MIRA
INFORM REPORT
|
Report Date : |
07.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KOROMANDAL REFRACTORIES PRIVATE LIMITED |
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Registered Office : |
17/ R, Industrial Estate, Bhilai – 490 026, Chattisgarh |
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Country : |
India |
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Date of Incorporation : |
2000 |
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CIN No.: [Company
Identification No.] |
U26922CT1999PTC013491 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JBPK00747F |
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PAN No.: [Permanent
Account No.] |
AABCK6644C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of “Cast House” refractory items |
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 82000 |
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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
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Registered Office : |
17/ R, Industrial Estate, Bhilai – 490 026, Chattisgarh, India. |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 20, Phase – 1, Tarihal Industrial Area, Hublli – 580 026,
Karnataka, India. |
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Tel. No.: |
91-836-2310727 / 2310737 |
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Mobile No.: |
91-9448460737 / 9480090909 |
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Fax No.: |
91-8362310737 |
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E-Mail : |
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Website : |
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Area : |
1 Acre |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Chandra Kant Shah |
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Designation : |
Director |
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Address : |
House No.25, M L Nehru Nagar, Bhilai – 490 020, Durg, Chattisgarh,
India. |
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Date of Birth/Age : |
25.05.1957 |
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Date of Appointment : |
23.04.1999 |
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Name : |
Mrs. Renu Shah |
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Designation : |
Director |
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Address : |
House No.25, M L Nehru Nagar, Bhilai – 490 020, Durg, Chattisgarh,
India. |
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Date of Birth/Age : |
20.04.1957 |
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Date of Appointment : |
23.04.1999 |
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Name : |
Mr. Karan C. Shah |
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Designation : |
Director |
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Address : |
House No.25, M L Nehru Nagar, Bhilai – 490 020, Durg, Chattisgarh,
India. |
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Date of Birth/Age : |
18.10.1981 |
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Date of Appointment : |
18.03.2002 |
KEY EXECUTIVES
|
Name : |
Mr. Karan Shah |
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Designation : |
Director |
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Mobile No. : |
91-9448460737 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
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Mr. Chandra Kant Shah |
|
35600 |
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Mrs. Renu C. Shah |
|
71200 |
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Mr. Karan C. Shah |
|
82500 |
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Mr. Ramsanjeevan Namdeo |
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20000 |
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Mr. Ramadheen Namdeo |
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20000 |
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Mr. John Prakash |
|
2500 |
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Mr. D.S. Dewangan |
|
2500 |
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Mr. Chimmanlal Dewangan |
|
2500 |
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Mr. Chimmanlal Dewangan (HUF) |
|
2500 |
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Mrs. Shivratri Dewangan |
|
2500 |
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Mrs. Kanti Dewangan |
|
2500 |
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Mr. Sattar Ahmed Khan |
|
2000 |
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Mrs. Saida Khan |
|
1500 |
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Mr. Mohd. Karim Khan |
|
2500 |
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Mr. Ramswaroop Patel |
|
2000 |
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Mr. Hariram Budhwani |
|
2000 |
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Mr. Dinesh Kumar Ambani |
|
2000 |
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Mr. Jawahar Dewangan (HUF) |
|
2500 |
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Mr. Singh Narayan Dewangan |
|
2500 |
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Mr. Omkar Dewangan |
|
3000 |
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Mr. Mahavir Prasad Jangid |
|
1000 |
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Mr. Khemraj Agarwal |
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3000 |
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Mr. Anoop Chand Jain |
|
3000 |
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Mrs. Shubhadra Agarwal |
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2500 |
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Mrs. Kiran Panday |
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2500 |
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Mrs. Rani Dubey |
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2500 |
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Mr. Raj Kumar Chandrakar |
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2750 |
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Mrs. Rooplata Chandrakar |
|
2000 |
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Mrs. Indrani Yadu |
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2500 |
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Mr. Mannulal Yadu |
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2000 |
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Mr. Ashok Namdeo |
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2500 |
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Mr. Anil Kumar Dewangan |
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2500 |
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Mr. Rajesh Kanojiya |
|
2250 |
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Mr. Gopal Agarwal |
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2250 |
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Mr. Kalyanmal Agarwal |
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1500 |
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Mr. Mahendra Sakseria |
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3000 |
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Mr. Sanjay Sakseria |
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1750 |
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Mr. Dilip Sakseria |
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1000 |
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Mr. Karan C. Shah |
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71200 |
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Equity Share
Break-up (As on 29.09.2007) |
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Percentage
of Holding |
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Bodies Corporate |
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10.01 |
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Directors or Relatives Of Directors |
|
75.97 |
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Other top 50 shareholders |
|
14.02 |
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TOTAL |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of “Cast House” refractory items |
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Products : |
Cast House, refractory items |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
40 |
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Bankers : |
· State Bank of
India. Commercial Branch, Station Road, Hubli – 580 020, Karnataka, India. · ICICI Bank · HDFC Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
SMR and Company Chartered Accountants |
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Address : |
11, Himalaya Complex, Supela, Bhilai – 490 023, Chattisgarh, India. |
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Associates/Subsidiaries
: |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,00,000 |
Equity |
Rs 10/- each |
Rs 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8,24,000 |
Equity |
Rs 10/- each
|
Rs. 8.240
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8.240 |
3.760 |
3.760 |
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2] Share Application Money |
0.000 |
4.050 |
0.000 |
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3] Reserves & Surplus |
8.176 |
7.523 |
7.523 |
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4] (Accumulated Losses) |
0.000 |
(1.336) |
(2.216) |
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NETWORTH |
16.416 |
13.997 |
9.067 |
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LOAN FUNDS |
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1] Secured Loans |
15.832 |
10.973 |
11.189 |
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2] Unsecured Loans |
4.994 |
5.524 |
5.481 |
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TOTAL BORROWING |
20.826 |
16.497 |
16.670 |
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DEFERRED TAX LIABILITIES |
0.142 |
0.000 |
0.000 |
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TOTAL |
37.384 |
30.494 |
25.737 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
27.078 |
19.291 |
19.778 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.500 |
0.500 |
0.500 |
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DEFERREX TAX ASSETS |
0.000 |
0.446 |
1.157 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.598
|
4.416 |
3.127 |
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Sundry Debtors |
8.209
|
6.209 |
5.001 |
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Cash & Bank Balances |
0.705
|
0.604 |
0.133 |
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Other Current Assets |
0.728
|
0.728 |
0.728 |
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Loans & Advances |
4.187
|
4.024 |
2.329 |
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Total
Current Assets |
18.427
|
15.981 |
11.318 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7.958
|
5.372 |
6.910 |
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Provisions |
0.663
|
0.352 |
0.112 |
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Total
Current Liabilities |
8.621
|
5.724 |
7.022 |
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Net Current Assets |
9.806
|
10.257 |
4.296 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.006 |
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TOTAL |
37.384 |
30.494 |
25.737 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover & Other Income |
57.398 |
33.197 |
21.253 |
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Total Income |
57.398 |
33.197 |
21.253 |
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Profit/(Loss) Before Tax |
3.165 |
1.856 |
(0.122) |
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Provision for Taxation |
1.176 |
0.977 |
0.002 |
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Profit/(Loss) After Tax |
1.989 |
0.879 |
(0.124) |
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Expenditures : |
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Financial Charges |
1.647 |
1.474 |
0.990 |
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Increase/(Decrease) in Finished Goods |
(0.178) |
-- |
0.322 |
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Depreciation & Amortization |
2.465 |
1.980 |
2.313 |
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Other Expenditure |
50.299 |
27.887 |
17.750 |
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Total Expenditure |
54.233 |
31.341 |
21.375 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.47
|
2.65 |
(0.58) |
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Net Profit Margin (PBT/Sales) |
(%) |
5.51
|
5.59 |
(0.57) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.96
|
5.26 |
(0.39) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.13 |
(0.01) |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.79
|
1.59 |
2.61 |
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Current Ratio (Current Asset/Current Liability) |
|
2.14
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2.79 |
1.61 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
KOROMANDAL
REFRACTORIES PRIVATE LIMITED |
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Presented By |
Mr. Chandrakant Shah |
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1) Date and description of instrument creating the change |
21.04.2001
General Agreement for grant of SSI Advance and Hypothecation of movables,
Book Debts and others. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.500 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 |
All present and
future goods, Book Debts, Movables and other assets of the borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin of 25%,
Interest 3% over the SBI Advance Rate with a minimum of 14.50 p.a. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India. Commercial Branch, Station Road, Hubli – 580 020, Karnataka, India. |
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6) Date and brief description of instrument modifying the charge |
17.03.2005
Supplemental General Agreement for grant of SSI Advance and Hypothecation of
movables, Book Debts and others. |
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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. |
Renewal of Cash
Credit Limit for Rs.5.000 Millions. 25% Margin,
Interest 2% over SBAR i.e. 12.50% monthly rest. |
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90208853 |
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Corporate
identity number of the company |
U26922CT1999PTC013491 |
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Name of the
company |
KOROMANDAL REFRACTORIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
17/ R, Industrial Estate, Bhilai – 490 026, Chattisgarh, India. |
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Type of charge |
Book Debts Movable Property Others |
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Particular of
charge holder |
State Bank of India. Commercial Branch, Station Road, Hubli – 580 020, Karnataka, India. E-Mail: sbi.04091@sbi.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement of Loan Cum Hypothecation |
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Date of
instrument Creating the charge |
26.09.2007 |
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Amount secured by
the charge |
Rs.13.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
13.75% Terms of
Repayment: Repayable on Demand Margin: 25% Extent and
Operation of the charge: C C Limit enhanced from Rs.9.000 Millions to
Rs.13.000 Millions. |
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Short particulars
of the property charged |
Hypothecation of
Stocks receivables and other Current assets. Equitable
Mortgage of factory Land and Building situated at 20, Tarihal Industrial
Area, Tarihal, Hubli. Extension of
Equitable Mortgage of Factory Land and Building situated at 19, Tarihal
Industrial Area, Tarihal, Hubli. Hypothecation of
Plant and Machinery and other Fixed assets (other than Land and Buildings,
WDV as on 31.03.2007, Rs.2.800 Millions) |
|
Date of latest
modification prior to the present modification |
19.09.2006 |
|
Particulars of
the present modification |
C C Limit
enhanced from Rs.9.000 Millions to Rs.13.000 Millions. |
Trade references:
Kalyani Steels
Kirloskar Brothers In and Around Karnataka
Jindal
As Per Website:
Subject is not just
another refractory manufacturing company or yet another organisation in the refractory
time. It is a company that has emerged and risen from a culmination of success,
innovation and growth.
Their Product Range :
Anhydrous
Mudgun Mass
Hydrous
Mudgun Mass
Anhydrous
Trough Mass
Frame
- Mass
Basic
Ramming Mass
Acidic
Ramming Mass
About them
Subject is not just
another refractory manufacturing company or yet another organisation in the
refractory time. It is a company that has emerged and risen from a culmination
of success, innovation and growth.
Subject
commensed in the year 2000, a small sized business to a modest sized clientele.
The quality of products and services rendered to clients resulted in the
Company gaining a larger client base and expansion of business.
Cornerstone to
milestones
In the past six years, the company has grown from strength to strength
and has firmly consolidated its position as a market leader.
The phenomenal sales performance achieved through hard work and dedication of Subject
staff and workers has resulted in Subject's receiving distinction
from renowned companies.
The success story of all the company can be attributed to the company's growth
and policies, which is totally customer oriented.
These have resulted in subject growing from a small enterprise
to one of the leading reputed organisation.
They are one of the leading manufacturers of "Casthouse"
refractory items in "South India"
They manufacturing these products under above name and style from past
six years.
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.42.00 |
|
UK Pound |
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.65.09 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|