MIRA
INFORM REPORT
|
Report Date : |
20.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
MUKUND OIL MILLS PRIVATE LIMITED |
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Registered Office : |
4, Synagogue Street, 6th Floor, Kolkata – 700001, 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 : |
21.12.1983 |
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Com. Reg. No.: |
21-37031 |
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CIN No.: [Company
Identification No.] |
U51225WB1983PTC037031 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALM00605D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, exporter and supplier of Sesame Oil, Sesame Seeds, Sesame
Oil Cake, Sesame De-Oil, Refined Sesame Oil, Rice Bran Oil, De- Oiled Rice
Bran, Raw Wheat and Parboiled Rice, Yellow corn maze. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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/normal. |
Small |
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Maximum Credit Limit : |
USD 14000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Profit margin is low. It has some accumulated losses. Payments are reported
as slow and delayed. The company can be considered for small business with slight caution
initially. |
INFORMATION PARTED
BY
|
Name : |
Mr. P. K. Bhatter |
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Designation : |
Director |
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Date : |
13.06.2008 |
LOCATIONS
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Registered Office / Factory : |
4, Synagogue Street, 6th Floor, Kolkata – 700001, West
Bengal, India. |
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Tel. No.: |
91-33-22422823 |
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Mobile No.: |
91-9831309290 |
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Fax No.: |
91-33-22424530 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Satya Kotwala Narayan |
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Designation : |
Director |
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Address : |
Tantigaria, Medinipur, Paschim Medinipur, Kolkata – 721102, West
Bengal |
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Date of Birth/Age : |
10.12.1942 |
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Date of Appointment : |
22.02.1985 |
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Name : |
Mr. Harish Choudhary Chandra |
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Designation : |
Director |
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Address : |
4, Synagogue Street, 6th Floor, Kolkata – 700001, West
Bengal, India. |
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Date of Birth/Age : |
03.07.1951 |
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Date of Appointment : |
21.12.1983 |
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Name : |
Mrs. Shive Sharda Bhagwan |
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Designation : |
Director |
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Address : |
4, Synagogue Street, 6th Floor, Kolkata – 700001, West
Bengal, India. |
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Date of Birth/Age : |
10.12.1956 |
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Date of Appointment : |
21.12.1983 |
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Name : |
Mr. Kusum Kumar Bhatter |
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Designation : |
Director |
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Address : |
23, Vivekanand Road, Kolkata – 700007, West Bengal, India. |
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Date of Birth/Age : |
16.05.1949 |
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Date of Appointment : |
01.07.2005 |
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Name : |
Mr. Pawan Kumar Bhatter |
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Designation : |
Director |
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Address : |
23, Vivekanand Road, Kolkata – 700007, West Bengal, India. |
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Date of Birth/Age : |
23.11.1957 |
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Date of Appointment : |
01.07.2005 |
KEY EXECUTIVES
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Name : |
Mr. Ram Swaroop Biyala |
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Designation : |
Company Secretary |
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Tel No.: |
91-33-23346065 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 28.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Choudhary Chandra Harish |
450 |
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Sharda Bhagwan Shive |
450 |
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Kotwala Narayan Satya |
450 |
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Kothari Narayan Ram Late |
200 |
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Govind Ram Kothari H.U.F. |
300 |
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Jha Kant Tara |
300 |
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Sarda Kumar Sushil |
200 |
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Sarda Prakash Om |
900 |
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Harlalka Prasad Hari |
250 |
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Harlalka Devi Parvati |
250 |
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Mundhra Sudan Madhu |
150 |
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Jhunjhunwala Renu |
10 |
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Jhunjhunwala Kumar Vinod |
10 |
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Bhootra Kamelesh |
10 |
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Jha Ghanshyam |
10 |
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Choudhary Laxmi Deo |
10 |
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Bhatter Neelam |
875 |
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Bhatter Saroj |
725 |
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Bhatter shakuntala |
725 |
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Bhatter Kumar Kusum |
450 |
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Bhatter Mukund |
150 |
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Bhatter Devi Sunder |
50 |
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Bhatter Kumar Alok |
50 |
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Bhatter Kumar Pawan |
25 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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Directors or relatives of Director |
95.08 |
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Other top 50 Shares Holder |
4.92 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, exporter and supplier of Sesame Oil, Sesame Seeds,
Sesame Oil Cake, Sesame De-Oil, Refined Sesame Oil, Rice Bran Oil, De- Oiled Rice
Bran, Raw Wheat and Parboiled Rice, Yellow corn maze. |
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Products : |
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Exports : |
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Countries : |
·
U.S. ·
Europe ·
Taiwan ·
Vietnam |
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Terms : |
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Selling : |
Cash and Credit – 30 days |
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Purchasing : |
Cash and Credit – 30 days |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
End Users |
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No. of Employees : |
60 |
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Bankers : |
Syndicate Bank 6, N.S. Road,
Kolkata – 700001, West Bengal, India |
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Facilities : |
Overdraft Facility of Rs. 0.500 Million |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bhag Chand Jain Chartered Accountant |
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Address : |
26, Strand Road, Kolkata – 700001, West Bengal, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000 |
Equity Shares |
Rs. 100/- each |
Rs. 4.000 Millions |
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Total |
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Rs. 4.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 Millions |
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Total |
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Rs. 2.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
0.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.057 |
1.057 |
1.057 |
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4] (Accumulated Losses) |
(0.782) |
(1.192) |
(1.458) |
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NETWORTH |
2.775 |
2.365 |
0.299 |
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LOAN FUNDS |
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1] Secured Loans |
5.069 |
0.278 |
0.000 |
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2] Unsecured Loans |
3.531 |
1.390 |
1.349 |
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TOTAL BORROWING |
8.600 |
1.668 |
1.349 |
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DEFERRED TAX LIABILITIES |
0.034 |
0.000 |
0.000 |
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TOTAL |
11.409 |
4.033 |
1.648 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.884 |
0.755 |
0.523 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.210 |
0.300 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.919
|
1.135 |
0.273 |
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Sundry Debtors |
7.677
|
2.458 |
0.527 |
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Cash & Bank Balances |
0.412
|
0.639 |
0.688 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.432
|
0.100 |
0.143 |
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Total
Current Assets |
11.440
|
4.332 |
1.631 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.886
|
1.236 |
0.800 |
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Provisions |
0.029
|
0.030 |
0.006 |
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Total
Current Liabilities |
0.915
|
1.266 |
0.806 |
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Net Current Assets |
10.525
|
3.066 |
0.825 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.002 |
0.000 |
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TOTAL |
11.409 |
4.033 |
1.648 |
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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(including Other Income) |
55.418 |
38.313 |
20.611 |
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Profit/(Loss) Before Tax |
0.725 |
0.391 |
0.254 |
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Provision for Taxation |
0.104 |
(0.175) |
(0.294) |
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Profit/(Loss) After Tax |
0.621 |
0.566 |
0.548 |
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Expenditures : |
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Financial Charges |
0.618 |
0.318 |
0.110 |
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Depreciation & Amortization |
0.153 |
0.159 |
0.079 |
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Other Expenditure |
53.922 |
37.445 |
20.168 |
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Total Expenditure |
54.693 |
37.922 |
20.357 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.12
|
1.48 |
2.66 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.31
|
1.02 |
1.23 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.88
|
0.08 |
11.79 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.17 |
0.85 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.43
|
1.24 |
7.21 |
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Current Ratio (Current Asset/Current Liability) |
|
12.50
|
3.42 |
2.02 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
Corporate
identity number of the company |
U51225WB1983PTC037031 |
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Name of the
company |
MUKUND OIL MILLS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
4, Synagogue Street, 6th Floor, Kolkata – 700001, West
Bengal, India |
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This form is for |
Creation of
charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Syndicate Bank,
6, N.S. Road, Kolkata – 700001, West Bengal, India |
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Nature of
instrument creating charge |
Composite
hypothecation Agreement Comprehensive pre
and Postshipment Agreement Omnibus Counter
Gurantee |
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Date of
instrument Creating the charge |
21.07.2006 |
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Amount secured by
the charge |
Rs. 6.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Facility Granted :
OD- Rs. 0.500 Million Interest
PLR+1.75%, PCL- Rs. 1.000 Millions
Interest PLR-3.5%, Margin 25%, FUBP/ FDBP- Rs. 3.500 Million, Interest
PLR – 3.5%, Margin Nil, B.G. – Rs. 1.000 Million. Cash Margin 25%.
The charge shall operate as first charge. |
|
Description of
the property charged |
Stock in trade,
plant and machinery, book debts, others, furniture and fixtures, vehicles,
intangible assets. Bills of
exchange, shipping documents, warehouse receipt, policies of insurance,
inland and foreign documents relating to goods in India or abroad. As in (a) above
located at Tantigaria, Paschim Midnapur, West Bengal, or wherever else they
may be both present and future as 1st charge. |
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 |
|
1 |
Rs.42.93 |
|
|
UK Pound |
1 |
Rs.84.17 |
|
Euro |
1 |
Rs.66.82 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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/normal. |
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 |
|