MIRA
INFORM REPORT
|
Report Date : |
06.08.2011 |
IDENTIFICATION DETAILS
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Name : |
RAZBAN SEAFOOD PRIVATE LIMITED |
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Registered
Office : |
770, Kalikapur, Kolkata – 700099, West Bengal |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.10.1983 |
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Com. Reg. No.: |
21-36852 |
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Capital
Investment / Paid-up Capital : |
Rs.15.000 Millions |
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CIN No.: [Company Identification
No.] |
U15127WB1983PTC036852 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALR04208B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturers and Exporters of Quality Marine Products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (14) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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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 established company having moderate track. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. 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
|
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 |
LOCATIONS
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Registered Office/ Factory : |
770, Kalikapur, Kolkata – 700099, West Bengal, India |
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Tel. No.: |
91-33-24260873 |
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Fax No.: |
91-33-24260671 |
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E-Mail : |
DIRECTORS
(AS ON 30.09.2010)
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Name : |
Mr. Krishna Banerji |
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Designation : |
Director |
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Address : |
54/1B, Hindustan Road, Kolkata – 700029, West Bengal, India |
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Date of Birth/Age : |
15.01.1941 |
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Date of Appointment : |
15.10.1983 |
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Name : |
Mr. Rajarshi Banerji |
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Designation : |
Director |
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Address : |
54/1B, Hindustan Road, Kolkata – 700029, West Bengal, India |
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Date of Birth/Age : |
20.05.1964 |
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Date of Appointment : |
01.04.1993 |
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Name : |
Mr. Satya Shiva Saswat |
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Designation : |
Nominee Director |
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Address : |
Flat – 4B, 64 Southern Avenue, Kolkata – 700029, West Bengal, India |
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Date of Birth/Age : |
19.02.1979 |
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Date of Appointment : |
25.01.2011 |
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Nominee Company : |
Export – Import Bank of India |
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Email : |
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Name : |
Mr. Saumar Jyoti Sonowal |
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Designation : |
Director |
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Address : |
4th Floor, Sannati Plaza, G S Road, Guwahati – 781005,
Assam, India |
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Date of Birth/Age : |
03.10.1973 |
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Date of Appointment : |
16.02.2009 |
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Date of Ceasing : |
25.01.2011 |
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Nominee Company : |
Export – Import Bank of India |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
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Names of Shareholders |
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No. of Shares |
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Krishna Banerji |
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750000 |
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Rajarshi Banerji |
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750000 |
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Total |
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1500000 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Quality Marine Products. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Shrimp |
MT |
NA |
2296 |
-- |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
· State Bank of Travancore, Kolkata Main Branch · Axis Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. H. Daryanani and Company Chartered Accountant |
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Address : |
7, Sudder Street, 2nd Floor, Kolkata – 700016, West Bengal,
India |
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Tel No.: |
91-33-22172159/ 22520201 |
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Email : |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Share |
Rs.10/- each |
Rs.15.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
9970 |
Equity Share of Rs.10/- each for consideration other than cash pursuant to a contract. |
Rs.10/- each |
Rs.0.100
Million |
|
500030 |
Equity Share Rs.10/- each fully paid in Cash |
Rs.10/- each |
Rs.5.000
Millions |
|
990000 |
Equity Share Rs.10/- each allotted as fully paid up Bonus shares by capitalisation of reserve. |
Rs.10/- each |
Rs.9.900
Millions |
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Total |
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Rs.15.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
15.000 |
15.000 |
15.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13.015 |
13.015 |
13.015 |
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4] (Accumulated Losses) |
(95.119) |
(96.502) |
(94.156) |
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NETWORTH |
(67.104) |
(68.487) |
(66.141) |
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LOAN FUNDS |
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1] Secured Loans |
94.672 |
97.044 |
99.233 |
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2] Unsecured Loans |
2.187 |
2.187 |
2.188 |
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TOTAL BORROWING |
96.859 |
99.231 |
101.421 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
29.755 |
30.744 |
35.280 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.493 |
34.940 |
39.179 |
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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 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.318
|
0.084 |
0.514 |
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Cash & Bank Balances |
0.000
|
0.000 |
0.000 |
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Other Current Assets |
1.623
|
1.287 |
1.803 |
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Loans & Advances |
0.229
|
0.581 |
0.936 |
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Total
Current Assets |
2.170
|
1.952 |
3.253 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
0.000
|
0.000 |
0.000 |
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Other Current Liabilities |
3.927
|
6.186 |
7.210 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
3.927
|
6.186 |
7.210 |
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Net Current Assets |
(1.757)
|
(4.234) |
(3.957) |
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MISCELLANEOUS EXPENSES |
0.019 |
0.038 |
0.058 |
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TOTAL |
29.755 |
30.744 |
35.280 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
0.000 |
0.000 |
0.000 |
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Other Income |
16.727 |
12.156 |
11.007 |
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TOTAL (A) |
16.727 |
12.156 |
11.007 |
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Less |
EXPENSES |
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Salaries, Wages an d Bonus (Including Settlement of Earlier Salary) |
0.373 |
0.295 |
0.371 |
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Factory Overhead |
3.667 |
3.449 |
3.614 |
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Other Expenses |
5.382 |
3.608 |
4.003 |
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Contribution to ESI and P.F. |
0.017 |
0.013 |
0.087 |
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Doubtful Debts Written off |
0.000 |
0.464 |
2.382 |
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Miscellaneous expenses Written off |
0.019 |
0.019 |
0.019 |
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TOTAL (B) |
9.458 |
7.848 |
10.476 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7.269 |
4.308 |
0.531 |
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Less |
FINANCIAL
EXPENSES (D) |
2.045 |
2.230 |
2.778 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.224 |
2.078 |
(2.247) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.784 |
4.343 |
4.953 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.440 |
(2.265) |
(7.200) |
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Less |
TAX (H) |
0.057 |
0.081 |
0.009 |
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PROFIT AFTER TAX
(G-H) (I) |
1.383 |
(2.346) |
(7.209) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(96.502) |
(94.156) |
(86.947) |
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BALANCE CARRIED
TO THE B/S |
(95.119) |
(96.502) |
(94.156) |
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|
Earnings Per
Share (Rs.) |
0.92 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.27
|
(19.30) |
(6549) |
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.28
|
(6.14) |
(16.97) |
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
0.03 |
0.11 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
(1.50)
|
(1.54) |
(1.64) |
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Current Ratio (Current Asset/Current Liability) |
|
0.55
|
0.32 |
0.45 |
LOCAL AGENCY FURTHER INFORMATION
WORKING
RESULTS AND FUTURE PROSPECTS:
The Company steadily continued with its established business
strategy of cost-plus export processing during the year and subsequent to the year-end-date.
The company has made a moderate profit during the year.
The Company’s E.U. Approved seafood processing plant at
Kalikapore is operating satisfactorily and the assets are being maintained
properly. Subsequent to the pear end of 31st March, 2010, the E.U.
Approval of the plant has been renewed by the competent authority for a further
two years up to 2012.
Within the successful business model of Export Processing
for Merchant Exporters that the directors adopted during the previous
years, the Company has now ensured a guaranteed monthly revolution the form of
Minimum Guaranteed Processing Charge.
The Company has continued with a three-year processing
agreement with one of the best merchant Exporters in the seafood industry in
West Bengal who is making steady production and exports from the Company's
factory at Kalikapore.
The Company has continued making regular repayments to its
Term Lender, Export Import Bank of India, under the approved loan restructuring
scheme.
The directors are pursuing ways of making a settlement with
Canara Bank and continue to be hopeful in this regard.
The directors are working on a definite plan focused upon
improving he infrastructure of the Company further with a view to increase
earnings.
FIXED
ASSETS:
· Land Development
· Plant and machinery
· Factory Building
· Motor Car
· Furniture and Fixtures
· Electrical Fittings
· Laboratory Equipments
· Computers
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.44.80 |
|
|
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.63.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
14 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.