MIRA
INFORM REPORT
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Report Date : |
02.05.2011 |
IDENTIFICATION DETAILS
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Name : |
KOTHARI METALS LIMITED |
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Registered Office : |
Kothari Mansion, Ground Floor, 20/1, Belvedere Road, Kolkata - 700027,
West Bengal |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
06.06.1977 |
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Com. Reg. No.: |
21 – 31033 |
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CIN No.: [Company
Identification No.] |
U28113WB1977PTC031033 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALK01203G |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturers, Exporters and Dealers in Non-Ferrous Metals and Ferro Alloys such as Nickel, Manganese Metal, Silicon Metal Magnesium Metal, Antimony Metal, Bismuth Metal, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 2290000 |
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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 relations are 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
|
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 : |
Kothari Mansion, Ground Floor, 20/1, Belvedere Road, Kolkata - 700027,
West Bengal, India |
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Tel. No.: |
91-33-24566921/ 22 / 40220700 (30 lines) / 22828532/ 22828534/
22827949/ 22823808 |
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Mobile No.: |
91-9830106557/ 9830241394/ 9331012753 |
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Fax No.: |
91-33-24566923 / 22828462 |
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E-Mail : |
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Website : |
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Area : |
1200 Sq. ft |
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Location : |
Owned |
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Ware House : |
9, |
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Area : |
5000 Sq. ft. (Owned) |
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Location : |
Industrial |
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Branch Office : |
S.C.O. No. F-81,
Sector - 22, At |
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Tel. No.: |
91-124-4010524 / 4010526 / 3296660 |
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Mobile No.: |
91-9350557254 |
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Fax No.: |
91-124-4010525 |
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Area : |
20000 Sq. ft. |
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Location : |
Leased |
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Branch Office : |
Shed No. S-8A, Telco Industrial Estate, Madhavaram,
Chennai – 600 060, |
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Tel. No.: |
91-44-25590200 / 2559021 |
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Fax No.: |
91-44-25233129 |
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Area : |
18000 Sq. ft. |
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Location : |
Leased |
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Branch Office: |
1252, Pushpanjali
apartment, 6th Floor, Suite no.602, |
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Tel. No.: |
91-22-24371957 / 24313104 |
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Mobile No.: |
91-9322260696 |
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Fax No.: |
91-22-66669302 |
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Area : |
16000 Sq. ft. |
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Location : |
Leased |
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Branch Office : |
B 6/7, Okhla Industrial Area, Phase –II, |
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Tel. No.: |
91-11-41707897 / 32564679 / 40502991 / 40502992 |
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Mobile No.: |
91-9810064679 |
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Fax No.: |
91-11-41001530 |
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Area : |
20000 Sq. ft. |
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Location : |
Leased |
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Branch Office : |
Khasra No. 290,
Chhaattarpur, (Dhanmill Compound) Opp. Dena Bank, |
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Tel. No.: |
91-11-31029839 |
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Branch Office: |
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Tel. No.: |
91-161-2510240 / 3265196 |
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Fax No.: |
91-161-2510241 |
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E-Mail : |
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Branch Office: |
Plot No. 181, Sub Plot No. 20 & 21, Near Bhamaria Kunwa, Narol Aslali Highwa, NIDC, NAROL, Ahmedabad -382405 |
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Tel. No.: |
91-79-32408211 |
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Fax No.: |
91-79-25734378 |
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E-Mail : |
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Branch Office: |
No. B-315, 9th Cross , 1st Stage, Peenya Industrial Area, Bengaluru - 560 058, Karnataka, India |
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Tel. No.: |
91-80-32503777 |
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E-Mail : |
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Branch Office : |
Located At v Bhiwadi v
v
v Haridwar |
DIRECTORS
As on 27.09.2010
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Name : |
Mr. Ranjit Singh Kothari |
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Designation : |
Director |
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Address : |
3, |
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Date of Birth/Age : |
07.10.1950 |
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Qualification : |
B. Com. |
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Date of Appointment : |
06.06.1977 |
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DIN : |
00217182 |
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Name : |
Mr. Vikash Kothari |
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Designation : |
Director |
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Address : |
3, |
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Date of Birth/Age : |
11.12.1973 |
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Qualification : |
M.Sc. |
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Date of Appointment : |
28.09.1994 |
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DIN : |
00217327 |
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Name : |
Mrs. Shalini Kothari |
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Designation : |
Director |
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Address : |
3, |
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Date of Birth/Age : |
27.08.1975 |
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Qualification : |
B.Com |
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Date of Appointment : |
14.03.2006 |
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DIN : |
00217697 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ranjit Singh Kothari |
|
620296 |
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Kothari Devi Sayar |
|
85010 |
|
Kothari Metal Resources Private Limited, |
|
162866 |
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Vikash Kothari |
|
125597 |
|
Calcutta Multimax Private Limited, |
|
274742 |
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Kothari \ Surana Hansraj [shalini and Pragati] |
|
3500 |
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Ranjit Singh Kothari Vikash |
|
17500 |
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Kothari Devi Sayar Vikash |
|
4010 |
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Kothari Vikash |
|
145500 |
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Ranjit Singh Kothari |
|
151100 |
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Ranjit Singh Kothari sayar devi |
|
170000 |
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Kothari Shalini and vikash |
|
40000 |
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Ranjit Singh Kothari (HUF) |
|
176566 |
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Vikash Kothari (HUF) |
|
39500 |
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Surana Pragati |
|
54000 |
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Kothari Magnesium Industries Private Limited, |
|
340800 |
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Kothari Commercial Corporation, |
|
98676 |
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Kothari Unnati |
|
40000 |
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Kothari Vikash and shalini |
|
5000 |
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Kothari devi sayar and Shalini |
|
5000 |
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Kothari shalini |
|
200000 |
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Total |
|
2759663 |
As on 27.09.2010
|
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, Exporters and Dealers in Non-Ferrous Metals and Ferro Alloys such as Nickel, Manganese Metal, Silicon Metal Magnesium Metal, Antimony Metal, Bismuth Metal, etc. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
v Andhra Bank Chowringhee Branch, 58, Facilities : Credit Limit: Rs. 20.000 Millions v State Bank of Saurashtra 1 A, Credit Limit: 20.000 Millions v Bank of Commerce Overseas Branch 7/1, lord Credit Limit: 0.800 Millions v
Citi
Bank 41, v Oriental Bank of Commerce v
Bank
of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. M. Daga and Company Chartered Accountant |
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Address : |
11, Clive Row, 2nd Floor, Kolkata- 700001 |
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Related Parties : |
Address: 7/1, lord Line of Business: Trading
Address: 7/1, lord Line of Business: Trading
Address: 7/1, lord Line of Business: Metal and Alloys
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
5,600,000 |
Equity shares |
Rs. 10/- each |
Rs. 56.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2,759,663 |
Equity shares |
Rs. 10/- each |
Rs. 27.597 millions |
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Out of the above 248793 equity shares were
issued as fully paid up pursuant to a contract without payment being received in
cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
27.597 |
27.597 |
26.026 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
546.747 |
478.543 |
284.482 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
574.344 |
506.140 |
310.508 |
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LOAN FUNDS |
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1] Secured Loans |
81.137 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
81.137 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
5.851 |
4.684 |
2.514 |
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TOTAL |
661.332 |
510.824 |
313.022 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
91.878 |
72.315 |
61.155 |
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Capital work-in-progress |
0.000 |
0.000 |
0.880 |
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INVESTMENT |
0.908 |
5.808 |
0.816 |
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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 |
160.957
|
108.621 |
155.812 |
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Sundry Debtors |
663.707
|
324.889 |
618.087 |
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Cash & Bank Balances |
158.660
|
151.978 |
215.542 |
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
|
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Loans & Advances |
194.726
|
144.939 |
110.716 |
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Total
Current Assets |
1178.050
|
730.427 |
1100.157 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
477.954
|
204.752 |
750.967 |
|
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Other Current Liabilities |
17.450
|
13.725 |
24.119 |
|
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Provisions |
114.100
|
79.249 |
74.900 |
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Total
Current Liabilities |
609.504
|
297.726 |
849.986 |
|
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Net Current Assets |
568.546
|
432.701 |
250.171 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
661.332 |
510.824 |
313.022 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
4050.966 |
3892.659 |
5348.070 |
|
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Other Income |
23.182 |
27.775 |
24.240 |
|
|
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TOTAL |
4074.148 |
3920.434 |
5372.310 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
3863.505 |
3804.930 |
5141.251 |
|
|
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Administrative and general Expenses |
98.831 |
59.589 |
77.858 |
|
|
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TOTAL |
3962.336 |
3864.519 |
5219.109 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
111.812 |
55.915 |
153.201 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
3.087 |
1.752 |
1.580 |
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PROFIT BEFORE
TAX |
108.725 |
54.163 |
151.621 |
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Less |
TAX |
40.219 |
20.443 |
57.093 |
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PROFIT AFTER TAX |
68.506 |
33.720 |
94.528 |
|
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|
|
|
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Less |
Taxation For
earlier year |
(0.015) |
0.092 |
0.244 |
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
186.207 |
152.679 |
58.495 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
0.100 |
0.100 |
0.100 |
|
|
BALANCE CARRIED
TO THE B/S |
254.628 |
186.207 |
152.679 |
|
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IMPORTS |
3093.596 |
3162.748 |
4399.067 |
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Earnings Per
Share (Rs.) |
24.82 |
12.96 |
36.32 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.68
|
0.86 |
1.76 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.68
|
1.39 |
2.84 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.56
|
6.75 |
13.06 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.11 |
0.49 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.20
|
0.59 |
2.74 |
|
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Current Ratio (Current Asset/Current Liability) |
|
1.93
|
2.45 |
1.29 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered office
address of the company has been shifted from 7/1,
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U28113WB1977PLC031033 |
|
Name of the
company |
KOTHARI METALS
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
|
|
This form is for |
Modification
of Charge |
|
Charge identification
(ID) number of the charge to be modified |
90251577 |
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Type of charge |
|
|
Particular of
charge holder |
Andhra Bank, Chowringhee Branch, 58, |
|
Nature of
instrument creating charge |
Composite
Agreement dated 20.01.2011 Counter Guarantee
Form dated 20.01.2011 D. P. Note dated
20.01.2011 R. F. No. 255B
dated 20.01.2011 Sanction Letter
dated 11.01.2011 Board Resolution
dated 20.01.2011 |
|
Date of
instrument Creating the charge |
20.01.2011 |
|
Amount secured by
the charge |
Rs.505.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- OCC :- Base Rate + 5.25% p.a. with monthly rests. FLC/ILC/BG
Commission :- 50% concession on applicable charges as per HO guidelines (50%
of applicable charges are to be collected) Terms of
Repayment - Repayable on demand for working capital facilities. Margin - OCC :- 30 on Stock and 25 % on Book
debts. FLC/ILC/BG :- 10% Extent and
Operation of the charge - The charge shall operate as first charge on all the
current assets and fixed assets. To the extent of
the overall limit of Rs. 505.000 Millions excluding interest, commission and
other charges. The charge will operate till the limit enjoyed by the borrower
Company is fully repaid. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
PRIMERY: OCC:
Hypothecation by way of charge on the entire current assets viz. stock of raw
materials, semi finished and finished goods, consumable stores and spares
etc. and entire receivables of the Company, both present and future. FLC/ILC: Stock of
trading goods i.e. silicon metal, manganese metal, magnesium metals, nickel
etc. and Book debts. BG: Counter guarantee of Compnay. COLLATERAL: (A) Extension of
charge on the existing Equitable Mortgage of Land and Building measuring 38
kottah 14 chittaks and 5 sq.ft., situated at 8 and (B) Extension of
charge on the existing Equitable Mortgage of Land and Shed No. S-8-A, Telco Industrial
Estate, Madhavaram, Chennai -600 060. (C) Extension of charge on the existing
Equitable Mortgage of Flat No. 602 and 603, 6th floor, each measuring 750
sq.ft. in Pushpanjali Apartment located at |
|
Date of
instrument modifying the charge |
19.05.2010 |
|
Particulars of
the present modification |
By this
modification, the overall limit has been enhanced from Rs. 455.000 Millions
to Rs. 505.000 Millions. The break-up is like this:- OCC : Rs.
15.000 Millions FLC/ILC/BG : Rs. 490.000 Millions (DP/90 days DA) All other terms
and conditions remain unchanged. |
FIXED ASSETS :
- Land and Building
- Plant and Machinery
- Computer
- Electric Installation
- Office Equipments
- Furniture and Fixture
- Vehicles
- Air Conditioner
- Typewriter
- ERP Software License
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.44.38 |
|
|
1 |
Rs.73.87 |
|
Euro |
1 |
Rs.65.83 |
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 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.