MIRA
INFORM REPORT
|
Report Date : |
09.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
R PIYARELALL INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
46 C, Jawaharlal Nehru Road, Kolkata – 700071, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.11.1988 |
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Com. Reg. No.: |
21-45536 |
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CIN No.: [Company
Identification No.] |
U01409WB1988PTC045536 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Agro-products, Processed food, Industrial
and mineral products, Pharmaceutical products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum Credit Limit : |
USD 1145684 |
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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 and reputed company having fine track
records. Available information indicates high financial responsibility of the
company. General financial position is satisfactory. Fundamentals are strong
and healthy. Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business in a medium to long-run. |
LOCATIONS
|
Registered Office : |
46 C, Jawaharlal Nehru Road, Kolkata – 700071, West Bengal, India |
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Tel. No.: |
91-33-22888886 |
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Fax No.: |
91-33-22888215 |
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E-Mail : |
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Website : |
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Factory : |
12, Government Place (East), 1st Floor, Kolkata – 700069,
West Bengal, India |
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Tel. No.: |
91-33-2230590722302682/ 2673 |
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Fax No.: |
91-33-22309939 |
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Telefax : |
021-2003 PLA IN |
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E-Mail : |
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Mumbai Office: |
1102, Embassy Centre, 11th floor, Nariman Point, Mumbai,
India |
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Tel No.: |
91-22-5630 8597/ 98/ 99 / 2284 |
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Fax No.: |
91-22-2282 2275 |
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Email |
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Delhi Office: |
12, Doctors Lane, Classic House, 1st floor, Gole Market, New Delhi - 110001 |
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Tel No.: |
91-11-2336 4195 |
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Fax No.: |
91-11-2374 6455 |
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Email |
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Tuticorin Office: |
R. Piyarelall Import and Export Limited 5, Perira
Street, 1st floor, Tuticorin - 628001. |
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Mobile : |
09843232185 |
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Export House : |
3B and C, Everest House, 46-C, Jawaharlal Nehru Road,
Kolkata - 700071. |
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Tel No.: |
91-33 2288 6140/7597/7014/8886 |
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Fax No.: |
91-33 2288 8215 |
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Email |
DIRECTORS
|
Name : |
Mr. Ramesh Kumar Agarwal |
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Designation : |
Director |
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Address : |
5-Gokhale Road, Kolkata – 700020, West Bengal, India |
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Date of Birth/Age : |
14.04.1955 |
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Date of Appointment : |
10.11.1988 |
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Name : |
Mr. Suresh Kumar Agarwal |
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Designation : |
Whole Time Director |
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Address : |
5-Gokhale Road, Kolkata – 700020, West Bengal, India |
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Date of Birth/Age : |
19.04.1958 |
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Date of Appointment : |
01.06.1993 |
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Name : |
Mr. Karan Agarwal |
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Designation : |
Whole Time Director |
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Address : |
5-Gokhale Road, Kolkata – 700020, West Bengal, India |
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Date of Birth/Age : |
07.06.1984 |
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Date of Appointment : |
08.06.2002 |
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Name : |
Mr. Siddharth Agarwal |
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Designation : |
Director |
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Address : |
5-Gokhale Road, Kolkata – 700020, West Bengal, India |
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Date of Birth/Age : |
01.11.1977 |
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Date of Appointment : |
11.04.1997 |
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Name : |
Mr. Rishi Agarwal |
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Designation : |
Director |
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Address : |
5-Gokhale Road, Kolkata – 700020, West Bengal, India |
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Date of Birth/Age : |
26.01.1988 |
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Date of Appointment : |
22.06.2006 |
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Name : |
Mrs. Manju Ramesh Agarwal |
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Designation : |
Director |
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Address : |
25/98 Sunita Building, 5th Floor, Cuffe Parade, Mumbai –
400005, India |
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Date of Birth/Age : |
26.08.1964 |
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Name : |
Mr. Pratik Rajgharthia |
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Designation : |
Director |
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Address : |
D-52 Defence Colony, New Delhi - 110024, India |
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Date of Birth/Age : |
30.08.1977 |
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Name : |
Mr. Vinod Kumar Arya |
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Designation : |
Director |
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Address : |
3-5-695, Street No.9 Narayan Guda, Hyderabad – 500027, Andhra Pradesh,
India |
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Date of Birth/Age : |
11.10.1964 |
KEY EXECUTIVES
|
Name : |
Mr. Bidyut Behari Das |
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Designation : |
Company Secretary |
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Address : |
11, Pollock Street, 5th Floor, Kolkata – 700001, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
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Mr. Ramesh Kumar Agarwal |
|
250830 |
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Mr. Suresh Kumar Agarwal |
|
257260 |
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Mrs. Phuli Devi Agarwal |
|
254150 |
|
Ramesh Kumar And Company (Private) Limited |
|
172760 |
|
Mr. Karan Agarwal |
|
65000 |
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Total |
|
1000000 |
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Category (As on
31.03.2007) |
|
Percentage |
|
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Bodies Corporate (Not mentioned above) |
|
9.00 |
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Directors or relatives of director |
|
91.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Agro-products, Processed food, Industrial
and mineral products, Pharmaceutical products |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
|
GENERAL
INFORMATION
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Bankers : |
Brabourne Road, Kolkata, India
Samriddhi Bhawan, 1 Strand Road, Kolkata, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
V Singh and Associates Chartered Accountant |
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Address : |
Four Mangoe Lane, Surendra Mohan Ghosh Sarani, Kilkata – 700001, West
Bengal, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Share |
Rs.10/- Each |
Rs.50.000 Millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Share |
Rs.10/- Each |
Rs.20.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
20.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
10.000 |
10.000 |
0.000 |
|
|
3] Reserves & Surplus |
256.421 |
255.992 |
250.374 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
286.421 |
275.992 |
260.374 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
553.766 |
410.172 |
259.596 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
553.766 |
410.172 |
259.596 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
840.187 |
686.164 |
519.970 |
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
3.372 |
4.237 |
5.704 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
69.647 |
69.647 |
69.632 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
507.722
|
560.732 |
510.042 |
|
|
Sundry Debtors |
112.749
|
190.201 |
80.042 |
|
|
Cash & Bank Balances |
123.634
|
69.190 |
94.773 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
212.019
|
225.133 |
212.362 |
|
Total
Current Assets |
956.124
|
1045.256 |
897.219 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
167.733
|
415.352 |
443.735 |
|
|
Provisions |
21.223
|
17.624 |
8.850 |
|
Total
Current Liabilities |
188.956
|
432.976 |
452.585 |
|
|
Net Current Assets |
767.168
|
612.280 |
444.634 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
840.187 |
686.164 |
519.970 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
2657.891 |
2070.939 |
1580.630 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
2657.891 |
2070.939 |
1580.630 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
16.846 |
14.351 |
12.706 |
|
|
Provision for Taxation |
6.417 |
5.883 |
4.806 |
|
|
Profit/(Loss) After Tax |
10.429 |
8.468 |
7.900 |
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Financial Charges |
68.642 |
29.166 |
33.905 |
|
|
Depreciation |
0.932 |
1.310 |
1.469 |
|
|
Other Expenditure |
2571.471 |
2026.112 |
1532.550 |
|
Total Expenditure |
2641.045 |
2056.588 |
1567.924 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.39
|
0.41 |
0.50 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.63
|
0.69 |
0.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.76
|
1.37 |
1.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.05 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.59
|
3.05 |
2.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.06
|
2.41 |
1.98 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate identity
number (CIN) Foreign company registration number |
U01409WB1988PTC045536 |
|
Name of the
Company |
R PIYARELALL INTERNATIONAL PRIVATE LIMITED |
|
Address |
46 C, Jawaharlal Nehru Road, Kolkata – 700071, West Bengal, India |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
|
Particulars of
the charge holder |
State Bank of
India Overseas Branch,
Samriddhi Bhawan, 4 Strand Road, Kolkata – 700001, West Bengal, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Supplemental
Agreement of Hypothecation of Goods and Assets for increases in the overall
limit Letter Regarding
the grant of Individual Limits within the overall limit |
|
Date of the
instrument creating or modifying the charge |
28.03.2007 |
|
Amount secured by
the charge |
Rs.640.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate Of
Interests: For EPC, PCFC,
FBD, EBR and SLC as mentioned in from C5, Dated 28.03.2007 Terms of
Repayment: On Demand Margin: Stock in trade/
Bank Guarantee – 10% Advance to
Suppliers (Cover period 120 days)-25% Extent and
operation of the charge: The charge
operated as Pari Passu basis with Vijaya Bank on the Whole the hypothecated
current assets. Others: The overall limit
to the extent of Rs.440.000 Millions is secured by corporate guarantee given
by Glacier Properties private Limited and all other terms and conditions
remain as before in full force and effect. |
|
Short particulars
of the property charged (including location of the property) |
All present and
future goods book debts and all other movable assets of the borrower
including document of title to the goods, outstanding moneys, receivables,
claims, bill receivable, invoice, contracts, investments, plant and machinery
both present and future. |
|
Particular of the
present modification |
By this
modification the overall limit is enhanced from Rs.580.000 Millions to
RS.640.000. All Other Terms and Conditions, Continue to remain as before in
full force and effect. |
Profile:
Having established a foundation to ensure the smooth inflow of imports,
the group launched Subject in 1988 with a focus on exports.
Subject consists of head quarters in Kolkata, India and subsidiaries and
offices at all the major cities / ports in India with approximately 200
employees achieving a Sales Volume of more than 500,000 Metric Tons annually.
The company was the first to venture into Iron Ore exports from Kolkata port
and Projected Volume for the year 2006-07 is 1 million Metric Tons.
The Company started with a meagre annual turnover of approximately U.S. Dollars
Six Million, and today, is a proud achiever in the export field with annual
turnover exceeding U.S. Dollar Sixty Million.
Group Profile:
Today, R. Piyarelall Group is a business conglomerate, which
in addition to its flagship merchant Impex business and manufacturing exports,
has diversified its activities into large scale basic industries and creation
of infrastructure, shipping, logistics control, warehousing and real estate
business. The group abides by the basic tenets of manufacturing, processing and
trading business, as laid down by its founding father - that of adherence to
strict quality control, commitment to schedule and building on goodwill. The
current turn over of the Company for the year ended 31.03.2007 stands at US $
200 million i.e. 100% increase over the previous year. The Company also owns a
fleet of two brand new Self-propelled barges with a total capacity of approx.
6000 MT.
R. Piyarelall Group with its vast experience of over decades is today a market
leader in commodities trading and a respected identity in the global arena.
With a heritage in foodgrains trading that dates back to the early 20th
century, the Group's core activities still focus on imports and exports. Its
flagship company R. Piyarelall Import and Export Ltd. is the leader of import
of pulses in India. Over the years Group's activities have diversified and
divided into member companies under the group. Following companies are handling
main activities of the group.
- R. Piyarelall Import and Export Limited - Import and wholesale
trading in agroproducts, metals and other industrial products.
- Subject - Export of Agricultural produce, Iron Ore Fines other
industrial and engineering products.
- Ramesh Kumar and Company Private Limited. - Manufacture and export
of industrial leather products.
With its Headquarter situated in Kolkata, India, the Group has branch offices
in Mumbai, Delhi and all major ports of India. Its client-base and
customer-list features leading channelising Public Sector undertakings (PSU's)
and high ranking corporate bodies.
R. Piyarelall Group is associated with major Banks in India with excellent
records.
The organisational hierarchy of the Group is headed by
Mr.Ramesh Kumar Agarwal, son of Late Shri Piyarelall Agarwal, who is ably
assisted by his two younger brothers Mr.Suresh Kumar and Mr.Naresh Kumar
Agarwal in carrying ahead true and time-tested tradition of a family-run
business, young blood is groomed to take over the reins of the group in its
journey ahead - young Siddharth, Varun and Karan Agarwal represent the youthful
energy that infuses dynamism and verve in steering of R.Piyarelall Group.
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.40.02 |
|
UK Pound |
1 |
Rs.79.44 |
|
Euro |
1 |
Rs.62.94 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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. |
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 |
|