MIRA
INFORM REPORT
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Report Date : |
07.01.2011 |
IDENTIFICATION DETAILS
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Name : |
KOTSON’S PRIVATE LIMITED |
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Registered Office : |
A-208, 2nd Floor, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
22.04.1978 |
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Com. Reg. No.: |
55-191934 |
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CIN No.: [Company
Identification No.] |
U31101DL1978PTC191934 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELK10969A |
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PAN No.: [Permanent
Account No.] |
AABCK0743J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Distribution and
Exporter of Three Phase Power Transformers |
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 1400000 |
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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
relation are reported a 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. |
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
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Goyal |
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Designation : |
Finance Head |
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Date : |
06.01.2011 |
LOCATIONS
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Registered Office : |
A-208, 2nd Floor, |
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Tel. No. : |
91-11-43537540 |
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Fax No.: |
91-11-43537540 |
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E-Mail : |
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Website : |
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Area : |
3500 sq.ft (approximately) |
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Location : |
Owned |
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Head Office 1 : |
6, Raghunath Nagar, Suresh Plaza Market, Opposite Sanjay Place, M.G.
Road, Agra-282002, Uttar Pradesh, India |
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Tel. No.: |
91-562-2521475/ 2641818 |
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Fax No.: |
91-562-2521463 |
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E-Mail : |
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Head Office 2 / Factory 1 : |
C-21, U. P. S. I. D. C., Site –C, Sikandra, Agra-282007 , |
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Tel. No.: |
91-562-2641422/ 2641675/3291385/3291344 |
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Fax No.: |
91-562-2462059 |
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Factory 2 : |
217A, 218 to 220 and 230A MIA, Desula, Alwar-301030, |
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Tel. No.: |
91-144-2881210,2881211,2881212 |
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Fax No.: |
91-144-2881213 |
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Factory 3 : |
E-1 to E-12 and D-9 to D-16, U. P. S.I. D. C, Bazpur-1, District Udham
Singh Nagar, |
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Tel. No.: |
91-5947-225314 |
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Fax No.: |
91-5947-225376 |
DIRECTORS
As On 25.09.2010
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Name : |
Mr. Pawan Kumar Jain |
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Designation : |
Managing Director |
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Address : |
1/189, Civil Lines, |
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Date of Birth/Age : |
04.03.1958 |
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Qualification : |
M.Com, PGDBM |
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Date of Appointment : |
19.01.1989 |
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DIN No. : |
00451347 |
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Name : |
Mr. Pravin Jain |
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Designation : |
Director |
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Address: |
17th |
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Date of Birth/Age : |
28.03.1965 |
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Qualification : |
B.Com |
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Date of Appointment : |
03.11.1990 |
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DIN No. : |
00631059 |
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Name : |
Mr. Siddharth Jain |
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Designation : |
Director |
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Address : |
1/189, Civil Lines, |
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Date of Birth/Age : |
12.02.1983 |
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Qualification : |
B.com, LLB, MBA |
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Date of Appointment : |
01.04.2003 |
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DIN No. : |
00454479 |
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Name : |
Mr. Mohnish Jain |
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Designation : |
Director |
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Address : |
1/189, Civil Lines, |
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Date of Birth/Age : |
07.02.1985 |
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Qualification : |
B.com |
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Date of Appointment : |
01.07.2005 |
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DIN No. : |
00462023 |
KEY EXECUTIVES
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Name : |
Mr. Goyal |
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Designation : |
Finance Head |
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Name : |
Mr. Anju Jain |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 25.09.2010
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Names of Shareholders |
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No. of Shares |
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Gyan Chand Kotia |
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2000 |
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Marsons Limited – |
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10000 |
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Pawan Kumar Jain |
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2551234 |
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Sanjay Kumar Jain |
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35554 |
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Pravin Kumar Jain |
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140558 |
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Nikhlesh Kotia |
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834 |
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Akhilesh Kotia |
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834 |
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Pawan Kumar Jain HUF |
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733000 |
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Sanjay Kumar Jain HUF |
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100000 |
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Renu Jain |
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70000 |
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Manju Jain |
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405000 |
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Rishabh Jain |
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70000 |
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Siddharth Jain |
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115266 |
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Pravin Kumar Jain HUF |
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50000 |
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Nishant Jain |
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50000 |
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Neelu Jain |
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50000 |
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Niharika Jain |
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50000 |
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Mohnish Jain |
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180000 |
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M C Jain HUF |
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100000 |
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Kotsons Overseas Private Limited – |
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1218000 |
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O. N. Agro Private Limited – |
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447000 |
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Kanhaiya Bhagwan Cold Storage Private Limited – |
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450000 |
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Total |
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6829280 |
As On 25.09.2010
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Category |
Percentage |
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Bodies corporate |
31.16 |
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Directors or relatives of Directors |
51.72 |
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Other top fifty shareholders |
17.12 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Distribution and
Exporter of Three Phase Power Transformers |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit: 30/60/90 Days |
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Purchasing : |
Cash, Credit: 30/60/90 Days |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
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Actual
Production |
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Transformers |
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1369217 (2649432) |
Installed Capacity: 6450000.00 KVA
(6450000.00) KVA
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Overseas
Customer
Indian Customer:
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No. of Employees : |
500 (approximately) |
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Bankers : |
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Facilities : |
Cash Credit: Rs. 1270.300 millions (State Bank of
Note: * Secured against hypothecation of respective car and post dated
cheques. All other credit facilities are secured against 1st pari
passu charge of SBBJ / SBH on present and future fixed and current assets of
company and personal guaranties of three directors. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Suboth Sanjay Associates Chartered Accountants |
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Address : |
30/220, |
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Tel. No.: |
91-562-2852979 |
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Mobile No.: |
91-9837046129 |
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Pan No.: |
ACOPA0082E |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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12000000 |
Equity Share |
Rs.10/- Each |
Rs. 120.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6829280 |
Equity Share |
Rs.10/- Each |
Rs. 68.293
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
68.293 |
65.792 |
65.792 |
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2] Share Application Money |
0.000 |
0.000 |
0.100 |
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3] Reserves & Surplus |
290.770 |
291.506 |
239.837 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
359.063 |
357.298 |
305.729 |
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LOAN FUNDS |
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1] Secured Loans |
471.815 |
516.466 |
511.089 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
471.815 |
516.466 |
511.089 |
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DEFERRED TAX LIABILITIES |
25.579 |
21.001 |
13.588 |
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TOTAL |
856.457 |
894.765 |
830.406 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
368.492 |
364.143 |
306.307 |
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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 |
470.395
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398.087
|
338.374 |
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Sundry Debtors |
539.604
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765.551
|
808.579 |
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Cash & Bank Balances |
65.074
|
62.827
|
61.196 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
93.389
|
96.071
|
62.204 |
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Total
Current Assets |
1168.462
|
1322.536
|
1270.353 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
638.666
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753.751 |
698.526 |
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Other Current Liabilities |
40.022
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26.557
|
24.346 |
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Provisions |
9.661
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11.606
|
24.277 |
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Total
Current Liabilities |
688.349
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791.914
|
747.149 |
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Net Current Assets |
480.113
|
530.622
|
523.204 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.895 |
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DEFERRED REVENUE EXPENDITURE |
7.852 |
0.000 |
0.000 |
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TOTAL |
856.457 |
894.765 |
830.406 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Total Income |
1402.967 |
2559.304 |
2314.697 |
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Less |
EXPENSES |
1298.812 |
2402.851 |
2119.200 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
104.155 |
156.453 |
195.497 |
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Less |
FINANCIAL
EXPENSES |
79.728 |
79.675 |
49.255 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
24.427 |
76.778 |
146.242 |
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Less/ Add |
DEPRECIATION/ AMORTISATION |
17.960 |
16.140 |
9.407 |
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PROFIT BEFORE
TAX |
6.467 |
60.638 |
136.835 |
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Less |
TAX |
4.578 |
8.703 |
36.512 |
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PROFIT AFTER TAX
|
1.889 |
51.935 |
100.323 |
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IMPORTS |
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Raw Materials |
294.185 |
NA |
NA |
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TOTAL IMPORTS |
294.185 |
NA |
NA |
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Earnings Per
Share (Rs.) |
0.28 |
7.89 |
15.25 |
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Expected Sales (2010-2011): Rs. 2000.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.13
|
2.03
|
4.33 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.42
|
3.59
|
8.68 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.17
|
0.45 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.23
|
3.66
|
4.11 |
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Current Ratio (Current Asset/Current Liability) |
|
1.70
|
1.67
|
1.70 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Creditors for goods |
609.072 |
658.553 |
662.965 |
|
Creditor for expenses |
25.594 |
95.198 |
35.561 |
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Total |
634.666 |
753.751 |
698.526 |
The Registered office of the company has been shifted from Budge Budge Trunk
Road, Vill-Chakmir, PO Mahestalla 24, Parganas – 700142, West Bengal, India to
the present address w.e.f 19.05.2009.
Trade References:
- Ashok Leyland
Limited, Uttarakhand
- Ansal
Properties and Infrastructure Limited,
- Torrent Power
Limited,
TURNOVER:
The Company has not
achieved their targeted turnover in the financial year 2009-10, the company has
concentrated over Export and domestic both markets but due to global recession
Export Orders could not be received.
MARKETING:
The company has
concentrated both export and domestic market in the financial year 2009-10 and
achieved the domestic sale of Rs.1101.322 millions along with export turnover
of Rs.301.645 millions. At Present
the company has huge orders from domestic market as well as from export market
and will increase the turnover by the
handsome figure due progressive and deterministic attitude of the management to
cater domestic market. The Company foresees much domestic exposure in near
future.
FUTURE OUTLOOK
Since the company has had a favorable response from indigenous markets,
the Directors are contemplating to concentrate more on domestic business with
different buyers. Besides, the Directors are also making all efforts to procure
more orders from the export market, as the past performance of the company is
remarkable.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U31101DL1978PTC191934 |
|
Name of the
company |
KOTSONS PRIVATE
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
A-208, 2nd Floor, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Immovable
Property |
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Particular of
charge holder |
State Bank of e-mail : sbbj10051@sbbj.co.in |
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Nature of
description of the instrument creating or modifying the charge |
1. Working
Capital Consortium Agreement between M/s. Kotson's Private Limited SBBJ and
SBH. 2. Inter Se
Agreement. 3. Joint Deed of
Hypothecation. 4. Memorandum for
deposit of title deeds for extension of equitable mortgage (Five) 5. Letter of
Authority to SBBJ(Lead Bank) by SBH. |
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Date of
instrument Creating the charge |
24.11.2009 |
|
Amount secured by
the charge |
Rs.1270.300
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Int. on CC
(Hypothecation.): 1.00% below BPLR (floating) current effective 11.75% with
monthly rest,EPC & FBP/FBD(DOC) : As prescribed by the bank/RBI subject
to change from time to time. Terms of
Repayment Working Capital
Limits Repayable on demand. Margin On CC
(Hypothecation) : 25% on Raw Material, stock in process, finished goods 10% on book
debts(120 days cover) On EPC : 10% On FBP : Nil On LC: By way of
cash/TDRs 10% On BG : 7.50% Extent and
Operation of the charge The charge will
operate as first charge on pari passu basis with State Bank of Hyderabad,
Agra on all current as well as fixed assets of the Company and Equitable
mortgage on immovable properties of the company situated at F-182, 183,
M.I.A, Alwar (Raj.), C-21, D-25, D-26, UPSIDC, Sikandra, Agra (U.P.), D-9 to
D-16, E-1 to E-12,Vill. Pipaliya,Tehsil Bazpur, District Udham Singh Nagar,
Uttarakhand, B-52, 53,UPSDIC, EPIP, Others Commission on
Inland and Foreign LC : 50% of prescribed bank charges Bank Guarantee:
1.00% p.a. |
|
Short particulars
of the property charged |
I) Hypothecation
on pari passu basis with State Bank of Hyderabad, Agra of all stock of raw
material, semi finished & finished goods, packing material,
stores, spares, all present and future book debts and II) all movable
plant, machinery and all other current and fixed assets of the company. III) Equitable
mortgage on pari passu basis with SBH, Agra (U.P) is extended on immovable
properties of the company comprising
factory land and building fixed plant, IV) machinery
present and future situated at F-182, 183, M.I.A, Alwar (Raj.), C-21, D-25,
D-26, UPSIDC, Sikandra, Agra (U.P.),D-9 to D-16, E-1 to E-12, Tehsil
Bazpur,Vill. Pipaliya V) District Udham
Singh Nagar, Uttarakhand, B-52, 53,UPSDIC, EPIP, VI) to secure the
various loan facility granted to the company by the bank. |
|
Particulars of
the present modification |
1. The limit of
State Bank of a. State Bank of b. State Bank of Total Rs. 1270.300 Millions 2. Other term and
conditions remain unchanged. |
Fixed Assets:
- Lease hold land
- Office building
- Factory building
- Plant and machinery (imp,
- Electric installation
- Furniture and fixture
- Cycle
- Data processing software and machine
- Office equipment and fire extinguisher
- Motor car and scooter
- Solar equipments,
- Technical knowhow
AS PER WEB DETAILS:
Profile
Subject established its transformer manufacturing unit back
in 1979 at
Today, with over more than two and half decades of experience in the manufacturing, KPL has grown in geographical reach, market size and product range to become one of the leading transformer manufacturing company. Its products comprehensively fulfilled the requirements of local and international standard specifications and their stringent requirement.
Subject is a ISO 9001:2000 and ISO 14001:2004 certification from Det Norske Veritas, The Netherlands and commits itself to introduce and maintain a quality system that ensures quality products and services to total satisfaction of the customer. The quality control department controls and monitor all quality control documents and carries out its inspection at all strategic points in the production process. TQM (Total Quality Management) programme is in place, which is backed by strong in house R and D and a crew of service engineers for providing after sales services.
At transformer's quality and soundness point, subject transformer range from 100 KVA to 1000 KVA are being type tested for temperature rise test and impulse test at world's renowned testing laboratory.
R and D is a continuous
process and department has consistently produced innovative concepts that have
now become industry standards. Highly qualified and experienced technical
personnel keeps an eye upon the latest development in technology and the
product to supply a prime quality product at competitive price.
Subject has in house facilities for conducting all routine test as per
IEC, DIN, BS, ANSI, NEMA and IS and temperature rise type test.
KPL
Infrastructure:
Plant Year
ALWAR
1979 I – 6000
&
II – 54000 50,000
Bazpur 2007 26000 1,50,000
Awards :
- Winner of
highest prestigious export awards "Niryat Shree" for year
2000-01 from Vice President of India.
- Received
certificate in the Category of Export House-SSI for Excellent Export
Performance for the year 2001-02 from Vice President of India.
- Winner of
Trophy for Highest Export in the Category of Capital Goods for the year
2000-2001 from EEPC.
- Winner of UP
State Export Award for the year 2001-02 from Chief Minister of U.P.
- In 2005, Win
excellent award for Export.
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.45.31 |
|
|
1 |
Rs.70.26 |
|
Euro |
1 |
Rs.59.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
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.