MIRA
INFORM REPORT
|
Report Date : |
12.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KAY BEE EXPORTS |
|
|
|
|
Registered Office : |
Sejpal Compound, Kharton Road, Near Dadoji Kondeo Cricket Stadium,
Thane – 400601, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1989 |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Exporter of Fresh Fruits and Vegetables |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 20000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed concern having satisfactory track.
Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Mangesh Gaikwad |
|
Designation : |
Accountant |
|
Date : |
08.02.2008 |
LOCATIONS
|
Registered Office : |
Sejpal Compound, Kharton Road, Near Dadoji Kondeo Cricket Stadium,
Thane – 400601, Maharashtra, India |
|
Tel. No.: |
91-22-2536 8446/ 2536 4176 |
|
Fax No.: |
91-22-25376610 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
300 sq. ft. [Owned] |
|
|
|
|
Packing House : |
Located at Vashi |
|
Area : |
300 sq. ft. [Leased] |
SOLE PROPRIETOR
|
Name : |
Mr. Prakash Khakkar |
|
Designation : |
Proprietor |
|
Date of Birth/Age : |
55 Years |
|
Qualification : |
Graduate |
BUSINESS DETAILS
|
Line of Business : |
Exporter of Fresh Fruits and Vegetables |
|
|
|
|
Exports : |
|
|
Products : |
Fresh Fruits and Vegetables |
|
Countries : |
UK, European Country and Asian Country |
|
|
|
|
Terms : |
|
|
Selling : |
Credit [30 days] |
|
|
|
|
Purchasing : |
Cash and Credit [30 days] |
GENERAL
INFORMATION
|
Customers : |
Shops and Malls |
|
|
|
|
No. of Employees : |
Around 20 |
|
|
|
|
Bankers : |
Bank of India, Turbhey Branch
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 5.000 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 5.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
300.000 |
250.000 |
Expected Sales (2007-08) : Rs.400.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
Profile
Subject started its commercial operations
in the year 1989. Since then, they have grown to be one of the largest
exporters of fresh agricultural produce to Europe and other countries. With
zeal to provide only the finest of quality products to their customers, they
have created a niche for themselves in the trade.
They operate out of their own
state-of-the-art packing units. Pre-cooling and cold storage units along with a
specially constructed ethylene ripening chamber help them in maintaining
optimum product quality. Their specialized reefer vans are used for
transportation to the airport to ensure continuity of the cold chain.
They specialize in supplying
premium quality fruits like mangoes, pomegranates, grapes, bananas and
vegetables like Okra (Ladies Finger), chillies, onions etc.
Mr. Prakash Khakhar is a member on
the Board of APEDA (Agricultural and Processed Foods Export Development
Authority) which is an export promotion council.
Their rich and diverse heritage
has resulted in their global position as the second largest producer of fruit
and vegetables. Their annual production of fruits amount to 24 million tons,
and of vegetables up to 45 million tons.
India meets the demand for a wide
variety of fruit considered exotic the world over, such as Mangos (Alphonso,
Kesar, Banganpalli, Chausa), Chickoos, Grapes, Pomegranates, Strawberries,
Custard Apples, Guavas, Lychees, Bananas, Bors, Apples, Melons and
Papayas.
With their range of climate, they have a round the year availability of
varieties of vegetables. Prominent are Red Onions, Gherkins, Potatoes,
Tomatoes, Mushrooms, Peas, Beans, Chillies, Peppers, Okra and Coconut.
They export all kinds of Indian
vegetables round the year. Their expertise is in Okra (Ladies finger) where
they procure the same directly from the farm and maintain the cold chain
throughout the packing and transportation.
AWARDS and R&D
APEDA awards
Subject has been the proud
recipient of five consecutive APEDA (Agricultural and Processed Foods Export
Development Authority, Ministry of Commerce, Govt. of India) awards for its
excellent export performance,
innovative packaging methods and commitment to quality.
Research and Development
Subject has participated in
various research and development activities including shipping mangoes through Controlled
Atmosphere containers. It has also taken the lead in educating farmers about
ideal growing and harvesting practices for various products.
Participation in International Exhibitions
Subject has participated in various
international exhibitions thereby spearheading its goal of creating wealth
throughout the food chain.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.73 |
|
UK Pound |
1 |
Rs.77.34 |
|
Euro |
1 |
Rs.57.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|