MIRA
INFORM REPORT
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Report Date : |
13.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
K. N. RESOURCES PRIVATE LIMITED |
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Registered Office : |
K. N. Building, Subhash Road, Ramsagarpara, Raipur – 492001, Chattisgarh |
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Country : |
India |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
05.10.1995 |
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Com. Reg. No.: |
10-10029 |
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CIN No.: [Company
Identification No.] |
U27106CT1995PTC010029 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JBPK00496G |
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PAN No.: [Permanent
Account No.] |
AADFK3773H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Traders of Rice, Sugar, Wheat, Soya Seed, Chana and Maize. |
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 427316 |
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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 having satisfactory
track. Trade relations are fair. Financial position is good. Payments are
usually correct and as per commitments. Nothing adverse reported. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
K. N. Building, Subhash Road, Ramsagarpara, Raipur – 492001,
Chattisgarh, India |
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Tel. No.: |
91-771-2293706 |
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Fax No.: |
91-771-2234707 |
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E-Mail : |
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Factory : |
214, Maker Bhavan No.3, 21 New Marin Lines, Churchagate, Maharashtra,
India |
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Tel. No.: |
91-22-22007610/ 606 |
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Fax No.: |
91-22-22007608 |
DIRECTORS
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Name : |
Mr. Vijay Shrishrimal |
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Designation : |
Director |
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Address : |
K. N. Building, Subhash Road, Ramsagarpara, Raipur – 492001,
Chattisgarh, India |
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Date of Birth/Age : |
28.02.1966 |
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Date of Appointment : |
05.10.1995 |
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Name : |
Mr. Dhirendra Shrishrimal |
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Designation : |
Director |
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Address : |
K. N. Building, Subhash Road, Ramsagarpara, Raipur – 492001,
Chattisgarh, India |
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Date of Birth/Age : |
20.03.1972 |
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Date of Appointment : |
25.02.1997 |
KEY EXECUTIVES
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Name : |
Mund Bikram and Associates |
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Designation : |
Company Secretary |
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Address : |
House No.2, Nilanchal Vihar, Opposite Kanchan Road, Railway Fatak,
Raipur, India |
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Tel No.: |
91-771-2539805 |
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Fax No.: |
91-771-2536054 |
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Mobile No.: |
91-9300414144 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 22.12.2004)
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Names of Shareholders |
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No. of Shares |
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Mr. Vijay Shrishrimal |
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40000 |
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Mr. Dhirendra Shrishrimal |
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250000 |
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Mr. Sanjay Shrishrimal |
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250000 |
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Mrs. Sushila Devi Shrishrimal |
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250000 |
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Anant Trafina Private Limited |
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20000 |
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Palak Exim Private Limited |
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400000 |
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Salahkar Distributors Private Limited |
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390000 |
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Anant Countertrade Private Limited |
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200000 |
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Total |
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1800000 |
(As on 30.06.2006)
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Category |
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Percentage |
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Directors or relatives of directors |
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43.89 |
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Other top fifty shareholders (other than listed above) |
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56.11 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Traders of Rice, Sugar, Wheat, Soya Seed, Chana and Maize. |
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Products : |
· Rice · Sugar · Wheat · Soya Seed · Chana · Maize |
GENERAL
INFORMATION
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No. of Employees : |
60 |
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Bankers : |
· UCO Bank Main Branch, K K Road, Raipur – 492001, Chattisgarh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pukhraj Jain and Associates Chartered Accountants |
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Address : |
204, First Floor, Rajiv Gandhi Complex, Bal Ashram, Kutchery Chowk,
Raipur – 492001, Chattisgarh, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1800000 |
Equity Shares |
Rs.10/- each |
Rs.18.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1800000 |
Equity Shares |
Rs.10/- each |
Rs.18.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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30.06.2006 |
30.06.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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18.000 |
18.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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88.829 |
74.309 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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106.829 |
92.309 |
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LOAN FUNDS |
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1] Secured Loans |
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261.951 |
109.012 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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261.951 |
109.012 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.029 |
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TOTAL |
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368.780 |
201.350 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.171 |
1.355 |
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Capital work-in-progress |
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9.259 |
0.000 |
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INVESTMENT |
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3.120 |
13.120 |
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DEFERREX TAX ASSETS |
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0.277 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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175.033 |
124.829 |
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Sundry Debtors |
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121.429 |
26.608 |
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Cash & Bank Balances |
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32.785 |
26.654 |
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Other Current Assets |
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21.100 |
4.661 |
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Loans & Advances |
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10.004 |
10.759 |
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Total
Current Assets |
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360.351 |
193.511 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.650 |
6.403 |
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Provisions |
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0.748 |
0.237 |
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Total
Current Liabilities |
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5.398 |
6.640 |
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Net Current Assets |
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354.953 |
186.871 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.004 |
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TOTAL |
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368.780 |
201.350 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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30.06.2006 |
30.06.2005 |
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Sales Turnover |
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2319.237 |
1350.522 |
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Other Income |
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1.615 |
1.487 |
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Total Income |
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2320.852 |
1352.009 |
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Profit/(Loss) Before Tax |
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16.019 |
8.322 |
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Provision for Taxation |
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1.115 |
1.018 |
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Profit/(Loss) After Tax |
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14.904 |
7.304 |
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Import Value |
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1995.812 |
NA |
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Expenditures : |
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Financial Charges |
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3.665 |
3.910 |
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Depreciation |
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0.359 |
0.381 |
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Other Expenditure |
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2300.809 |
1339.396 |
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Total Expenditure |
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2304.833 |
1343.687 |
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KEY RATIOS
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PARTICULARS |
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30.06.2006 |
30.06.2005 |
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PAT / Total Income |
(%) |
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0.64 |
0.54 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.69 |
0.62 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.43 |
4.27 |
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Return on Investment (ROI) (PBT/Networth) |
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0.15 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.50 |
1.25 |
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Current Ratio (Current Asset/Current Liability) |
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66.76 |
29.14 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets:
· Office equipment
· Furniture
· Scooter
·
Car
Form 8:
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Corporate identity
number (CIN) Foreign company registration number |
U27106CT1995PTC010029 |
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Name of the
Company |
K. N. RESOURCES PRIVATE LIMITED |
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Address |
K. N. Building, Subhash Road, Ramsagarpara, Raipur – 492001,
Chattisgarh, India |
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This form is for |
Modification of Charge |
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Type of Charge |
Immovable
Property Book Debts Movable Property
(not being pledge) |
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Particulars of
the charge holder |
UCO Bank Main Branch, K K
Road, Raipur – 492001, Chattisgarh, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Hypothecation
Agreement Dated 02.03.2007 For Rs.467.000 Millions |
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Date of the instrument
creating or modifying the charge |
02.03.2007 |
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Amount secured by
the charge |
Rs.467.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: EPC – BPLR-4 i.e.
8.75% CC – BPLR-0.5%
i.e. 12.25% TL – BPLR-1.50%
i.e. 11.25% Terms of
Repayment: EPC Credit – 180
days CC – Repayable on
demand TL – Repayable in
monthly installment of Rs.33400.000 Millions Commencing from October, 2008
and Last Installment of Rs.0.280 Million on June, 2015. Margin: EPC Credit – 10% CC – 25% Extent and
operation of the charge: EPC/ CC/ BG/ LC/
TL – Rs.467.000 Millions Exclusive Charge of UCO Bank, K K Road, Raipur,
Chattisgarh, India |
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Short particulars
of the property charged (including location of the property) |
Hypothecation of
Products, Goods, Movable Property, Book Debts and Current Assets and Fixed
Assets (Both Present and Future) Belonging to the Company. |
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Particular of the
present modification |
Sub Limit of EPC
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Name of the company |
K. N. RESOURCES PRIVATE LIMITED |
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Presented By |
Mr. Dhiren Shrishrimal |
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1) Date and description of instrument creating the change |
12.12.2003 Hypothecation and
Book Debts to Secure Demand Cash and Credit Agreement for
extension of Charge by way of Hypothecation of current Assets to secure non-fund
based facilities. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit
(Hypothecation) Rs.125.000
Millions Letter of
Credit
Rs.20.000 Millions Bank
Guarantee Rs.10.000 Millions
----------------------------- Total
Rs.155.000 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 |
Hypothecation of
Products, Goods, Movable Property, Book Debts and Current Assets and Fixed
Assets (Both Present and Future) Belonging to the Company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin : 25.00% Interests: 14.00%
p.a. Other terms and
conditions as per enclosed agreement |
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5) Name and Address and description of the person entitled to the charge. |
UCO Bank Main Branch,
Raipur, India |
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6) Date and brief description of instrument modifying the charge |
10.11.2004 Hypothecation and
Book Debts to Secure Demand Cash and Credit Hypothecation of
goods to Secure Demand Cash and Credit Agreement for
extension of Charge by way of Hypothecation of current Assets to secure
non-fund based facilities. |
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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 limit has
been enhanced upto as follows: Cash Credit Rs.200.000
Millions Letter of
Credit Rs.30.000 Millions Bank
Guarantee
Rs.20.000 Millions Interests:@ BPLR
+ 2.50% (Floating) which is at present 13.50% p.a. with monthly rests. |
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.41.68 |
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UK Pound |
1 |
Rs.81.23 |
|
Euro |
1 |
Rs.64.13 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
|