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MIRA
INFORM REPORT
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Report Date : |
06.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
KAYBEE INDUSTRIAL ALLOYS (PRIVATE) LIMITED |
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Formerly Known As : |
KAYBEE INDUSTRIAL ALLOYS |
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Registered Office : |
8, Bentinck Street (Taher Mansion),
Kolkata – 700 001, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.05.1988 |
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Com. Reg. No.: |
21-44318 |
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CIN No.: [Company
Identification No.] |
U27109WB1988PTC044318 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALK01256D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Sponge Iron and Ferro Alloys. |
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 185720 |
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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. 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
|
Registered Office / Head office : |
8, Bentinck Street (Taher
Mansion), Kolkata – 700 001, West Bengal |
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Tel. No.: |
91-33-22105740 / 22103032 |
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Mobile No.: |
91-9830477154 |
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Fax No.: |
91-33-22430907 |
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E-Mail : |
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Website : |
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Corporate Office : |
33, C R Avenue, kolkata – 700 017, West Bengal |
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Tel. No.: |
91-33-40009400 -499 |
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Bangalore Office : |
KMT -2, 19th K M Tumkur Road, Madanayakanahalli, Opposite Swami Petrol Pump, Bangalore – 562 123, |
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Tel. No.: |
91-80-23715579 |
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Fax No.: |
91-80-23715579 |
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Ahmedabad Office : |
Raghuvir Estate -2, Godown No. 16, Near Tirupati Estate, Aslali, N H
:8, Ahmedabad – 382 427, Gujarat |
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Tel. No.: |
91-79-64199529 |
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Fax No.: |
91-79-64199529 |
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E-Mail : |
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Mumbai Office: |
314, Ashirwad, Ahmedabad Street, Mumbai – 400 009 |
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Tel. No.: |
91-22-56370484 / 23729499 |
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Fax No.: |
91-22-23751733 |
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E-Mail : |
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Raipur Office: |
Prakash Complex, Godown No. 8, Near Vyas Talab, Bhanpuri, Birgaon
Raipur, Chattisgarh – 493 221 |
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Tel. No.: |
91-771-4091697 / 4091656 |
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Fax No.: |
91-771-4091656 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Vinod Mahipal |
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Designation : |
Director |
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Address : |
P-198 Block ‘A’, Laketown, Kolkata – 700 089, West Bengal |
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Date of Birth/Age : |
26.02.1967 |
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Date of Appointment : |
03.05.1988 |
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Name : |
Mr. Vijay Mahipal |
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Designation : |
Director |
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Name : |
Mr. Manoj Mahipal |
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Designation : |
Director |
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Name : |
Mr. Pawan Mahipal |
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Designation : |
Director |
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Address : |
P-198 Block ‘A’, Laketown, Kolkata – 700 089, West Bengal |
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Date of Birth/Age : |
01.07.1975 |
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Date of Appointment : |
01.04.2002 |
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Name : |
Mr. Kishan lal Mahipal |
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Designation : |
Director |
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Address : |
P-198 Block ‘A’, Laketown, Kolkata – 700 089, West Bengal |
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Date of Birth/Age : |
12.07.1941 |
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Date of Appointment : |
03.05.1988 |
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Name : |
Mr. Vijay Mahipal |
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Designation : |
Director |
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Address : |
P-198 Block ‘A’, Laketown, Kolkata – 700 089, West Bengal |
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Date of Birth/Age : |
02.11.1970 |
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Date of Appointment : |
21.12.2002 |
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Name : |
Mr. Manoj Mahipal |
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Designation : |
Director |
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Address : |
P-198 Block ‘A’, Laketown, Kolkata – 700 089, West Bengal |
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Date of Birth/Age : |
17.09.1972 |
KEY EXECUTIVES
|
Name : |
MR and Associates |
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Designation : |
Company Secretary |
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Address : |
46, B.B Ganguly Street , Kolkata – 700 012, Wets Bengal |
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Tel No: |
91-33-22379517 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Equity share breakup (percentage of total equity):
|
Sr.No. |
Category |
Percentage |
|
1 |
Bodies Corporate |
33.50 |
|
2 |
Directors or relative of directors |
48.72 |
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3 |
Other top fifty (50) shareholders |
17.78 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Sponge Iron and Ferro Alloys. |
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Products : |
Ferro Alloys · Ferro Silicon · H C Ferro Manganese · H C Ferro Chrome Metal · Silicon Metal · Manganese Metal · Nickel Mineral and
Refractories · Manganese Ore · Chromite Ore · Flouspar |
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Exports : |
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Products : |
Ferro Alloy, Mineral, Metals, Sponge Iron, Chromite Sand, Zircon Sand |
GENERAL INFORMATION
|
Bankers : |
· Canara Bank · Punjab National Bank · ICICI Bank · HDFC bank · State Bank of Bikaner and Jaipur · Corporation Bank Address:
Dharmatalla Branch, 8, Lenin Sarani, Kolkata – 700 013, west Bengal Email ID: cb152@corpbank.co.in |
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Banking
Relations : |
Satisfactory |
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Auditors : |
|
|
Name : |
Keshari and Associates Chartered Accountants |
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Address : |
50, Weston Street, Kolkata – 700 001, West Bengal |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity shares |
Rs. 10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
999995 |
Equity shares |
Rs. 10/-
each |
Rs. 9.999
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
10.000 |
7.000 |
|
|
2] Share Application Money |
|
0.000 |
3.000 |
|
|
3] Reserves & Surplus |
|
36.430 |
25.957 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
46.430 |
35.957 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
13.456 |
6.808 |
|
|
2] Unsecured Loans |
|
24.828 |
18.365 |
|
|
TOTAL BORROWING |
|
38.284 |
25.173 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.074 |
|
|
|
|
|
|
|
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TOTAL |
|
84.714 |
61.204 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
|
3.002 |
2.537 |
|
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Capital work-in-progress |
|
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
|
0.050 |
0.050 |
|
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DEFERREX TAX ASSETS |
|
0.004 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
|
45.639 |
26.423 |
|
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Sundry Debtors |
|
68.744 |
84.133 |
|
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Cash & Bank Balances |
|
4.438 |
7.414 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
49.137 |
19.123 |
|
Total
Current Assets |
|
167.958 |
137.093 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
80.582 |
64.943 |
|
|
Provisions |
|
5.718 |
13.533 |
|
Total
Current Liabilities |
|
86.300 |
78.476 |
|
|
Net Current Assets |
|
81.658 |
58.617 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
84.714 |
61.204 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
|
|
Sales Turnover |
|
|
510.180 |
|
|
Other Income |
|
|
0.000 |
|
|
Total Income |
|
|
510.180 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
16.391 |
|
|
Provision for Taxation |
|
|
5.917 |
|
|
Profit/(Loss) After Tax |
|
|
10.474 |
|
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
|
|
0.389 |
|
|
Other Expenditure |
|
|
493.011 |
|
Total Expenditure |
|
|
493.400 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
2.05 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
3.21 |
NA |
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|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
9.58 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.35 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.68 |
2.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.94 |
1.74 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the
company |
KAY BEE INDUSTRIAL ALLOYS PRIVATE LIIMTED |
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Presented
By |
Corporation Bank Address: 8, Lenin
Sarani, Calcutta – 700 013 |
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1) Date and
description of instrument creating the change |
·
Hypothecation
of goods to secure demand cash credit dated 02.06.1992 for Rs. 0.500 millions
·
Unattested
deed of hypothecation of movable dated 02.06.1992 for Rs. 2.700 millions ·
Agreement
for hypothecation of book debts. Dated 02.06.1992 for Rs. 2.700 millions ·
Memorandum
of Deposit of title deeds dated 02.06.1992. For Rs. 2.700 millions ·
Agreement
for inland / Foreign Bill facility: dated 02.06.1992 for Rs. 2.700 millions ·
Subsequently
modified on 15.07.1994, 29.04.1995, 08.12.1995, 22.05.1996, 03.10.1996,
29.10.96, 17.10.1997 for Rs. 10.500 millions 25.03.1999 for Rs. 11.800
millions and 25.06.1999 for Rs. 11.675 millions 24.07.1999 for Rs. 12.925
millions and 12.04.2000 for Rs. 16.000 millions , 29.03.2001 for Rs. 18.000
millions and 21.04.2001 for Rs. 21.600 millions and 30.04.2002 for Rs. 28.500
millions and registered on 10.06.2002 and 05.05.2003 and registered on
14.05.2003 and modified on 21.08.2003 for Rs. 95.000 millions and registered
on 19.09.2003 and modified on 22.01.2004 for Rs. 90.000 millions and
registered on 18.02.2004 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Overall limit –
Rs. 2.700 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 |
Stock of raw
materials , stock in process , semi finished goods and finished goods of
Ferro alloys, refractory Brocks, Graphinte electrode, Virgin Metal etc, lying
at (I) T N Muikherjee Road, makhia, P S Uttarpara, district Hooghly. 2) Bentick Street
Tahar Mansion Calcutta -700 001 , or any other place to be communicated from
time to time Plant and
Machinery and also all other fixed assets of the company above said addressor
or nay other place (s) to be intimated from time to time. All the borrower
present and future book debts, outstanding moneys, bills, claim, etc. The bank still
holding deposit of title deeds i.e, Dag no. 173 and 179 J L No. 195 and 1283,
Village Hooghly Admeasuring 0.56 decimal more or less alongwith factory shed All the bills
under goods |
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|
4) Gist of the
terms and conditions and extent and operation of the charge. |
· Interest @11.75% p.a above the RBI rate subject to a minimum of 13.75%p.a with q.r Penal interest @2@ p.a · Margin : 30% |
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5) Name and
Address and description of the person entitled to the charge. |
Corporation Bank Address: 8 Lenin Sarani, Calcutta – 700 013 |
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6) Date and brief description of instrument
modifying the charge |
Common Deed of
hypothecation of movables assets / debts dated 16.03.2005 Continuity Letter
dated 16.03.2005 The above
agreement made between Kay Bee Industrial Alloys Private limned (The
borrower) and corporation Bank, 8, Lenin Sarani Calcutta – 13 (The Bank) |
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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.
|
By this agreement
the bank has agreed to grant to the borrower to the extent of Rs. 133.000
millions against hypothecation of stock in trade / book debts, raw materials,
finished goods, stored at various places and goods in transit. Interest @ 10.50%
p.a. being 0% below / over and above Corporate Bank Bench Mark Advance rate
(COBAR), which is 10.5% p.a at present, rising or falling therewith. On 16.03.2005 M/s
Kay Bee Industrial Alloys Private limited (the borrower) deposited the tilte
deeds in respect of their immovable properties i.e survey no. Mouza _
Uttarpara at Dag No. 173, 179 J L No. 12, Khatian No. 196 and 1283,
Serampor,. Hoghly admeasuring 40 Kottah with corporation Bank, 8, Lenin
sarani Kolkata – 700 013, by way equitable mortgage by way of simple deposit
of title deed to secure the credit facilities sanctioned by the bank to the
time of Rs. 133.000 millions to the borrowers. So by this
modification overall limit is being
increased from Rs. 90.000 millions to
Rs. 133.000 millions
Other terms and
conditions save as modified by these present remain in full force |
|
Corporation identity number or foreign company registrations number of
the company |
U27109WB1988PTC044318 |
|
Name of the company |
KAY BEE INDUSTRIAL ALLOYS (P) LIMITED |
|
Address |
8, Bentinck Street (Taher
Mansion), Kolkata – 700 001, West Bengal |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Book debts Movable property |
|
Particular of the charge holder
|
Corporation Bank Address: Dharmatalla Branch, 8, Lenin
Sarani, Kolkata – 700 013, west Bengal Email ID: cb152@corpbank.co.in |
|
Nature or description of the instrument creating charge |
Common deed of hypothecation of movable /
assets/ debts |
|
Date of the instrument creating charge |
26.02.2007 |
|
Amount Secure by the charge |
Rs. 163.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
· Rate of interest: the borrower shall pay interest as per banks / RBI guidelines · Term of repayment: As per Bank Rules · Margin: NA · Extent and operation of the Charge: Hypothecation of stock in trade, book debts, raw materials, finished goods, stored at various places, branch office of Kaybee Industrial Alloys (P) Limited and goods in Transit. · Others: NA |
|
Short particulars of the
Property charged |
Hypothecation of stock in trade, book
debts, Raw materials, finished goods, stored at various places, Brach Office
of Kay Bee Industrial Alloys (P) Limited and goods in transit. |
|
Particulars of the present modification |
· By this modification: at the request of the borrower the bank has enhanced the overall limit from Rs. 133.000 millions to Rs. 163.000 millions · Nature of facilities: Cash credit – Rs. 12.000 millions, PCL (Sub Limit PCFC Rs. 10.000 millions) Rs. 15.000 millions foreign doc bills nego. (Sub Limit FDBD / PC Rs. 5.000 millions) Rs. 25.000 millions, Bills discounting under LC – Rs. 50.000 millions, Bank Guarantee – Rs. 1.000 millions, inland / Import LC – 60.000 millions. · Other terms and conditions save as modified by these presents remain in full forc. |
WEBSITE DETAILS:
Subject is a private owned Limited company dealing in Ferro alloys for
last more then 30 years. It is a family business started by Late Shri Kishan Lal
Mahipal and since then has been constantly progressing. The Promoters are
committed to provide best of services to their customers and also for constant
improvement in technology and services. THAT’S how it has created high
reputation among the people in its Industry. The management also has commitment
and obligation towards society and Environment which is never ignored. The
promoters are associated with various organisation for betterment of society.
The company was formed in the Year 1982 initially for small trading in few
ferro alloys. It has been adding various other products as per the customer’s
demand and has also diversified its business in other lucrative areas. The main
customers are the Steel Plants, Refractory Industry, Foundries, Ceramic Industry
and Welding Electrode Industry. The company is quiet young in
International trade however in such short time has created a very good name for
itself. This has been possible because of Timely shipment, Quality material and
Competitive prices.
The company has also opened International offices at Hong Kong, Singapore and
Representative Office in China for both procurement and International trade.
They are committed to meet customer’s requirement complying with not only the
needs of their customer but exceeding their Expectation and at right time,
every time and at competitive price through involvement and innovations.
They are also committed for continual improvement through reviewing and
updating of all processes to take care of technological improvements and
changing needs of Business.
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 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.39.34 |
|
UK Pound |
1 |
Rs.82.66 |
|
Euro |
1 |
Rs.57.57 |
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 |
--- |
|
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 |
|
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 |
|