MIRA INFORM REPORT

 

 

 

Report Date :

23.01.2013

 

IDENTIFICATION DETAILS

 

Name :

KEWALRAM TEXTILES PRIVATE LIMITED

 

 

Registered Office :

310, Sarthik – 2, Opposite Rajpath Club, S.G. Road, Ahmedabad – 380 015, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Date of Incorporation :

13.04.2006

 

 

Com. Reg. No.:

04-48128

 

 

CIN No.:

[Company Identification No.]

U17120GJ2006PTC048128

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMK03597G

 

 

PAN No.:

[Permanent Account No.]

AACCK7917K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader of 100% Cotton Yarn.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 79000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established traders of yarn. Trade relations are fair. Payments are reported as slow, sometimes beyond 45/ 90 days. Financial position is satisfactory.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Chirag

Designation :

Account Head

Contact No.:

91-9879997317

Date :

25.03.2009

 

 

LOCATIONS

 

Registered Office :

310, Sarthik – 2, Opposite Rajpath Club, S.G. Road, Ahmedabad – 380 015, Gujarat, India

Tel. No.:

91-79-26872233/ 26871566/ 40040711/ 712

Mobile No.:

91-9879997317/ 9825600720

Fax No.:

91-79-26872244

E-Mail :

shipment@kewalramtextiles.com

info@kewalramtextile.com

Website :

www.kewalramtextile.com

Area :

1500 sq ft

Location :

Rented

 

 

DIRECTORS

 

Name :

Mr. Ramesh Parasuraman

Designation :

Director

Address :

437, Tanjong Katong Road, # 24 – 01 Kings Mansion ‘A’, Singapore – 437147 

Date of Birth/Age :

01.05.1964

Date of Appointment :

13.04.2006

 

 

Name :

Mr. Narain Girdhar Chanrai

Designation :

Director

Address :

# 04 – 30, Leonie Towers, 28, Leonie Hill, Singapore – 239227

Date of Birth/Age :

17.07.1948

Date of Appointment :

13.04.2006

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 15.09.2008

 

Names of Shareholders

 

No. of Shares

Narain Girdhar Chanrai

 

10000

Ramesh Parasuraman

 

10000

KCTEX International Limited, Singapore

 

480000

Total

 

500000

 

As on 15.09.2008

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

96.00

Directors or relatives of directors

 

4.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of 100% Cotton Yarn.

 

 

Products :

Item Code No. (ITC Code)

52

Product Description

Cotton Yarn

 

 

Exports :

 

Products :

100% EOU

Countries :

Europe, Brazil, China, Taiwan, Korea

 

 

Terms :

 

Selling :

Credit 90 days, CAD and Payment at site

 

 

Purchasing :

Cash

 

 

GENERAL INFORMATION

 

Customers :

End Users

 

 

No. of Employees :

9

 

 

Bankers :
  • Indian Bank, Mission Road, Bhadra, Ahmedabad – 380 001, Gujarat, India
  • The Hong Kong and Shanghai Banking Corporation Limited, 52/ 60, Mahatma Gandhi Road, P.O. Box No.128, Mumbai – 400 001, Maharashtra, India 

 

 

Facilities :

Secured Loans :

 

 

As on 31.03.2008

Rs. in Millions

Packing Credit Loan from HSBC Bank

53.831

Packing Credit from Indian Bank

(Secured against hypothecation of stocks and sundry debtors)

28.309

HSBC FBN Account

42.206

HSBC Bank (Temporary Over Draft)

10.953

Indian Bank FBN Account

43.763

Indian Bank FBN Account

30.130

Total

209.192

 

 

Unsecured Loans :

 

 

As on 31.03.2008

Rs. in Millions

From Directors

0.002

From Shareholders (KCTEX International Limited)

1.875

Total

1.877

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Inani and Inani

Chartered Accountants

Address :

A/ 310, Oxford Avenue, Near C.U. Shah College, Ashram Road, Ahmedabad – 380 014, Gujarat, India

 

 

Holding Company :

KCTEX International Limited, Singapore

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

500000

Equity Shares

Rs.10/- each

Rs.5.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

500000

Equity Shares

Rs.10/- each

Rs.5.000 millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2008

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

5.000

5.000

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

10.881

1.917

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

15.881

6.917

LOAN FUNDS

 

 

 

1] Secured Loans

 

209.192

53.632

2] Unsecured Loans

 

1.877

1.877

TOTAL BORROWING

 

211.069

55.509

DEFERRED TAX LIABILITIES

 

0.074

0.046

 

 

 

 

TOTAL

 

227.024

62.472

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

0.872

0.800

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.076

0.070

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

1.885

0.000

 

Sundry Debtors
 

214.866

59.551

 

Cash & Bank Balances
 

7.030

1.771

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

39.069

5.005

Total Current Assets
 

262.850

66.327

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

17.250

2.085

 

Provisions
 

20.110

03.421

Total Current Liabilities
 

37.360

5.506

Net Current Assets
 

225.490

60.821

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.586

0.781

 

 

 

 

TOTAL

 

227.024

62.472

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2008

31.03.2007

Sales Turnover

 

993.031

261.343

Other Income

 

75.403

9.794

Total Income

 

1068.434

271.137

 

 

 

 

Profit/(Loss) Before Tax

 

13.806

3.053

Provision for Taxation

 

4.843

1.136

Profit/(Loss) After Tax

 

8.963

1.917

 

 

 

 

Earnings in Foreign Currency :

 

 

 

 

Export Earnings

 

993.031

NA

Total Earnings

 

993.031

NA

 

 

 

 

Expenditures :

 

 

 

 

Depreciation & Amortization

 

0.098

0.070

 

Other Expenditure

 

1054.530

268.014

Total Expenditure

 

1054.628

268.084

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2008

31.03.2007

PAT / Total Income

(%)
 

0.84

0.71

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

1.39

1.17

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

5.23

4.54

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.87

0.44

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

15.64

8.82

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

7.04

12.05

 

 

LOCAL AGENCY FURTHER INFORMATION

 

This form is for

Modification of charge

Charge identification number of the modified 

10046975

Corporate identity number of the company

U17120GJ2006PTC048128

Name of the company

KEWALRAM TEXTILES PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

310, Sarthik – 2, Opposite Rajpath Club, S.G. Road, Ahmedabad – 380 015, Gujarat, India

Type of charge

Movable Property

Others (Stocks, goods of the company)

Particular of charge holder

Indian Bank, Mission Road, Bhadra, Ahmedabad – 380 001, Gujarat, India

E-Mail: ibahmain@indianbank.co.in

Nature of description of the instrument creating or modifying the charge

  1. Agreement of hypothecation of movables
  2. Agreement for open cash credit (stocks/ book debts)
  3. Agreement for bills purchased
  4. Agreement packing credit (pre shipment) advance
  5. Agreement for bills purchased

Date of instrument Creating the charge

26.06.2008

Amount secured by the charge

Rs.267.500 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

For OCC: Bank’s PLR + 4%

For FBN: Bank’s PLR – 2.50%

For FBP DP: Bank’s PLR – 2.50%

For PC: Bank’s PLR – 2.50%

 

Terms of Repayment:

Repayable on demand

 

Margin:

In case of FBP DP: 10%

In case of PC: 10% and

In case of OCC: 25%

 

Extent and Operation of the charge:

The charge shall operate as security by way of hypothecation of current assets including

i) goods, produce, merchandise, stock stored to be from time to time in premises at 310, Sarthik – II, Opposite Rajpath Club, S.G. Road, Ahmedabad or wherever else stored from time to time including goods in transit.

Short particulars of the property charged

Hypothecation of current assets including

i) goods, produce, merchandise, stock stored to be from time to time in premises at 310, Sarthik – II, Opposite Rajpath Club, S.G. Road, Ahmedabad or wherever else stored from time to time including goods in transit.

Date of latest modification prior to the present modification

29.03.2007

Particulars of the present modification 

By this modification, credit facilities have been increased from Rs.135.000 millions to Rs.267.500 millions.

 

 

TRADE REFERENCES:

  • Rally Gear Private Limited, Mumbai

 

CONTINGENT LIABILITIES: (As on 31.03.2008)

  • Guarantee / Counter Guarantee (including Letter of Credit) issued Rs.33.800 millions.

 

FIXED ASSETS:

  • Air Conditioner
  • Furniture and Fixtures
  • Laptop Computer
  • Mobile Instrument
  • Personal Computer
  • Printer HP – 3015
  • Router
  • Refrigerator
  • Scooter
  • Zerox Machine

 

WEBSITE DETAILS:

 

COMPANY PROFILE

      Group Profile

Subject, is the ultimate destination for yarns and Towels. The foundation of KEWALRAM had been laid specifically to develop a single platform for the buyers, to satisfy all their Textile needs from India as well as from overseas. At this pedestal, they have a tradition of Commitment, Trust and Value. 


At Subject, with a perfect blend of young and experienced professionals are equipped to understand and meet the challenges of the competitive global scenario. Every inquiry of the customer is a responsibility and a business opportunity for them. Special care is given to understand the specific need of the clients and they ensure to get the desired product to meet the unique requirement of all the clients. Primarily having a PRODUCT RANGE of Yarns


Based in India, the heart of High Quality Textiles, give them the natural advantage of providing high quality Yarns. India, the hub of global textile activity, is rich in Fibers and consequently Yarns.

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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 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.51.08

UK Pound

1

Rs.72.48

Euro

1

Rs.67.52

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

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

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

 

45

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.