MIRA INFORM
REPORT
|
Report
Date : |
05.06.2008 |
IDENTIFICATION DETAILS
|
Name : |
AGARWAL COAL CORPORATION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Matra Kripa 2, Chameli Park, Near Goyal Nagar, Indore –
452001, Madhya Pradesh |
|
|
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|
Country
: |
India |
|
|
|
|
Financials
(as on) : |
31.03.2007 |
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|
|
|
Date
of Incorporation : |
16.08.2000 |
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|
|
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Com.
Reg. No.: |
10-14351 |
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|
|
|
CIN
No.: [Company
Identification No.] |
U23109MP2000PTC014351 |
|
|
|
|
Legal
Form : |
Private Limited Liability Company. |
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|
|
|
Line
of Business : |
Wholesaler, Dealer, Agent and Stockist of Imported and
Indian Steam Coal and Slack Coal. |
RATING & COMMENTS
|
MIRA’s
Rating : |
A |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum
Credit Limit : |
USD
902000 |
|
|
|
|
Status
: |
Good |
|
|
|
|
Payment
Behaviour : |
Regular |
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|
|
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Litigation
: |
Clear |
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Comments
: |
Subject is a well established company having satisfactory
track records. Directors are reported as experienced, respectable and
resourceful businessmen. Their trade relations are fair. General financial
position is satisfactory. Payments are usually correct and as per
commitments. The company can be considered good for normal business dealings
at usual trade terms and conditions. If more details are made available, a
supplementary report shall follow soon. |
LOCATIONS
|
Registered
Office : |
Matra Kripa 2, Chameli Park, Near Goyal Nagar, Indore – 452001,
Madhya Pradesh, India |
|
Tel.
No.: |
91-731-2538874 |
|
Fax
No.: |
91-731-2531388 |
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E-Mail
: |
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|
|
|
Head
Office : |
Agarwal House No 5, Yeshwant Colony, Indore-452003, Madhya
Pradesh, India |
|
Tel.
No.: |
91-731-2538874/2431709 |
|
Fax
No.: |
91-731-2531388 |
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E-Mail
: |
|
|
Premises: |
Owned |
DIRECTORS
|
Name : |
Mr. Vinod Kumar Agarwal |
|
Designation
: |
Managing Director |
|
Address
: |
Matra
Kripa 2, Chameli Park, Near Goyal Nagar, Ring Road, Indore –
452 018, Madhya Pradesh, India |
|
Date
of Birth : |
11.06.1964 |
|
Date
of Appointment : |
01.10.2000 |
|
|
|
|
Name : |
Mr. Surendra Prasad Shukla |
|
Designation
: |
Whole Time Director |
|
Address
: |
I – 25, LIG Colony, R A
- VI, Shankar Shukla Nagar, Indore – 452 008, Madhya Pradesh,
India |
|
Date
of Birth : |
16.02.1949 |
|
Date
of Appointment : |
01.07.2002 |
MAJOR SHAREHOLDERS
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
Mr. V. K.
Agarwal |
1198900 |
|
Available
Finance Limited |
800000 |
|
Warner
Multi Media Limited |
35000 |
|
Dhan
Vidhya Impex Limited |
19500 |
|
Dhan
Vidhya Multi Sales Private Limited |
35000 |
|
Dhan
Vidhya Financial and Investment Consultancy |
44000 |
|
Universal
multimedia Limited |
10000 |
|
Sonal
Cosmetic Export Limited |
13000 |
|
Pet
Plastic Limited |
10000 |
|
Om
Procurements and Project Limited |
15000 |
|
Kushal
Software Limited |
10000 |
|
Optimates
Textiles Industries Limited |
35000 |
|
Umang Credit
Capital Limited |
20000 |
|
Express
Polyplast Private Limited |
20000 |
|
Hindusthan
Continental Limited |
40000 |
|
Kanoi
Steels Limited |
15000 |
|
Dynachem
Pharmaceuticals Export Limited |
13000 |
|
Indo
Capital Creative Market Limited |
10000 |
(As on 31.03.2007)
|
Names of Shareholders |
% of Holding |
|
Bodies
Corporate |
50.61 |
|
Directors
or Relatives of Director |
49.18 |
|
Others |
0.21 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Wholesaler, Dealer, Agent and Stockiest of Imported and
Indian Steam Coal and Slack Coal. |
GENERAL INFORMATION
|
No. of
Employees : |
20 |
|
|
|
|
Bankers
: |
· UCO Bank, Tilak Nagar, Indore,
Madhya Pradesh, India · State Bank of Indore |
|
|
· |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors
: |
|
|
Name : |
M. K. Badjatya and Company Chartered Accountants |
|
Address : |
208, Morya Centre, 16, Race Course, Indore – 452 001,
Madhya Pradesh, India |
|
|
|
|
Associates
: |
·
Ad-Manum
Finance Limited It is a
Public Limited Company engaged in Hire Purchase Leasing Finance
business mainly dealing in old vehicles (four and six wheelers) ·
Agarwal
Coal Corporation (S) Pte Limited Singapore |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
10/- each
|
Rs.
50.000 millions |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2440000 |
Equity Shares |
10/- each
|
Rs.
24.400 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
|
24.400 |
24.400 |
|
|
2] Share
Application Money |
|
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
|
201.205 |
136.416 |
|
|
4]
(Accumulated Losses) |
|
0.000 |
0.000 |
|
NETWORTH
|
|
225.605 |
160.816 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
|
537.292 |
820.366 |
|
|
2]
Unsecured Loans |
|
239.859 |
191.196 |
|
TOTAL
BORROWING
|
|
777.151 |
1011.562 |
|
|
DEFERRED
TAX LIABILITIES |
|
26.673 |
16.140 |
|
|
|
|
|
|
|
TOTAL
|
|
1029.429 |
1188.518 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
|
137.509 |
60.368 |
|
Capital work-in-progress
|
|
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
|
22.815 |
0.589 |
|
|
DEFERREX
TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
|
328.014 |
451.818 |
|
|
Sundry Debtors
|
|
1229.743 |
836.406 |
|
|
Cash & Bank Balances
|
|
1801.966 |
1017.706 |
|
|
Other
Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances
|
|
158.832 |
139.416 |
Total Current Assets
|
|
3518.555 |
2445.346 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
|
2640.478 |
1316.148 |
|
|
Provisions
|
|
8.972 |
1.637 |
Total Current Liabilities
|
|
2649.450 |
1317.785 |
|
Net
Current Assets
|
|
869.105 |
1127.561 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
|
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
|
1029.429 |
1188.518 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
5452.151 |
3274.175 |
|
|
Other Income |
|
5.756 |
5.818 |
|
|
Total
Income |
|
5457.907 |
3279.993 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
101.792 |
33.291 |
|
|
Provision for Taxation |
|
37.004 |
10.818 |
|
|
Profit/(Loss) After Tax |
|
64.788 |
22.473 |
|
|
|
|
|
|
|
|
Import Value |
|
4260.600 |
2106.500 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial Charges |
|
47.428 |
45.821 |
|
|
Depreciation & Amortization |
|
8.771 |
6.888 |
|
|
Other Expenditure |
|
5299.916 |
3193.993 |
|
Total
Expenditure |
|
5356.115 |
3246.702 |
|
KEY
RATIOS
PARTICULARS
|
|
|
31.03.2007 |
31.03.2006 |
PAT / Total Income
|
(%) |
|
1.19 |
0.68 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales)
|
(%) |
|
1.87 |
1.02 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets}
|
(%) |
|
2.78 |
1.33 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth)
|
|
|
0.45 |
0.21 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
|
16.30 |
15.58 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
|
1.33 |
1.85 |
LOCAL AGENCY FURTHER
INFORMATION
PROFILE
- Subject
is dealing in all types of imported coal
- Dealing
in Indian Coal including Meghalaya Coal
- Coal
is dispatched by rail or road
- Deal
in Bank Guarantee business too
- Doing
transportation of coal and petcoke also.
FORM 8
|
This form is for |
Creation
of charge |
|
Corporation identity number (CIN) or foreign company
registrations number of the company |
U23109MP2000PTC014351 |
|
Name of the company |
AGARWAL
COAL CORPORATION PRIVATE LIMITED |
|
Address |
Matra
Kripa 2, Chameli Park, Near Goyal Nagar, Indore – 452 001, Madhya Pradesh,
India |
|
Type of Charges |
Immovable
property |
|
Whether consortium finance is involved |
Yes |
|
Whether joint charge involved |
Yes |
|
Number of charge holder(s) |
2 |
|
Particular of the charge holder |
UCO Bank Gram Pipliahana Branch, Tilak Nagar, Indore – 452 018, Madhya Pradesh, India |
|
Nature or description of the instrument creating or
modifying the charge |
Copy of Board Resolution Sanction Letter Equitable mortgage recital dt. 08.03.2007 created for UCO
Bank for credit limit Rs. 1350.000 millions UCO Bank consortium consting State Bank of Indore as
member Continuity leter for creational mortgage Rs. 1350.000
millions |
|
Date of the instrument creating charge |
08.03.2007 |
|
Whether charge created or modified outside India |
No |
|
Amount Secure by the charge |
Rs. 1350.000 millions |
|
Brief particulars of the principal terms and conditions and
extent and operation of the charge |
Rate of Interest: BPLR Minus 2.00% i.e. 10.75% with
monthly rests of UCO Bank and as per sanction terms of State Bank of Indore Terms of Repayment: C/C Limit : 12 month L/C Limit : 180 days usance Buyes Credit : 180 days Margin: L/C 15 % cash margin in the form of FDR duly
discharged in bank favour C/C 25% on stak and 40% on book debts Extent and operation of the charge: for limit of Rs.
1350.000 millions sanction in consortion by UCO Bank and State Bank of Indore
and will remain operative till currency of the date of documents subject to
renewal credit facilities Others: other terms and conditions as per sanction terms |
|
Short particulars of the Property charged |
Equitable mortgage landed property situated at Village
Amaradand, Katni under Khasra No. 207/2 and 208 under sale deed |
|
Whether any of the property or interest therein under
reference is not registered in the name of the company |
No |
|
Name
of the company |
AGARWAL COAL CORPORATION PRIVATE
LIMITED |
|
Presented By |
Mr. Vinod Kumar Agarwal, Managing Director |
|
1) Date
and description of instrument creating the
change |
Dt.
18.08.2004 --
working capital consortium agreement -- joint
deed of hypothecation |
|
2) Amount
secured by the charge/amount owing on
the securities of charge |
Rs.
550.000 millions |
|
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 |
Stocks of
coal, bills receivables and book debts and all other movable and all other
current assets of the company on pari passu basis |
|
4) Gist
of the terms and conditions and extent and operation of the charge. |
Interest: -- UCO Bank @ 13% i.e. PLR + 1.50% p.a. -- State Bank of Indore @ 13% i.e. PLR + 2.25 p.a. Margin: 25% on stock and 40% on book debts |
|
5) Name
and Address and description of the person entitled to the charge. |
UCO Bank Gram Pipliahana Branch, Tilak Nagar, Indore – 452 018, Madhya Pradesh, India |
|
6)
Date and brief description of
instrument modifying the charge |
Dt.
14.03.2005 --
working capital consortium agreement -- joint
deed of hypothecation |
|
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. |
The
working capitqal facilities increased from ts. 550.000 millions to Rs.
950.000 millions The rate
of interest is as under n
UCO
Bank – 1.00% below BPLR i.e. 10.00% p.a. n
State
Bank of Indore – 0.75% below BPLR i.e. 10.00% p.a. |
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.42.63 |
|
UK Pound |
1 |
Rs.83.40 |
|
Euro |
1 |
Rs.65.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP
CAPITAL |
1~10 |
7 |
|
OPERATING
SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT
LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|