MIRA
INFORM REPORT
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Report Date : |
15.03.2011 |
IDENTIFICATION DETAILS
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Name : |
K.T. QUALITY CONTROL PRIVATE LIMITED |
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Registered Office : |
101, Madhupuri, 39, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
02.08.2002 |
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Com. Reg. No.: |
11-136715 |
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CIN No.: [Company
Identification No.] |
U74999MH2002PTC136715 |
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IEC No.: |
0303009128 |
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PAN No.: [Permanent
Account No.] |
AACCK0963F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer specializing in productions of Dehydrated
Onions, Garlic and other dehydrated vegetables. |
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 25000 |
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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. Profitability
position of the company appears to be low. However, trade relations are fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 |
LOCATIONS
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Registered Office : |
101, Madhupuri, 39, |
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Tel. No.: |
91-22-26100729 / 730 |
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Fax No.: |
91-22-26102636 |
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E-Mail : |
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Website : |
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Factory : |
Survey No.131/2, Village: Nesvad, Behind G.I.D.C. Estate,
Mahuva – 364 290, |
DIRECTORS
As on 29.09.2010
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Name : |
Mr. Tushar Kisanlal Doshi |
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Designation : |
Director |
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Address : |
2/A, Vatika, C.H.S 14, |
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Date of Birth/Age : |
14.12.1960 |
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Date of Appointment : |
02.08.2002 |
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DIN No.: |
00341902 |
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Name : |
Mrs. Meena Tushar Doshi |
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Designation : |
Additional Director |
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Address : |
2/A, Vatika, C.H.S 14, |
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Date of Birth/Age : |
02.05.1963 |
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Date of Appointment : |
29.09.2008 |
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DIN No.: |
02078412 |
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Name : |
Mr. Ketan K. Doshi |
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Designation : |
Director |
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Address : |
B-5-6, Varjkunj Apartment, |
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Date of Birth/Age : |
29.11.1958 |
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Date of Appointment : |
02.08.2002 |
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Date of Cessation : |
05.01.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
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Names of Shareholders |
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No. of Shares |
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Tushar Kisanlal Doshi |
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370000 |
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Ketan Kisanal Doshi |
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10000 |
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Total |
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380000 |
As on 29.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer specializing in productions of Dehydrated
Onions, Garlic and other dehydrated vegetables. |
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GENERAL INFORMATION
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No. of Employees : |
5 (Approximately) |
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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 : |
Narendra Patel and Associates Chartered Accountants |
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Address : |
8/A, Sagar Apartment, |
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Tel. No.: |
91-22-26832471 |
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E-Mail : |
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PAN No.: |
AAJPP7002L |
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Associates/Subsidiaries : |
K.T. Exports Address : Activities : Manufacturer of De- Hydrated onion |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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380000 |
Equity Shares |
Rs.10/- each |
Rs.3.800
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 |
3.800 |
3.800 |
2.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.420 |
2.328 |
1.765 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.220 |
6.128 |
4.365 |
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LOAN FUNDS |
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1] Secured Loans |
10.164 |
10.201 |
9.368 |
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2] Unsecured Loans |
3.229 |
2.132 |
3.816 |
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TOTAL BORROWING |
13.393 |
12.333 |
13.184 |
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DEFERRED TAX LIABILITIES |
0.001 |
0.001 |
0.002 |
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TOTAL |
19.614 |
18.462 |
17.551 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.861 |
1.678 |
1.839 |
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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 |
19.689
|
10.826 |
7.050
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Sundry Debtors |
11.995
|
9.584 |
21.496
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Cash & Bank Balances |
0.921
|
0.798 |
0.316
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
4.487
|
4.450 |
4.255
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Total
Current Assets |
37.092
|
25.658 |
33.117 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
17.765
|
8.505 |
17.244 |
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Other Current Liabilities |
0.282
|
0.089 |
0.155
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Provisions |
0.292
|
0.280 |
0.005
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Total
Current Liabilities |
18.339
|
8.874 |
17.405 |
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Net Current Assets |
18.753
|
16.784 |
15.712
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
19.614 |
18.462 |
17.551 |
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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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SALES |
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Income |
84.916 |
69.059 |
59.302 |
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Other Income |
1.972 |
2.324 |
1.131 |
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TOTAL (A) |
86.888 |
71.383 |
60.433 |
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Less |
EXPENSES |
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Purchases |
80.827 |
60.121 |
14.571 |
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Materials and Components |
0.000 |
0.000 |
35.048 |
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Other Direct Expenses |
12.655 |
13.149 |
6.814 |
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Preliminary Expense Written off |
0.000 |
0.000 |
0.024 |
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Increase/Decrease in Stock |
(8.863) |
(3.776) |
2.553 |
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TOTAL (B) |
84.619 |
69.494 |
59.010 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2.269 |
1.889 |
1.423 |
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Less |
INTEREST &
FINANCIAL EXPENSES (D) |
1.342 |
0.859 |
0.578 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.927 |
1.030 |
0.845 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.046 |
0.187 |
0.196 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.881 |
0.843 |
0.649 |
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Less |
TAX (H) |
0.287 |
0.280 |
0.000 |
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PROFIT AFTER TAX
(G-H) (I) |
0.594 |
0.563 |
0.649 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.431 |
1.868 |
1.219 |
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BALANCE CARRIED
TO THE B/S |
3.025 |
2.431 |
1.868 |
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Earnings Per
Share (Rs.) |
1.56 |
1.48 |
2.97 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.68
|
0.79 |
1.07 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.04
|
1.22 |
1.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.32
|
3.08 |
1.86 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.14 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.10
|
3.46 |
7.01 |
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Current Ratio (Current Asset/Current Liability) |
|
2.02
|
2.89 |
1.90 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate
identity number of the company |
U74999MH2002PTC136715 |
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Name of the
company |
K.T. QUALITY CONTROL PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
101, Madhupuri, 39, E-Mail: canarendrapatel@gmail.com |
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This form is for |
Modification of
charge |
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Charge identification
number of the modified |
10151832 |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Bank of Baroda, Vile Parle West Branch, Somaiya Sadan, D.J. Road, Vile
Parle (West), Mumbai – 400 705, Maharashtra, India E-Mail: shirishshetye@gmail.com |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Composite Agreement of Hypothecation of Goods, Book-Debts, Moveable Machinery
and Vehicles. |
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Date of
instrument Creating the charge |
18/12/2010 |
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Amount secured by
the charge |
Rs.30.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest on the
cash credit limit at the rate of 5.50% over base rate of the Bank per annum
with monthly rests. Terms of
Repayment: On Demand. Margin: 25% on Stocks and
Book Debts. 10% cash margin
in respect of PC facility. Extent and
Operation of the charge: The charge is
modified to secure PC/FBD/UFBD/BP/BD facility of Rs.12.500 millions, Cash
Credit facility of Rs.7.500 millions and Imp/Inl. LC facility of Rs.10.000
millions, aggregating to Rs.30.000 millions, together with interest, interest
tax, further interest, additional interest, penal interest, commission fees,
cost, charges and expenses etc. incurred or to be incurred by the Bank till
date of payment. |
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Short particulars
of the property charged |
The whole of the Borrower's
Stocks, both present and future and all stocks of RMs, WIP, SFGs and FGs,
such as raw materials semi finished and finished goods for export, packing
materials All the present
and future book-debts, outstanding, monies receivable, claims, bills,
contracts, engagements and securities, etc. All the tangible
movable machinery and plant and vehicles. |
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Particulars of
the present modification |
The charge is
increased upto Rs.30.000 millions to cover PC/FBD/UFBD/BP/BD facility of
Rs.12.500 millions (increased from Rs.10.000 millions), Cash Credit facility
of Rs.7.500 millions (Fresh) and Imp/Inl. LC facility of Rs.10.000 millions
(Increased from Rs.7.500 millions). |
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U74999MH2002PTC136715 |
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Name of the
company |
K T QUALITY CONTROL PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
101, Madhupuri, |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Vile Parle West Branch, Somaiya Sadan, D J Road, Vile Parle West,
Mumbai- 400705, Maharashtra, India E-Mail- shirishshetye@gmail.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
agreement |
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Date of
instrument Creating the charge |
16.02.2009 |
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Amount secured by
the charge |
Rs.17.500
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 3.50% below BPLR-
PC/PCFC cum FBP/UFBP/BP/BD Terms of Repayment On demand Margin 10% for the
PC/PCFC cum FBP/UFBP/BP/BD 25% for the
Inland/Import LC Extent and Operation of the charge The charge is
created to secured PC/PCFC cum FBP/UFBP/BP/BD facility of Rs.10.000 millions
and Inland/Import LC [DP/DA Inland 90 days import 180 days (Raw material)]
facility of Rs.7.500 millions aggregating to Rs.17.500 millions together with
interest, interest tax, further interest, additional interest, penal
interest, commission fees, cost, charge and expenses incurred or to be
incurred bt the bank till date of repayment. |
|
Short particulars
of the property charged |
The whole of the
borrower’s stock, both present and future and all stocks of RMs, WIP, SFGs
and FGs, such as raw material, semi fini9shed goods and finished goods for
export, packing material. All the present and future book-debts outstanding,
monie receivable, claim, bills contract, engagement and securities which are
now due ownig or which may at anytime hereafter during the continuance of
this security become due and owning to the borrower. All the tangible movable
machinery and plant and vehicles. |
FIXED ASSETS
- Air Conditioner
- Computer
- Plant and Machinery
- Electronic Weight Scale
- Industrial Plot
- Fax Machine
- Furniture and Fixture
- Laboratory Equipment
- Mobile Phone
- Motor Car
- Office Equipments
- Typewriter
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.45.15 |
|
|
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.62.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
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.