MIRA
INFORM REPORT
|
Report Date : |
09.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AMRIT FEEDS LIMITED |
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Registered Office : |
158, Lenin Sarani, Kolkata – 700 013, 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 : |
22.07.1994 |
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Com. Reg. No.: |
064082 |
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CIN No.: [Company
Identification No.] |
U15339WB1994PLC064082 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTNA00552G |
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PAN No.: [Permanent
Account No.] |
AACCA5571D |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturers of Poultry Feeds |
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 |
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Maximum Credit Limit : |
USD 1547800 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. General
financial position is good. The company can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office : |
158, Lenin Sarani, Kolkata – 700 013, West Bengal, India |
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Tel. No.: |
91-33-22159863 / 22219865 / 22152591 / 22362508 |
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Fax No.: |
91-33-22366134 |
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E-Mail : |
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Factory Office : |
226/1 AJC Bose Road, 6th Floor, Kolkata – 700 020, West
Bengal, India |
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Tel. No.: |
033-40091010 / 40091050 |
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Fax No.: |
033-40091099 |
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Patna Office : |
Surya Apartment, 12, Fraser Road, Patna – 800 001 |
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Tel. No.: |
0612-221151 / 2 |
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Bhbaneshwar Office : |
207A, Nirmal Plaza, Forest Park, Airport Road, Bhubaneshwar – 751 009. |
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Tel. No.: |
0674-2570990 |
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Siliguri Office : |
13 and 14, North West Center, Golden Plaza, 3rd Floor,
Burdwan Road, Siliguri – 734001 |
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Tel. No.: |
953532535080 / 094 |
DIRECTORS
|
Name : |
Mr. Pradeep Kumar Bagla |
|
Designation : |
Managing Director |
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Address : |
Jaisalmer Building, 6 Ashoka Road, Alipore Flat 504, Kolkata – 700
027, West Bengal, India |
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Date of Birth/Age : |
07.09.1964 |
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Date of Appointment : |
30.09.1994 |
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Name : |
Mr. Harish Kumar Bagla |
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Designation : |
Director |
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Address : |
Jaisalmer Building, 6 Ashoka Road, Alipore Flat 504, Kolkata – 700
027, West Bengal, India |
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Date of Birth/Age : |
08.12.0968 |
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Date of Appointment : |
12.09.1994 |
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Name : |
Mr. Vijay Kumar Ghidia |
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Designation : |
Director |
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Address : |
Gonda Road, Bahraich, Uttar Pradesh, India |
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Date of Birth/Age : |
01.11.1954 |
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Date of Appointment : |
22.09.1994 |
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Name : |
Mrs. Gauri Prasad Bagla |
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Designation : |
Director |
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Address : |
Jaisalmer Building, 6 Ashoka Road, Alipore Flat 504, Kolkata – 700
027, West Bengal, India |
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Date of Birth/Age : |
10.07.1939 |
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Date of Appointment : |
10.06.1998 |
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Name : |
Mr. Rajesh Bagla |
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Designation : |
Director |
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Address : |
C-6, Sector – 15, Part – 1, Gurgaon – 122 001, Haryana, India |
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Date of Birth/Age : |
20.11.1965 |
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Date of Appointment : |
07.08.2000 |
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Name : |
Mr. Ram Dayal Maskara |
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Designation : |
Director |
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Address : |
C\O Chitrabani Cinema, Begusarai, Bihar |
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Date of Birth/Age : |
08.02.1933 |
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Date of Appointment : |
30.12.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Vijay Kumar Ghidia |
20 |
|
Harish Kumar Bagla |
190128 |
|
Pradeep Kumar Bagla |
122171 |
|
Chanda Bagla |
139921 |
|
Rajesh Kumar Bagla |
1800 |
|
Archana Bagla |
90714 |
|
Deepa Bagla |
178671 |
|
Gouri Prasad Bagla |
130814 |
|
Pradeep Kumar Bagla (HUF) |
15000 |
|
G P Bagla (HUF) |
35000 |
|
H K Bagla (HUF) |
35000 |
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Total |
939239 |
Equity share breakup (percentage of total equity)
|
As on 30.09.2007 |
|
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Poultry Feeds |
GENERAL
INFORMATION
|
Bankers : |
Punjab National Bank B.O. New Market, 9, Lindsay Street, Kolkata – 700 087, West Bengal,
India |
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Banking Relations
: |
Good |
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Auditors : |
K K Jain and Company P-21/22 Radha Bazar Street, Kolkata – 700 001, West Bengal, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
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Total |
|
Rs. 10.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
939239 |
Equity Shares |
Rs. 10/-
each |
Rs. 9.392
millions |
|
|
Total |
|
Rs. 9.392 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 |
|
9.392 |
9.392 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
300.168 |
274.684 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
309.560 |
284.076 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
188.771 |
120.784 |
|
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2] Unsecured Loans |
|
76.244 |
108.386 |
|
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TOTAL BORROWING |
|
265.015 |
229.170 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
|
574.575 |
513.246 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
102.083 |
110.443 |
|
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Capital work-in-progress |
|
3.178 |
3.338 |
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INVESTMENT |
|
11.834 |
11.834 |
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DEFERREX TAX ASSETS |
|
3.426 |
1.480 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
159.235 |
119.521 |
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Sundry Debtors |
|
311.271 |
350.210 |
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Cash & Bank Balances |
|
77.077 |
98.759 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
137.790 |
90.668 |
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Total
Current Assets |
|
685.373 |
659.158 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
|
209.818 |
237.356 |
|
|
Provisions |
|
22.797 |
35.701 |
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Total
Current Liabilities |
|
232.615 |
273.057 |
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Net Current Assets |
|
452.758 |
386.101 |
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|
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|
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MISCELLANEOUS EXPENSES |
|
1.296 |
0.050 |
|
|
|
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TOTAL |
|
574.575 |
513.246 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
2143.715 |
2155.875 |
|
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Other Income |
|
5.871 |
4.444 |
|
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Total Income |
|
2149.586 |
2160.319 |
|
|
|
|
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|
Profit/(Loss) Before Tax |
|
42.363 |
53.884 |
|
|
Provision for Taxation |
|
6.171 |
9.417 |
|
|
Profit/(Loss) After Tax |
|
36.192 |
44.467 |
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|
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Expenditures : |
|
|
|
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Raw Material Consumed |
|
1773.234 |
1776.533 |
|
|
Consumption of stores and spares parts |
|
11.917 |
9.048 |
|
|
Increase/(Decrease) in Finished Goods |
|
(4.281) |
1.385 |
|
|
Salaries, Wages, Bonus, etc. |
|
33.334 |
26.960 |
|
|
Payment to Auditors |
|
0.328 |
0.230 |
|
|
Interest |
|
22.327 |
22.086 |
|
|
Insurance Expenses |
|
3.309 |
3.872 |
|
|
Power & Fuel |
|
43.091 |
48.126 |
|
|
Depreciation & Amortization |
|
19.350 |
19.576 |
|
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Other Expenditure |
|
204.614 |
198.619 |
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Total Expenditure |
|
2107.223 |
2106.435 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
1.68 |
2.06 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.98 |
2.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.38 |
7.00 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.14 |
0.19 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.61 |
1.77 |
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|
Current Ratio (Current Asset/Current Liability) |
|
|
2.95 |
2.41 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
AMRIT FEEDS
LIMITED |
|
Presented By |
Director of the
Company and Punjab National Bank |
|
1) Date and description of instrument creating the change |
Dated 28.10.2005 Tripartite Agreement
between Company (Borrower) and Punjab National Bank and West Bengal Financial
Corporation. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 68.000
millions comprised of: a) Cash
Credit Rs. 35.000
millions b) ILC/FLC
(DA) Rs. 30.000
millions c) LG Rs.
3.000 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 |
West Bengal
Financial Corporation (WBFC) is having 1st charge on the whole of
the Plant and Machinery both present and future including motors, machinery of
movable nature, electric and other Installation and fittings etc. and created
1st charge by means of equitable mortgage by deposit of Title deed
of an area of 2 Bighas 3 cottah 2 Chattaks with building, Shed, Structure
etc. situated at Mouza AGORI< Thana – SANKRAIL, Vill, JUNGLEPUR, Sub
Registry office Ranihati, Dist – Howrah, and Punjab National Bank (PNB) is
having 1st charge on whole of its book debts (both present and
future) goods in transit, stock and stores, Raw materials, Stock in trade,
Finished and unfinished product both present and future (Current assets) |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Now by virtue of
this agreement WBFC is ceding 2nd charge on the properties of the
company charged to them in favour of PNB and PNB is also ceding 2nd
charge on all the current assets in favour of WBFC. |
|
5) Name and Address and description of the person entitled to the charge. |
Punjab National Bank B.O. New Market, 9, Lindsay Street, Kolkata – 700 087, West Bengal,
India |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
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. |
N.A. |
|
Corporate
identity number (CIN) Foreign company registration number |
U15339WB1994PTC064082 |
|
Name of the
Company |
AMRIT FEEDS
LIMITED |
|
Address |
158, Lenin Sarani,
Kolkata – 700 013, West Bengal, India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
·
Immovable
property ·
Any interest
in immovable property ·
Movable
property (not being pledge) |
|
Particulars of
the charge holder |
Punjab National Bank B.O. New Market, 9, Lindsay Street, Kolkata – 700 087, West Bengal,
India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Tripartite
Agreement (2nd charge) executed between borrower/mortgager and
Punjab National Bank and West Bengal Financial Corporation. |
|
Date of the
instrument creating or modifying the charge |
23.02.2007 |
|
Amount secured by
the charge |
Rs. 120.000
millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
·
Rate of
Interest As fixed by Bank from time to time. ·
Terms of
repayment On Demand ·
Margin As stipulated by Bank ·
Extent and
operation of the charge 2nd Charge (1st Charge with WBFC) on Company’s
all pices and parcels of land, Building, Plant and Machinery and all other
assets embodied to earth at located at dag No. 37 (P) Mouza Argori, J.I. No.
27 (2 Bigha 3 Cottah 2 Chattak) and Dag No. 36 Mouza Argori, J.L. – 27 (2
Bigha 3 Cottah 13 Chatak) and dag No. 23(P) Mouza Argori, J.L. – 27(2 Bigha
12 Chittah 2 Sq. ft.) at Vill. Jungelpur, P.S. Sankrail. Dist. – Howrah. |
|
Short particulars
of the property charged (including location of the property) |
2nd
Charge (1st Charge with WBFC) on Company’s all pices and parcels
of land, Building, Plant and Machinery and all other assets embodied to earth
at located at Dag No. 37(P) Mouza Mouza Argori, J.I. No. 27 (2 Bigha 3 Cottah
2 Chattak) and Dag No. 36 Mouza Argori, J.L. – 27 (2 Bigha 3 Cottah 13
Chatak) and dag No. 23(P) Mouza Argori, J.L. – 27(2 Bigha 12 Chittah 2 Sq.
ft.) at Vill. Jungelpur, P.S. Sankrail. Dist. – Howrah. |
|
Particular of the
present modification |
By this
modification West Bengal Financial Corporation ceded 2nd charge on
land, Building, Plant and Machinery and other assets in favour of Punjab
National Bank for the total limit of Rs. 120.000 millions sanctioned by Bank
in favour of the company (Borrower) |
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.79 |
|
UK Pound |
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.66.71 |
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 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
68 |
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 |
|