MIRA
INFORM REPORT
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Report Date : |
07.08.2010 |
IDENTIFICATION DETAILS
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Name : |
KANUNGO FERROMET PRIVATE LIMITED |
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Registered
Office : |
Shop No. 6, Mahimwala Bunglow, 12th |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
09.07.1990 |
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Com. Reg. No.: |
11-57138 |
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CIN No.: [Company Identification
No.] |
U27200MH1990PTC057138 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMK10811D |
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PAN No.: [Permanent Account No.] |
AABCK0892N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Importer of Stainless, Ferrous and Non-Ferrous Metal, Minor
Metal, Virgin Metals, Ferro Alloys and Electro Plating Material. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 222000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Hitesh Roopchand Kanungo |
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Designation : |
Director |
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Date : |
06.08.2010 |
LOCATIONS
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Registered Office : |
Shop No. 6, Mahimwala Bunglow, 12th |
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Tel. No.: |
91-22-23852908/
23827759/ 23807757/ 66362174/ 23803814 |
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Fax No.: |
91-22-23820391 |
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E-Mail : |
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Area : |
500 sq ft |
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Location : |
Owned |
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Warehouse 1 : |
Village Dheku, Taluka Khalapur, District Raigad, Khopoli – 410 203, |
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Tel. No.: |
952192-262384 |
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Location : |
Owned |
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Warehouse 2 : |
Also Located at:
·
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DIRECTORS
As on 30.09.2009
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Name : |
Mr. Omprakash Siremal Kanungo |
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Designation : |
Director |
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Address : |
5, |
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Date of Birth/Age : |
01.07.1966 |
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Qualification : |
Chartered Accountant |
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Date of Appointment : |
08.07.1994 |
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Name : |
Mr. Hitesh Roopchand Kanungo |
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Designation : |
Director |
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Address : |
5, |
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Date of Birth/Age : |
25.12.1980 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.01.1999 |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Kadam |
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Designation : |
Chief Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
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Names of Shareholders |
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No. of Shares |
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Sowan Omprakash Kanungo |
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350000 |
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Bhagu Roopchand Kanungo |
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798000 |
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Hitesh Roopchand Kanungo |
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282800 |
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Mehul Omprakash Kanungo |
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771400 |
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Omprakash Kanungo |
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1367800 |
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Stainless Trading Private Limited, |
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1400000 |
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Total
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4970000 |
As on 30.09.2009
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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28.17 |
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Directors
or relatives of directors |
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71.83 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Importer of Stainless, Ferrous and Non-Ferrous Metal, Minor
Metal, Virgin Metals, Ferro Alloys and Electro Plating Material. |
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Products : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 / 60 /
90 days) |
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Purchasing : |
Cash and Credit (30 / 60 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
26 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D.C. Bothra and Company Chartered Accountants |
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Address : |
61-A, |
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Tel. No.: |
91-22-23875734/ 22830912/ 22841655/ 23876643 |
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Fax No.: |
91-22-22845730/ 23876943 |
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E-Mail : |
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Associates/Subsidiaries : |
Address: Shop No. 6, Mahimwala Bunglow, 12th Activities: Trader and Importer of Stainless, Ferrous and Non-Ferrous Metal, Minor Metal, Virgin Metals, Ferro Alloys and Electro Plating Material.
Address: Shop No. 6, Mahimwala Bunglow, 12th Activities: Trader and Importer of Stainless, Ferrous and Non-Ferrous Metal, Minor Metal, Virgin Metals, Ferro Alloys and Electro Plating Material. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4970000 |
Equity Shares |
Rs.10/- each |
Rs.49.700
millions |
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(Out of above
Company has issued 4615000 Equity Shares as Bonus Shares by capitalizing the
Free reserves)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
49.700 |
3.550 |
3.550 |
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2] Share Application Money |
0.000 |
0.000 |
5.000 |
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3] Reserves & Surplus |
5.823 |
49.000 |
33.797 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
55.523 |
52.550 |
42.347 |
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LOAN FUNDS |
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1] Secured Loans |
147.128 |
67.343 |
35.811 |
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2] Unsecured Loans |
197.956 |
312.905 |
145.684 |
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TOTAL BORROWING |
345.084 |
380.248 |
181.495 |
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DEFERRED TAX LIABILITIES |
0.042 |
0.042 |
0.042 |
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TOTAL |
400.649 |
432.840 |
223.884 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.466 |
11.035 |
11.713 |
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Capital work-in-progress |
1.500 |
1.500 |
1.500 |
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INVESTMENT |
5.063 |
5.063 |
5.063 |
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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 |
183.344
|
307.121 |
127.110 |
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Sundry Debtors |
327.077
|
380.270 |
315.562 |
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Cash & Bank Balances |
18.855
|
13.370 |
11.044 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans, Advances & Deposits |
48.577
|
23.290 |
13.310 |
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Total
Current Assets |
577.853
|
724.051 |
467.026 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
127.500 |
197.431 |
241.588 |
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Other Current Liabilities |
46.119
|
93.039 |
7.346 |
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Provisions |
20.614
|
18.339 |
12.485 |
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Total
Current Liabilities |
194.233
|
308.809 |
261.419 |
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Net Current Assets |
383.620
|
415.242 |
205.607 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.001 |
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TOTAL |
400.649 |
432.840 |
223.884 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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Income |
1405.710 |
1547.024 |
1108.379 |
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Other Income |
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TOTAL (A) |
1405.710 |
1547.024 |
1108.379 |
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Less |
EXPENSES |
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Cost of Sales and Services |
1340.935 |
1479.671 |
1056.839 |
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Operating, Administrative & Other Expenses |
13.131 |
11.040 |
9.454 |
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Loss on Sales of Assets |
0.000 |
0.014 |
0.111 |
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TOTAL (B) |
1354.066 |
1490.725 |
1066.404 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
51.644 |
56.299 |
41.975 |
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Less |
FINANCIAL
EXPENSES (D) |
44.560 |
31.134 |
20.022 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.084 |
25.165 |
21.953 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.006 |
1.177 |
0.967 |
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PROFIT BEFORE
TAX (E-F) (G) |
6.078 |
23.988 |
20.986 |
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Less |
TAX (H) |
2.275 |
7.843 |
7.054 |
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PROFIT AFTER TAX
(G-H) (I) |
3.803 |
16.145 |
13.932 |
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Excess/ (Short) Provision of Tax of earlier year (Net) |
-- |
(0.111) |
-- |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
26.550 |
13.847 |
3.234 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
24.000 |
2.500 |
2.500 |
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Proposed Dividend |
0.710 |
0.710 |
0.710 |
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Tax on Dividend |
0.121 |
0.121 |
0.109 |
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BALANCE CARRIED
TO THE B/S |
5.522 |
26.550 |
13.847 |
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IMPORTS |
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Ferrous and Non Ferrous Metals |
648.484 |
1018.573 |
NA |
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TOTAL IMPORTS |
648.484 |
1018.573
|
NA |
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Earnings Per
Share (Rs.) |
0.77 |
45.17 |
39.25 |
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Particulars |
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31.03.2010 (Approximately) |
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Sales Turnover |
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|
1500.000 |
Expected Sales (2010-11): Rs.2000.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
0.27
|
1.04 |
1.26 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.03
|
3.26 |
4.38 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.46 |
0.50 |
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Debt Equity Ratio (Total Liability/Networth) |
|
9.71
|
13.11 |
10.46 |
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Current Ratio (Current Asset/Current Liability) |
|
2.98
|
2.34 |
1.79 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
31.03.2007 (Rs. in millions) |
|
Creditors for
Goods |
122.896 |
193.250 |
237.599 |
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Creditors for
Expenses |
4.604 |
4.181 |
3.989 |
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Name of the company |
KANUNGO FERROMET PRIVATE LIMITED |
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Presented By |
Canara Bank,
Khetwadi Branch, Mumbai – 400 004, |
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1) Date and description of instrument creating the change |
Common
Hypothecation Agreement dated 01.12.1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.7.000 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 |
1. Hypothecation
of imported stocks of ferrous/ non ferrous metals, of the Borrower 2. Hypothecation
of all, present and future, book debts arising out of the credit sales to
government/ semi government, reputed joint stock companies/ firms of repute,
due to the Borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure Cash
Credit facility granted by the Bank to the Borrower 1) Rate of
Interest – 15.56% p.a. 2) Margin: 50% |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank,
Khetwadi Branch, Mumbai – 400 004, |
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6) Date and brief description of instrument modifying the charge |
Supplemental
Common Hypothecation Agreement dated 12.01.2001 |
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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. |
By this
modification, the Credit facilities has been increased by Rs.3.000 millions. Hence,
the overall limit has been enhanced from Rs.7.000 millions to Rs.10.000
millions. Therefore, the
overall charge now stands at Rs.10.000 millions. |
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Corporate
identity number of the company |
U27200MH1990PTC057138 |
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Name of the company
|
KANUNGO FERROMET PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Shop No. 6, Mahimwala Bunglow, 12th E-Mail: hitesh@kanungo.net |
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10115407 |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Standard
Chartered Bank, SME Credit,
23-25, E-Mail: reenabang@rediffmail.com |
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Agreement - Supplemental |
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Date of
instrument Creating the charge |
11/08/2009 |
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Amount secured by
the charge |
Rs.84.350
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Credit Facility. Interest /
Commission - As agreed by and with the Bank from time to time. Terms of
Repayment: As agreed by and
with the Bank from time to time. Margin: As applicable, if
any. Extent and
Operation of the charge: The Bank is
having pari passu charge with Yes Bank on the security given by the
Company. |
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Short particulars
of the property charged |
Hypothecation by
way of pari passu charge with Yes Bank on: a) All the stock in trade both present
and future consisting of raw materials, finished goods, goods in process of
manufacturing and other merchandise.
b) All the present and future book debts, outstanding moneys receivable,
claims and bills. c) All the movable fixed assets. (as more described in
attached agreement) |
|
Particulars of
the present modification |
By present
modification, the existing charge of Rs.80.000 Millions enhanced to Rs.84.350
Millions. |
|
This form is for |
Modification of
charge |
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Charge identification
number of the modified |
10037244 |
|
Corporate
identity number of the company |
U27200MH1990PTC057138 |
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Name of the
company |
KANUNGO FERROMET PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Shop No. 6, Mahimwala Bunglow, 12th |
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Type of charge |
Book Debts Movable Property Floating Charges |
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Particular of
charge holder |
Yes 9th
Floor, Nehru Centre, Discovery of |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
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Date of
instrument Creating the charge |
27.01.2009 |
|
Amount secured by
the charge |
Rs.100.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit
Facility: 3.50% below Yes Bank PLR Letter of credit facility
(sub- limit of cash credit): 1.20% p.a. (Commission) Terms of Repayment Cash Credit
Facility: on demand/ Annual Review Letter of credit
: Validity plus Usance period shall not exceed 120 days Margin 25% Extent and Operation of the charge Pari passu charge
on current assets of the borrower to cover the following- Cash Credit Loan-
INR 100.000 millions Letter of credit
(sub- limit of cash credit- INR 30.000 millions |
|
Short particulars
of the property charged |
Pari passu charge
on current assets of the borrower both present and future |
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Particulars of
the present modification |
Existing charge-
Exclusive charge on Currents Assets is modified to pari passu charge on current
assets of the borrower and facility from INR 65 MM to INR 100 MM (Cash Credit
loan- INR 100.000 millions Letter of credit
(Sub-limit of cash credit) INR 30.000 millions) |
TRADE REFERENCES:
- Indian Steel Works Limited, Khopoli,
- Anugarh Valves Casting Limited,
- Ami Clearing and Forwarding Private Limited
FIXED ASSETS
- Land at Khopoli
- Godowns
- Plant and Machinery
- Office Equipment
- Computer and Accessories
- Vehicles and Scooters
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.46.02 |
|
|
1 |
Rs.73.21 |
|
Euro |
1 |
Rs.60.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.