1. Summary Information
|
|
|
Country |
|
|
Company Name |
KUNDAN
RICE MILLS LIMITED |
Principal Name 1 |
Mr. Pradeep Garg |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Anurag Mangla |
|
|
|
Registration # |
55-64113 |
|
Street Address |
D-16
and D-17, Central Market, Prashant Vihar, |
||
|
Established Date |
05.01.1995 |
SIC Code |
-- |
|
Telephone# |
91-11-27567171
/ 27865180 / 27865160 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-11-27567180
/ 27865180 / 7567180 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Rice |
|
|
# of employees |
Above 100 |
Product Name 2 |
Edible Oil |
|
Paid up capital |
Rs. 79,415,000/- |
Product Name 3 |
Chemicals |
|
Shareholders |
Directors or relatives of
directors – 100% |
Banking |
Punjab National Bank, Shalimar Bagh, |
|
Public Limited Corp. |
NO |
Business Period |
16 years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba
(51) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associate/Subsidiary |
|
J. B. Overseas |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
8,639,053,000 |
Current Liabilities |
8,815,154,000 |
|
Inventories |
962,949,000 |
Long-term Liabilities |
252,812,000
|
|
Fixed Assets |
90,579,000 |
Other Liabilities |
6,986,000 |
|
Deferred Assets |
0,000,000 |
Total Liabilities |
9,074,952,000 |
|
Invest& other Assets |
700,000 |
Retained Earnings |
538,914,000 |
|
|
|
Net Worth |
618,329,000 |
|
Total Assets |
9,693,281,000 |
Total Liab. & Equity |
9,693,281,000 |
|
Total Assets (Previous Year) |
14,159,386,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
12,099,700,000 |
Net Profit |
138,967,000 |
|
Sales(Previous yr) |
22,038,681,000 |
Net Profit(Prev.yr) |
15,163,000 |
MIRA
INFORM REPORT
|
Report Date : |
24.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
KUNDAN RICE MILLS LIMITED |
|
|
|
|
Registered Office : |
D-16 and D-17, Central Market, Prashant Vihar, |
|
|
|
|
Country : |
|
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|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
05.01.1995 |
|
|
|
|
Com. Reg. No.: |
55-64113 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74899DL1995PTC064113 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RTKK01578D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACK7098P |
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company. |
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|
|
|
Line of Business : |
Manufacturer and Exporter of Rice, Edible Oil and Chemicals. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2473000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established
company having satisfactory track. Trade relations are reported as fair.
Payments are reported to be regular 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
D-16 and D-17, Central Market, Prashant Vihar, |
|
Tel. No.: |
91-11-27567171 / 27865180 / 27865160 / 7567171 |
|
Fax No.: |
91-11-27567180 / 27865180 / 7567180 |
|
E-Mail : |
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|
Website : |
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|
|
|
Factory 1 : |
E-4, Industrial Area, Pasina Kalan, Panipat, Haryana |
|
|
|
|
Factory 2 : |
12, |
|
Tel. No.: |
91-33-22356734 / 32919301 |
|
Fax No.: |
91-33-22356734 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
17, Bhailal Bhawan 1st Floor, 118, Keshv Ji, Naik Road, Chinch
Bunder, Mumbai – 400008, Maharashtra, India |
|
Tel. No.: |
91-22-67106212 |
|
Fax No.: |
91-22-28389292 |
|
E-Mail : |
|
|
|
|
|
Factory 4 : |
78, City Centre, Room No. 22/23, Second Floor, 118, Keshav Ji, Swastik
Char Rasta, Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
91-79-32995206 |
|
Fax No.: |
91-79-26560627 |
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E-Mail : |
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Overseas Office : |
Located at : |
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Branches : |
Located at :
|
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Pradeep Garg |
|
Designation : |
Director |
|
Address : |
B – 324, Sarswati Vihar, |
|
Date of Appointment : |
01.04.2006 |
|
|
|
|
Name : |
Mr. Anurag Mangla |
|
Designation : |
Director |
|
Address : |
4/145, Kathmandi, Sonepat, Haryana-131001, |
|
Date of Appointment : |
05.03.2007 |
|
|
|
|
Name : |
Mr. Praphul Kumar |
|
Designation : |
Additional Director |
|
Address : |
10, Nehru Nagar, Agra-282002, |
|
Date of Birth/Age : |
08.05.1960 |
|
Date of Appointment : |
23.04.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Pradeep Garg |
|
4473750 |
|
Mrs. Madhu Garg |
|
2799500 |
|
Mr. Udit Guar |
|
536500 |
|
Mr. Vidit Garg |
|
100000 |
|
Ms. Sushma Goel |
|
24750 |
|
Mr. S.K. Aggarwal |
|
5000 |
|
Mr. Shyam Gupta |
|
1000 |
|
Mr. Naveen Kaushik |
|
1000 |
|
|
|
|
|
TOTAL |
|
7941500 |
(AS ON 27.09.2010)
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Rice, Edible Oil and Chemicals. |
|
|
|
|
Products : |
·
Rice ·
Vanaspati Oil ·
Mustard Oil ·
Phenol ·
Hair Gel ·
Refined Oil ·
Sun Shield ·
·
Bleech ·
Moisturiser ·
Pulses ·
Soya Meal |
|
|
|
|
Brand Names : |
"Vikrant" |
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Exports : |
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Countries : |
·
·
·
·
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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 : |
Credit ( 30 – 40 – 60 days) |
|
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Purchasing : |
L/C |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
Above 100 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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|
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Auditors : |
|
|
Name : |
S. Lall and Company Chartered Accountants |
|
Address : |
15 Arya School Shopping Complex, Opposite Civil Hospital, G T Road,
Panipat – 132103, Haryana, India |
|
Tel. No.: |
91-130-2630840 / 2630723 |
|
|
|
|
Associates/Subsidiaries : |
·
J. B. Overseas Activity – Purchase of Wax, Rice and Pulses ·
Kundan Edible Production Limited Activity – ·
Kundan Fats and Proteins Limited Activity – ·
Durga Rice Mills Activity – Purchase of Rice ·
Gari Overseas Private Limited Activity – |
CAPITAL STRUCTURE
AS ON 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Share |
Rs.10/- Each |
Rs. 120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7941500 |
Equity Share |
Rs.10/- Each |
Rs. 79.415
Millions |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
79.415 |
79.415 |
79.415 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
538.914 |
399.947 |
384.785 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
618.329 |
479.362 |
464.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
212.751 |
515.875 |
285.177 |
|
|
2] Unsecured Loans |
40.061 |
0.000 |
2.440 |
|
|
TOTAL BORROWING |
252.812 |
515.875 |
287.617 |
|
|
DEFERRED TAX LIABILITIES |
6.986 |
4.580 |
4.966 |
|
|
|
|
|
|
|
|
TOTAL |
878.127 |
999.817 |
756.783 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
90.579 |
27.613 |
30.509 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.700 |
3.701 |
3.701 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
962.949
|
783.691 |
819.470
|
|
|
Sundry Debtors |
628.621
|
447.259 |
566.453
|
|
|
Cash & Bank Balances |
7593.856
|
11782.827 |
12.741
|
|
|
Other Current Assets |
397.326
|
1020.368 |
871.764
|
|
|
Loans & Advances |
19.250
|
93.927 |
81.239
|
|
Total
Current Assets |
9602.002
|
14128.072 |
2351.667 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
8806.154
|
13159.079 |
1612.631
|
|
|
Provisions |
9.000
|
0.490 |
16.463
|
|
Total
Current Liabilities |
8815.154
|
13159.569 |
1629.094 |
|
|
Net Current Assets |
786.848
|
968.503 |
722.573 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
878.127 |
999.817 |
756.783 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12099.700 |
22038.681 |
3945.065 |
|
|
|
Other Income |
0.147 |
0.564 |
35.181 |
|
|
|
TOTAL (A) |
12099.847 |
22039.245 |
3980.246 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
11477.451 |
21540.133 |
3753.661 |
|
|
|
Manufacturing Expenses |
52.843 |
33.471 |
39.319 |
|
|
|
Administrative Expenses |
38.576 |
34.985 |
28.844 |
|
|
|
Selling Expenses |
22.996 |
21.949 |
32.656 |
|
|
|
Other Expenditure |
39.152 |
1.257 |
5.648 |
|
|
|
TOTAL (B) |
11631.018 |
21631.795 |
3860.128 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
468.829 |
407.450 |
120.118 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
315.496 |
389.176 |
70.924 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
153.333 |
18.274 |
49.194 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.959 |
2.759 |
2.828 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
150.374 |
15.515 |
46.366 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
11.407 |
0.352 |
16.349 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
138.967 |
15.163 |
30.017 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
7761.600 |
14123.400 |
601.300 |
|
|
|
|
|
|
|
|
|
|
TOTAL IMPORTS |
9886.400 |
16272.000 |
2868.000 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.15 |
0.07 |
0.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.24 |
0.07 |
1.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.55 |
0.11 |
1.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Net worth) |
|
0.24 |
0.03 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Net worth) |
|
14.66 |
28.53 |
4.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
1.07 |
1.44 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Corporate
identity number of the company |
U74899DL1995PTC064113 |
|
Name of the
company |
Kundan Rice Mills
Limited (part IX company) |
|
Address of the
registered office or of the principal place of business in |
D-16 and 17 Central Marketprasant Vihar, New
Delhi-110052, |
|
Type of charge |
Book Debts Movable Property Floating Charge Others |
|
Particular of
charge holder |
Punjab National
Bank, Shalimar Bagh, New delhi-110052, |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
Current assets Hypothecation of
movable fixed assets Working Capital
term Loan Agreement. |
|
Date of
instrument Creating the charge |
20.10.2010 |
|
Amount secured by
the charge |
Rs. 485.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Sanction Terms of
Repayment As per Sanction Margin As per Sanction Extent and
Operation of the charge Pari-passu charge |
|
Short particulars
of the property charged |
|
|
Particulars of
the present modification |
There are no
change in credit facilities of Rs.485.000 Millions but Short Term Loan of Rs.100.000
Millions further extended for a period of three months. |
Working results
The company has performed better during the financial year ended on 31st
march, 2008. The company achieved a total turnover of Rs. 3945.000 Millions and
earned net profit of Rs. 46.300 Millions after interest and depreciation. The
working results are by and large satisfactory.
Company Profile
Incepted in early eighties as a small scale Rice Mill unit, Kundan group has accomplished several milestones by adding diversified trading activities of various commodities to become a global player. It has become the10th largest closely held Company in the country and received the various export performance awards with recognition of "Golden Status Star Trading House". The group has interest in manufacturing as well as domestic and international trading activities. Kundan Group deals in International trading and distribution activities of various products including petrochemicals importer, hydrocarbons, edible oils, Pulses, Chemicals, waxes etc. Kundan has made tie-ups with International Major and Domestic consumers to minimize the hassles that ultimately result in cost advantage to everyone.
With ISO 9002 Certification for Quality Management it has
ventured into Chemical Sector through its Chemical Division. Kundan Rice Mills
Limited- Chemical Division of the Group deals with the hundreds of Industrial
Users by Importing/Storing various Chemicals and Solvents. Kundan is active and
has become most trusted name in the supply and service amongst the Major
chemical users all over length and breadth of
Fixed assets
- Air conditioner
- Building
- Candle Making machine
- Car
- Cooling Tower DG set
- Coffee Machine
- Cold Storage
- Computers
- Computer Software
- Cycle
- Electric Equipments
- Electric Fittings
- Elevator
- E.P.B.X. System
- Fans and Air Coolers
- Fax machine
- Furniture and Fixture
- Generator
- Intercom
- Invertors
- Land
- Laboratory Equipment
- Machinery
- Mobile phone
- Oil Tank
- Office Equipments
- Photocopy Machine
- Plot at
- RPG Pager
- Scooter
- Shed At Bilaspur
- Stabilizer(C.V.T)
- Truck
- UPS
- V-Set (NMCE-Terminal)
- Weighing Scale
- Wireless Set
- Wooden Crate
- Tirpal
- Typewriter
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. 45.70 |
|
|
1 |
Rs. 72.78 |
|
Euro |
1 |
Rs. 61.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.