MIRA
INFORM REPORT
|
Report Date : |
08.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
KOHINOOR TEXTILES |
|
|
|
|
Registered
Office : |
2327 Talawadi Sheri, Nawab Wadi Road, Surat – 395002, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Year of
Establishment : |
July,2009 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Not Divulged |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Dress Material Garments. |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a relatively new proprietory concern having satisfactory
track records. The concern is doing well. Trade relations are reported as
fair. Business is active. Payments are reported to be usually correct. The concern 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Viral |
|
Designation : |
Export Manager |
|
Contact No.: |
91-261-3117273 |
LOCATIONS
|
Registered Office/Factory : |
2327 Talawadi Sheri, Nawab Wadi Road, Surat – 395002, Gujarat, India |
|
Tel. No.: |
91-261-3117273 |
|
Mobile No.: |
91-9429408293 (Mr. Srinivas) |
|
Fax No.: |
91-261-3003334 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Branch Office: |
Shop-10, Anand Paradise, Indraloke Circle, Bhayander, Thane, Maharashtra,
India |
SOLE PROPRIETOR
|
Name : |
Mr. Amit Kumar O. Kasera |
|
Designation : |
Proprietor |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Dress Material Garments. |
|
|
|
|
Exports : |
|
|
Products : |
·
Dress Material Garments |
|
Countries : |
·
Dubai ·
Pakistan ·
Afghanistan |
|
|
|
|
Terms : |
|
|
Selling : |
Advance T/T |
|
|
|
|
Purchasing : |
Advance T/T |
GENERAL INFORMATION
|
Customers : |
Wholesalers |
|
|
|
|
No. of Employees : |
50 (Approximately) |
|
|
|
|
Bankers : |
· Dena Bank Dadar West Branch, Mumbai, Maharashtra, India |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. Srinivas Chartered Accountant |
|
|
|
|
Associates/Subsidiaries : |
·
Kohinoor Fashion, Surat |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Divulged |
|
Borrowed : |
Not Divulged |
|
Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
150.000 |
110.000 |
|
|
|
|
|
Expected Sales (2011-2012): Rs.250.000 Millions
The above information has been parted by (Mr. Viral – Export Manager)
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes (2 years) |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
------------------------------------------------------------------------------------------------------------------------------
ASSESSMENT OF WORKING
CAPITAL REQUIREMENTS
OPERATING STATEMENT
(RS. IN MILLIONS)
|
Particulars
|
2012 |
2013 |
|
|
|
|
|
Gross Sales |
|
|
|
Domestic Sales |
120.000 |
33.500 |
|
Export Sales |
0.000 |
120.000 |
|
Add: Other Revenue Income |
0.000 |
0.000 |
|
|
|
|
|
Total |
120.000 |
153.500 |
|
|
|
|
|
Less : Excise Duty |
0.000 |
0.000 |
|
|
|
|
|
Net Sales |
120.000 |
153.500 |
|
|
|
|
|
% rise [+] or fall [-] in net sales as compared to
previous year |
82.46% |
27.92% |
|
|
|
|
|
Cost
of Sales |
|
|
|
|
|
|
|
Raw Materials (Including Stores) |
|
|
|
-
Imported |
0.000 |
0.000 |
|
-
Indigenous |
119.000 |
136.000 |
|
|
|
|
|
Others Stores and Spares |
|
|
|
-
Imported |
0.000 |
0.000 |
|
-
Indigenous |
0.000 |
0.000 |
|
|
|
|
|
Power and Fuel |
0.000 |
0.000 |
|
Direct Labour |
0.000 |
0.000 |
|
Other Manufacturing Expenses |
3.046 |
3.500 |
|
Depreciation |
0.500 |
0.400 |
|
|
|
|
|
Sub
Total |
122.546 |
139.900 |
|
|
|
|
|
Add: Opening Stock-In-Process |
0.000 |
0.000 |
|
|
|
|
|
Sub
Total |
122.546 |
139.900 |
|
|
|
|
|
Less: Closing Stock-In-Process |
0.000 |
0.000 |
|
|
|
|
|
Cost
of Production |
122.546 |
139.900 |
|
|
|
|
|
Add: Opening Stock of Finished Goods |
6.447 |
21.333 |
|
|
|
|
|
Total |
128.993 |
161.233 |
|
|
|
|
|
Deduct: Closing Stock of Finished Goods |
21.333 |
22.667 |
|
|
|
|
|
SUB TOTAL (Total
cost of sales) |
107.660 |
138.566 |
|
|
|
|
|
Selling, General and Administrative Expenses |
5.700 |
7.384 |
|
|
|
|
|
Sub
Total |
113.360 |
145.950 |
|
|
|
|
|
Operating Profit before interests |
6.640 |
7.550 |
|
|
|
|
|
Interests |
3.200 |
3.200 |
|
|
|
|
|
Operating Profit After Interests |
3.440 |
4.350 |
|
|
|
|
|
Other Non Operating Income |
0.000 |
0.000 |
|
|
|
|
|
Other Non Operating Expenses |
0.000 |
0.000 |
|
|
|
|
|
Net
of Non-operating Income and Expenses |
0.000 |
0.000 |
|
|
|
|
|
Profit
before Tax/ Loss [PBT] |
3.440 |
4.350 |
|
|
|
|
|
Provision for taxes |
0.800 |
0.940 |
|
|
|
|
|
Net
Profit / Loss [PAT] |
2.640 |
3.410 |
|
|
|
|
|
Retained Profit |
2.640 |
3.410 |
|
|
|
|
|
Retained Profit/ Net Profit (%) |
100.00 |
100.00 |
------------------------------------------------------------------------------------------------------------------------------
ANALYSIS OF BALANCE SHEET
(RS.
IN MILLIONS)
|
Particulars
|
2012 |
2013 |
|
|
|
|
|
Short Term Borrowing from Bank |
|
|
|
i. From Application Bank |
20.000 |
20.000 |
|
ii. From Other Banks |
0.000 |
0.000 |
|
iii. Of which BP and BD |
0.000 |
0.000 |
|
|
|
|
|
SUB
TOTAL (A) |
20.000 |
20.000 |
|
|
|
|
|
Short Term Borrowings From Others |
0.000 |
0.000 |
|
Sundry Creditors (Trader) |
19.916 |
22.667 |
|
Advances Payment from customers |
0.000 |
0.000 |
|
Provision For Taxes |
0.000 |
0.000 |
|
Creditor for Expenses |
0.000 |
0.000 |
|
Dividend Payable |
0.000 |
0.000 |
|
Other Statutory Liabilities (due within one years) |
0.000 |
0.000 |
|
Installments of term loans and Deferred Payment Credits |
0.000 |
0.000 |
|
Other current Liabilities and Provisions (due within one
years) |
0.000 |
0.000 |
|
|
|
|
|
SUB
TOTAL (B) |
19.916 |
22.667 |
|
|
|
|
|
TOTAL
CURRENT LIABILITIES |
39.916 |
42.667 |
|
|
|
|
|
TERM
LIABILITIES |
|
|
|
|
|
|
|
Debentures |
0.000 |
0.000 |
|
Redeemable Preference Shares |
0.000 |
0.000 |
|
Term Loans |
0.000 |
0.000 |
|
Deferred Payment Credits |
0.000 |
0.000 |
|
Vehicles Loan |
0.000 |
0.000 |
|
Term Loan HDFC Limited (Repayable after one year) |
0.000 |
0.000 |
|
Unsecured Loans |
0.000 |
0.000 |
|
Term Deposit |
0.000 |
0.000 |
|
Deferred Tax Liability |
0.000 |
0.000 |
|
Other Term Liabilities |
3.500 |
3.500 |
|
|
|
|
|
TOTAL
TERM LIABILITIES |
3.500 |
3.500 |
|
|
|
|
|
TOTAL
OF OUTSIDE LIABILITIES |
43.416 |
46.167 |
|
|
|
|
|
NET
WORTH |
|
|
|
Ordinary Share Capital |
10.000 |
10.000 |
|
General Reserve |
0.000 |
0.000 |
|
Other Reserve (Excluding Provision) |
0.000 |
0.000 |
|
Reserves and Surplus |
0.000 |
0.000 |
|
Unsecured Loans |
0.000 |
0.000 |
|
Share Premium Account |
0.000 |
0.000 |
|
Surplus (+) or deficit (-) in Profit and Loss Account |
2.640 |
6.050 |
|
|
|
|
|
TOTAL
NET WORTH |
12.640 |
16.050 |
|
|
|
|
|
TOTAL
LIABILITIES |
56.056 |
62.217 |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
|
Cash and Bank Balance |
0.575 |
0.400 |
|
Investments [Other than long term investments] |
|
|
|
- Fixed Deposits
with Banks |
2.000 |
2.000 |
|
Receivables other than deferred and exports |
30.00 |
30.000 |
|
Export receivables |
0.000 |
0.000 |
|
Installments of deferred receivable |
0.000 |
0.000 |
|
|
|
|
|
Inventory |
|
|
|
|
|
|
|
Raw Materials (Including Stores and other Items Used in
the Process of Manufacturing) |
|
|
|
- Imported |
0.000 |
0.000 |
|
- Indigenous |
0.000 |
0.000 |
|
|
|
|
|
Stock in Process |
0.000 |
0.000 |
|
Finished Goods |
21.333 |
22.667 |
|
Other Consumable Spares |
0.000 |
0.000 |
|
Advances to suppliers |
0.000 |
0.000 |
|
Advance Payment of Taxes |
0.000 |
0.000 |
|
Other Current Assets |
0.667 |
2.596 |
|
|
|
|
|
TOTAL
CURRENT ASSETS |
54.575 |
57.663 |
|
|
|
|
|
FIXED
ASSETS |
|
|
|
|
|
|
|
Gross Block (Land and Building Machinery, work-in-process) |
1.981 |
5.454 |
|
Depreciation to Date |
0.500 |
0.900 |
|
|
|
|
|
NET
BLOCK |
1.481 |
4.554 |
|
|
|
|
|
OTHER
NON CURRENT ASSETS |
|
|
|
|
|
|
|
Investments in sub |
0.000 |
0.000 |
|
Advances suppliers of Capital goods and contractors |
0.000 |
0.000 |
|
Investment in Others |
0.000 |
0.000 |
|
Other Non-Current Investment |
0.000 |
0.000 |
|
Loans and Advance |
0.000 |
0.000 |
|
Receivables more than 6 month old |
0.000 |
0.000 |
|
|
|
|
|
TOTAL
OTHER NON CURRENT ASSETS |
0.000 |
0.000 |
|
|
|
|
|
Intangible Assets |
0.000 |
0.000 |
|
|
|
|
|
TOTAL
ASSETS |
56.056 |
62.217 |
|
|
|
|
|
Tangible Networth |
12.640 |
16.050 |
|
|
|
|
|
Net Working Capital |
14.659 |
14.996 |
|
|
|
|
|
Current Ratio |
1.37 |
1.35 |
|
|
|
|
|
Total Outside Liabilities/ TNW |
3.43 |
2.88 |
|
|
|
|
|
Total Term Liabilities/ TNW |
0.28 |
0.22 |
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.49.08 |
|
|
1 |
Rs.78.65 |
|
Euro |
1 |
Rs.67.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
44 |
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.