MIRA
INFORM REPORT
|
Report Date : |
18.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
GKK EXPORTS PRIVATE LIMITED |
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Registered Office : |
40/7, Ramakrishna Street, T. Nagar,
Chennai – 600 017, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.07.1994 |
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Com. Reg. No.: |
18 - 27931 |
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CIN No.: [Company
Identification No.] |
U51102TN1994PTC027931 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEG02316G |
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PAN No.: [Permanent
Account No.] |
AAACG1568J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Finished Leather and
Leather Garments. |
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 226000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Shangumam |
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Designation : |
Manager in Finance |
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Date : |
17.10.2008 |
LOCATIONS
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Registered Office : |
40/7, Ramakrishna Street, T. Nagar,
Chennai – 600 017, Tamilnadu, India. |
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Tel. No.: |
91-44-28141999/ 28143888/ 42124334 |
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Fax No.: |
91-44-28143944/ 42122142 |
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E-Mail : |
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Website : |
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Area : |
6000 sq ft |
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Location : |
Owned |
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Factory : |
83/2, Poonamallee Bye Pass Road, Poonamallee, Chennai - 600 056, Tamilnadu, India. |
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Tel. No.: |
91-44-55713655/ 66/77 |
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Fax No.: |
91-44-26493932 |
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E-Mail : |
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Showroom : |
No. 91 Nungambakkam High Road,
Next to HDFC Bank, Nungambakkam, Chennai – 600034, Tamil Nadu, India |
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Tel. No.: |
91-44-2852620/28252630 |
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Fax No.: |
91-44-28254378 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. M S Gunasekaran |
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Designation : |
Chairman |
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Address : |
22 (Old No. 16), Yogambal
Street, T. Nagar, Chennai – 600017, Tamilnadu, India. |
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Date of Birth/Age : |
05.09.1943 |
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Qualification : |
SLC |
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Date of Appointment : |
06.06.2005 |
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Name : |
Mr. M. S. G. Bhuvan Kumar
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Designation : |
Managing Director |
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Address : |
22 (Old No. 16), Yogambal
Street, T. Nagar, Chennai – 600017, Tamilnadu, India. |
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Date of Birth/Age : |
11.11.1972 |
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Qualification : |
BA |
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Date of Appointment : |
06.06.2005 |
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Tel. No.: |
91-44-26494877/26494899 |
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Fax No.: |
91-44-26493932 |
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E-Mail : |
gkkeports@eth.net |
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Name : |
Mr. M. S. G. Kishore Babu |
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Designation : |
Director |
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Address : |
22 (Old No. 16), Yogambal Street, T. Nagar, Chennai – 600017,
Tamilnadu, India. |
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Date of Birth/Age : |
30.07.1969 |
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Qualification : |
+2 |
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Date of Appointment : |
06.06.2005 |
KEY EXECUTIVES
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Name : |
Ms. Nirupama C Verma |
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Designation : |
Company Secretary |
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Tel. No.: |
91-44-43233010 |
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Mobile No.: |
91-9840367014 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2005
|
Names of Shareholders |
No. of Shares |
|
Mr. M S G Kishore Babu |
36000 |
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Mr. M S G Bhuvan Kumar |
35910 |
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Mr. M S Gunnasekaran |
37000 |
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Mr. G A M Mass |
10045 |
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Mr. J M Mass |
23059 |
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Total |
142014 |
As on 26.09.2007
Equity share breakup (percentage of total equity)
|
Category |
Percentage |
|
Foreign holdings (Foreign institutional investor(s), Foreign
companie(s), Foreign financial institution(s), Non-resident Indian(s) or
Overseas corporate bodies |
23.31 |
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Directors or relatives of directors |
76.69 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Finished Leather
and Leather Garments. |
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Products : |
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Exports : |
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Countries : |
Netherlands, Singapore and Korea |
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Imports : |
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Countries : |
USA, Italy |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
480 [In office – 30, In factory – 450 (contract workers)] |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Essveeyar Chartered Accountants |
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Address : |
Flat No. 3, Soundaram Devanathan Street, R A Puram, Chennai – 600 028,
Tamilnadu, India. |
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Parent Company : |
Taurus Leather |
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Associates/Subsidiaries : |
25 and 26
Covelaong Muthu Gramini Street, Periamet,
Chennai – 600003, Tamil Nadu, India Line of
Business – Tanners and Exporters
25 and 26
Covelaong Muthu Gramini Street, Periamet,
Chennai – 600003, Tamil Nadu, India Line of
Business – Manufacturers of finished leather
25 and 26
Covelaong Muthu Gramini Street, Periamet,
Chennai – 600003, Tamil Nadu, India Line of
Business – Manufacturers of leather garments
25 and 26
Covelaong Muthu Gramini Street, Periamet,
Chennai – 600003, Tamil Nadu, India Line of
Business – Manufactures of leather garments
25 and 26
Covelaong Muthu Gramini Street, Periamet,
Chennai – 600003, Tamil Nadu, India Line of
Business – Manufacturers and Exporters of finished leather and leather
garments
25 and 26
Covelaong Muthu Gramini Street, Periamet,
Chennai – 600003, Tamil Nadu, India Line of
Business – Manufacturers and Exporters of leather and leather garments
25 and 26
Covelaong Muthu Gramini Street, Periamet,
Chennai – 600003, Tamil Nadu, India Line of
Business – Manufacturers and Exporters of finished leather and leather
garments
ama
Pillai Street, Periamet,
Chennai – 600003, Tamil Nadu, India Line of
Business – Manufacturers and Exporters of finished leather and leather
garments
25 and 26
Covelaong Muthu Gramini Street, Periamet,
Chennai – 600003, Tamil Nadu, India Line of
Business – Manufacturers and Exporters of finished leather and leather
garments
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.100/- Each |
Rs.15.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
142014 |
Equity Shares |
Rs.100/- Each |
Rs.14.201
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
14.201 |
14.201 |
14.201 |
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2] Share Application Money |
5.799 |
0.000 |
0.000 |
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3] Reserves & Surplus |
25.133 |
19.137 |
17.598 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
45.133 |
33.338 |
31.799 |
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LOAN FUNDS |
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1] Secured Loans |
176.030 |
118.202 |
79.278 |
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2] Unsecured Loans |
0.000 |
0.000 |
2.996 |
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TOTAL BORROWING |
176.030 |
118.202 |
82.274 |
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DEFERRED TAX LIABILITIES |
1.811 |
0.000 |
0.000 |
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TOTAL |
222.974 |
151.540 |
114.073 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
69.272 |
52.589 |
49.736 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
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 |
37.169
|
42.952 |
21.692 |
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Sundry Debtors |
55.237
|
43.541 |
15.217 |
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Cash & Bank Balances |
3.975
|
0.800 |
3.346 |
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Other Current Assets |
85.284
|
46.651 |
32.934 |
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Loans & Advances |
15.570
|
5.235 |
5.981 |
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Total
Current Assets |
197.235
|
139.179 |
79.170 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
41.600
|
38.128 |
13.654 |
|
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Provisions |
1.933
|
2.100 |
1.179 |
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Total
Current Liabilities |
43.533
|
40.228 |
14.833 |
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Net Current Assets |
153.702
|
98.951 |
64.337 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
222.974 |
151.540 |
114.073 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
341.920 |
296.940 |
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Other Income |
|
22.690 |
17.940 |
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Total Income |
|
364.610 |
314.880 |
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Profit/(Loss) Before Tax |
|
9.290 |
2.600 |
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Provision for Taxation |
|
3.410 |
0.910 |
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Profit/(Loss) After Tax |
|
5.880 |
1.690 |
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Expenditures : |
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Financial Charges |
|
12.750 |
11.180 |
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Other Expenditure |
|
342.570 |
301.100 |
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Total Expenditure |
|
355.320 |
312.280 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.61
|
0.54 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.72
|
0.88 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.49
|
1.36 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.08 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.86
|
4.75 |
3.05 |
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Current Ratio (Current Asset/Current Liability) |
|
4.53
|
3.46 |
5.34 |
LOCAL AGENCY
FURTHER INFORMATION
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90293827 |
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Corporate
identity number of the company |
U51102TN1994PTC027931 |
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Name of the
company |
GKK EXPORTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
40/7, Ramakrishna Street, T. Nagar,
Chennai – 600 017, Tamilnadu, India. |
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Type of charge |
|
|
Particular of
charge holder |
Union Bank of India, Overseas Branch, 96, G.N. Chetty Road, T Nagar, Chennai – 600017, Tamil Nadu, India E-Mail: abc1224@gmail.com |
|
Nature of description
of the instrument creating or modifying the charge |
Packing Credit
Agreement (SD-04) Letter of
Extension of validity of mortgage executed by the company i.e. GKK Exports
Private Limited to secure the credit facilities by the company. Letter of
Extension of validity of mortgage executed by Taurus GKK Leathers Private
Limited. Letter of
Extension of validity of mortgage executed by by the company i.e. GKK Exports
Private Limited to secure the credit facilities enjoyed by Taurus GKK Leathers Private Limited. |
|
Date of
instrument Creating the charge |
03.03.2007 |
|
Amount secured by
the charge |
Rs.152.600
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Packing Credit (ADHOC) – 8.50% p.a. with monthly rests Terms of
Repayment: Packing Credit (ADHOC) – Repayable on demand Margin: As
determined by the Banker from time to time Extent and
Operation of the charge: As per the instruments executed and as mentioned Others: All other
terms and conditions as per the sanction letter and instruments executed on
03.03.2007. |
|
Date of latest
modification prior to the present modification |
03.06.2006 |
|
Particulars of
the present modification |
By this modification: - the credit facilities enjoyed by the
company has been enhanced from Rs.142.600 Millions to Rs.152.600 Millions. |
WEBSITE DETAILS
PROFILE:
In the ever-changing world of fashion, leather remains unaltered and is gaining popularity in time. And just as established and successful as the product is, the manufacturers, subject have made a distinct impression in Leather manufacturing and exports. Their success is not measured by their turnover but by global recognition, client credentials and one-of-its-kind collections.
Subject is a division of Taurus Group, an internationally renowned Leather Company .GKK believes that QUALITY is not something to be talked (or written) about. Unless you feel and witness the extraordinary collection you will never understand QUALITY in its true sense. Having come a long way since the Group started 50 years ago, they are now competing with top brands across the globe.
It might not come as a surprise to you that subject is an ISO 9002 certified and 14001 company with a splendid infrastructure sprawling over 50,000 sq.ft. in Chennai. They have manufactured every leather product conceivable from key chains to firewood holders. With skill, sincerity, dedication and client assurance subject is out to perform new feats. Taking pride in what they have accomplished so far, they are driven to take leather manufacturing to greater heights.
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.48.68 |
|
UK Pound |
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.65.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|