MIRA
INFORM REPORT
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Report Date : |
15.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDIRA APIARIES PRIVATE LIMITED |
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Registered Office : |
Teghoria Ramchandrapur Auto Stand, Narendrapur, P S Sonarpur,24 PGS
south, Kolkata-700 103, 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 : |
20.01.2004 |
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Com. Reg. No.: |
21-097650 |
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CIN No.: [Company
Identification No.] |
U01223WB2004PTC097650 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer , Trader and Exporter of Honey And Agriculture Process
Food |
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 81320 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
Ramchandrapur Auto Stand, Narendrapur, P S Sonarpur, Kolkata-700 103,
West Bengal, India |
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Tel. No.: |
91-33-24771588 |
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Mobile No.: |
91-9831471544 |
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Fax No.: |
91-33-24773788 |
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E-Mail : |
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Website : |
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Area : |
3 Vigha |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. B.K Roy Chowdhury |
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Designation : |
Director |
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Date of Birth/Age : |
43 years |
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Name : |
Mrs. Indira Roy Chowdhury |
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Designation : |
Director |
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Address : |
Teghoria, Narendrapur S T Road, P.O-Ramkrishna Pally, 24Pargonas
(South)-700150,West Bengal, India |
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Date of Birth/Age : |
37 years |
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Date of Appointment : |
20.01.2004 |
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Name : |
Mr. Bidyut Kishore Roy Chowdhury |
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Designation : |
Director |
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Address : |
Teghoria, Narendrapur S T Road, P.O-Ramkrishna Pally, 24Pargonas
(South)-700150,West Bengal, India |
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Date of Birth/Age : |
01.08.1965 |
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Date of Appointment : |
20.01.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
No. of Shares |
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Mrs.Indira Roy chowdhury |
5000 |
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Mr. Bidyut Kishore |
5000 |
Equity Share Breakup as on 29.09.2007
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Particulars |
Percentage |
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Bodies Corporate |
12.210 |
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Directors or Relatives of Directors |
87.790 |
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Total |
100.000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader and Exporter of Honey and Agriculture Process
Food |
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Products : |
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Exports : |
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Products : |
Honey and Agriculture Process Food |
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Countries : |
Germany, USA, Mid East, Riyadh |
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Terms : |
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Selling : |
L/C, Cash against Document |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
40 |
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Bankers : |
State Bank of India, ·
Commercial Branch, Salt Lake, Plot No.X-1,8/1, Kolkata-700091, West
Bengal, India ·
Block-EP, Sector –V, Salt Lake Electronics Complex, Kolkata-700091,
West Bengal, India |
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Facilities : |
CC limit –Rs. 110.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S.N Dawn and Associates (Chartered Accountant) |
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Address : |
71L Panchanantala Road, Kolkata-700041, West Bengal, India |
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Associates/Subsidiaries : |
Indira Honey Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs. 10/- each |
Rs.15.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1400000 |
Equity Shares |
Rs. 10/-
each |
Rs.14.000millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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220.000 |
Expected Sales (2008-09) : Rs.1000.000 millions
ABRIDGED BALANCE
SHEET
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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 |
14.000 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
13.900 |
1.500 |
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3] Reserves & Surplus |
2.264 |
1.026 |
0.312 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.264 |
15.026 |
1.912 |
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LOAN FUNDS |
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1] Secured Loans |
16.576 |
11.651 |
11.697 |
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2] Unsecured Loans |
2.246 |
2.444 |
2.446 |
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TOTAL BORROWING |
18.822 |
14.095 |
14.143 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.010 |
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TOTAL |
35.086 |
29.121 |
16.065 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.753 |
6.366 |
2.170 |
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Capital work-in-progress |
2.111 |
2.111 |
2.109 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.012 |
0.012 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.617
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9.117 |
10.867 |
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Sundry Debtors |
11.117
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6.894 |
2.249 |
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Cash & Bank Balances |
1.328
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1.333 |
1.599 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.249
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4.637 |
0.675 |
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Total
Current Assets |
29.311
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21.981 |
15.390 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.347
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1.247 |
3.454 |
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Provisions |
0.782
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0.134 |
0.186 |
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Total
Current Liabilities |
2.129
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1.381 |
3.640 |
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Net Current Assets |
27.182
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20.600 |
11.750 |
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MISCELLANEOUS EXPENSES |
0.028 |
0.032 |
0.036 |
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TOTAL |
35.086 |
29.121 |
16.065 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.288
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1.030 |
9.306 |
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Current Ratio (Current Asset/Current Liability) |
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13.767
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15.917 |
4.228 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Dabur India Limited
- Bright Summer and Unresh
- Emami- India
Bankers Charges
Report as per Registry
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Name of the company |
INDIRA APIARIES PRIVATE LIMITED |
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Presented By |
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1) Date and description of instrument creating the change |
Agreement of loan–cum-hypothecationdated 02.01.2006 (read with letter of Arrangement dated
02.01.2006) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.12.300
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 stocks, raw material, goods bookdebtsand vehicles and all other
movable assets of the borrower including receivables, documents of title to
goods, outstanding monies, bills, invoices documents, contracts insurance
policies, guarantee, engagement, securities, investments, and rights and the
present machinery and all the future machinery belonging to or in the
possession or control of the borrower wherever lying , stored and kept and
whether in possession of the borrower or of the bank or of the third party
whether in India or elsewhere including all such goods, vehicles , other
movable assets as may be in the course of shipment transit or delivery and
all the machinery , vehicles and other equipment items of whatever nature
acquired by the borrower pursuant or subsequent to these presents hereby
agreed to be furnished in form SME-2 A to the Agreement shall stand
hypothecated to the bank by way of first charge. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The borrower
shall not do or allow anything which may prejudice the security and shall
comply with the terms and conditions of the agreement. Interest, commission,
discount, costs and charges as may be current from time to time for the
credit facilities according to banking norms and RBI guidelines the present
rate of interest being. For cash credit
@11.75% p.a. with monthly rests. For term loan
@12.25% p.a. with monthly rests Margin: 25 % of Raw
material Semi-finished
goods and finished goods and 40% of domestic
receivables. |
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5) Name and Address and description of the person entitled to the charge. |
State bank of
India Commercial
branch, salt lake plot no.X-1, 8/1, block EP, Sector-V, Salt lake
electronics complex, Kolkata-700091 |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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80016114 |
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Corporate
identity number of the company |
U01223WB2004PTC097650 |
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Name of the
company |
INDIRA APIARIES
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Teghoria,Ramchandrapur,Narendrapur,
Sonarpur, 24 Pgs South-700103, West Bengal, India |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum for Recording
Extension of Mortgage by Deposit of title deeds covering enhanced limits and
creation of equitable mortgage on additional properties for existing limits
and enhanced limits and additional facilities. (in the office of
state bank of India, khardah branch, north 24- pargans, west Bengal) |
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Date of
instrument Creating the charge |
06.09.2007 |
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Amount secured by
the charge |
Rs.42.500
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest,
commission, discount, costs and charges as may be current from time to time
according to banking norms and RBI guidelines. Terms of
Repayments: As stipulated by
the bank and intimated to the Mortgagor. Margin: As stipulated by
the bank for the respective assets from time to time. Extent and
Operation of the charge First charge on
the whole of the mortgaged properties. |
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Short particulars
of the property charged |
Property of
Indira Apiaries private limited. Measuring 73 Dec with factory shed at Mouza
Ramchandrapur, J.L No.58, R.S No.228, Touzi No.114, R.S Khatian No.361, C.S.
7, R.s Dag No.1222 and L.R Dag No.1359, Deed No.4470 for 2004 with ADSR
Sonarpur at Mouza
Ramchandrapur |
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Date of latest modification
prior to the present modification |
31.10.2006 |
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Particulars of
the present modification |
By this
modification, the overall limit is enhanced by Rs. 8.500 millions from
Rs.34.000 to Rs.42.500 millions (Rupees four hundred twenty five Lacs only).Particulars
of immovable properties and all other terms and conditions continue to remain
as before in full force and effect. |
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 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
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Indian Rupees |
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US Dollar |
1 |
Rs.42.82 |
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UK Pound |
1 |
Rs.84.89 |
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Euro |
1 |
Rs.68.07 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
---- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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