MIRA
INFORM REPORT
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Report Date : |
22.03.2011 |
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Tel. No.: |
91-80-2836-0563 |
IDENTIFICATION DETAILS
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Name : |
KONGOVI ELECTRONIC PRIVATE LIMITED |
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Registered
Office : |
377, IV Phase, Peenya Industrial Area, Bangalore-560 058, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
25.03.1981 |
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Com. Reg. No.: |
08-4156 |
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CIN No.: [Company Identification
No.] |
U27204KA1981PTC004156 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRK04711A |
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PAN No.: [Permanent Account No.] |
AABCK0886G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturers of Chrome Automotive Components and Two Wheeler Wheel
Rims. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 240000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company is under severe pressure. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Ramesh Reddy |
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Designation : |
Account Department |
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Date : |
19.03.2011 |
LOCATIONS
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Registered Office : |
377, IV Phase, Peenya Industrial Area, Bangalore-560 058, |
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Tel. No.: |
91-80-28360563 |
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Fax No.: |
91-80-28362981 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Shrinivas Kongovi |
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Designation : |
Managing director |
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Address : |
677, 9th Cross, II Stage, Banglore-560 086, |
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Date of Birth/Age : |
21.12.1951 |
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Date of Appointment : |
25.03.1981 |
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Name : |
Ms. Gayathri Kongovi |
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Designation : |
Director |
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Address : |
677, 9th Cross, II Stage, Banglore-560 086, |
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Date of Birth/Age : |
05.05.1956 |
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Date of Appointment : |
25.03.1981 |
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Name : |
Mr. Shantha Dhruva Rao |
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Designation : |
Director |
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Address : |
677, 9th Cross, II Stage, Banglore-560 086, |
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Date of Birth/Age : |
09.12.1927 |
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Date of Appointment : |
25.03.1985 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Shrinivas Kongovi |
|
172334 |
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Kongovi Dhruv Rao |
|
108866 |
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Gayathri Kongovi |
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60438 |
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Shantha Dhruva Rao |
|
67810 |
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Total |
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409448 |
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As on 30.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Chrome Automotive Components and Two Wheeler Wheel
Rims. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Electroplating |
L dm2 Micron |
18698.00 |
18698.00 |
|
Wheel Rim |
Nos. |
14.69 |
14.69 |
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Plastic Injection Moldings |
MT |
200.00 |
200.00 |
GENERAL INFORMATION
|
Customers : |
·
TVS Motors ·
Hyundai ·
·
Ford ·
Wipro Fluid Power ·
Bhel |
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No. of Employees : |
Not Divulged by the Management |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
R. Ashokkumar Prabhashankar and Company Chartered Accountants |
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Address : |
No.73, |
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Tel. No.: |
91-80-23537488 |
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Fax No.: |
91-80-23639950 |
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E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.100/- Each |
Rs.75.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
409448 |
Equity Shares |
Rs.100/- Each |
Rs.40.945
Millions |
Note: of the above 383119 shares are allotted as
bonus shares by capitalization of reserve and 6576 equity shares are allotted at
par to partners of Kongovi Plastics in settlement of capital account for taking
over assets and liabilities as going concern.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
40.945 |
40.945 |
40.945 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
18.272 |
18.643 |
43.198 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
59.217 |
59.588 |
84.143 |
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LOAN FUNDS |
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1] Secured Loans |
44.566 |
55.810 |
60.679 |
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2] Unsecured Loans |
2.500 |
2.500 |
0.000 |
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TOTAL BORROWING |
47.066 |
58.310 |
60.679 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
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TOTAL |
106.283 |
117.898 |
144.822 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
51.717 |
68.958 |
84.955 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.023 |
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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 |
32.412
|
34.584 |
42.268 |
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Sundry Debtors |
31.517
|
26.345 |
39.539 |
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Cash & Bank Balances |
0.465
|
0.566 |
0.790 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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|
Loans & Advances |
12.916
|
11.621 |
11.029 |
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Total
Current Assets |
77.310
|
73.116 |
93.626 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
7.509
|
5.570 |
16.210 |
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Other Current Liabilities |
13.226
|
16.598 |
15.867 |
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Provisions |
2.009
|
2.008 |
1.705 |
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Total
Current Liabilities |
22.744
|
24.176 |
33.782 |
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Net Current Assets |
54.566
|
48.940 |
59.844 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
106.283 |
117.898 |
144.822 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
139.955 |
112.278 |
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PROFIT BEFORE |
|
(0.225) |
(24.105) |
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Less |
TAX |
|
0.000 |
0.304 |
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PROFIT AFTER TAX
|
|
(0.225) |
(23.801) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(30.726) |
(6.317) |
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BALANCE CARRIED
TO THE B/S |
|
(30.951) |
(30.726) |
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Earnings Per
Share (Rs.) |
|
0.55 |
- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.16)
|
(21.47) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(0.17)
|
16.97 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.40 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.18
|
1.38 |
1.12 |
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Current Ratio (Current Asset/Current Liability) |
|
3.40
|
1.38 |
1.12 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors for Goods and Expenses |
|
|
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Net due to small
scale industries |
- |
- |
- |
|
Others |
7.509 |
8.570 |
16.210 |
Operations:
After the worst recession in decades, during 2008-09 automobile sector
showed signs of not just revival but also bouncing back. The plated plastic
trim business showed robust performance and However in the two-wheeler segment
the alloy-wheels have almost completely replaced spoke-wheels in the motorcycle
segment. Again with their major customer in this segment losing substantial
market share in the motor cycle market the volumes had dwindled. With excess
capacity and intense competition coupled with very low volumes, the two-wheeler
segment came with a distinct negative margin. Finding the changes irreversible they
decided to opt out of this segment altogether during 2009-10 and concentrate
or, the promising four-wheeler segment instead.
During 2009-10 they have achieved a sale to Rs.139.955 millions entirely
from the four- wheeler segment against Rs.112.278 millions during previous year
showing a strong growth of 24.65%. The operating margins have also, as a result
shown marked improvement against PBDIT of Rs.6.762 Millions (-3.76%) during
2008-09, in the year 2009- 10 the PBDIT has jumped toRs.17.151 millions
(12.52%). The improved optimism is resulting in the auto OEM’s launching a
range of new models holding out much promise for the year 2010-11.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U27204KA1981PTC004156 |
|
Name of the
company |
KONGOVI
ELECTRONIC PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
377, IV Phase, Peenya Industrial Area, Bangalore-560 058, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90195600 |
|
Type of charge |
Book Debts Movable Property Immovable
Property Others Stocks, Machineries,
Current Assets, Fixed assets etc |
|
Particular of
charge holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
agreement of hypothecation of goods and assets for increase in the overall
limit (C.2-A) Letter regarding
the grant of individual limits within the overall limit (C-5) Memorandum of
deposit for creation of further charge for term loan/ overall limit where the
initial charge is created by way of mortgage by deposit of title deeds |
|
Date of
instrument Creating the charge |
16.09.2010 |
|
Amount secured by
the charge |
Rs.84.900
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC: Interest @
5.00% above base rate, effective rate 12.50% p.a. TL: Interest @
5.40% above base rate, effective rate 12.90% p.a. Terms of
Repayment WC : Repayable on
demand TL : Repayable in 60 monthly installments of
Rs. 4.50 Lakhs per month commencing from April 2011 Margin CC : 25% LC and BG : 10% TL : 25% Extent and
Operation of the charge Charge extends by
way of first charge on all the assets throughout the period of sanctioned
limits. |
|
Short particulars
of the property charged |
Hypothecation of
the whole of the present and future stocks of raw materials, stores, semi
finished goods, finished goods,
book debts, outstanding monies, receivables, claims, bills, and other current
assets belonging to the company situated at No. 377, 10th Cross, 4th Phase,
Peenya Industrial Area, Hypothecation of
plant and machinery, vehicles and other fixed assets belonging to the company
situated at No. 377, 10th Cross, 4th Phase, Peenya Industrial Area, EM on co's
immovable properties of land and building situated at No. B 172, II Stage,
Peenya Industrial Estate, EM on co's
immovable properties of land and building situated at No. 377, 4th Phase,
Peenya Industrial Area, Bangalore - 560 058 EM on co's
immovable properties of land and building situated at No. SB-105, 1st Cross,
Peenya Industrial Estate, EM on co's
immovable properties of land and building situated at No. M-412, 8th Cross,
1st Stage, Peenya Industrial Estate, |
|
Date of latest
modification prior to the present modification |
24.04.2007 |
|
Particulars of
the present modification |
Total limits
reduced from Rs.149.500 millions to Rs.84.900 millions. EM on co's immovable
properties of land and building situated at No. B 172, II Stage, Peenya
Industrial Estate,Bangalore, No. 377, 4th Phase, Peenya Industrial Area,
Bangalore - 560 058, No. SB-105, 1st Cross, Peenya Industrial Estate, |
Fixed Assets:
·
Factory
·
Building
·
Plant and Machinery
·
Borewell
·
Electric Installation
·
Furniture and Fixture
·
Office Equipments
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.45.05 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.63.81 |
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 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.