MIRA
INFORM REPORT
|
Report Date : |
26.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
KOSO INDIA PRIVATE LIMITED (w.e.f. 01.11.2010) |
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Formerly Known
As : |
KENT INTROL PRIVATE LIMITED |
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Registered
Office : |
H – 33 and 34, M.I.D.C., Ambad, Nashik – 422 010, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.06.2004 |
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Com. Reg. No.: |
11-146735 |
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CIN No.: [Company Identification
No.] |
U31200MH2004PTC146735 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKK01471B |
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PAN No.: [Permanent Account No.] |
AACCK3621N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Supplier of Industrial Engineering Goods and Valves. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 1100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Profit and loss account of the company is not available. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
H – 33 and 34, M.I.D.C., Ambad, Nashik – 422 010, |
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Tel. No.: |
91-253-2408811 |
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Fax No.: |
91-253-2384413 |
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E-Mail : |
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Website : |
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Vadodara Office
: |
D-65, Trident Complex, |
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E-Mail : |
DIRECTORS
As on 18.08.2010
|
Name : |
Mr. Gaurav Vinod Gupta |
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Designation : |
Whole Time Director |
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Address : |
Flat No.3, |
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Date of Birth/Age : |
12.10.1979 |
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Date of Appointment : |
27.07.2007 |
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DIN No.: |
00012400 |
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Name : |
Takashi Ichiji Ikegaya |
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Designation : |
Director |
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Address : |
3-29-18, Kamikitazawa, Setagaya-Ku, |
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Date of Birth/Age : |
05.01.1930 |
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Date of Appointment : |
28.06.2005 |
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DIN No.: |
00297426 |
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Name : |
Yuichi Takashi Ikegaya |
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Designation : |
Director |
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Address : |
4-14-2-3502, Sotokanda, Chiyoda-Ku, |
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Date of Birth/Age : |
31.08.1973 |
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Date of Appointment : |
28.06.2005 |
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DIN No.: |
00296808 |
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Name : |
Keiko Takashi Ikegaya |
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Designation : |
Director |
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Address : |
5-4-1-518, Shiba, Minato-Ku, |
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Date of Birth/Age : |
14.12.1964 |
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Date of Appointment : |
28.06.2005 |
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DIN No.: |
00296749 |
KEY EXECUTIVES
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Name : |
Mr. Rajan Bhandare |
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Designation : |
HR Manager |
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Name : |
Mr. Rajender Kumar |
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Designation : |
Sales and Marketing Director
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Name : |
Mr. Unmesh Wankhade |
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Designation : |
Operations Director |
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Name : |
Mr. Ramakant Gosavi |
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Designation : |
Technical Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.08.2010
|
Names of Shareholders |
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No. of Shares |
|
Nihon Koso Company Limited, |
|
9838654 |
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Nihon Koso Company Limited, |
|
15000 |
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Total |
|
9853654 |
As on 09.02.2011
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Names of Allottees |
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No. of Shares |
|
Nihon Koso Company Limited, |
|
2941176 |
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Total |
|
2941176 |
As on 18.08.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Supplier of Industrial Engineering Goods and Valves. |
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Products : |
v
Standard Service Globe type Control Valves v
Butterfly type Control Valves v
Severe Service Control Valves |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
12, |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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Holding Company : |
Nihon Company Limited, |
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Group Companies : |
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CAPITAL STRUCTURE
After 18.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12794830 |
Equity Shares |
Rs.10/- each |
Rs.127.948
millions |
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As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9853654 |
Equity Shares |
Rs.10/- each |
Rs.98.537
millions |
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Above 9853654 equity shares are held by Nihon Koso Company Limited,
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
98.537 |
81.870 |
81.870 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
176.541 |
96.040 |
60.643 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
275.078 |
177.910 |
142.513 |
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LOAN FUNDS |
|
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1] Secured Loans |
15.151 |
49.908 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
15.151 |
49.908 |
0.000 |
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DEFERRED TAX LIABILITIES |
2.031 |
1.499 |
0.000 |
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TOTAL |
292.260 |
229.317 |
142.513 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
120.166 |
108.691 |
33.553 |
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Capital work-in-progress/ Capital Advances |
32.374 |
4.108 |
1.864 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.495 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
67.215
|
80.350 |
30.502 |
|
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Sundry Debtors |
91.491
|
48.998 |
83.239 |
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Cash & Bank Balances |
39.080
|
50.033 |
39.462 |
|
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Other Current Assets |
0.230
|
0.933 |
0.902 |
|
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Loans & Advances |
47.882
|
41.864 |
23.273 |
|
Total
Current Assets |
245.898
|
222.178 |
177.378 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
44.516
|
60.943 |
32.435 |
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Other Current Liabilities |
14.182
|
9.426 |
9.291 |
|
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Provisions |
47.480
|
35.291 |
29.051 |
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Total
Current Liabilities |
106.178
|
105.660 |
70.777 |
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Net Current Assets |
139.720
|
116.518 |
106.601 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
292.260 |
229.317 |
142.513 |
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
384.768 |
281.095 |
171.983 |
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TOTAL EARNINGS |
384.768 |
281.095 |
171.983 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.44
|
0.87 |
0.50 |
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Current Ratio (Current Asset/Current Liability) |
|
2.32
|
2.10 |
2.51 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
This being the sixth year, the company has performed business as per
expectations. The company has sound financial position to accommodate and meet
its current, contingent liabilities. The paid up capital of the company is Rs.98.537
millions.
FORM 8:
|
Corporate
identity number of the company |
U31200MH2004PTC146735 |
|
Name of the
company |
KOSO INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
H – 33 and 34, M.I.D.C., Ambad, Nashik – 422 010, E-Mail: gaurav.gupta@kentintrol.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10174515 |
|
Type of charge |
Immovable Property Any interest in immovable property |
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Particular of
charge holder |
Axis Bank Limited, Mazda Towers, Trambak Naka, Survey No. 620/9, GPO
Road, Nashik – 422 001, Maharashtra, India E-Mail: arvind.paratey@axisbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry executed on 13th November 2010 constituting charge of
Rs.140.000 millions. |
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Date of
instrument Creating the charge |
13/11/2010 |
|
Amount secured by
the charge |
Rs.140.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
For A] Cash Credit:
Base rate + 3.75% p.a. i.e. 11.50% p.a., B] EPC: Upto 90
days @ base rate + 2.25 % p.a. i.e. 10% p.a. and above 90 days @ base rate +
4.25 % p.a. i.e. 12% p.a. all payable monthly Terms of
Repayment: A) Cash Credit to
be payable on demand. B) Export Packing
Credit (EPC) will be allowed upto maximum 90 days or expiry of contract or
export letters of credit for shipment whichever is earlier. C) Post shipment
Facility (sub limit of Cash Credit) payable on due dates; in case of non
payment, the bills will be crystallized as per RBI regulations and interest
on crystalised bills @ BR + 2% will be recovered on monthly basis. Margin: Margin A) Cash Credit of
Rs.80.000 millions:- Inventory/stock: 25% and book (Cover period max 90
days): 25% B) EPC:- Drawings
permitted on against confirmed export orders , actually upto 90% of FOB of
confirmed export order C) Bank
Guarantee: - pledge for cash /fixed deposit 15%, while 100% cash margin in
case of disputed liabilities. Extent and
Operation of the charge: By this Mortgage
deed "Memorandum of Entry", company hereby mortgages its immovable
properties stated therein in favour of bank for due repayment on demand to
the bank of all monies including principal sums, interest, costs, charges,
expenses, and other monies payable by company concerning with enhanced credit
facility of Rs.140.000 millions. Others: Rate of Interest
continuing from Clause (a) of point No. 13 above: PCFC: Upto 90
days @ LIBOR + 200 bps + out of pocket expenses, if any 91 to 180 days @
LIBOR + 200 bps + out of pocket expenses, if any above 181 days @
LIBOR + 400 bps + out of pocket expenses, if any C] PSC: Upto 90
days @ base rate + 2.25 % p.a. i.e. 10% p.a. monthly payable, PSCFC: Upto 90
days @ LIBOR + 200 bps + out of pocket expenses, if any D] FCDL: 6m
LIBOR+ 500 bps+ 100 bps |
|
Short particulars
of the property charged |
Equitable
mortgage of immovable properties viz; Plot No. H-33 and Plot No. H-34 each
measuring 4050 Sq. Mtrs. situated at MIDC, Ambad, Nashik, Maharashtra, along
with building and structures thereon and all present and future Plant and
machinery attached to the earth or permanently fastened to anything attached
to the earth. |
|
Date of latest
modification prior to the present modification |
14/10/2010 |
|
Particulars of
the present modification |
By this 5th
Modification company has duly extended mortgage of its leasehold Immovable
properties situated at Plot No. H-33 and Plot No. H-34 MIDC, Ambad, Nashik, Keeping all other
terms and conditions of earlier modified charge dated 14/10/2010 as
unchanged. |
FIXED ASSETS:
·
·
Building
·
Plant and Machinery
·
Dies and Moulds
·
Office Equipments
·
Data Processing Equipments
·
Furniture and Fixtures
·
Vehicles
·
Software Licences
WEBSITE DETAILS:
PROFILE:
Subject (Kent Introl
Control Valve Division) was acquired by Nihon Company, Limited
They specialise in
the supply of Standard Service Globe type Control Valves, Butterfly type
control valves and Severe Service Control Valves. They have gained a reputation
for supplying specially designed high quality valves for the most onerous service
conditions.
The group of companies specialise in the Controls and Process Automation
Systems market. The key products and services that they provide are; Control
Valves, High Technology Surface Choke Valves, Actuators and Instrumentation
with operating facilities worldwide.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.45 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.64.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
46 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.