MIRA
INFORM REPORT
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Report Date : |
24.10.2008 |
IDENTIFICATION DETAILS
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Name : |
KOTHARI TRADE LINK LIMITED |
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Registered Office : |
202/D, Indo Commercial Complex, Behind Kodiwala High School, Ring
Road, Surat – 395002, Gujarat |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.08.2005 |
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Com. Reg. No.: |
04-46582 |
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CIN No.: [Company
Identification No.] |
U51101GJ2005PLC046582 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTK01781D |
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PAN No.: [Permanent
Account No.] |
AACCK6415C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of Process of Printing of Fabric
Cloth. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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/normal. |
Small |
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Maximum Credit Limit : |
USD 42000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old company in its field. Trade relations are
fair. No complaints have been heard. The company can be considered for small to mediocre business dealings,
initially. No telephone nos. are listed on the name of the subject. |
LOCATIONS
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Registered Office : |
202/D, Indo Commercial Complex, Behind Kodiwala High School, Ring
Road, Surat – 395002, Gujarat |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ankit Maheshwari |
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Designation : |
Director |
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Address : |
D – 1111, Green Avenue Apartment, B/H Union Parle Lane, Ghod Doo Road,
Surat |
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Date of Appointment : |
10.08.2005 |
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Name : |
Mr. Chandra Mohan Maheshwari |
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Designation : |
Director |
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Address : |
D – 1111, Green Avenue Apartment, B/H Union Parle Lane, Ghod Doo Road,
Surat |
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Date of Appointment : |
10.08.2005 |
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Name : |
Mr. Sanjay Maheshwari |
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Designation : |
Director |
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Address : |
D – 1111, Green Avenue Apartment, B/H Union Parle Lane, Ghod Doo Road,
Surat |
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Date of Appointment : |
10.08.2005 |
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Name : |
Mr. Akhilesh Maheshwari |
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Designation : |
Director |
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Address : |
D – 1111, Green Avenue Apartment, B/H Union Parle Lane, Ghod Doo Road,
Surat |
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Date of Appointment : |
10.08.2005 |
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Name : |
Ms. Snehalata Maheshwari |
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Designation : |
Director |
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Address : |
G – 1111, Green Avenue Apartment, B/H Union Parle Lane, Ghod Doo Road,
Surat |
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Date of Appointment : |
10.08.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
No. of Shares |
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Chandra Mohan Maheshwari |
141200 |
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Ankit Maheshwari |
959550 |
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Sanjay Maheshwari |
241700 |
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Akhilesh Maheshwari |
55200 |
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Snehalata Maheshwari |
101350 |
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Kavita V Maheshwari |
900 |
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E S Kumar |
100 |
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Total |
1500000 |
List of Allotment (As on 28.08.2007)
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Names of Allottees |
No. of Shares |
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Sanjay Maheshwari |
231700 |
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Ankit Maheshwari |
949550 |
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Chandra Mohan Maheshwari |
131200 |
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Snehalata Maheshwari |
92350 |
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Akhilesh Maheshwari |
45200 |
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Total |
1450000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or Relative of director |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of Process of Printing of Fabric
Cloth. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
·
Corporation Bank Near Sai Baba Mandir, Choota Pul,
Machilipith, Surat – 395003, Gujarat, India ·
State Bank of India Kim, Taluka Mangrol, Olpad, Dist. Surat –
394 110, Gujarat, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Agarwal Goyal and Company Chartered Accountants |
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Address : |
A/1077-78, Kohinoor Market, Ring Road, Surat – 395
002, Gujarat, India |
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Tel No.: |
91-261-2313920 / 3258787 |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- Each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- Each |
Rs.15.000 Millions |
(As on 31.03.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- Each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- Each |
Rs.0.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.500 |
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2] Share Application Money |
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5.519 |
1.292 |
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3] Reserves & Surplus |
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2.326 |
0.007 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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8.345 |
1.799 |
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LOAN FUNDS |
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1] Secured Loans |
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13.627 |
7.251 |
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2] Unsecured Loans |
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12.070 |
3.705 |
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TOTAL BORROWING |
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25.697 |
10.956 |
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DEFERRED TAX LIABILITIES |
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0.981 |
0.000 |
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TOTAL |
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35.023 |
12.755 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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27.091 |
0.000 |
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Capital work-in-progress |
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0.000 |
16.342 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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9.152 |
0.000 |
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Sundry Debtors |
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7.019 |
0.000 |
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Cash & Bank Balances |
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0.857 |
0.701 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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8.467 |
0.002 |
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Total
Current Assets |
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25.495 |
0.703 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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17.415 |
4.485 |
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Provisions |
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0.295 |
0.003 |
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Total
Current Liabilities |
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17.710 |
4.488 |
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Net Current Assets |
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7.785 |
(3.785) |
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MISCELLANEOUS EXPENSES |
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0.147 |
0.198 |
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TOTAL |
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35.023 |
12.755 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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18.400 |
0.000 |
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Other Income |
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1.230 |
0.010 |
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Total Income |
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19.630 |
0.010 |
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Profit/(Loss) Before Tax |
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3.595 |
0.010 |
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Provision for Taxation |
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1.274 |
0.003 |
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Profit/(Loss) After Tax |
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2.321 |
0.007 |
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Expenditures : |
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Raw Material Consumed |
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16.651 |
0.000 |
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Consumption of stores and spares parts |
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0.016 |
0.000 |
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Increase/(Decrease) in Finished Goods |
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(9.151) |
0.000 |
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Salaries, Wages, Bonus, etc. |
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0.176 |
0.000 |
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Managerial Remuneration |
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0.300 |
0.000 |
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Payment to Auditors |
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0.015 |
0.000 |
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Interest |
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1.073 |
0.000 |
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Insurance Expenses |
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0.032 |
0.000 |
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Power & Fuel |
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0.461 |
0.000 |
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Depreciation & Amortization |
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2.650 |
0.000 |
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Other Expenditure |
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3.812 |
0.000 |
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Total Expenditure |
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16.035 |
0.000 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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11.82 |
70.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
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19.54 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.84 |
1.42 |
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Return on Investment (ROI) (PBT/Networth) |
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0.43 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.20 |
8.58 |
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Current Ratio (Current Asset/Current Liability) |
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1.44 |
0.16 |
LOCAL AGENCY FURTHER INFORMATION
Form No. 8
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Corporate
identity number (CIN) Foreign company registration number |
U51101GJ2005PLC046582 |
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Name of the
Company |
KOTHARI TRADE LINK LIMITED |
|
Address |
202/D, Indo Commercial Complex, Behind Kodiwala High School, Ring
Road, Surat – 395002, Gujarat |
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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
Stocks,
Plant and Machineries etc |
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Particulars of
the charge holder |
State Bank of India Kim, Taluka Mangrol, Olpad, Dist. Surat – 394 110, Gujarat, India |
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Nature or
description of the instrument or modifying the charge |
Agreement of Loan cum Hypothecation |
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Date of
Instrument Charge |
05.07.2007 |
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Amount secured by
the charge |
Rs.49.000
Millions |
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Brief of the
principal terms and conditions |
·
Rate
of Interest Demand Cash Credit – 0.25% above SBAR (At present SBAR – 12.75%)
Present – 13.00% P.A. Term Loan I – 0.75% above SBAR (At present SBAR – 12.75%) Present –
13.50% P.A. Term Loan II – 0.75% above SBAR (At present SBAR – 12.75%) Present – 13.00%
P.A. Term Loan III – 0.75% above SBAR (At present SBAR – 12.75%) Present –
13.00% P.A. ·
Terms
of repayment Demand Cash Credit – On demand subject to yearly renewal Term Loan I – Balance as on 31.03.2007 – 5.900 millions – 48
Installment – 0.132 million monthly Term Loan II – Balance as on 31.03.2007 – 5.600 millions – 72
Installment – 0.078 million monthly Term Loan III – Term Loan – 12.500 millions 66 Installments – 0.190
million monthly with Moretarium – 6 Months ·
Margin Demand Cash Credit – Raw Mat. 25%, Semi Finished – 30%, Finished – 30% Domestic Receivables – 50% Term Loan – 39% against machineries ·
Extent
and operation of the charge The charge over Yarn, Fabrics and Textile Auxiliaries, Entire Current
Assets, Receivables of the Company The charge over plant and machineries – Draw Twister Machine, Yarn
Splitting Winder and all other existing and future plant and
machineries. |
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Short particulars
of the property charged |
The charge over
Yarn, Fabrics and Textile Auxiliaries, Entire Current Assets, Receivables of
the Company The charge over
plant and machineries – Draw Twister Machine, Yarn Splitting Winder and all
other existing and future plant and machineries. |
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Corporate
identity number of the company |
U51101GJ2005PLC046582 |
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Name of the
company |
KOTHARI TRADE LINK LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
202/D, Indo Commercial Complex, Behind Kodiwala High School, Ring
Road, Surat – 395002, Gujarat |
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This form is for |
Modification of
charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Corporation Bank Near Sai Baba Mandir, Choota Pul, Machilipith, Surat – 395003,
Gujarat, India |
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Nature of
instrument creating charge |
Common Deed of
Hypothecation of movable assets – Deed of Hypothecation |
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Date of
instrument Creating the charge |
01.02.2005 |
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Amount secured by
the charge |
Rs.4.959 millions
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Br1ief of the
principal terms an conditions and extent and operation of the charge |
Interest rate
9.50% subject to change from time to time Margin 50.25% |
Fixed Assets
·
Building
·
Building Utilised for
Hiring
·
Factory Building
·
Plant and Machinery
·
Furniture and Fittings
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Plant and Machinery
·
Furniture and Fixtures
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 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.49.79 |
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UK Pound |
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.63.91 |
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 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
|
34 |
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 |
|
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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 |
|
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 |
|