MIRA
INFORM REPORT
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Report Date : |
31.12.2008 |
IDENTIFICATION DETAILS
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Name : |
KRBL LIMITED |
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Registered Office : |
5190, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
30.03.1993 |
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Com. Reg. No.: |
052845 |
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CIN No.: [Company
Identification No.] |
L01111DL1993PLC052845 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Share are Listed on
the Stock Exchange |
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Line of Business : |
Manufacturer and Exporter of
Indian Rice, Basmati Rice,. Long Grain Rice and Non Basmati Rice. |
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 20000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Financial position is good. 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 : |
5190, |
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Tel. No.: |
91-11-23951963/ 1202674711 |
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Fax No.: |
91-11-23915629 |
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E-Mail : |
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Website : |
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Corporate
Office : |
81-B, |
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Factory 1: |
9th
milestone, Post Dujana, |
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Factory 2: |
Village Bhasaur (Dhuri),
District Sangrur – 148024, |
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Factory 3: |
29/15-29/16,
Village Jindpur, |
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Factory 4: |
Plot No.258-260,
Extended Lal Dora Alipur, |
DIRECTORS
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Name : |
Mr. Anil Mittal |
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Designation : |
Chairman |
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Name : |
Mr. Arun Kumar Gupta |
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Designation : |
Joint Managing
Director |
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Name : |
Mr. Anoop Kumar Gupta |
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Designation : |
Joint Managing
Director |
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Name : |
Mr. Shyam Arora |
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Designation : |
Director |
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Name : |
Mrs. Ashwini Dua |
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Designation : |
Director |
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Name : |
Mr. Gautam Khaitan |
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Designation : |
Director |
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Name : |
Mr. N. K. Gupta |
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Designation : |
Director |
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Name : |
Mr. Ashok Gupta |
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Designation : |
Director |
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Name : |
Miss Priyanka Mittal |
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Designation : |
Export Director |
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Name : |
Mr. Mahesh C. Jain |
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Designation : |
Director |
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Name : |
Mr. Vinod K. Ahuja |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. H. K. Agarwal |
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Designation : |
Company Secretary |
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Name : |
Mr. Ashok Chand |
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Designation : |
Chief Executive
Officer |
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Name : |
Mr. Anurag Potdar |
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Designation : |
Purchasing
Director |
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Name : |
Mr. S. Chandrasekharan |
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Designation : |
Export Manager |
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Name : |
Mr. Brijesh Sood |
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Designation : |
Marketing Manager |
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Name : |
Mr. Sunil Kapoor |
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Designation : |
Sales Manager |
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Name : |
Mr. Narendra Sharma |
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Designation : |
Purchasing Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on
31.03.2008)
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Shareholding
of Promoter Promoter Group |
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Indian
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Individuals /
Hindu Undivided Family |
10201500 |
41.96 |
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Bodies Corporate |
2732745 |
11.24 |
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Sub - Total |
12934245 |
53.20 |
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Public shareholding |
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Institutions |
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Mutual Funds / Axis |
296283 |
1.22 |
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Financial Institutions/Banks |
100 |
0.00 |
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Foreign Institutional Investors |
391024 |
1.61 |
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Sub - Total |
687407 |
2.83 |
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Non-Institutions |
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Bodies Corporate |
2098773 |
8.63 |
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Individuals - |
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Individual shareholders holding nominal share capital up to Rs.0.100
million. |
2409042 |
9.91 |
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Individual shareholders holding nominal share capital in excess of Rs.
0.100 million. |
709131 |
2.92 |
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Any Other (specify) |
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Body Corporate |
3494600 |
14.37 |
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Foreign Nationals |
1610000 |
6.62 |
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NRI |
205470 |
0.85 |
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Clearing House/ Clearing Member |
48244 |
0.20 |
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Sub - Total |
10575260 |
43.50 |
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Shares held by Custodians against which Depository Receipts have been
issued. |
114282 |
0.47 |
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GROUND TOTAL |
24311194 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of
Indian Rice, Basmati Rice,. Long Grain Rice and Non Basmati Rice. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
2400 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vinor Kumar
Bindal and Company Chartered
Accountant |
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Address : |
Shiv Shushil
Bhawan, D-219, Vivek Vihar, Phase – 1, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
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Issued and
Subscribed Capital :
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No. of Shares |
Type |
Value |
Amount |
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24396694 |
Equity Shares |
Rs.10/- each |
Rs.243.967 Millions |
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Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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24311194 |
Equity Shares |
Rs.10/- each |
Rs.243.112 Millions |
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Add: Amount received on 85500 Equity Shares Forfeited |
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Rs.0.429 Millions |
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Total |
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Rs.243.541 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
243.541 |
243.541 |
213.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3363.105 |
2872.480 |
2192.800 |
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4] (Accumulated Losses) |
0.00 |
0.000 |
0.00 |
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NETWORTH |
3606.646 |
3116.021 |
2406.300 |
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LOAN FUNDS |
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1] Secured Loans |
6228.042 |
4867.235 |
4518.700 |
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2] Unsecured Loans |
1499.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
7727.042 |
4867.235 |
4518.700 |
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DEFERRED TAX LIABILITIES |
85.020 |
87.773 |
0.000 |
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TOTAL |
11418.708 |
8071.029 |
6925.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2275.244 |
2133.272 |
1168.100 |
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Capital work-in-progress |
74.177 |
249.845 |
304.400 |
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INVESTMENT |
25.217 |
112.746 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
8348.276 |
5812.543 |
3775.200 |
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Sundry Debtors |
1808.078 |
903.172 |
1424.000 |
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Cash & Bank Balances |
456.659 |
364.713 |
670.500 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
330.799 |
292.105 |
204.900 |
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Total
Current Assets |
10943.812
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7372.533
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6074.600 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1899.742 |
1797.367 |
547.900 |
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Provisions |
0.000
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0.000
|
74.200 |
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Total
Current Liabilities |
1899.742 |
1797.367 |
622.100 |
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Net Current Assets |
9044.070 |
5575.166 |
5452.500 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11418.708 |
8071.029 |
6925.000 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
9965.262 |
9130.302 |
7266.900 |
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Other Income |
102.584 |
68.456 |
81.000 |
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Total Income |
10067.846 |
9198.758 |
7347.900 |
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Profit/(Loss) Before Tax |
651.413 |
579.407 |
485.800 |
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Provision for Taxation |
103.902 |
84.287 |
165.500 |
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Profit/(Loss) After Tax |
547.511 |
495.120 |
320.300 |
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Expenditures : |
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Cost of Goods Sold |
7387.586 |
6937.335 |
92.400 |
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Manufacturing Expenses |
289.699 |
346.062 |
357.100 |
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Administrative Expenses |
252.376 |
178.526 |
0.800 |
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Selling and Distribution Expenses |
599.309 |
524.158 |
555.500 |
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Raw Material Consumed |
0.000 |
0.000 |
5435.900 |
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Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
(131.400) |
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Interest |
646.416 |
457.916 |
305.600 |
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Power & Fuel |
0.000 |
0.000 |
127.300 |
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Depreciation & Amortization |
241.048 |
175.354 |
118.900 |
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Total
Expenditure |
9416.433 |
8619.351 |
6862.100 |
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QUARTERLY RESULTS
|
PARTICULARS |
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30.06.2008 1st Quarter |
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Sales Turnover |
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3579.200 |
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Other Income |
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|
1.800 |
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Total Income |
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|
3581.000 |
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Total Expenditure |
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2926.200 |
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Operating Profile |
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|
654.800 |
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Interests |
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|
227.100 |
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Gross Profit |
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427.700 |
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Depreciation |
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|
65.000 |
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Tax |
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|
78.700 |
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Reported PAT |
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|
280.900 |
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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Debt-Equity Ratio |
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1.87
|
1.70 |
1.85
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Long Term Debt-Equity Shares |
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0.29
|
0.32 |
0.24
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Current Ratio |
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1.26
|
1.33 |
1.32
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TURNOVER
RATIOS |
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Fixed Assets |
|
3.38
|
4.15 |
5.07
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Inventory |
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1.41
|
1.90 |
2.13
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Debtors |
|
7.35
|
7.85 |
6.30
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Interests Cover Ratio |
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1.99
|
2.24 |
2.59
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Operating Profit Margin (%) |
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15.56
|
13.38 |
12.53
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Profit Before Interests and Tax Margin (%) |
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13.14
|
11.46 |
10.89
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Cash Profit Margin (%) |
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7.91
|
7.34 |
6.04
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Adjusted Net Profit Margin (%) |
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5.49
|
5.42 |
4.41
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Return On Capital Employed (%) |
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13.56
|
14.04 |
13.75
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Return On Net Worth (%) |
|
16.29
|
17.93 |
15.87
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LOCAL AGENCY FURTHER INFORMATION
HISTORY
The company was started as K B Overseas, a partnership firm, by Anil K Mittal, Anoop K Gupta and Arun K Gupta in 1988. In Apr.'93, the partners of the firm promoted Khushiram Beharilal to take over the operations and businesses of the partnership firm. The company was incorporated in Mar.'93 and the certificate of commencement of business was obtained in Apr.'93. It has now been rechristened Company.
The company processes paddy. Its products are par-boiled sella basmati rice and
raw basmati rice. It exports its entire produce to
The company completed an expansion scheme to process 10 tph of paddy, at a site
adjoining the present one, by installing a state-of-the-art rice-milling plant
from Buhler,
YEAR IN RETROSPECT:
The gross sales and other income for the financial year under review were
Rs.10067.800 Millions as against Rs.9198.800 Millions for the previous
financial year registering an increase of 10%. The Profit before tax of
Rs.651.400 Millions and the profit after tax of Rs.547.500 Millions for the
financial year as against Rs.579.400 Millions and Rs.495.100 Millions
respectively for the previous year, improved by 13% and 11% respectively.
EBIDTA margin of the company is also increased to 15.29% as against 13.18% for
the previous years.
SUBSIDIARY COMPANY:
The trading License
dated 14.02.2007 of KRBL DMCC Subsidiary of the company was expired on
13.03.2008 and the same has been renewed by DMCC and a fresh License dated
14.02.2008 issued Mr. Anoop Kumar Gupta, Director of the company has been named
as Manager in the Trading License. The possession of Office space in AG tower
is yet to take place. In the financial year 2007-08 no business activities was
carried out except return from investment. As required under section 212 of the
company Act., 1956 the audited annual account for the period ended 31.03.2008
along with the directors and auditors report are attached with the Annual
Report.
Fixed Assets:
- Land
- Building
- Plant and Machinery
- Vehicles and Trolley
- Furniture and Fixture
Website Details:
Subject
is an exporter of basmati rice and a significant player in the branded food
industry. It was incorporated on March 30, 1993.
The companies milling and packing units are located in Ghaziabad (UP), Dhuri
(Punjab), Alipur (
Company manufactures products like rice bran oil, furfural and de-oiled cakes.
The husk is utilized to extract furfural and the bran used to produce around 50
tons of rice bran. It has a total bran oil capacity of 42 MTPD and furfural of
10 MTPD. The company has 10.5 MW power capacity using rice husk as fuel and a
3.5 MW power plant in
The company has been awarded the Super Star Trading House status by the
Director General, Foreign Trade, Government of India. It has a strong presence
in the export market with 52% share of basmati rice market of
Business Summary
Company 115 years - time and experience,
both have brought us a long way, giving the rare insights into the complex
dynamics of the rice industry. Company today the largest exporters of Basmati
in the world, and this title has been backed by a commitment to serve you the
best, always. In 1889, they began the company journey - tapping they resources
in the largest agricultural and grain market in Faislabad, undivided
When the Indian market opened up
for exports in 1978, company crafted its way into the international market and
uniquely positioned itself to be counted amongst the pioneers, as the packers
of rice for some of the largest exporters of the day. In 1985, the gratifying
international acceptability of they products gave us the courage to begin rice
exports directly.
Encouraged by the raving reviews
of clients and consumers, they moved ahead further to consolidate they position
in the rice industry and in 1992 the company established India's largest, most
advanced rice manufacturing plant, on the outskirts of Delhi, exclusively for
exports.
The company an aim to emerge as
the No .1 FMCG player in the rice industry in 1998 they entered the domestic
market with they premium brands - 'Doon', 'India Gate' and 'Noor Jahan', and
they now well on the company way to repeat the international success story of
KRBL in the Indian market. And today they hold 11% of the total Basmati exports
from the country, and have been awarded "the largest Basmati exporters
from India" by APEDA (Agricultural and Processed Foods Exports Development
Authority), for the last 7 years in succession.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.48.50 |
|
|
1 |
Rs.70.02 |
|
Euro |
1 |
Rs.67.95 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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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. |
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 |
|