MIRA
INFORM REPORT
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Report Date : |
28.05.2007 |
IDENTIFICATION DETAILS
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Name : |
KEGG FARMS PRIVATE LIMITED |
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Registered Office : |
8th Floor, Eros Apartment, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.09.1985 |
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Com. Reg. No.: |
55-21903 |
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CIN No.: [Company
Identification No.] |
U74899DL1985PTC021903 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELK05518C |
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PAN No.: [Permanent
Account No.] |
AAACK0889Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Producers and Exporters of
Chicks. Subject is Engaged in the business
of Genetic Research, Development and Building a Poultry Stock Specifically
for Indian Agro Climatic Environment. |
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 630000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. 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 normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
8th Floor, Eros Apartment, Nehru Place, New Delhi-110019, |
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Tel. No.: |
91-11-26462854 / 26286493 |
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E-Mail : |
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Website : |
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Head / Corporate Office : |
NH 8, |
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Tel. No.: |
91-124-2373691 – 5 |
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Fax No.: |
91-124-2373694 |
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E-Mail : |
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Regional Offices : |
Located at : v
Kolkata v
v
v
Hosur |
DIRECTORS
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Name : |
Mr. Vinod Somnath Kapur |
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Designation : |
Chairman cum Managing Director |
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Address : |
Village Khandsa, |
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Date of Birth/Age : |
20.07.1934 |
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Date of Appointment : |
02.09.1985 |
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Name : |
Mr. Shashi Kapur |
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Designation : |
Director |
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Address : |
Village Khandsa, |
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Date of Birth/Age : |
01.12.1947 |
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Date of Appointment : |
02.09.1985 |
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Name : |
Mr. Rahul Kapur |
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Designation : |
Director |
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Address : |
J-6/6, DLF Phase 2, Qutab Enclave, Gurgaon-122001, Haryana |
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Date of Birth/Age : |
06.04.1963 |
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Date of Appointment : |
01.09.1995 |
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Date of Ceasing : |
25.04.2005 |
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Name : |
Mr. Pramod Kapur |
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Designation : |
Director |
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Address : |
13-2, 5th |
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Date of Birth/Age : |
21.02.1936 |
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Date of Appointment : |
01.07.2005 |
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Name : |
Mr. Ram Autar Singh |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. V S Yadav |
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Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Vinod S Kapur |
27090 |
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Ms. Mohini Kapur |
8850 |
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Mr. Shashi Kapur |
12000 |
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Ms. Devi Kapur |
60 |
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Mr. Vinod Kapur |
1 |
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Mr. Shashi Kapur |
1 |
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Ms. Mohini Kapur |
112175 |
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Mr. Vinod Kapur |
5000 |
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Mr. Praveen Kapur |
6240 |
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Mr. Rahul Kapur |
5060 |
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Ms. Anjali Khosla |
1575 |
All the shares are held by directors and their relatives.
BUSINESS DETAILS
|
Line of Business : |
Producers and Exporters of
Chicks. Subject is Engaged in the
business of Genetic Research, Development and Building a Poultry Stock Specifically
for Indian Agro Climatic Environment. |
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Products : |
v
Parent stock of Egg and Meat v
Kuroiler v
Keystone
Golden Tinted Egg Layers v
Near
Organic Table Eggs - Premium Quality Table Eggs |
GENERAL INFORMATION
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No. of Employees : |
200 |
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Bankers : |
v
Canara Bank, v
Indian Bank, , v
Oriental Bank of Commerce, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D C Jain & Associates Chartered Accountants |
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Address : |
A-14/3, Jamna Bhawan, |
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Tel. No. : |
91-11-23273420 |
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Fax No. : |
91-11-23261886 |
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Associates : |
v Indovax v
Avitech v
SNK
Sammarak |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs. 5.000
millions |
|
150000 |
Preference Shares |
Rs.100/- each |
Rs. 15.000
millions |
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Total |
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Rs.
20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
48002 |
Equity Shares |
Rs.100/- each |
Rs. 4.800 millions |
|
130050 |
Preference Shares |
Rs.100/- each |
Rs. 13.005 millions |
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Total |
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Rs.17.805 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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17.805 |
17.805 |
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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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141.485 |
139.251 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
159.290 |
157.056 |
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LOAN FUNDS |
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1] Secured Loans |
|
28.761 |
30.311 |
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2] Unsecured Loans |
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47.911 |
50.638 |
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TOTAL BORROWING |
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76.672 |
80.949 |
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DEFERRED TAX LIABILITIES |
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0.000 |
2.105 |
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TOTAL |
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235.962 |
240.110 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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158.053 |
158.874 |
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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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0.200 |
0.200 |
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DEFERREX TAX ASSETS |
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0.590 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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58.987 |
59.328 |
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Sundry Debtors |
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39.598 |
40.300 |
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Cash & Bank Balances |
|
3.206 |
4.594 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
5.083 |
5.404 |
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Total
Current Assets |
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106.874 |
109.626 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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22.642 |
21.940 |
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Provisions |
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7.113 |
6.650 |
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Total
Current Liabilities |
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29.755 |
28.590 |
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Net Current Assets |
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77.119 |
81.036 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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235.962 |
240.110 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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153.182 |
148.503 |
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Other Income |
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0.000 |
0.0000 |
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Total Income |
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153.182 |
148.503 |
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Profit/(Loss) Before Tax |
|
0.778 |
1.796 |
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Provision for Taxation |
|
[1.651] |
0.351 |
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Profit/(Loss) After Tax |
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2.429 |
1.445 |
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Expenditures : |
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Depreciation & Amortization |
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1.385 |
1.302 |
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Other Expenditure |
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149.634 |
144.103 |
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Total Expenditure |
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151.019 |
145.405 |
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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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1.58 |
0.97 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.50 |
1.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.29 |
0.66 |
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Return on Investment (ROI) (PBT/Networth) |
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0.004 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.67 |
0.70 |
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Current Ratio (Current Asset/Current Liability) |
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3.59 |
3.83 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U74899DL1985PTC021903 |
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Name of the company |
KEGG FARMS PRIVATE LIMITED |
|
Address |
8th Floor, Eros Apartment, Nehru Place, New Delhi-110019, |
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This Form is for |
Modification of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
Canara Bank Indian Bank Oriental Bank of Commerce |
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Date of the instrument creating charge |
Rs.6.650 millions |
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Corporation identity number or foreign company registrations number of the company |
U74899DL1985PTC021903 |
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Name of the company |
KEGG FARMS PRIVATE LIMITED |
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Address |
8th Floor, Eros Apartment, Nehru Place, New Delhi-110019, |
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This Form is for |
Modification of charge |
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Type of Charges |
Equitable mortgage or mortgage of property by depositing the title
deeds. |
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Particular of the charge holder |
Canara Bank, Indian Bank, , Oriental Bank of Commerce, |
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Nature or description of the instrument creating charge |
Letter evidencing deposit of title deeds dated 02.09.1985 and Registered on 06.02.1987, modified on 02.06.1987 and registered on 24.08.1987 for Rs.7.850 millions, modified on 29.09.1992 and registered on 03.06.1993 for Rs.9.425 millions, modified on 21.12.1994 and registered on 06.06.1995 for Rs.31.088 millions, modified on 07.10.2002 and registered on 05.11.2002 fro Rs.30.000 millions, modified on 30.03.2006 for Rs.32.000 millions. |
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Date of the instrument creating charge |
02.09.1985 |
Website Details :
Subject was established in 1967. It is the oldest
organisation in
Subject research work is based on an adapted Gene Pool of a
number of Purelines and its production on its derivatives of Grandparent and
Parent stocks. The result of the research work produced a rural specific
poultry stock that has been branded as "KUROILER" and this name is a
registered Trade Mark.
Unquestionably Kuroiler has now established itself as a
totally proven and viable poultry stock suited for villages/free range poultry
for upgradation of village/range poultry production.
With the intention of taking care of poultry stocks produced
in
Vaccines are produced by Indovax
Poultry nutrition and health are catered for by Avitech.
For the gourmet Subject produces the Kuroiler and near organic
table eggs of premium quality.
Rural development and promotion of backyard poultry -
undertaken by SNK Sammarak
The Flagship of Keggfarms Group of
Companies
Subject is one of the oldest
poultry breeding organisations of
The genetic research work done by Subject is formally recognised by Department
of Science and Technology since mid 70's. It was the first poultry organisation
to be given this recognition.
Since 1990 Subject has been working on development of Rural Specific Poultry
Stock, and is the first commercial organisation not only in
Subject started to produce this
stock in regular manner from end 1991. The company has branded this variety as
"KUROILER" and this name is a registered Trade Mark.
The KUROILER represents a stock that is scientifically developed, and
recognised by the Government of India, as one that has all the attributes of
the country/village chicken in terms of colour, ability to thrive in scavenging
conditions without any major change in husbandry practices, with the added
advantage of higher body weight yields and egg production capabilities.
Subject is willing and ready to
commit its unique knowledge, expertise and products to any individual,
organisation or government for promotion of improved village poultry programme.
Associates
INDOVAX
INDOVAX is
engaged in the production of quality poultry biologicals since 1991.
Nowhere in the world is fighting poultry diseases easy. In
Severe agro-climatic conditions with temperatures varying
from 0oC to 46oC; humidity varying from 0% to 100%; even
housing varying from crudely put together sheds to modern cage system and
environment controlled housing, resulting in a hugely complex scenario where
bacteria and viruses thrive. This is why the country presents one of the
toughest bio-security challenges anywhere in the world.
In the face of such adversity, poultry farmers in
All this has been possible because the Indian poultry farmer
has been able to not only improve his own efficiency, but also tackle the many
poultry disease challenges that he has encountered.
When the dreaded Gumboro disease hit the Indian poultry
farmer in early 90s and farmers were losing 10% to 90% chickens at their farm
when no other product - Indian or International worked it was INDOVAX products that were able to
successfully control this dreaded disease.
Since then, INDOVAX
with its research focused at product development for Indian (tropical)
conditions and a unique holistic approach to poultry disease challenges, as distinct
from a product approach, has helped the Indian poultry farmer in overcoming the
ever-increasing and challenging disease problems.
INDOVAX
believes that there is much more to combating poultry diseases than just
producing vaccines - relevant research, specific products and specially
designed vaccination programmes.
AVITECH
Poultry nutrition and health are catered for by Avitech
SNK SAMMARAK
Women empowerment through rural development and promotion of
backyard poultry - undertaken by SNK Sammarak
Products
KUROILER
Kuroiler represent stocks that are scientifically developed
and recognised as one that has all the attributes of village/ free range
chicken in terms of colour, ability to thrive in scanvenging conditions without
any major change in traditional husbandry practices with high yields of egg
production and substantially higher body weights. In scavenging
conditions eggs produced 180 to 200 in 365 days. Male body weight 1800
gms in 90 days.
KEYSTONE GOLDEN TINTED EGG LAYERS
Keystone chicks are produced from Breeding Lines that have
been tested and selected on the basis of their effeciency in
NEAR ORGANIC TABLE EGGS - PREMIUM QUALITY TABLE EGGS
Eggs produced from specific lines of Keystone Golden reared
on a vegetarian diet. The feed ingredients used have no abattoir waste
and are from organically grown farms. In addition to this the birds are
regularly given greens
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.40.60 |
|
|
1 |
Rs.80.65 |
|
Euro |
1 |
Rs.54.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--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 |
|
54 |
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 |
|