
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Factory : |
F-182 and 183, Matasya Industrial Area, Desula, Alwar-301030,
Rajasthan, India |
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Tel. No.: |
91-144-2881265/ 2881645 |
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Fax No.: |
91-144-2881643 |
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Factory : |
E-1 to E-12 and D-9 to D-16, U. P. S.I. D. C, Bazpur-1, District Udham
Singh Nagar, Uttranchal, India |
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Tel. No.: |
91-5947-225314 |
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Fax No.: |
91-5947-225376 |
DIRECTORS
|
Name : |
Mr. Pawan Kumar Jain |
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Designation : |
Managing Director |
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Address : |
1/189, Civil Lines, Delhi Gate, Agra-282002, Uttar Pradesh, India |
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Date of Birth/Age : |
04.03.1958 |
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Qualification : |
M.Com |
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Date of Appointment : |
19.01.1989 |
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Name : |
Mr. Pravin Jain |
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Designation : |
Director |
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Date of Birth/Age : |
28.03.1965 |
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Qualification : |
B.Com |
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Date of Appointment : |
03.11.1990 |
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Name : |
Mr. Siddharth Jain |
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Designation : |
Director |
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Address : |
1/189, Civil Lines, Delhi Gate, Agra-282002, Uttar Pradesh, India |
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Date of Birth/Age : |
12.02.1983 |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mohnish Jain |
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Designation : |
Director |
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Address : |
1/189, Civil Lines, Delhi Gate, Agra-282002, Uttar Pradesh, India |
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Date of Birth/Age : |
07.02.1985 |
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Date of Appointment : |
01.07.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Goyal |
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Designation : |
Finance Head |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 02.09.2006
|
Names of Shareholders |
|
No. of Shares |
|
G C Kotia |
|
2000 |
|
Malook Chand Jain |
|
171200 |
|
Marsons Limited |
|
10000 |
|
Pawan Kumar Jain |
|
1400034 |
|
Sanjay Kumar Jain |
|
35554 |
|
Pravin Kumar Jain |
|
140558 |
|
Pawan Kumar Jain HUF |
|
733000 |
|
Sanjay Kumar Jain HUF |
|
100000 |
|
Renu Jain |
|
70000 |
|
Manju Jain |
|
300000 |
|
Rishabh Jain |
|
70000 |
|
Rachita Jain |
|
5000 |
|
Siddharth Jain |
|
115266 |
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Pravin Kumar Jain HUF |
|
50000 |
|
Nishant Jain |
|
50000 |
|
Neelu Jain |
|
50000 |
|
Niharika Jain |
|
50000 |
|
Mohnish Jain |
|
180000 |
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M C Jain HUF |
|
100000 |
|
Nirmala Jain |
|
80000 |
|
Kotsons Overseas Private Limited |
|
1218000 |
|
O N Agro Private Limited |
|
400000 |
|
Kanhaiya Bhagwan Cold Storage Private Limited |
|
450000 |
|
Prime Udyog Private Limited Liability Company Limited |
|
47000 |
|
Others |
|
1668 |
|
Total |
|
5829280 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Bodies corporate (not mentioned above) |
|
36.45 |
|
Directors or relatives of directors |
|
63.55 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Transformers, Power and Distribution |
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Products : |
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Exports : |
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Products : |
Transformers |
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Countries : |
Ř Iran Ř Nigeria Ř Libya Ř France Ř Spain Ř Greece |
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Imports : |
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Countries : |
USA |
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Terms : |
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Selling : |
10% Cash, 20% L/C and 60% Credit |
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Purchasing : |
20% Cash, 40% L/C on DA Basis and 40% on Credit |
GENERAL
INFORMATION
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Customers : |
Government Bodies and End Users Overseas
Customers Ř Central
Electricity Board, Mauritius Ř General Establishment
for Electricity Distribution in the middle, Baghdad, Iraq Ř Rural
Electrification Board, Dhaka, Bangladesh Ř General Company
for Baghdad Electricity Distribution, Iraq Ř Schneider
Electric Limited Indian Customers Ř Torrent Power
Limited Ř Schneider Electric
Limited Ř ABB Limited Ř Reliance Energy
Limited Ř BSES Ř JVVNL Ř JdVVNL Ř AVVNL Ř DVVNL Ř Areva T and D
Limited Ř L and T Limited Ř Siemens Limited Ř NDTV Limited Ř CPRI |
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No. of Employees : |
600 |
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Bankers : |
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Facilities : |
PC, LC, TL, NFB Rs, 1100.000 Millions (State Bank of Bikaner and
Jaipur) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Suboth Sanjay Associates Chartered Accountants |
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Address : |
30/220, Sanjay Place, Agra-282002, Uttar Pradesh, India |
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Tel. No. : |
91-562-2852979 |
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Mobile No. : |
91-9837046129 |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs. 10/- each |
Rs. 120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5829280 |
Equity Shares |
Rs. 10/-
each |
Rs. 58.292
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
|
58.292 |
48.293 |
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2] Share Application Money |
|
0.100 |
0.840 |
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3] Reserves & Surplus |
|
140.867 |
71.536 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
199.259 |
120.669 |
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LOAN FUNDS |
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|
|
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|
1] Secured Loans |
|
376.260 |
169.290 |
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2] Unsecured Loans |
|
0.206 |
1.959 |
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TOTAL BORROWING |
|
376.466 |
171.249 |
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DEFERRED TAX LIABILITIES |
|
10.342 |
6.033 |
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|
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|
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TOTAL |
|
586.067 |
297.951 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
193.840 |
102.011 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
224.982 |
148.547 |
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Sundry Debtors |
|
642.077 |
237.080 |
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Cash & Bank Balances |
|
98.567 |
57.147 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
43.877 |
24.641 |
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Total
Current Assets |
|
1009.503 |
467.415 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Current Liabilities |
|
619.267 |
271.475 |
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Provisions |
|
0.000 |
0.000 |
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Total
Current Liabilities |
|
619.267 |
271.475 |
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Net Current Assets |
|
390.236 |
195.940 |
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MISCELLANEOUS EXPENSES |
|
1.991 |
0.000 |
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|
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TOTAL |
|
586.067 |
297.951 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover and Other Income |
|
2021.105 |
946.136 |
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Total Income |
|
2021.105 |
946.136 |
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Profit/(Loss) Before Tax |
|
106.821 |
39.180 |
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Provision for Taxation |
|
37.371 |
13.338 |
|
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Profit/(Loss) After Tax |
|
69.450 |
25.842 |
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Earnings in Foreign Currency : |
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FOB Value |
|
200.945 |
0.000 |
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Expenditures : |
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|
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Financial Charges |
|
26.212 |
15.792 |
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Depreciation & Amortization |
|
6.944 |
5.241 |
|
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Other Expenditure |
|
1881.128 |
885.923 |
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Total Expenditure |
|
1914.284 |
906.956 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
3.44 |
2.73 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
5.29 |
4.14 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
8.88 |
6.88 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.54 |
0.32 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
5.00 |
3.67 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.63 |
1.72 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
Ř
State Electricity Board
Ř
Tarent Pharma, Ahmedabad
Ř
Hightech System, Delhi
Bankers Charges
Report as per Registry
|
Name of the company |
KOTSON’S PRIVATE LIMITED |
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Presented By |
Mr. Pravin Kumar
Jain (Director of the Company) |
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1) Date and description of instrument creating the change |
Letter of
hypothecation dated 227.09.1989 against hypothecation of stocks, book debts,
land and buildings, Plant and machinery both present future Rs. 12.000
Millions i.e. 1st mortgage. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 376.500
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 |
Equitable
Mortgage of Land and Building at F-182, 183 M 1A. Alwer and hypothecation of
plant and machinery, stocks, book debts, etc. dated 27.09.1989 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per Sanction
Letter from State Bank of Bikaner and Jaipur dated 23.02.2005 |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Bikaner
and Jaipur, Main Branch, Near Bus stand, Alwar, Rajasthan, India |
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6) Date and brief description of instrument modifying the charge |
Earlier
Modification Dated
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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. |
By way of
hypothecation dated 23.02.2005 against Equitable mortgage of existing land
and building hypothecation of plant and machinery, stocks, book debts, etc
and said overdraft limit has been increased from Rs. 259.000 Millions to Rs.
378.500 Millions including land and building at Agra. Both present and
future. |
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90249840 |
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Corporate
identity number of the company |
U31101WB1978PTC031458 |
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Name of the
company |
KOTSON’S PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Budge Budge Trunk Road, Village Chakmir, P.O. Mahesh Talla, 24,
Parganas, South-282002, West Bengal |
|
Type of charge |
Book Debts Movable Property Immovable
Property |
|
Particular of
charge holder |
State Bank of Bikaner and Jaipur, Near Bus Stand, Main Branch,
Alwar,-301001, Rajasthan, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement of Hypothecation of Goods and Assets for increase in the overall
limit Sanction letter,
Duly Acknowledged |
|
Date of
instrument Creating the charge |
20.06.2007 |
|
Amount secured by
the charge |
Rs. 611.700
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Multiple Limits
Interest on the Basis of BPLR as per Terms of Sanction Terms of
Repayment Cash Credit, EPC,
ODBC, FBP, LC, BG, Al working Capital limits payable on demand TL/STCL
Repayable as per terms of sanction. Margin Raw materials
-25% Sock –in-Process
– 30% Finished Goods –
30% LC -15% B.G. -10% Extent and
Operation of the charge Modification the
existing charge due to the increase in the overall limit to Rs. 611.700
Millions |
|
Short particulars
of the property charged |
|
|
Date of latest
modification prior to the present modification |
13.11.2006 |
|
Particulars of
the present modification |
Sanction of Adhoc
Non-Fund based limits as L/C Rs. 50.000 Millions, B/G Rs. 50.000 Millions,
Roll over of STCL at reduced level of Rs. 40.000 Millions for one year. The
overall limit has been extended up to Rs. 611.700 Millions |
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.80.31 |
|
Euro |
1 |
Rs.64.61 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YRD |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|