MIRA
INFORM REPORT
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Report Date : |
17.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SRI SALASAR BALAJI AGRO TECH
PRIVATE LIMITED |
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Registered Office : |
D N 4-3 18/56, 1st Floor, Ambedkar Chowk, Adilabad – 504
001, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.08.2003 |
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Com. Reg. No.: |
41519 |
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CIN No.: [Company
Identification No.] |
U15143AP2003PTC04159 |
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IEC No.: |
0904001059 |
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PAN No.: [Permanent
Account No.] |
AAHCS48769 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer And Exporter Of Raw Indian Cotton Bales. |
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 90000 |
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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 experience 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. |
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LOCATIONS
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Registered Office : |
D N 4-3 18/56, 1st Floor, Ambedkar Chowk, Adilabad – 504
001, Andhra Pradesh, India |
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Tel. No.: |
91-22-873-2226632 / 226692 |
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Mobile No.: |
91-9848124912 |
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Fax No.: |
91-22-8732226132 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Jalna |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Mahesh Khetan |
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Designation : |
Director cum Chairman |
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Address : |
D N 67-72 /1/A, Bhokjapur, Adilabad – 504 001, Andhra Pradesh, India |
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Date of Birth/Age : |
53 years |
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Qualification : |
Graduate |
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Experience : |
35 years |
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Name : |
Mr. Dhiraj Kumar Khetan |
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Designation : |
Director |
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Address : |
D N 67-72 /1/A, Bhokjapur, Adilabad – 504 001, Andhra Pradesh, India |
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Date of Birth/Age : |
35 years |
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Qualification : |
Post Graduate |
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Experience : |
13 years |
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Name : |
Mr., Vikrant Kumar Khetan |
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Designation : |
Director |
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Address : |
D N 67-72 /1/A, Bhokjapur, Adilabad – 504 001, Andhra Pradesh, India |
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Date of Birth/Age : |
33 years |
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Qualification : |
Graduate |
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Experience : |
10 years |
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Name : |
Mrs. Manju Devi Khetan |
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Designation : |
Director |
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Name : |
Mrs. Vidya Devi Khetan |
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Designation : |
Director |
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Name : |
Mr. Deepak Kumar Birolia |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturer And Exporter Of Raw Indian Cotton Bales. |
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Exports : |
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Products : |
Raw cotton |
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Countries : |
China, Bangladesh, Pakistan |
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Terms : |
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Selling : |
L/C, Cash , Credit ( 30 days) |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
End users |
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No. of Employees : |
65 (25 in Office and 40 in Factory) |
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Bankers : |
State Bank of Hyderabad Address: Main Branch, Adilabad |
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Facilities : |
CC, TL, FLC, LC, BG |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
MKA Associates Chartered Accountants |
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Address : |
Adilabad |
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Tel. No.: |
91-22-232220 |
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Associates/Subsidiaries : |
· Shree Astalaxmi Spg Mills (P) Limited Address: Survey No. 38, light Industrial
Area Activity: Manufacturing of Cotton Yarn · Salasar Balaji Industries Address: Beta Village, Adilabad – 504 001 Activity: Ginning Pressing and Oil Mills Tel No: 91-22-232220 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity shares |
Rs. 10/- each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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850000 |
Equity shares |
Rs. 10/-
each |
Rs. 8.500
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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7.500 |
20.000 |
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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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14.984 |
0.648 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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22.484 |
20.648 |
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LOAN FUNDS |
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1] Secured Loans |
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19.014 |
17.552 |
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2] Unsecured Loans |
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26.288 |
4.185 |
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TOTAL BORROWING |
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45.302 |
21.737 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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67.786 |
42.385 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.590 |
0.369 |
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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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23.555 |
17.478 |
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Sundry Debtors |
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67.553 |
72.119 |
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Cash & Bank Balances |
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13.217 |
2.224 |
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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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7.838 |
4.540 |
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Total
Current Assets |
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112.163 |
96.361 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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43.678 |
53.797 |
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Provisions |
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1.416 |
0.598 |
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Total
Current Liabilities |
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45.094 |
54.395 |
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Net Current Assets |
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67.069 |
41.966 |
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MISCELLANEOUS EXPENSES |
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0.127 |
0.050 |
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TOTAL |
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67.786 |
42.385 |
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PROFIT & LOSS
ACCOUNT
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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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1607.165 |
2207.050 |
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Other Income |
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14.438 |
19.815 |
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Total Income |
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1621.603 |
2226.865 |
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Profit/(Loss) Before Tax |
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2.902 |
1.013 |
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Provision for Taxation |
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1.062 |
0.456 |
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Profit/(Loss) After Tax |
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1.840 |
0.557 |
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Expenditures : |
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Cost of Goods Sold |
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1580.256 |
2212.596 |
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Administrative Expenses |
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3.136 |
11.696 |
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Interest |
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7.107 |
1.450 |
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Depreciation & Amortization |
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0.159 |
0.083 |
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Total Expenditure |
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1590.658 |
2225.825 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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0.11 |
0.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.18 |
0.04 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.57 |
1.04 |
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Return on Investment (ROI) (PBT/Networth) |
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0.12 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.00 |
3.68 |
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Current Ratio (Current Asset/Current Liability) |
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2.48 |
1.77 |
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:
They introduce their selves as highly reputed
and leading cotton trader/commission agent from India with annual transaction
of more than 500000 cotton bales. They are into this business since 1980,
serving needs of most of the major mills in India with a strong base of more
than 500 clients. To mention here, they are second largest trader in Indian
domestic market from last 10 years enjoying highest reputation and looking for
association with importers and exporters from all over world.
They deal in all grades of raw cotton like
mech1, j34, shankar (s6), lra, mcu5, bunny brahma and have exported to various
countries without single case of discrepancy in quality standards.
They have their own ginning and spinning mill with 25000 spindles capacity at
Adilabad in addition to having direct association with more than 2000 ginners
from all over India. In addition, they have a network of highly qualified and
skilled 50 professionals scattered all over the country for procurement of raw
cotton, they claim, which no company has such infrastructure in Indian cotton
industry. This helps them to offer the most competitive rates with best quality
to their clients.
Apart from raw cotton, they also have own soya bean solvent extraction plant at
Adilabad and deal in soya bean and soya bean doc.
They operate though their various branch offices based in all major cities of
India being head office at Adilabad, a. P. India and corporate office at
Mumbai, India. To mention here, Adilabad is centrally located, where the crop
grows amounting to 10 million bales in vicinity of 700kms.
They guarantee the best quality, reasonable price and prompt delivery.
Incorporated in the year 2003 - 2004. The objective of the this group entity is
to Buy, Sell, Trade, Prepare the Processed bales whether by ginning and/or pressing
or by any other process and also kind of edible oils and other oils by refining
or chemical refining or by any other process. To act as stockiest,
commission agent's representatives or agents, selling and purchasing agents of
all kind of raw cottons.
Under the leader ship of CMD Mahesh Kumar Khetan the major share holder of the
company ventured into Indian Raw Cotton Bales Trading and Exports to countries
like China and Bangladesh. It has made a turn over of 500.000 millions in
this fiscal year and marching towards the heavy expansion of quantities of
cotton for exports to china and other neighboring countries which would in turn
expand the turnover in the coming financial years. It is anticipated that all
cotton activity handled in Salasar Balaji Cotton Company and Salasar Balaji
Industries would be merged and all those transactions will be done in the name
of the company.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.34 |
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UK Pound |
1 |
Rs.80.72 |
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Euro |
1 |
Rs.57.71 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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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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45 |
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/normal. |
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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