MIRA
INFORM REPORT
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Report Date : |
05.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
KISAN AGRO PRODUCT INDUSTRIES |
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Registered Office : |
Near Railway Crossing, Ahmedabad Highway, Palanpur 385001, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1986 |
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Legal Form : |
Partnership concern with an unlimited liability of the Partners |
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Line of Business : |
Manufacturer and Exporter of various grades of Castor oil, Caster
Seeds, Extraction meals, rapeseed extraction meals. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 52000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern and doing brisk business. Its
trade relations are fair. Payments are
usually correct and as per commitments. The concern is doing well. The concern can be considered normal for business dealing at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Near Railway Crossing, Ahmedabad, Palanpur 385001, Gujarat, India |
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Tel. No.: |
91-2742-257062 / 260262 / 260162 |
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Mobile No.: |
91-9824087062 |
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Fax No.: |
91-2742-253562 |
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E-Mail : |
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Website : |
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Area : |
200000 Sq. fts. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Kalpesh Shah |
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Designation : |
Partner |
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Mobile No. : |
91-9824087062 |
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Date of Birth/Age : |
36 Years |
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Qualification : |
Post Graduate |
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Name : |
Mr. Raman Patel |
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Designation : |
Partner |
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Date of Birth/Age : |
46 Years |
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Qualification : |
Undergraduate |
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Name : |
Mr. Manu Patel |
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Designation : |
Partner |
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Date of Birth/Age : |
39 Years |
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Qualification : |
Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of various grades of Castor oil, Caster
Seeds, Extraction meals, rapeseed extraction meals. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Selling : |
L/C. Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
100 |
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Bankers : |
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Facilities : |
C/C and FBI – Rs. 40.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Prakash Shah and Company Chartered Accountants |
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Address : |
Palanpur, Ahmedabad |
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Associates/Subsidiaries : |
Line of Business: Manufacturer
and Exporter of rapeseed oil and meals.
Line of Business : Assembling of electrical scooters |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 13.000 Millions |
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Borrowed : |
Rs. 40.000 Millions |
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Total : |
Rs. 53.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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226.100 |
210.000 |
Expected Sales (2007-08) : Rs. 250.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
- Kurlon
Limited
- Asian Paints
- Sheela Foams
AS PER WEBSITE DETAILS:
Subject is incorporated in the year 1986, is a flagship
company of The Kisan Group. They were established with an objective to
manufacture and market various grades of Castor Oil & Castor Seed
Extraction. The unit is having expelling capacity of 115 MT/day, refining
capacity of 50 MT/day and a solvent extraction plant for castor seed extraction
meal with a capacity of 100 MT/day.
Kisan
Group has also added one more Solvent Extraction Plant in the year 2005 under
the name of subject to produce Rapeseed Extraction Meal with the
production capacity of 250 MT/day. In the future, Kisan Proteins will
also have the Rapeseed Expelling Facility supported by Refinery to back up the
captive requirements of its Solvent Extraction Plant and to cater to the ever
deficit Indian Edible Oil Market by offering Refined Grade Rapeseed
Oil.
The strength
of the company lies in the team of the promoters who are having inheritably
rich experience of the Castor Oil industry. Moreover, the factory is
located in one of the world’s largest castor seeds and rapeseed growing area,
which ensures easy availability of quality raw materials round the year.
Connectivity with Kandla, Mundra & Mumbai ports and other emerging ports
within the Gujarat state by rail & road also offers best logistics
opportunities to ensure faster exports.
All
the above products are regularly exported by the company in bulk, in
Containers like MS drums/Flexitanks, ISO tanks, etc. to various
destinations throughout the world.
Most
buyers recognize Kisan Group as the most reliable supplier of Various Grades
of Castor Oil, Castor Seed Extraction Meal & Rapeseed Extraction Meal.
Kisan group is ever imbued to maintain its commitment towards offering the best
quality of products and services.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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. 39.37 |
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UK Pound |
1 |
Rs. 81.82 |
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Euro |
1 |
Rs. 56.83 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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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63 |
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. |
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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