MIRA
INFORM REPORT
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Report Date : |
01.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
KG ELECTRO-POWER PRIVATE LIMITED |
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Registered Office : |
128 Rash Behari Avenue, Kolkata -700 029, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
24.08.1992 |
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Com. Reg. No.: |
21-56403 |
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CIN No.: [Company
Identification No.] |
U31909WB1992PTC056403 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALK02263C |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Distributors of Switch Gears for Siemens. |
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 63000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track records. Trade relations are fair. Business is active. No
Complaints have been heard from market sources. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Vijay KR Agarwal |
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Designation : |
Accountants |
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Contact No.: |
91-9339487015 |
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Date : |
29.11.2008 |
LOCATIONS
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Registered Office : |
128 Rash Behari Avenue, Kolkata -700 029, West Bengal |
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Tel. No.: |
91-33-24636037 |
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Mobile No.: |
91-9339487015 |
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Fax No.: |
91-33-24636037 |
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E-Mail : |
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Area : |
1500 Sq.fts |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Vinod Devi Ghosal |
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Designation : |
Director |
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Address : |
128 Rash Behari Avenue, Kolkata -700 029, West Bengal |
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Date of Birth/Age : |
24.06.1957 |
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Date of Appointment : |
24.08.1992 |
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Name : |
Mr. Kamal Singh Ghosal |
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Designation : |
Director |
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Address : |
128 Rash Behari Avenue, Kolkata -700 029, West Bengal |
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Date of Birth/Age : |
07.04.1952 |
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Date of Appointment : |
24.08.1992 |
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Name : |
Ms. Meenal Baid |
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Designation : |
Director |
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Address : |
128 Rash Behari Avenue, Kolkata -700 029, West Bengal |
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Date of Birth/Age : |
15.12.1978 |
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Date of Appointment : |
10.06.2007 |
KEY EXECUTIVES
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Name : |
Mr. Vijay KR Agarwal |
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Designation : |
Accountants |
SHAREHOLDING
PATTERN
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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16.00 |
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Directors or relatives of directors |
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84.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributors of Switch Gears for Siemens. |
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Exports : |
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Countries : |
Nepal |
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Terms : |
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Selling : |
Credit (45 days) |
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Purchasing : |
Credit (60 days) |
GENERAL
INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
11 |
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Bankers : |
· ICICI Bank Limited · ING Vysya Bank Limited · The Vysya Bank Limited · Citi Bank, Kolkata |
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Facilities : |
Citi Bank Cash Credit – Rs. 3.900 millions |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
B N Agrawal and Company (Mr. Bishwanath Agrawal ) Chartered Accountants |
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Address : |
1 and 2, Old Court House Corner, 5th Floor, Room No. 511,
Kolkata -700 001, West Bengal |
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Tel No.: |
91-33-22101531 |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
AS ON 31.03.2008:
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- Each |
Rs. 5.000 millions |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- Each |
Rs. 5.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.417 |
3.996 |
2.639 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.417 |
8.996 |
7.639 |
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LOAN FUNDS |
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1] Secured Loans |
0.708 |
3.151 |
0.071 |
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2] Unsecured Loans |
1.893 |
3.004 |
0.818 |
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TOTAL BORROWING |
2.601 |
6.155 |
0.889 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
15.018 |
15.151 |
8.528 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.798 |
3.409 |
3.640 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.635 |
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 |
6.280
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7.408 |
4.611 |
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Sundry Debtors |
7.670
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7.384 |
4.459 |
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Cash & Bank Balances |
1.105
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1.121 |
0.253 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
6.617
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6.682 |
1.729 |
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Total
Current Assets |
21.672
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22.595 |
11.052 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9.392
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10.269 |
5.804 |
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Provisions |
1.695
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0.584 |
0.360 |
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Total
Current Liabilities |
11.087
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10.853 |
6.164 |
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Net Current Assets |
10.585
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11.742 |
4.888 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
15.018 |
15.151 |
8.528 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
26.345 |
26.047 |
15.827 |
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Other Income |
5.353 |
2.024 |
1.071 |
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Total Income |
31.698 |
28.071 |
16.898 |
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Profit/(Loss) Before Tax |
4.534 |
1.763 |
0.776 |
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Provision for Taxation |
1.113 |
0.406 |
0.181 |
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Profit/(Loss) After Tax |
3.421 |
1.357 |
0.595 |
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Expenditures : |
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Administrative Expenses |
1.605 |
1.551 |
1.112 |
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Purchases made for re-sale |
24.411 |
27.327 |
15.982 |
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Increase/(Decrease) in Finished Goods |
[8.279] |
[7.407] |
[4.611] |
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Interest |
0.539 |
0.207 |
0.104 |
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Depreciation & Amortization |
0.081 |
0.020 |
0.090 |
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Other Expenditure |
8.807 |
4.610 |
3.445 |
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Total Expenditure |
27.164 |
26.308 |
16.122 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
10.79
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4.83 |
3.52 |
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Net Profit Margin (PBT/Sales) |
(%) |
17.21
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6.77 |
4.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.37
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6.78 |
5.28 |
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Return on Investment (ROI) (PBT/Networth) |
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0.37
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0.20 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.10
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1.89 |
0.92 |
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Current Ratio (Current Asset/Current Liability) |
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1.95
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2.08 |
1.79 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:-
· Siemens, Kolkata
· Triveni Control Gears Private Limited, Mumbai
FIXED ASSETS:
· A.C. Machine
· Computer
· Furniture and Fixtures
· Motor Car
· Office Equipments
· Office Premises
FORM 8:-
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Corporate
identity number of the company |
U31909WB1992PTC056403 |
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Name of the
company |
KG ELECTRO-POWER
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
128 Rash Behari Avenue, Kolkata -700 029, West Bengal |
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This form is for |
Modification of
charge |
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Type of charge |
Equitable mortgage or mortgage of property by depositing the title deeds. |
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Particular of
charge holder |
Citi Bank NA,
Kanak Building, 41 Chowringhee Road, Kolkata – 700 071, West Bengal, India |
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Nature of
instrument creating charge |
Letter confirming
deposit of title deeds |
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Date of
instrument Creating the charge |
18.05.2006 |
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Amount secured by
the charge |
Rs. 3.930
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Interest @ 9.5% p.a |
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Description of
the property charged indicating whether it is a charged on |
Immovable
properties |
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Short particulars
of the property charged (Including location of the property) |
Equitable
mortgage bearing No. S 1 and 2, 1st Floor, measuring about 1316
Sq.fts situated Municipal Premises No. 128, Rash Behari Avenue, Kolkata -700 029, West
Bengal |
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Name of the company |
KG ELECTRO POWER PRIVATE LIMITED |
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Presented By |
ING Vysya Bank Limited,
128, Rash Behari Avenue Branch, Kolkata – 700 029, West Bengal |
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1) Date and description of instrument creating the change |
Demand Promissory
Note dated 22.09.1999 Form No. 1(R0
dated 22.09.1999 Agreement for
hypothecation of stock in trade machinery, book debts, bills and all other
movable dated 22.09.1999 General power of
Attorney dated 22.09.1999 Power of Attorney
for collection of bills, Book
Debts and other receivables dated 22.09.1999. Corporate
Guarantee of KG Electro Power Private Limited Board Resolution
dated 22.09.1999 Letter of
evidencing deposit of original title deeds as per legal opinion of Bank
Approved advocate The original
charge was registered on 12.10.1999. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.000
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 |
Equitable
mortgage of Residential Flat Valued at Rs. 4.419 millions situated at 5-A,
Rajkamal Building 128 Rash Behari Avenue, Kolkata – 700 029. Standing in the
name of Sri Kamal Singh Ghoshal. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation of
stocks of all Electrical Equipment and Assignment of all book debts with 50%
margin. Corporate
guarantee of M/S KG electro Power private Limited Personal
guarantee of the Director of the company Sri Kamal Singh Ghoshal, Smt. Vinod
Devi Ghoshal |
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5) Name and Address and description of the person entitled to the charge. |
ING Vysya Bank
Limited, Rashbehari Avenue Branch, Rashbehari Avenue, Kolkata -700 029, west
Bengal |
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6) Date and brief description of instrument modifying the charge |
Agreement for
hypothecation of stock in
Trade, machinery, Book Debts,
Bills and all other movables dated 04.06.2004. |
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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 the present
and first modification the overall limit has been enhanced from Rs. 3.000
millions to Rs. 5.000 millions The company
hereby reiterates that the all present and future goods (all the stock of
electrical goods at their showroom, office and godown) book debts, and all
other movables of the borrower including documents of title to goods and all
other movables such as outstanding moneys, receivables, claims, bills
invoices, documents, contracts, engagement, securities, investment and past
and present machinery listed in the schedule hereunto and all future machinery belonging to or in possession of the borrower or of
the bank of any third Partnership concern with an Unlimited Liability of the
Partners whether in India or elsewhere through world
(including all such goods and other movables as may be in course of
shipment transit or delivery ) shall
stand hypothecated to the bank by way
of first charge as security. Interests and
other charges will be paid as per terms and conditions of sanction letter;
however the same is subject to change from time to time. Other terms and
conditions and as per terms and conditions of above referred documents and
sanction letter of the bank. Other terms and
conditions save as modified above remain in full force. |
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] 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.49.84 |
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UK Pound |
1 |
Rs.76.81 |
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Euro |
1 |
Rs.64.38 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
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 |
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 |
|
45 |
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 |
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