MIRA
INFORM REPORT
|
Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KK FINE LINEN PRIVATE LIMITED |
|
|
|
|
Formerly Name : |
K K P RICE MILLS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
88, Salem Road, Namakkal 637001, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
01.03.1989 |
|
|
|
|
Com. Reg. No.: |
18-1812371 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U15311TZ1989PTC002371 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Cushions
|
RATING &
COMMENTS
|
MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 7000 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively small company in its field. Trade relations are
fair. Scale of activity is limited. No complaints have been herald. The company can be considered for small to mediocre business dealings.
|
LOCATIONS
|
Registered Office/Factory : |
88, Salem Road, Namakkal 637001, Tamilnadu |
|
Tel. No.: |
91-4286-276066/276901/2 |
|
Mobile No.: |
91-9843064066 |
|
Fax No.: |
91-4286-276316 |
|
E-Mail : |
yarns@kkpindia.com, fabrics@kkpindia.com, madeups@kkpindia.com |
|
Website : |
DIRECTORS
|
Name : |
Mr. R Shanmugam |
|
Designation : |
Director |
|
Address : |
Kondichettipatti, Periapatti Po, Namakkal 637001, Tamilnadu |
|
Date of Birth/Age : |
25.03.1952 |
|
Date of Appointment : |
21.07.1989 |
|
|
|
|
Name : |
Mr. N Bakkialakshmi |
|
Designation : |
Director |
|
Address : |
109 B, Salem Road, Namakkal 637001, Tamilnadu |
|
Date of Birth/Age : |
17.12.1956 |
|
Date of Appointment : |
21.07.1989 |
|
|
|
|
Name : |
Mr. C Selvi |
|
Designation : |
Director |
|
Address : |
109 B, Salem Road, Namakkal 637001, Tamilnadu |
|
Date of Birth/Age : |
25.03.1968 |
|
Date of Appointment : |
21.07.1989 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 25.06.2007
|
Names of Shareholders |
|
No. of Shares |
|
Mr. R Shanmugam |
|
600 |
|
Mr. C Selvi |
|
100 |
|
Mr. P Marayee |
|
500 |
|
Mr. R Shanmugam |
|
100 |
|
Mr. S Tamil Selvi |
|
100 |
|
Mr. R Vishwanathan |
|
50 |
|
Mr. Thangavel |
|
50 |
AS ON 31.03.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cushions
|
GENERAL
INFORMATION
|
Bankers : |
State Bank of India, 2 Sankaran Road, Namakkal 637001, Tamilnadu |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. K Balu Chartered Accountant |
|
Address : |
23, First Street, Thillai Puram, Namakkal 637001, Tamilnadu |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000 |
A Equity Shares |
Rs. 1000/- Each |
Rs. 2.000
Millions |
|
5000 |
B Equity Shares |
Rs. 100/- Each |
Rs. 0.500
Millions |
|
|
Total |
|
Rs.
2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350 |
A Equity Shares |
Rs. 1000/- Each |
Rs. 0.350 Million |
|
1800 |
B Equity Shares |
Rs. 100/- Each |
Rs. 0.180 Million |
|
|
Total |
|
Rs. 0.530 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.530 |
0.530 |
0.530 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.904 |
0.846 |
0.788 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1.434 |
1.376 |
1.318 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1.434 |
1.376 |
1.318 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.149 |
0.149 |
0.149 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.786
|
0.728 |
0.670 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.500
|
0.500 |
0.500 |
|
Total
Current Assets |
1.286
|
1.228 |
1.170 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
0.001
|
0.001 |
0.001 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
0.001
|
0.001 |
0.001 |
|
|
Net Current Assets |
1.285
|
1.227 |
1.169 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1.434 |
1.376 |
1.318 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
0.060 |
0.060 |
0.060 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
0.060 |
0.060 |
0.060 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.057 |
0.057 |
0.057 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
0.057 |
0.057 |
0.057 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Other Expenditure |
0.003 |
0.003 |
0.003 |
|
Total Expenditure |
0.003 |
0.003 |
0.003 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
95.00
|
95.00 |
95.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
95.00
|
95.00 |
95.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.97
|
4.13 |
4.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.04 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1286.00
|
1228.00 |
1170.00 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U15311TZ1989PTC002371 |
|
Name of the
company |
KK FINE LINEN PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
88, Salem Road, Namakkal 637001, Tamilnadu |
|
Type of charge |
Book Debts Movable Property Immovable
Property |
|
Particular of
charge holder |
State Bank of India, 2 Sankaran Road, Namakkal 637001, Tamilnadu |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of loan
for overall limit. Agreement of hypothecation of goods and assets, agreement
of Pledge of goods and assets and letter regarding the grant of individual
limits within the overall limits all dated 17.03.2008, Namakkal dist. To the
extent of Rs. 36.400 Millions |
|
Date of
instrument Creating the charge |
17.03.2008 |
|
Amount secured by
the charge |
Rs. 102.647
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
EPC Applicables as per RBI guidelines Terms of
Repayment EPC Payable on demand Term loan will be
repaid over the period of 6 monthly installments of Rs. 0.500 Millions 71
monthly installments of Rs. 0.450 Millions
Margin
RM/SIP/FG/Receivables 25% Extent and
Operation of the charge Hypothecation of raw materials, stock in process,
finished goods, other current assets of the company Hypothecation of
entire fixed assets purchased out of this term loan secured by way of first
charge creation of equitable mortgage
|
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 exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Intl
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a companys management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.52 |
|
UK Pound |
1 |
Rs.72.62 |
|
Euro |
1 |
Rs.63.76 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
This score serves as a reference to assess SCs credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
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 |
|