MIRA INFORM REPORT
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Report Date : |
15.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
KRISHI RASAYAN PRIVATE LIMITED |
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Registered Office : |
Maitapur, Ranital, Balasore 756111, Orissa |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.12.1992 |
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Com. Reg. No.: |
15-3216 |
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CIN No.: [Company
Identification No.] |
U24219OR1992PTC003216 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Pesticides, Insecticides, Herbicides, Wedicides. Particularly Technical Herbicide. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 79000 |
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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
records. Trade relations are
fair. General Financial position is
satisfactory. Payments are usually correct and as per commitments. The Company can be considered normal for business dealing at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Maitapur, Ranital, Balasore 756111, Orissa, India |
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Tel. No.: |
91-6784-265984 |
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Fax No.: |
91-6784-265995 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office : |
Block A-11, 4th Floor, FMC Fortuna, 234/3-A,
A.J.C.Bose Road, Calcutta-700 020, India |
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Tel. No.: |
91-33-22875730 / 22875731/ 22839454 /
22839455 / 22475719 |
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Fax No.: |
91-33-22871436 |
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E-Mail : |
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Corporate Office : |
1115, Hemkunt (Modi) Tower, 98, Nehru
Place, New Delhi - 110 019 |
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Tel. No.: |
91-11- 3088 5555 /6/7 |
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Fax No.: |
91-11-3088 5559 |
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Factory 1 : |
Maitapur, Ranital – 756 111, District Balasore, Orissa, India |
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Location : |
Owned |
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Warehouse : |
5, Mullick Ghat Road, Howrah, West Bengal, India |
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Location : |
Rented |
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Branches : |
Ø
Delhi Ø
Punjab Ø
Haryana Ø
Uttaranchal Ø
Uttar Pradesh Ø Andhra Pradesh Ø West Bengal Ø Madhya Pradesh Ø Tamilnadu Ø Bihar Ø Chhatisgarh Ø Karnataka Ø Orissa Ø Maharashtra Ø Assam Ø Gujarat Ø Rajasthan |
DIRECTORS
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Name : |
Mr. Alok Kumar Singhania |
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Designation : |
Director |
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Address : |
P-195, R. K. Samadhi Road, Kolkata 700054, West Bengal, India |
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Date of Birth/Age : |
21.12.1958 |
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Date of Appointment : |
16.12.1995 |
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Name : |
Mr. Vinod Kumar Nemani |
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Designation : |
Director |
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Address : |
Kanke Road, Ranchi 834001, Jharkhand, India |
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Date of Birth/Age : |
13.02.1952 |
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Date of Appointment : |
27.09.1999 |
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Name : |
Mr. Kailah Chand Jain |
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Designation : |
Director |
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Address : |
516, Rabindra Sarani, 1st floor, flat No. 2, Kolkata
700005, West Bengal, India |
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Date of Birth/Age : |
30.07.1959 |
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Date of Appointment : |
12.07.2004 |
KEY EXECUTIVES
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Name : |
Mr. Atul Churiwal |
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Designation : |
Chief Executive |
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Address : |
FMC Fortuna, Block No. A-11, 4th Floor, 234/3 A, Acharya Jagdish Chandra Bose Road, Kolkata- 700 020, West Bengal, India |
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Date of Birth/Age : |
1963 |
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Qualification : |
B. Com (Hons.) |
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Experience : |
20 years |
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Other Directorships : |
Krishi Rasayan Exports Private Limited |
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Name : |
Mr. Samarendra Roy |
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Designation : |
Company Secretary |
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Address : |
333, Parnasree Pally, Behala, Kolkata 700060 |
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Tel. No. : |
91-33-24079598 |
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Fax No. : |
91-980165672 |
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E-mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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V. K. Churiwal |
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100 |
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Atul Churiwal |
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100 |
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Sudha Churiwa |
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100 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Bodies Corporate |
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58.20 |
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Directors or relatives of the Directors |
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37.56 |
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Other top fifty shareholders |
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4.24 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Pesticides, Insecticides, Herbicides, Wedicides, Particularly Technical Herbicide. |
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Products : |
v Insecticides v Fungicides v Herbicides v Wedicides |
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Brand Names : |
‘KRISHI RASAYAN’ |
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Exports to : |
Australia, Dubai, Greece, Taiwan, Thailand, Vietnam |
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Imports from : |
Canada, Hong Kong, Japan, Singapore |
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Terms : |
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Selling : |
L/C and Credit upto 90 days |
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Purchasing : |
L/C and Credit upto 180 days |
PRODUCTION STATUS
|
Particulars |
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Unit |
Installed Capacity |
Actual Production |
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2.4 D Sodium Salt |
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Kgs |
167960 |
152080 |
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D C P |
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Kgs |
154091 |
133033 |
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Bye Products- H C A |
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Ltr |
138175 |
127935 |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
200 |
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Bankers : |
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v Punjab National Bank International Business Branch, Kolkata, India v UCO Bank Bhadrak Branch, India v UCO Bank International Business Branch, Kolkata, India v Centurion Bank of Punjab Limited Chotringhee Road Branch, Kolkata |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jain Sarawgee & Company Chartered Accountants |
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Address : |
32-A, Chittaranjan Avenue, Trust House, 2nd floor, Kolkata- 700 012, West Bengal, India |
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Tel. No.: |
91-33-22361083/ 3861 |
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Associates/Subsidiaries : |
Ø Herbal Industries Ø Krishi Rasayan Export Private Limited Ø Ranital Transport Ø Sankalp Udyog Ø Shreshtha Construction Private Limited |
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Group Company : |
Ø Krishi Rasayan
Exports Private Limited Ø Krishi Rasayan |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1600000 |
Equity Shares |
Rs. 10/- each |
Rs. 16.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1524850 |
Equity Shares |
Rs. 10/- each |
Rs. 15.248
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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15.248 |
15.248 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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7.700 |
7.700 |
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4] (Accumulated Losses) |
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[3.158] |
[2.830] |
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NETWORTH |
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19.790 |
20.118 |
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LOAN FUNDS |
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1] Secured Loans |
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4.991 |
6.946 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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4.991 |
6.946 |
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DEFERRED TAX LIABILITIES |
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0.210 |
0.261 |
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TOTAL |
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24.991 |
27.325 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.930 |
4.260 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.759 |
4.007 |
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Sundry Debtors |
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36.948 |
45.085 |
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Cash & Bank Balances |
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1.348 |
1.805 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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4.923 |
0.635 |
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Total
Current Assets |
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46.978 |
51.532 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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25.917 |
28.597 |
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Provisions |
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0.080 |
0.000 |
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Total
Current Liabilities |
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25.997 |
28.597 |
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Net Current Assets |
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20.981 |
22.935 |
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MISCELLANEOUS EXPENSES |
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0.080 |
0.130 |
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TOTAL |
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24.991 |
27.325 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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28.878 |
29.675 |
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Profit/(Loss) Before Tax |
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[0.349] |
[0.142] |
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Provision for Taxation |
|
0.020 |
---- |
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Profit/(Loss) After Tax |
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[0.329] |
[0.142] |
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Total Expenses |
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29.227 |
29.817 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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1.20 |
0.47 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.13 |
0.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.68 |
0.25 |
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Return on Investment (ROI) (PBT/Networth) |
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0.01 |
0.007 |
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Debt Equity Ratio (Total Liability/Networth) |
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30.98 |
1.76 |
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Current Ratio (Current Asset/Current Liability) |
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1.80 |
1.80 |
LOCAL AGENCY
FURTHER INFORMATION
Krishi Rasayan Group was established in 1966 by its founder Sri Parmanand
Churiwal.
A small pesticide Formulation Unit was set
up in Orissa, which being one of the oldest agrochemical units, has not only stood
the passage of time but has also been, as a result of continuous upgradation,
successfully and effectively executing the growing and exacting demands of the
quality products nationally and internationally. From this modest beginning,
the Group has now become a major player in Agro Chemical Industry having 5
composite technical manufacturing units with dedicated formulation plant at
following locations:
1.
Balasore, (Orissa)
2.
Muzaffarpur, (Bihar)
3.
Baddi, (HP)
4.
Jammu (J&K)
5.
Akola (Maharashtra)
The Jammu Plant also has a state of art formulation plant for SC, WDG and FS formulations.
The Group is now
well diversified in Biotechnology & Solid Waste Management, Inland
Transportation, Poultry Feed, Chemical Trading and Real Estate. The Group
turnover is now around Rs.2 Billion ( USD 50 million) with net worth of about
650 million (USD 16 million).
The
Company has obtained ISO 9001-2000 certification for all the manufacturing
units in reorganization of its quality control system.
Krishi Rasayan Exports Private Limited
This is the flagship Company of the Group with current turnover of
around Rs.1200 million (USD 30 million). The company has a manufacturing plant
at Baddi in Himachal Pradesh and Jammu (J&K) of which are composite
technical manufacturing Units with formulation Plants and where it produces
various Insecticides, Fungicides and Herbicides. Apart from same in the same
facility it has a formulation plant. It has another formulation plant in the
State of Bihar at Muzaffarpur. It has a well established Distribution and
Marketing Network throughout all the major Agricultural States and Union
Territories with 15 branch offices spread all over the country backed up with
competent, result-oriented Managerial and frontline Technical personnel.
The
Company has acquired from Rallis India Limited, a Pesticide and Pharmaceutical
facility at Akola namely Akola Chemicals Ltd., and raising it as an independent
Profit Centre.
The Company's product like Tarzan, Krilaxyl and Kritap has already
gained a tremendous recognition from the growers and wide brand acceptance
across the country. In few product, it has governed a market share exceeding
25% which is one among the rarest in today's agrochemical industry. The ISO
9001:2000 certified unit in Baddi (Himachal Pradesh) produces the full range of
Insecticides, Fungicides and Weedicides. It has set up a state-of-the-art
manufacturing unit in Jammu.
Krishi Rasayan
The production of technical herbicide is done under this company. It is
also the export and biotech arm of the group. It also operates a 2.4-D
Technical Plant in Orissa. The current turnover is around Rs.600 million (USD
15 million). The Company is very upbeat about its diversification
in Solid Waste Management through Biotechnology. For the last 10 years it has
been running successfully with a 100MT production of Bio Fertilizers per day
converting the municipal waste, in Puri, Orissa. Now, the company is in talks
with various Municipal Corporations, to set up similar plants. Apart from the
same, the Company is actively negotiating for supply of Technology and setting
up of turnkey plants in Phillipines, Brunei, Srilanka and China. It has already
signed an MOU for setting up a Turnkey Project in Phillipines.
The Company has
applied for Clean Development Mechanism (CDM) under United Nation for its
Biofertilizer Unit.
Krishi Rasayan is having the following
tie-ups for supply of various technical grade pesticides.
a. Cartap
Hydrochloride Exclusive tie up
for India with Sundat Pvt Ltd., Singapore.
b. Sea-Weed Aladian Sea Weed,
Canada
c. Methyl
Parathion Tech. CNCC, Jiangsu,
China
d. Gibberallic
Acid Exclusive tie up
for India with Hunan Biological, Chemicalco, China
e. Triazophos
Tech. Hubei Sonanda,
China.
f. Post Harvest
Chemicals Pace International, USA
g. Monocrotophos
Technical CNCC, Jiangshu
h. PGR & Micro
Nutrients Beijing Agrochemicals
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. 39.41 |
|
UK Pound |
1 |
Rs. 79.81 |
|
Euro |
1 |
Rs. 57.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
5 |
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--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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 |
|