MIRA
INFORM REPORT
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Report Date : |
27.06.2007 |
IDENTIFICATION DETAILS
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Name : |
KARAMHANS FOODS PRIVATE LIMITED |
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Registered Office : |
83 A/D, Extention Gandhi Nagar,
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.05.1995 |
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Com. Reg. No.: |
07-001440 |
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CIN No.: [Company
Identification No.] |
U15131JK1995PTC001440 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AMRK10224E |
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PAN No.: [Permanent
Account No.] |
AAACK6424D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Processed Food Products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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Maximum Credit Limit : |
USD16000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track
records. Company’s profitability is under severe pressure. It has huge
accumulated losses. Payments are reported as slow and delayed. The company can be considered for small business dealings with slight
caution initially. |
LOCATIONS
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Registered Office : |
83 A/D, Extention Gandhi Nagar,
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Tel. No.: |
91-1923-222717 |
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Mobile No.: |
91-9419199425 |
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Fax No.: |
91-1923-221285 |
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E-Mail : |
dkpa1@rediffmail.com |
DIRECTORS
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Name : |
Mr. Sujiv Jain |
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Designation : |
Managing Director |
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Address : |
83 – A/D, Extention, Gandhi Nagar, |
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Date of Appointment : |
02.05.1995 |
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Name : |
Mr. Surender Nath Jain |
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Designation : |
Director |
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Address : |
83 – A/D, Extention, Gandhi Nagar, |
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Date of Appointment : |
02.05.1995 |
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Name : |
Ms. Sushila Jain |
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Designation : |
Director |
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Address : |
83 – A/D, Extention, Gandhi Nagar, |
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Date of Appointment : |
02.05.1995 |
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Name : |
Mr. Sandeep Jain |
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Designation : |
Director |
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Address : |
83 – A/D, Extention, Gandhi Nagar, |
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Tel No.: |
91-1923-222717 |
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Mobile No.: |
91-9419199425 |
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Date of Appointment : |
02.05.1995 |
KEY EXECUTIVES
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Name : |
D K Pandoh & Associates |
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Designation : |
Company Secretary |
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Address : |
204, 2nd Floor, South Block, |
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Tel. No.: |
91-191-2475148 |
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Fax No.: |
91-191-2475148 |
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Mobile No.: |
91-9419184378 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Surinder Nath Jain |
35400 |
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Sushila Jain |
24600 |
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Sujiv Jain |
29800 |
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Sandeep Jain |
30200 |
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Surinder Nath Jain – KARTA HUF |
530000 |
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Total |
650000 |
Equity share capital breakup
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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 of Processed Food Products. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
51-100 People |
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Bankers : |
Punjab National
Bank, Jammu and Kashmir
Bank HDFC Bank State Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
O.P. Garg and Association Chartered Accountant |
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Address : |
40 A/D, Gandhi Nagar, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6,500,00 |
Equity Shares |
Rs. 10/- each |
Rs. 6.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6,500,00 |
Equity Shares |
Rs. 10/- each |
Rs. 6.500 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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6.500 |
6.500 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(2.425) |
(0.629) |
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NETWORTH |
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4.075 |
5.871 |
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LOAN FUNDS |
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1] Secured Loans |
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46.799 |
44.474 |
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2] Unsecured Loans |
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22.510 |
22.510 |
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TOTAL BORROWING |
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69.309 |
66.984 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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73.384 |
72.855 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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16.021 |
15.997 |
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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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0.020 |
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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57.573 |
59.845 |
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Sundry Debtors |
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34.377 |
31.939 |
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Cash & Bank Balances |
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15.537 |
15.936 |
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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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7.655 |
0.765 |
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Total
Current Assets |
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115.142 |
108.485 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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57.799 |
51.544 |
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Provisions |
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0.000 |
0.085 |
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Total
Current Liabilities |
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57.799 |
51.629 |
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Net Current Assets |
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57.343 |
56.856 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.002 |
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TOTAL |
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73.384 |
72.855 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Total Income |
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249.596 |
202.660 |
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Profit/(Loss) Before Tax |
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(1.815) |
1.057 |
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Provision for Taxation |
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0.000 |
0.085 |
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Profit/(Loss) After Tax |
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(1.815) |
0.972 |
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Total Earnings |
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169.596 |
NA |
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Total Imports |
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19.822 |
NA |
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Expenditures : |
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Depreciation & Amortization |
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2.139 |
3.257 |
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Other Expenditure |
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247.133 |
195.089 |
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Total Expenditure |
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249.272 |
198.346 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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(0.73) |
0.48 |
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Net Profit Margin (PBT/Sales) |
(%) |
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(0.73) |
0.52 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(1.38) |
0.85 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.44) |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
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31.19 |
20.20 |
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Current Ratio (Current Asset/Current Liability) |
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1.99 |
2.10 |
LOCAL AGENCY FURTHER INFORMATION
About Company:
They are a family company with vast
experience of three generations. They have moved into this new afcility since
2002, which is one the best state of the art processing facility with inhose, cold
room, quality lab and all operations are mechanised giving utmost priority for
hygenic and clean environment during the entire processing right from the ra
material arrival upto the delivery of the finished product.
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Name of the company
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M/S KARAMHANS FOODS PRIVATE LIMITED |
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Presented By |
Sujiv Jain –
Managing Director |
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1) Date and description of instrument creating the change |
Deed of
Collateral Security and dated 31.12.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 24.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Mortgage of Land measuring
10 Kanals Situated at SIDCO Industrial Complex, Kartholi, Bari Brahamna, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayment thereof
together with Interest in terms of various loan Documents/ Agreements
executed by the borrower with quarterly rests subject to variation from time
to time as per the directions of the bank. |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National
Bank, |
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6) Date and brief description of instrument modifying the charge |
28.01.2004,
Packing Credit Agreement |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Enhancement of
packing credit facility from Rs. 24.000 Millions to Rs. 35.000 Millions.
Security provided by way of hypothecation of walnut and walnut Kernals.
Deposite of confirmed orders/LC of approved foreign Banks. RR’S/MTR’S of
approved/ unapproved transport companies accompanied by relevant documents |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.95 |
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1 |
Rs.81.80 |
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Euro |
1 |
Rs.55.09 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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28 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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