MIRA
INFORM REPORT
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Report Date : |
15.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
J KORIN SPINNING PRIVATE LIMITED |
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Registered Office : |
Plot No. 63/B, Road No. 4, Udhna, Surat – 394 210, Gujarat |
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Country : |
India |
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Date of Incorporation : |
27.02.2008 |
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Com. Reg. No.: |
53063 |
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CIN No.: [Company
Identification No.] |
U17120GJ2008PTC053063 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTJ02052B |
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PAN No.: [Permanent
Account No.] |
AABCJ9649N |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer, Exporter and Importer of Yarns, Fabrics of every kind,
natures and description. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Mr. Ramkrishnan (Accountant) and Mr. Himanshu Jariwala (Director)
denied business information. Subject is a new company and yet to establish track. Promoters are
experienced. It is an Indo-Korean Joint Venture. No payment records are available. Initially is shall be considered for any business dealings on safe and
secured trade terms and conditions.
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INFORMATION
DECLINED BY
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Name : |
Mr. Ramkrishnan |
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Designation : |
Accountant |
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Date : |
14.11.2008 |
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Name : |
Mr. Himanshu Jariwala |
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Designation : |
Director |
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Date : |
14.11.2008 |
LOCATIONS
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Registered Office : |
Plot No. 63/B, Road No. 4, Udhna, Surat – 394 210, Gujarat, India |
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Factory : |
121-122-123, Vanz Gidc, Surat, Gujarat, India |
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Tel. No.: |
91-261-2273275 |
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Fax No.: |
91-261-2275511 |
DIRECTORS
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Name : |
Mr. Kyokee Lee |
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Designation : |
Director |
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Address : |
Taeyoung Apartment 105-1801, 566 (26/10) Cheonho – Dong, Gangdong-GU,
Seoul Metroplitan - 000000 |
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Date of Birth/Age : |
30.08.1952 |
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Date of Appointment : |
01.06.2008 |
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Name : |
Mr. Youngho Jeon |
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Designation : |
Director |
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Address : |
Samsung Apartment, 102-802, 378-4 (26/4) Chilseong – Dong 2 (i) GA Buk
GU Daegu, Metropolitan – 0000000 |
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Date of Birth/Age : |
27.06.1953 |
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Date of Appointment : |
01.06.2008 |
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Name : |
Mrs. Kalpana Himanshu Jariwala |
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Designation : |
Director |
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Address : |
Bunglow No. 15, Mascati Plot 1, Athwalines, Surat – 395 007, Gujarat,
India |
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Date of Birth/Age : |
16.12.1959 |
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Date of Appointment : |
17.03.2008 |
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Name : |
Mr. Deepak Surendra Jariwala |
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Designation : |
Director |
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Address : |
Bunglow No. 13, Mascati Plot 1, Parle Point, Athwalines, Surat – 395
007, Gujarat, India |
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Date of Birth/Age : |
25.02.1963 |
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Date of Appointment : |
17.03.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
List of Allotment (As on 30.09.2008)
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Names of Allottees |
No. of Shares |
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Jeon Young Ho |
518560 |
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Kyo Kee Lee |
642846 |
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Lee Dae Rim |
99353 |
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Himanshu Jariwala |
201500 |
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Deepak Surendra Jariwala |
253846 |
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Kalpana Himanshu Jariwala |
72861 |
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Jitendra P Arya |
210500 |
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Sabita J Arya |
300000 |
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Samarth J Arya |
100000 |
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Rajesh R Gupta |
400000 |
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Total |
2799466 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Yarns, Fabrics of every kind,
natures and description. |
GENERAL
INFORMATION
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Bankers : |
Bank of Baroda Khatodra Branch, Rajhans Complex, Opp. J K Towers, Ring Road, Surat –
395 002, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Not Available |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4300000 |
Equity Shares |
Rs.10/- each |
Rs.43.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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Not Available |
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FINANCIAL DATA
[all figures are in Rupees Millions]
No Financials are available as the subject is a new company.
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Corporate
identity number of the company |
U17120GJ2008PTC053063 |
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Name of the
company |
J KORIN SPINNING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. 63/B, Road No. 4, Udhna, Surat – 394 210, Gujarat, India |
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This form is for |
Creation of
charge |
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Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Others o
Plant and
Machinery |
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Particular of
charge holder |
Bank of Baroda Khatodra Branch, Rajhans Complex, Opp. J K Towers, Ring Road, Surat –
395 002, Gujarat, India |
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Nature of
instrument creating charge |
Hypothecation
Agreement |
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Date of
instrument Creating the charge |
17.09.2008 |
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Amount secured by
the charge |
Rs.194.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Term Loan 0.25% below BPLR i.e. 13.75% Per Annum Cash Credit 0.25% below BPLR i.e. 13.75% Per Annum Packing Credit 3.25% below BPLR i.e. 10.75% Per Annum ·
Terms of
repayment Cash Credit / Packing credit and LC Limit initially for a period 12
months Term Loan repayable in 80 insemmennts of Rs.1.600 millions each after
moratorium period of 12 months fater first disbursement ·
Margin 35% on Second hand Plant and Machinery 30% Against Stock 50% Against Book debts 10% Against Stock for packing credit Non fund based limit and guarantee limit 25% in form of FDR ·
Extent and
operation of the charge The charge to secure credit facilities granted |
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Particulars of
the property charged |
Plant and
Machinery indegenious and imported and to be imported Stock and Book
debts |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.46 |
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UK Pound |
1 |
Rs.73.17 |
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Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
3 |
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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 |
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15 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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