MIRA
INFORM REPORT
|
Report Date : |
15.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
KONARK PLYLAND |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31-03-2006 |
|
|
|
|
Date of Incorporation : |
1985 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEK00178D |
|
|
|
|
Legal Form : |
A Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
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 |
|
Maximum Credit Limit : |
- |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 : |
|
|
Tel. No.: |
91-44-26690052/26690073/42145536/42120003 |
|
Mobile No.: |
91-9840831371 |
|
Fax No.: |
91-44-26690284 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3000 Sq.fts |
|
Location : |
Leased |
|
|
|
|
Branches 1 : |
283, |
|
Tel. No.: |
|
|
Fax No.: |
91-44-42120003 |
|
E-Mail : |
91-44-26690284 |
|
|
|
|
Branches 2 : |
|
|
Tel. No.: |
1, |
|
Fax No.: |
91-44-42052338 |
|
E-Mail : |
91-44-26690284 |
|
|
PARTNERS
|
Name : |
Mr. Satyanarayan
Agrawal |
|
|
Designation : |
Partner |
|
|
Date of Birth/Age : |
45Years |
|
|
Qualification : |
B.Sc. |
|
|
Experience : |
23 Years |
|
|
|
|
|
|
Name : |
Mr. Ramawatar
Agrawal |
|
|
Designation : |
Partner |
|
|
Date of Birth/Age : |
43 Years |
|
|
Qualification : |
B.Sc. (Maths) |
|
|
Experience : |
24 Years |
|
|
|
|
|
|
Name : |
M/s. M. L. Agrawal
(HUF) |
|
|
Designation : |
Karta |
|
|
Date of Birth/Age : |
45 Years |
|
|
Qualification : |
B.Sc. (Chemistry) |
|
|
Experience : |
21 Years |
|
|
|
|
|
|
Name : |
Ms. Manju Devi |
|
|
Designation : |
Partner |
|
|
Date of Birth/Age : |
S.S.C. |
|
|
Qualification : |
42 Years |
|
|
Experience : |
13 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. |
|
|
|
|
Products : |
v Phenol Formaldehyde Bonded Water Proof Plywood v MR Grade Commercial Plywood v Shuttering Plywood v Decorative Plywood |
|
|
|
|
Agencies Held : |
v
Thai MDF Company Limited, v
Segamat Panel Boards Sdn v
Robin Resources ( v
v New Dua Industries, Raibareli, Uttar Pradesh v
Jaya Kuik Boards Sdn v
Suryodaya Industries, Kankad Baug, Nina Boards, Cannanur |
|
|
|
|
Imports : |
|
|
Products : |
Prelam Particleboards, Medium Density Fibre Boards and Printed MDF |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Credit (30 to 90 days) terms. |
|
|
|
|
Purchasing : |
L/C and Credit (90 to 120 days) terms. |
GENERAL INFORMATION
|
No. of Employees : |
13 (Office – 8, Branch – 5.) |
|
|
|
|
|
|
Bankers : |
v
Bank of Credit Limit: L/C Rs. 12.000 millions v Indus Ind Bank, Nungambakkam, Chennai – 600008, Tamilnadu |
|
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
|
|
Auditors : |
|
|
|
Name : |
v R R More Chartered Accountant |
|
|
Address : |
356, |
|
|
Tel. No.: |
91-44-25224607/25226065 |
|
|
|
|
|
|
Memberships : |
Tamilnadu Timber and Plywood Merchants Association |
|
|
|
|
|
|
Associates/Subsidiaries : |
v Khemka Timber and Plywoods 283, Chennai, Tamilnadu Line of Business: Plywoods v Rukmoni Boards Private Limited 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 : |
|
|
Owned : |
Rs. 4.251 millions |
|
Borrowed : |
Nil |
|
Total : |
Rs. 4.251 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partners Capital Account |
4.251 |
4.747 |
4.282 |
|
|
2] Partners Current Account |
1.234 |
1.540 |
1.946 |
|
|
3] Reserves & Surplus |
0.159 |
0.000 |
0.000 |
|
|
NETWORTH |
5.644 |
6.287 |
6.228 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.199 |
0.687 |
0.926 |
|
|
2] Unsecured Loans |
4.303 |
3.463 |
2.168 |
|
|
TOTAL BORROWING |
4.502 |
4.150 |
3.094 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10.146 |
10.437 |
9.322 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.317 |
0.351 |
0.383 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories
|
3.519
|
3.847 |
2.772 |
|
|
Sundry Debtors
|
6.363
|
6.556 |
6.113 |
|
|
Cash & Bank Balances
|
0.253
|
0.184 |
0.661 |
|
|
Other Current Assets
|
1.531
|
0.000 |
0.000 |
|
|
Loans & Advances
|
1.706
|
1.501 |
1.795 |
|
Total
Current Assets |
13.372
|
12.088 |
11.341 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
3.543
|
2.002 |
2.402 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
0.000
|
2.002 |
2.402 |
|
|
Net Current Assets |
9.829
|
10.086 |
8.939 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10.146 |
10.437 |
9.322 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
54.000 |
45.287 |
37.324 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Total Income |
54.000 |
45.287 |
37.324 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
NA |
0.159 |
0.060 |
|
Provision for Taxation |
NA |
0.000 |
0.000 |
|
Profit/(Loss) After Tax |
NA |
0.159 |
0.060 |
|
|
|
|
|
|
Total Expenditure |
NA |
48.647 |
41.111 |
Expected sales for March 2008: Rs.60.000 millions
LOCAL AGENCY FURTHER INFORMATION
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,
Contact Person: Mr. Dinesh Kumar, Partner
Mobile No: 91-9844026444
Contact:
Door
Phone (Office) : 91-44-5321273,5322652
Phone (Res) : 91-44-6424308
Fax: 91-44-5321208
E-mail : konark@md3.vsnl.net.in
Product list
¨ Particle Board
¨ Medium Density Fibre Board
¨ Hard Board
¨ Plywood
¨ Flush Doors
¨ Block Boards
¨ Timber (Wood)
¨ Edge Bands
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 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.40.90 |
|
|
1 |
Rs.80.78 |
|
Euro |
1 |
Rs.55.18 |
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 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/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 |
|