MIRA INFORM REPORT
|
Report Date : |
12th May, 2006 |
IDENTIFICATION DETAILS
|
Name : |
KONARK
PLYLAND |
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Registered Office : |
Sydenham
Road 281-2, Chennai – 600112, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31-03-2006 |
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Date of Incorporation : |
1985 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
CHEK00178D |
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Legal Form : |
A
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Importer and Distributor of
Prelam Particleboards, Medium Density Fibre Boards, Raw Chipboards, Printed
MDF and Plywood Boiling Water Proof, Commercial ,One Side Teak, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
-- |
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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 old, well
established and a family owned partnership concern engaged in the business as
importers, stockists and traders in Plywood and allied items. Partners are
reported as very resourceful businessmen. The concern’s business is growing
satisfactorily. Trade relations are reported as fair. Payments are reported
as usually correct and as per commitments. The concern can be considered
normal for business dealings at usual trade terms and conditions |
LOCATIONS
|
Registered Office : |
Sydenham
Road 281-2, Chennai – 600112, Tamilnadu, India |
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Tel. No.: |
91-44-26690052/26690073/42145536/42120003 |
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Mobile No.: |
91-9840831371 |
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Fax No.: |
91-44-26690284 |
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E-Mail : |
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Website : |
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Area : |
3000
Sq.fts |
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Location : |
Leased |
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Branch 1 : |
283, Sydenhams Road,
Choolai, Chennai – 600112, Tamilnadu, India |
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Tel. No.: |
91-44-42120003 |
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Fax No.: |
91-44-26690284 |
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E-Mail : |
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Branch 2 : |
1,
Basin Bridge Road, Chennai-600079, Tamilnadu, India |
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Tel. No.: |
91-44-42052338 |
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Fax No.: |
91-44-26690284 |
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E-Mail : |
PARTNERS
|
Name: |
Mr.
Satyanarayan Agrawal |
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Designation: |
Partner |
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Age: |
44
Years |
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Qualification: |
B.Sc.
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Experience: |
22
Years |
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Name: |
Mr.
Ramawatar Agrawal |
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Designation: |
Partner |
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Age: |
42
Years |
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Qualification: |
B.Sc.
(Maths) |
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Experience: |
23
Years |
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|
|
|
Name: |
Sri
M. L. Agrawal (HUF) |
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Designation: |
Partner |
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Age: |
44
Years |
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Qualification: |
B.Sc.
(Chemistry) |
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Experience: |
20
Years |
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Address : |
84,
Tana St, Chennai – 600007, Tamilnadu, India |
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|
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Name: |
Ms.
Manju Devi |
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Designation: |
Partner |
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Age: |
S.S.C. |
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Qualification: |
41
Years |
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Experience: |
12
Years |
BUSINESS DETAILS
|
Line of Business : |
Importer
and Distributor of Prelam Particleboards, Medium Density Fibre Boards, Raw
Chipboards, Printed MDF and Plywood Boiling Water Proof, Commercial, One Side
Teak, etc. |
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|
|
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Products : |
v
Phenol Formaldehyde
Bonded Water Proof Plywood v
MR Grade Commercial
Plywood v
Shuttering Plywood v
Decorative Plywood |
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Agencies Held : |
v
Thai MDF Company
Limited, Thailand v
Segamat Panel Boards
Sdn Bhd, Malaysia v
Robin Resources
(Malaysia) SDN BHD v
Unilin Décor, Belgium v
New Dua Industries,
Raibareli, Uttar Pradesh v
Jaya Kuik Boards Sdn
Bhd, Malaysia v
Suryodaya Industries,
Kankad Baug, Patna, Bihar v
Nina Boards, Cannanur |
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Imports of : |
Prelam
Particleboards, Medium Density Fibre Boards and Printed MDF |
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Imports from : |
Belgium, Thailand,
Malaysia, Romania, Sri Lanka, Germany, Italy, Spain, New Zealand, etc |
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Terms : |
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Selling : |
Credit (30 to 90 days) terms. |
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Purchasing : |
L/C
and Credit (90 to 120 days) terms. |
GENERAL INFORMATION
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No. of Employees : |
Office
– 5, Branch – 5. Total - 10 |
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Bankers : |
v
Bank of Baroda,
Purasawalkam Branch, Chennai – 600007, Tamilnadu Credit
Limit: L/C Rs. 9.000 millions v
Indus Ind Bank,
Nungambakkam, Chennai – 600008, Tamilnadu |
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Banking Relations : |
Satisfactory |
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Auditors : |
v
R R More Chartered
Accountant |
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Address : |
356, Mint Street, Chennai –
600079, Tamilnadu |
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Tel. No.: |
91-44-25224607/25226065 |
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Sisters Concern : |
v
Khemka Timber and
Plywoods 283,
Sydenhams Road, Choolai Chennai,
Tamilnadu Line
of Business: Plywoods v
Rukmoni Boards Private
Limited 1
Basin Bridge Road, Chennai – 600079, Tamilnadu Line
of Business: Furniture and Boards v
Khemka Glass and
Plywood Dwarka
Nagar, Vishakapatnam – 530016 Line
of Business: Glass and Plywood |
CAPITAL STRUCTURE
|
Capital Investment : |
|
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Owned : |
Rs.
4.251millions |
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Borrowed : |
Nil
|
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Total : |
Rs.
4.251millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Partners Capital Account |
4.251 |
4.747 |
4.282 |
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2] Partners Current Account |
1.234 |
1.540 |
1.946 |
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3] Reserves & Surplus |
0.159 |
0.000 |
0.000 |
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NETWORTH
|
5.644 |
6.287 |
6.228 |
|
|
LOAN FUNDS |
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1] Secured Loans |
0.199 |
0.687 |
0.926 |
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2] Unsecured Loans |
4.303 |
3.463 |
2.168 |
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TOTAL
BORROWING
|
4.502 |
4.150 |
3.094 |
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TOTAL
|
10.146 |
10.437 |
9.322 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
0.317 |
0.351 |
0.383 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
|
|
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Inventories
|
3.519
|
3.847 |
2.772 |
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Sundry Debtors
|
6.363
|
6.556 |
6.113 |
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Cash & Bank Balances
|
0.253
|
0.184 |
0.661 |
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Other Current Assets
|
1.531
|
0.000 |
0.000 |
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Loans & Advances
|
1.706
|
1.501 |
1.795 |
Total Current Assets
|
13.372
|
12.088 |
11.341 |
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Less : CURRENT LIABILITIES & PROVISIONS
|
3.543
|
2.002 |
2.402 |
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Total Current Liabilities
|
3.543
|
2.002 |
2.402 |
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Net Current
Assets
|
9.829
|
10.086 |
8.939 |
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TOTAL
|
10.146 |
10.437 |
9.322 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.12.2005 |
31.12.2004 |
Sales Turnover [including other income]
|
|
45.287 |
37.324 |
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Profit/(Loss) Before Tax
|
|
0.159 |
0.060 |
Provision for Taxation
|
|
0.000 |
0.000 |
Profit/(Loss) After Tax
|
|
0.159 |
0.060 |
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Total Expenditure
|
|
48.647 |
41.111 |
LOCAL AGENCY FURTHER INFORMATION
Subject
started its operation in 1984 and today stands amongst the leading wholesale
distributors in India. It is the family owned wholesale distributor, importer
and exporter of wood, wood products like commercial, water proof plywood, block
board and flush door
Konark Plyland started its operations in 1984 and today stands
amongst the leading whole sale distributor in India with a strong production
base and a quality conscious attitude. Konark Plyland is a well established
brand name in the field of Plywood. Its main branch is based in Chennai,
Supplying to almost all major traders in South India. Having associate concerns
at Bangalore,Visakhapatnam, Raipur. Konark Plyland is a family owned whole sale
distributor, importer & exporter of wood, wood products like Commercial
,Water Proof Plywood, Block Board, Flush Door and are always striving to
achieve value for money of its customer in an experience of trading and two
decades of experience of the industry.
Our proven ability to offer the right range of product at the right price is
backed by a nationwide delivery service that is second to none. At Konark
quality is a way of life to ensure it, development and quality control methods
are extensively used at every stage of manufacturing and great care is taken to
bring out the best. We create an environment where customers, suppliers and
employees take, pride in being associated with the company.
INFRASTRUCTURE
Konark
Plyland has two warehouses with capacity to store large stocks. These
warehouses are well built with good labour and infrastructure facility. Our strong,smart
and dynamic marketing and supporting team caters to the customer needs and
takes care of our wide spread network. We are well equipped with modern
Telecommunication facilities like Fax,Internet,EPBAX system. These modern
facilities helps to monitor well our wide spread network and makes us bring out
our best. Our entire Accounting department is computerised, it employs latest
well developed accounting and financial packages.Our Production unit is also
highly equipped with modern tools and facility to produce products with best
quality , so that we could offer our customer products with good quality and
good price.
It is in trade terms with:
v
Modfurn (Jaibharatam
Furniture Group), R.H.Road, Chennai – 600014, Tamilnadu
Contact
Person: Mr. E. Rajendran, President
Mobile
No: 91-9840896388
v
JRK Hitech Office
Designs Private Limited, No. 16 Kasturi Industral Estate, Ayyanambakkam,
Chennai – 602102, Tamilnadu
Contact
Person: Mr. Prabhakaran, Director
Mobile
No: 91-9841046078
v
Shivshakti Wood Works, C-4,
Phase III, Industrial Estate, Ekkatuthangal, Chennai – 600097, Tamilnadu
Contact
Person: Mr. R. Arumugam, Partner
Mobile
No: 91-9840877712
v
Ergo Spaces Private
Limited, No. 17, South Cross Road, Basavana Gudi, Bangalore – 560004, Karnataka
Contact
Person: Mr. Sachidananda Murthy, Director
Mobile
No: 91-9845001381
v
Bharat Furnitures, 40, G
K Industrial Estate, Alappakam, Chennai – 600116, Tamilnadu
Contact
Person: Mr. Ganesh Kumar, Partner
Mobile
No: 91-9884056777
v
Channa Keshava
Industries, 112/18 Pantharapalaya Nayanda Halli, Mysore Road, Bangalore – 39,
Karnataka
Contact Person: Mr. Dinesh Kumar, Partner
Mobile No: 91-9844026444
Membership :
- Tamilnadu Timber and
Plywood Merchants Association
Contact:
Door No.281/2 Sydenhams Road,
Chennai-600 112, Tamil Nadu, India.
Phone (Office) :
91-44-5321273,5322652
Phone (Res) : 91-44-6424308
Fax: 91-44-5321208
E-mail : konark@md3.vsnl.net.in
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 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.45.07 |
|
UK
Pound |
1 |
Rs.83.67 |
|
Euro |
1 |
Rs.57.45 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|
46 |
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
|
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/normal. |
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 |