MIRA
INFORM REPORT
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Report Date : |
22.07.2011 |
IDENTIFICATION DETAILS
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Name : |
KHADI AND VILLAGE INDUSTRIES COMMISSION |
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Registered
Office : |
Gramodaya, 3, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
1956 |
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Capital
Investment / Paid-up Capital : |
Not Available |
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Legal Form : |
It’s A Statutory Body Created by Parliament Under Ministry of Small
and Medium Scale Industry. ( |
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Line of Business
: |
They are into promoting Khadi Products, they have 3 objectives 1)
The Social Objective of Providing Employment 2)
The Economic Objective of Providing Saleable
Articles. 3)
The Wider Objective of Creating Self-Reliance
amongst the Poor and Building up of Strong Rural Community Spirit. |
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No. of Employees
: |
2500 (Approximately) |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established statutory body under the control of
Ministry of Micro, Small and Medium Enterprise, Government of India. Trade relations
are reported as fair. Payments are reported to be usually correct and as per
commitments. Subject 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.
INFORMATION PARTED BY
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Name : |
Mr. A N Sharma |
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Designation : |
Deputy Manager in Accounts |
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Date : |
21.07.2011 |
LOCATIONS
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Registered Office : |
Gramodaya, 3, |
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Tel. No.: |
91-22-26714320 |
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Fax No.: |
91-22-26711003 |
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E-Mail : |
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Website : |
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Area : |
Land Area – 1 Lac 22 thousands 679 Sq. ft. (Owned) Build Up Area – 73 thousand Sq. ft. (Owned) |
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Branch Office : |
All over |
MANAGEMENT
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Name : |
Madam. Kumud Joshi |
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Designation : |
Chairman |
KEY EXECUTIVES
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Name : |
Mr. A N Sharma |
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Designation : |
Deputy Manager in Accounts |
BUSINESS DETAILS
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Line of Business : |
They are into promoting Khadi Products, they have 3 objectives 4)
The Social Objective of Providing Employment 5)
The Economic Objective of Providing Saleable
Articles. 6)
The Wider Objective of Creating Self-Reliance
amongst the Poor and Building up of Strong Rural Community Spirit. |
GENERAL INFORMATION
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No. of Employees : |
2500 (Approximately) |
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Bankers : |
State Bank of |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Comptroller and Auditor of General of Chartered Accountant |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Available |
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Borrowed : |
Not Available |
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Total : |
Not Available |
FINANCIAL DATA
[all figures are in
Rupees Millions]
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Particulars |
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31.03.2011 |
31.03.2010 |
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Sales Turnover (Approximately) |
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15000.000 |
10000.000 |
The above information has been parted by Mr. A N Sharma.
Note : Sole Proprietory and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry.
LOCAL AGENCY FURTHER INFORMATION
PRESS RELEASE:
BUSINESS
DESCRIPTION
This major group includes establishments primarily engaged in rendering services,
not elsewhere classified, to business establishments on a contract or fee
basis, such as advertising, credit reporting, collection of claims, mailing,
reproduction, stenographic, news syndicates, computer programming,
photocopying, duplicating, data processing, services to buildings, and help
supply services.
MSME MINISTER ASKS
KVIC TO WEED OUT CORRUPTION IN JOB SCHEME
Press Trust of
26 April 2011
[What follows is the full text of the news story.]
"Total discretion on sanctioning and rejecting of projects of PMEGP
(Prime Minister's Employment Generation Programme) at branch manager level of
bank needs to be checked and monitored so that this does not lead to
irregularities or corruption," a statement from the minister's office
said.
Singh in a meeting here reviewed the functioning of the Khadi Village
Industries Commission (KVIC) and different schemes under it for benefits of the
weavers and Khadi units.
He cited a number of representations and complaints suggesting that the
projects of the genuine beneficiaries were rejected at the level of district
approval committees or banks.
The statement said, "There have been complaints that banks are
charging differential rates of interest to different beneficiaries which is of discretionary
nature and brings irregularities and corruption."
The meeting was attended by KVIC Chairperson Kumud Joshi. On the Solar
Charkha, developed by KVIC, the Minister suggested that a pilot study should be
undertaken for viability and its effects on the earning and drudgery aspects of
the artisans. The final decision could be considered after the studies,
including required amendment in the KVIC Act. PTI TA PC NS MR 04262041
NGO ALLEGES
CORRUPTION IN KVIC
Early Times (
22 March 2011
[What follows is the full text of the news story.]
Addressing a press conference, Jaseel Singh Salathia, the president of
the said NGO, levelled severe allegations of large scale corruption in the J
and K wing of "Khadi and Village
Industries Commission" working under the supervision of an officer
designated as its state Director.
On the basis of confusing/misleading information procured under RTI Act,
it is revealed that forged loans of crores of rupees have been shown against
the bee keeping scheme of Khadi and
Village Industries Commission's J and K wing at Jammu" in favor of
different beneficiaries just to grab lakhs of rupees released as subsidy amount
against such beneficiaries, Salathia added.
Information gathered from the indicated banks of the document reveals
that no such loans are ever sanctioned by them. In reference to one more
information procured under RTI Act, Salathia highlighted a display of forgery
and corruption by the Khadi and Village Industries Commission's J and K wing,
Jammu" where a loan of Rs 0.500 milllion was sanctioned in favour of one
honey testing laboratory to Gauvra Medicine Institute at Tringla, Batote but on
verification from the NGO, no such laboratory was ever established at Tringla
Batote and the whole amount was just swindled away by the beneficiary and the
concerned office of the KVIC.
While highlighting some more foul play and corruption of the officers of
the above said government department, Salathia said that the sitting state
Director of the commission has hired one building at Shastri Nagar,
ARMY, KVIC HOLD AWARENESS PROGRAMME ON LOAN SCHEMES
Early Times (
13 February 2011
[What follows is the full text of the news story.]
UDHAMPUR, Feb. 13 -- HQ 71 Sub Area Udhampur in collaboration with Khadi
Village Industries Commission organised one day consultation programme in
Dhruva Auditorium to bring awareness among the ex-servicemen and Veer Naris
regarding various loan schemes available with KVIC.
Army Officers and KVIC Assistant Director were also present on the
occasion where a presentation was given on the schemes. Schemes under Prime Min
ister Employment Generation Programme (PMEGP) were explained in detail by Asst
Director of KVIC. Under the scheme loans are available for various small scale
projects with max
contribution of an individual restricted to 5 percent of project cost. A
subsidy of 35% under PMEGP is provided on approval of project. Rest 60% of
total project cost is provided by nationalized bank at existing rates and all
possible help is provided by KVIC for procurement of loans through banks. To
encourage ESM and Veer Naris to avail the opportunity, offer to provide an
exclusive outlet for their products at Dhruva Amenities was promised.
Application forms and other details of various schemes are available with
Director Resettlement. Published by HT Syndication with permission from Early
Times. For any query with respect to this article or any other content requirement,
please contact Editor at htsyndication@hindustantimes.com
KVIB BUYER-SELLER
MEET CUM EXHIBITION BEGINS
Early Times (
11 January 2011
[What follows is the full text of the news story.]
This exhibition was inaugurated by Minister of State (Independent
Charge) for Cooperative Dr Manohar Lal Sharma at Mahajan Sabha,
Speaking on the occasion, the Minister informed the development and
progress of handmade paper industry in the state. He said that there should be
maximum use of Handmade paper in Govt. officer so that employment may be
generated for unemployed through this traditional industry. Bank loan are being
provided to industries on project pattern through the Prime Minister Employment
Generation Programme on which 15 to 35% subsidy is being provided, he informed.
On this occasion the State Director KVIC, B.R. Chauhan informed that the
Handmade paper industry, Directorate of KVIC has earned a production of Rs.
6470.000 Millions and sale of Rs. 8400.000 Millions, at the same time
approximately 5 lakhs person have been given employment and Rs. 2410.000
Millions has been paid to the labours. Papier Machie items have gained
popularity in the State which is a good opportunity for the industry. Published
by HT Syndication with permission from Early Times. For any query with respect
to this article or any other content requirement, please contact Editor at
htsyndication@hindustantimes.com
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.44.43 |
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|
1 |
Rs.71.90 |
|
Euro |
1 |
Rs.63.40 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.