MIRA
INFORM REPORT
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Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
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Name : |
KGK CREATIONS PRIVATE LIMITED |
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Registered
Office : |
Plot No. GJ-10, Seepz++(Sez), MIDC, Andheri (East), Mumbai – 400096, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
21.10.2004 |
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Com. Reg. No.: |
149191 |
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Paid-up Capital
: |
Rs. 0.250 Million |
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CIN No.: [Company Identification
No.] |
U45200MH2004PTC149191 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Supplier of Diamonds, Colored Gemstones and
Jewelry |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 51000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
has been successful in wipping off accumulated losses of the previous year.
Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some caution.
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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. Raj Sarawgi |
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Designation : |
Key Executive |
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Contact No.: |
91-22-30833333 |
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Date : |
15.06.2011 |
LOCATIONS
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Registered Office : |
Plot No. GJ-10, Seepz++(Sez), MIDC, Andheri (East), Mumbai – 400096, |
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Tel. No.: |
91-22-30833333/30828000 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As On 29.09.2009
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Name : |
Mr. Shailesh Jain |
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Designation : |
Director |
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Address : |
B-1302 Ekta Meadow Near Khatau Mill Compound Borivali (E), Mumbai –
400066, |
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Date of Birth/Age : |
10.08.1976 |
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Date of Appointment : |
22.01.2007 |
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DIN No.: |
00306931 |
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Name : |
Mr. Rajendra Kothari |
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Designation : |
Director |
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Address : |
Flat No D-703, |
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Date of Birth/Age : |
09.11.1950 |
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Date of Appointment : |
22.01.2007 |
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DIN No.: |
00139789 |
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Name : |
Mr. Sanjay Kothari |
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Designation : |
Director |
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Address : |
8-B, Robinson Garden |
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Date of Birth/Age : |
07.09.1964 |
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Date of Appointment : |
28.10.2004 |
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DIN No.: |
00145447 |
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Name : |
Mr. Vishal Joginder Dhadda |
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Designation : |
Director |
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Address : |
No. 15, New No. 35, Thabiah Reddy St West, Mambalam, Chennai – 600003,
Tamilnadu, India |
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Date of Birth/Age : |
20.01.1978 |
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Date of Appointment : |
15.11.2008 |
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DIN No.: |
02328520 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 29.09.2009
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Names of Shareholders |
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No. of Shares |
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Kothari Sandeep |
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4400 |
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Kothari Sanjay |
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15500 |
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KGK – Jewellery MFG Limited – Hongkong |
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5000 |
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Kothari Sandeep |
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100 |
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Total |
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25000 |
As On 29.09.2009
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Category |
Percentage |
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Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
82.00 |
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Directors or relatives of Directors |
18.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Supplier of Diamonds, Colored Gemstones and
Jewelry |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
Note:
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Harish Bootra Chartered Accountant |
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Address : |
443, 3rd Floor, |
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Mobile No.: |
91-9920020171 |
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Pan No.: |
AHVPB2944E |
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Associates/Subsidiaries (As on 31.03.2008): |
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CAPITAL STRUCTURE
As On 31.03.2009
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 |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.250
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.250 |
0.250 |
0.250 |
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2] Share Application Money |
12.217 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.404 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(4.678) |
(3.759) |
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NETWORTH |
12.871 |
(4.428) |
(3.509) |
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LOAN FUNDS |
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1] Secured Loans |
176.645 |
147.692 |
0.000 |
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2] Unsecured Loans |
187.482 |
175.344 |
117.748 |
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TOTAL BORROWING |
364.127 |
323.036 |
117.748 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
376.998 |
318.608 |
114.239 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
119.439 |
132.437 |
50.457 |
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Capital work-in-progress |
0.000 |
0.242 |
63.525 |
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INVESTMENT |
3.248 |
3.248 |
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 |
148.597
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65.703 |
0.299 |
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Sundry Debtors |
154.501
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151.125 |
0.000 |
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Cash & Bank Balances |
1.608
|
2.091 |
2.491 |
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Other Current Assets |
11.323
|
0.936 |
0.102 |
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Loans & Advances |
86.494
|
5.612 |
0.738 |
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Total
Current Assets |
402.523
|
225.467 |
3.630 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
128.188
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41.243 |
2.133 |
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Other Current Liabilities |
18.714
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1.006 |
1.240 |
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Provisions |
1.310
|
0.537 |
0.000 |
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Total
Current Liabilities |
148.212
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42.786 |
3.373 |
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Net Current Assets |
254.311
|
182.681 |
0.257 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
376.998 |
318.608 |
114.239 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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PROFIT / (LOSS) |
5.081 |
(0.918) |
(1.690) |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
282.624 |
214.375 |
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TOTAL EARNINGS |
282.624 |
214.375 |
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IMPORTS |
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Raw Materials |
54.568 |
54.926 |
NA |
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Consumables |
0.902 |
0.398 |
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Tools and Components |
0.322 |
0.098 |
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TOTAL IMPORTS |
55.792 |
55.422 |
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KEY RATIOS
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PARTICULARS |
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31.03.2009 |
31.03.2008 |
31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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39.81
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(82.62) |
(34.52) |
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Current Ratio (Current Asset/Current Liability) |
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2.72
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5.27 |
1.08 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
From the enclosed
accounts, you will observe that during the year, the company has incurred a
Profit of Rs. 5.081 millions (Previous Year Loss of Rs. 0.918 million).
Due to previous
year losses to the Company, the Directors are not recommending dividend.
There was no
employee during the year, the particulars of whose remuneration are required to
be furnished U/S 21 7 (2A) of the companies Act, 1956.
The company has
not accepted any deposit from the public during the year.
Fixed Assets:
- Building
- Office
equipment
- Plant and
machinery
- Electrical
fitting
- Furniture and
fixture
- Computer
- Leasehold
land
- Computer
software
Form 8:
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U45200MH2004PTC149191 |
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Name of the
company |
KGK CREATIONS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
PLOT NO.GJ-10,
Seepz++(Sez),MIDC, Andheri (East), Mumbai – 400096 |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation of Movable Assets |
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Date of
instrument Creating the charge |
03.10.2007 |
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Amount secured by
the charge |
Rs. 200.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– Export Post
Finance (PSC) - Rs.200.000 millions - Interest - As per RBI guidelines Export Pre
Finance (EPC) sub limit of PSC -
Rs.100.000 millions - Interest - As per RBI guidelines General Guarantee
sub limit of EPC - Rs.10.000 millions - Standard Tariff. Terms of
Repayment – Export Post
Finance (PSC) - Tenor - Max. 90 days Export Pre
Finance (EPC) - Tenor - Max. 90 days General Guarantee
- Tenor - Max. 12 months plus 3 months claim period. Margin - As
applicable, if any. Extent and
Operation of the charge - The Bank is having first exclusive charge on the
security offered by the Borrower. |
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Short particulars
of the property charged |
Hypothecation by
way of first charge on: a) Movable Fixed
Assets, both present and future. b) Stocks, both
present and future. c) Bookdebts,
both present and future. |
AS PER WEBSITE DETAILS
PROFILE:
The KGK Group is a global corporation based in
From procurement to manufacturing and from marketing to retailing, KGK is
present across the full value chain of the industry with offices spread across
the world.
KGK is a DTC Sightholder for
A brief history of the group (Last 100 Years)
The foundation of the KGK Group was laid in the year 1905, when Shri
Keshrimalji Kothari started trading in coloured gemstones simultaneously from
From trading, the group expanded its interest to manufacturing and set up
manufacturing units in
Even while keeping business priorities at the top of the agenda, the group
never neglected its social responsibilities to society. The
MILESTONES:
1905 Simultaneously started Colored gemstones business in Jaipur and
1962 Office in
1973 Office in Mumbai for sourcing diamonds.
1996 Jewellery Manufacturing Unit in SEEPZ (Mumbai)
1996
1996 Jewellery Manufacturing Unit in
1997 Awarded Sight holder status (DTC Sight)
2002 Retailing into the Domestic
2004 Launch of jewellery brand in ENTICE
2005 SA sight and Centenary Celebration
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.44.68 |
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|
1 |
Rs.73.05 |
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Euro |
1 |
Rs.64.29 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
30 |
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.