MIRA
INFORM REPORT
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Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
PKS LIMITED |
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Registered Office : |
7 Camac Street, Azim Gunj House, 4th Floor, Kolkata 700017,
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 : |
20.07.1982 |
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Com. Reg. No.: |
035099 |
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CIN No.: [Company
Identification No.] |
U63090WB1982PLC035099 |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Exporter of Agro Products |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1810000 |
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Status : |
Good |
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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 fine track. General financial position is good. Trade relations are fair. Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. R. Dandapat |
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Designation : |
Accountant |
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Date : |
31.05.2008 |
LOCATIONS
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Registered Office : |
7 Camac Street, Azim Gunj House, 4th Floor, Kolkata 700017,
West Bengal, India |
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Tel. No.: |
91-33-22825601 / 5605 / 5609 |
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Fax No.: |
91-33-22829577 |
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E-Mail : |
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Website : |
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Location : |
Half part is owned and half part is rented. |
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Liasion Office 1 : |
26/C, Topkhana Road, Rammna, Dhaka -1000,
Bangladesh |
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Tel. No.: |
91-8802-7171710 |
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Fax No.: |
91-8802-9559486 |
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Liasion Office 2 : |
L-6, Chittaranjan Park (2nd Floor), New
Delhi –110019, India |
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Tel. No.: |
91-11-26276226 /26272768 |
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Fax No.: |
91-11- 51601498 |
DIRECTORS
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Name : |
Mr. Swapan Kumar Saha |
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Designation : |
Director |
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Address : |
BE 279, Bidhannagar, Salt Lake City, West Bengal, India |
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Date of Birth/Age : |
29.06.1955 |
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Date of Appointment : |
20.07.1982 |
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Name : |
Mr. Narayan Chandra Saha |
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Designation : |
Director |
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Address : |
Police Station English Bazar, Malda, Bibigram 732101, West Bengal,
India |
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Date of Birth/Age : |
12.07.1950 |
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Date of Appointment : |
10.03.1993 |
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Name : |
Mr. Gopal Saha |
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Designation : |
Director |
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Address : |
44, S. L. Chatterjee Street, Nimta 700049, West Bengal, India |
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Date of Birth/Age : |
17.10.1957 |
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Date of Appointment : |
20.10.2000 |
KEY EXECUTIVES
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Name : |
Mr. Sandeep Sahay |
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Designation : |
Secretary |
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Address : |
7/23, bijoygarh, Tollygunj, Kolkata 700032, West Bengal, India |
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Date of Birth/Age : |
30.06.1973 |
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Date of Appointment : |
18.03.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 30.09.2005]
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Names of Shareholders |
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No. of Shares |
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Swapan Saha |
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3274250 |
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Narayan Saha |
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585300 |
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Gopal Saha |
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60000 |
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Apollo Commercial Private Limited |
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1320000 |
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PKS Commercial Private Limited |
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119000 |
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Imperial Commercial Private Limited |
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74000 |
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Orient Exports Private Limited |
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125000 |
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Crescent Manufacturing Private Limited |
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415000 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Bodies Corporate |
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26.96 |
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Directors or relatives of the Directors |
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73.04 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter of Agro Products |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL
INFORMATION
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No. of Employees : |
75 |
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Bankers : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Kumar and Kumar Chartered Accountants |
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Address : |
Chartered Accountants |
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Tel. No.: |
111, Southern Avenue, Kolkata 700029, West Bengal, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10261739 |
Equity Shares |
Rs. 10/- each |
Rs. 102.617 Millions |
FINANCIAL DATA
[all figures are in Rupees 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 |
102.617 |
85.171 |
59.726 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
260.999 |
219.582 |
200.824 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
363.616 |
304.753 |
260.550 |
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LOAN FUNDS |
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1] Secured Loans |
2053.828 |
1725.625 |
842.841 |
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2] Unsecured Loans |
0.000 |
108.640 |
0.000 |
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TOTAL BORROWING |
2053.828 |
1834.265 |
842.841 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2417.444 |
2139.018 |
1103.391 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.581 |
3.893 |
4.471 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
10.079 |
20.124 |
5.079 |
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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 |
690.696
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706.162 |
31.045 |
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Sundry Debtors |
297.641
|
293.419 |
77.735 |
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Cash & Bank Balances |
477.872
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379.459 |
346.357 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1058.609
|
914.724 |
736.731 |
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Total
Current Assets |
2524.818
|
2293.764 |
1191.868 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
85.629
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156.752 |
82.182 |
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Provisions |
36.405
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22.011 |
15.845 |
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Total
Current Liabilities |
122.034
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178.763 |
98.027 |
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Net Current Assets |
2402.784
|
2115.001 |
1093.841 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2417.444 |
2139.018 |
1103.391 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
5418.255 |
3467.118 |
4109.989 |
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Other Income |
17.395 |
6.869 |
73.603 |
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Total Income |
5435.650 |
3473.987 |
4183.592 |
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Profit/(Loss) Before Tax |
76.004 |
37.184 |
22.645 |
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Provision for Taxation |
14.408 |
4.224 |
7.007 |
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Profit/(Loss) After Tax |
61.596 |
32.960 |
15.638 |
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Expenditures : |
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Purchases made for re-sale |
4159.140 |
2939.995 |
3919.897 |
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Salaries, Wages, Bonus, etc. |
3.793 |
2.418 |
1.978 |
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Payment to Auditors |
0.093 |
0.093 |
0.000 |
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Interest |
147.752 |
73.872 |
85.924 |
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Depreciation & Amortization |
0.993 |
1.122 |
1.253 |
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Other Expenditure |
1047.875 |
419.303 |
151.895 |
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Total Expenditure |
5359.646 |
3436.803 |
4160.947 |
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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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PAT / Total Income |
(%) |
1.13
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0.95 |
0.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.40
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1.07 |
0.55 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.00
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1.62 |
1.89 |
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Return on Investment (ROI) (PBT/Networth) |
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0.20
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0.12 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.98
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6.60 |
3.61 |
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Current Ratio (Current Asset/Current Liability) |
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20.68
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12.83 |
12.15 |
LOCAL AGENCY FURTHER
INFORMATION
Trade References:
- Bang Sung –
Singapore
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
90249728 |
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Corporate
identity number of the company |
U63090WB1982PLC035099 |
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Name of the
company |
PKS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
7 Camac Street, Azim Gunj House, 4th Floor, Kolkata 700017,
West Bengal, India |
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Type of charge |
|
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Particular of
charge holder |
State Bank of
India Overseas Branch
Samriddhi Bhawan, 1, Strand Road, Kolkata 700001, West Bengal, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
agreement of hypothecation of goods and assets for increase in the overall
limit Letter regarding
the grant of individual limits within the overall limit. Memorandum of deposit
for creation of further charge for Term Loan/Overall limit where the initial
charge is created by way of mortgage by deposit of title deeds. |
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Date of
instrument Creating the charge |
28.01.2008 |
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Amount secured by
the charge |
Rs. 1249.200 Millions
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Rate of interest
applicable to the different sub limits granted within the overall limit are
stated in the letter regarding the grant of individual limits within the
overall limit. [b] Terms of
repayment Working capital
limit is repayable on demand [c] Margin EPC /PCFC Stock in transit
15% Advance to
Suppliers 20% Gold Metal Loan
backed by BG/without BG 110% BG Advance against bills
sent on Collection 20% LC 10% BG 10% [d] Extent and
operation of the charge The charge
operates as first charge basis on the whole of the hypothecated current
assets and mortgaged properties of the company to secure the maximum amount
under the said charge fixed at Rs. 1249.200 Millions together with interests,
costs and charges thereon. [e] others The Borrower
shall not do or allow anything which may prejudice the security and shall
comply with the terms and conditions of the agreements All other terms
and conditions continue to remain as before in full force and effect. |
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Short particulars
of the property charged |
All present and
future goods, book debts and all other current assets of the borrower including
immovable properties flat measuring 1472 Sq. fts. : Flat No. 1S, 1st
Floor, Flat No. 3, 3rd Floor of “Mani Mansion” Block C at 9/1
Lower Rawdon Street, Kolkata 20 together with uncovered car parking space in
the campus being space no. C-1S and C-3S along with the store room no. T and
I on the lower story of the store room situated in the said “Mani Mansion” |
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Date of latest
modification |
26.02.2007 |
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Particulars of
the present modification |
By this
modification the overall limit has been enhanced from Rs. 1074.200 Millions
to Rs. 1249.200 Millions and thereby hypothecation charge on current assets
and EM charge on immovable properties was extended to secure the maximum
amount intended to be secured by the said charge created as aforesaid together
with interests, costs and charges thereon.
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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
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
|
67 |
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 |
|