MIRA
INFORM REPORT
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Report Date : |
11.05.2007 |
IDENTIFICATION DETAILS
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Name : |
NIKHIL REFINERIES PRIVATE LIMITED |
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Registered Office : |
1-8-663 Azamabad Industrial Area, Azamabad, |
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Country : |
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Financials (as on) : |
31.03.2003 |
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Date of Incorporation : |
12.12.2001 |
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Com. Reg. No.: |
01-38197 |
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CIN No.: [Company
Identification No.] |
U15142AP2001PTC038197 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDN 00811G |
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PAN No.: [Permanent
Account No.] |
AABCN5930G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Vegetable Oils. |
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 : |
USD 290000 |
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Status : |
Small company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
1-8-663 Azamabad Industrial Area, Azamabad, |
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Tel. No.: |
91-40-27663397 / 27663364 |
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Fax No.: |
91-40-27633068 / 27668721 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Amit Kumar Agarwal |
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Designation : |
Director |
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Address : |
1-2-412/12 Gaganmahal Colony, |
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Date of Birth/Age : |
15.06.1979 |
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Date of Appointment : |
12.12.2001 |
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Name : |
Mr. Akash Agarwal |
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Designation : |
Director |
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Address : |
1-2-412/12 Gaganmahal Colony, |
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Date of Birth/Age : |
02.12.1982 |
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Date of Appointment : |
12.12.2001 |
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Name : |
Mr. Sandeep Kumar Agarwal |
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Designation : |
Director |
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Address : |
1-2-412/12 Gaganmahal Colony, |
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Date of Birth/Age : |
30.10.1980 |
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Date of Appointment : |
12.12.2001 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Amit Kumar Agarwal |
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510100 |
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Akash Agarwal |
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800300 |
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Sandeep Kumar Agarwal |
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810000 |
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Banwarilal Agarwal |
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78900 |
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Vinod Kumar Agarwal |
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500000 |
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Subhash Chandra Agarwal |
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550000 |
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Kailash Chandra Agarwal |
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900700 |
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Banwaribai Agarwal |
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150000 |
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Lata Devi Agarwal |
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100000 |
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Komal Devi Agarwal |
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100000 |
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Total |
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4500000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Vegetable Oils. |
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Products : |
Vegetable Oils |
PRODUCTION STATUS
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Particulars |
Licensed
Capacity |
Installed
Capacity |
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Oils |
200 Tons refining per day |
200 Tons refining per day |
GENERAL INFORMATION
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Bankers : |
State Bank of Bhanugudi Junction, |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P S Rander and Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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70,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 70.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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45,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 45.000
Millions |
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Share application Money-Pending allotment |
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Rs. 25.025
Millions |
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Total |
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RS. 70.025 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2003 |
31.03.2002 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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70.025 |
28.711 |
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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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2.755 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
[0.104] |
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NETWORTH |
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72.780 |
28.607 |
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LOAN FUNDS |
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1] Secured Loans |
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115.630 |
59.307 |
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2] Unsecured Loans |
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3.580 |
14.000 |
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TOTAL BORROWING |
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119.210 |
73.307 |
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DEFERRED TAX LIABILITIES |
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3.932 |
0.000 |
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TOTAL |
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195.922 |
101.914 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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151.765 |
102.751 |
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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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165.109 |
55.206 |
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Sundry Debtors |
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26.404 |
0.697 |
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Cash & Bank Balances |
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47.950 |
1.651 |
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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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6.194 |
2.261 |
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Total
Current Assets |
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245.657 |
59.815 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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200.190 |
60.372 |
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Provisions |
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1.687 |
0.603 |
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Total
Current Liabilities |
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201.877 |
60.975 |
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Net Current Assets |
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43.780 |
[1.160] |
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MISCELLANEOUS EXPENSES |
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0.377 |
0.323 |
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TOTAL |
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195.922 |
101.914 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2003 |
31.03.2002 |
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Sales Turnover |
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2645.575 |
1.182 |
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Other Income |
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109.316 |
55.096 |
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Total Income |
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2754.891 |
56.278 |
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Profit/(Loss) Before Tax |
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7.406 |
[0.104] |
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Provision for Taxation |
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4.547 |
-- |
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Profit/(Loss) After Tax |
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2.859 |
[0.104] |
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Expenditures : |
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Purchase |
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1666.327 |
34.573 |
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Direct / manufacturing |
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1019.714 |
21.417 |
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Personal |
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6.051 |
0.096 |
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Administrative |
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3.430 |
0.056 |
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Selling |
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9.608 |
0.004 |
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Finance charges |
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17.662 |
0.137 |
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Total Expenditure |
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2722.792 |
56.283 |
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KEY RATIOS
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PARTICULARS |
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31.03.2003 |
31.03.2002 |
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PAT / Total Income |
(%) |
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0.10 |
[0.18] |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.28 |
[8.80] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.86 |
[0.06] |
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Return on Investment (ROI) (PBT/Networth) |
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0.10 |
[0.00] |
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Debt Equity Ratio (Total Liability/Networth) |
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4.41 |
4.69 |
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Current Ratio (Current Asset/Current Liability) |
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1.22 |
0.98 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
Ř
Ř Plant and Machinery
Ř Motor Vehicles
Ř Office Equipments
Ř Computers
Ř Furniture and Fixture
Ř Generator
Ř Cooling Tower
Ř Water Treatment Plant
Ř Fire Fighting Equipment
Ř Lab Equipments
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Ř Effluent Treatment Plant
Ř Storage Tanks
Responsibility statement of the board of directors
Pursuant to section 217 of the Companies Act,
2000, the directors confirm that the financial statements are prepared in
conformity with the accounting standards issued by the Institute of Chartered
Accountants of India and the requirement of the Companies act, 1956, to the
extent applicable to the company, on a going concern basis. There are no
material departures in adoption of the prescribed accounting statements have
been consistently applied, except where otherwise stated in the notes on
accounts.
The estimates and judgments relating to the
financial statements have been made on a prudent and reasonable basis, in order
that the financial statements present a true and fair view of the company’s
state of affairs and profits for the year. To ensure this, the directors have
take proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provision of the Companies Act, 1956, for
safeguarding the assets of the company
and for preventing and detecting frauds and other irregularities.
Total quality management
The company is driven by customer lead
strategy. Through periodical customer meets, the company has gained a better
understanding of customers buying behavior, their satisfaction rating and their
expectations. These initiatives on customer and marker focus would be sustained
in the year to come through implementation of the criteria for performance
excellence. In future the company intends to build on its past learning and
institutionalize process, which deliver predictability, effectiveness and
efficiency benefits.
Contingent liabilities have not been provided for.
Bankers Charges
Report as per Registry
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Name of the company |
NIKHIL
REFINERIES PRIVATE LIMITED |
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Presented By |
Amit Kumar
Agarwal, Director |
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1) Date and description of instrument creating the change |
Date 09.02.2005 sanction letter
of State Bank of Medium Term Loan
agreement. Pari passu letter
from State Bank of |
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2) Amount secured by the charge/amount owing on the securities of charge |
Medium term loan
of Rs. 25.000 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 |
All the fixed
assets of the company comprising land Building, Plant
and machinery etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Security –
Primary First pari pasu
charge over th building, plant and machineries valued at Rs. 70.000 Millions
that are being created out of the present term loan along with State Bank of Collateral First Pari Passu
charge over the existing immovable property i.e. land, building, plant and
machinery 2nd
charge over the current assets of the company Margin : 28 % Rate of interest
1.75 % above BPLR i.e. 12.50 % p.a.
presently Upfront fee : 1 %
of the total term loan amount. |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
90123032 |
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Corporate
identity number of the company |
U15142AP2001PTC038197 |
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Name of the
company |
NIKHIL REFINERIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
1-8-663 Azamabad Industrial Area, Azamabad, |
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Type of charge |
Immovable property Book debts Movable property Others |
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If other specify |
Movable fixed assets link plant and machinery etc. |
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Particular of charge
holder |
State Bank of Bhanugudi Junction, |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
06.01.2007 |
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Amount secured by
the charge |
Rs. 335.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest Cash Credit –
10.50 % per annum Terms of
repayment Cash credit and
import L/C limit – 12 months from the date of sanction Margin For Cash Credit –
on Stock 25 % -
On
receivable 50 % For Import L/C –
15 % Cash margin upfront Extent and
operation of the charge Hypothecation
charge on pari passu basis, over the entire current assets of the company, including
receivable both present and future, along with State Bank of 1st
charge, on pari passu basis, over the entire fixed assets of the company,
both present and future, along with State Bank of Indore and State Bank of
Hyderabad |
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Short particulars
of the property charged |
-
Hypothecation
charge on pari passu basis, over the entire current assets of the company,
including receivable both present and future, along with State Bank of -
1st
charge, on pari passu basis, over the entire fixed assets of the
company, situated at Sy. 281/1, ADB
Road, Suryaraopet Village, Kakinada, both present and future, along with
State Bank of Indore and State Bank of Hyderabad |
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Date of latest
modification prior to the present modification |
24.04.2004 |
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Particulars of
the present modification |
The consortium
working capital limits of the company, comparison cash credit limit and import
L/C limit, are increased from the excising Rs. 245 Millions to Rs. 335
Millions owing to increase in the share of State Bank of Mysore by Rs. 25.500
Millions, State Bank of Indore share by Rs. 38 Millions an in State Bank of
Hyderabad share by Rs. 26.500 Millions
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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.41.34 |
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|
1 |
Rs.81.81 |
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Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
NO |
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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 |
|
31 |
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 |
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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 |
|
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|