MIRA
INFORM REPORT
|
Report Date : |
04.03.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office
: |
121, Netaji Subhas Road, 4th Floor, Room-40,
Kolkata-700001, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.04.2007 |
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Com. Reg. No.: |
55-115018 |
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CIN No.: [Company Identification
No.] |
U63022WB2007PTC115018 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Cold Storage Chambers. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 110000 |
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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 a company having moderate track. There appears some
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 for business dealings with some caution. |
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 : |
121, Netaji Subhas Road, 4th Floor, Room-40,
Kolkata-700001, West |
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E-Mail : |
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Factory Address : |
Bhandaripara, Jharmajhgram, Post Kranti, Block and PO Mal Bazar, District
Jalpaiguri-735214, West |
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Tel. No.: |
91-33-22710506 |
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Fax No.: |
91-33-22719086 |
DIRECTORS
As On 30.09.2010
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Name : |
Mr. Manas Sarkar |
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Designation : |
Director |
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Address : |
450/9, |
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Date of Birth/Age : |
11.04.1970 |
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Date of Appointment : |
04.04.2007 |
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DIN No : |
01240933 |
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Election ID No : |
WB/23/150/429298 |
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Name : |
Ms. Jayashree Sarkar |
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Designation : |
Director |
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Address : |
450/9, |
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Date of Birth/Age : |
23.02.1983 |
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Date of Appointment : |
21.06.2008 |
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DIN No : |
02226485 |
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Election ID No : |
LRV1633593 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Manas Sarkar |
|
36000 |
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Prasanta Sinha |
|
5000 |
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Samir Dutta |
|
4000 |
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Vivek Rohatgi |
|
1000 |
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Sutapa Dutta |
|
1000 |
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Sanjib Kar |
|
1000 |
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Shyam Sundar Goswami |
|
1000 |
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Madhury Khatri |
|
1000 |
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Arjun Khatri |
|
1000 |
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Robert Holdings Private Limited, |
|
43200 |
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Robert Sterling Trade Enterprises Private Limited, |
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70000 |
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Right choice enterprises Limited |
|
40000 |
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Soms Trade and Investment Private Limited, |
|
30000 |
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Jayashree Sarkar |
|
36000 |
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Soms Awash Nirman Limited |
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30000 |
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Raproch Holdings Private Limited |
|
6000 |
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Total |
|
306200 |
AS ON 30.09.2010
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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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76.00 |
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Directors or relatives of directors |
|
20.00 |
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Other top fifty shareholders |
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4.00 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cold Storage Chambers. |
GENERAL INFORMATION
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Bankers : |
·
Indian Overseas Bank, Jalpaiguri Branch, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R Sarkar and Company Chartered Accountant |
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Address : |
C/O, Shri Ram Sarkar, PO-Kharia (Bose Para), Jalpaiguri-735101, West |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.500 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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360200 |
Equity Shares |
Rs. 10/- each |
Rs. 3.602
millions |
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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 |
3.602 |
2.102 |
0.100 |
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2] Share Application Money |
12.000 |
0.000 |
4.600 |
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3] Reserves & Surplus |
14.008 |
8.008 |
0.000 |
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4] (Accumulated Losses) |
(0.058) |
(0.014) |
(0.003) |
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NETWORTH |
29.552 |
10.096 |
4.697 |
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LOAN FUNDS |
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1] Secured Loans |
45.710 |
0.801 |
0.000 |
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2] Unsecured Loans |
0.000 |
1.358 |
0.158 |
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TOTAL BORROWING |
45.710 |
2.159 |
0.158 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
75.262 |
12.255 |
4.855 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
70.632 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
11.041 |
4.405 |
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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 |
3.077
|
0.000 |
0.000 |
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Cash & Bank Balances |
1.545
|
1.159 |
0.387 |
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Other Current Assets |
1.640
|
0.000 |
0.000 |
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Loans & Advances |
0.166
|
0.000 |
0.000 |
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Total
Current Assets |
6.428
|
1.159 |
0.387 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1.846
|
0.000 |
0.002 |
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Other Current Liabilities |
0.004
|
0.004 |
0.000 |
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Provisions |
0.000
|
0.006 |
0.000 |
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Total
Current Liabilities |
1.850
|
0.010 |
0.002 |
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Net Current Assets |
4.578
|
1.149 |
0.385 |
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MISCELLANEOUS EXPENSES |
0.052 |
0.065 |
0.065 |
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TOTAL |
75.262 |
12.255 |
4.855 |
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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 |
3.345 |
0.000 |
NA |
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Operating Profit |
0.000 |
0.000 |
NA |
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Other Income |
0.087 |
0.000 |
NA |
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TOTAL (A) |
3.432 |
0.000 |
NA |
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Less |
EXPENSES |
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Operating Expenses |
2.027 |
0.000 |
NA |
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Administrative Expenses |
0.313 |
0.004 |
NA |
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Preliminary Expenses Written off |
0.013 |
0.000 |
NA |
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TOTAL (B) |
2.353 |
0.004 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.079 |
(0.004) |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
0.468 |
0.001 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.611 |
(0.005) |
(0.003) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.655 |
0.000 |
0.000 |
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PROFIT BEFORE
TAX (E-F) (G) |
(0.044) |
(0.005) |
(0.003) |
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Less |
TAX (H) |
0.000 |
(0.006) |
0.000 |
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PROFIT AFTER TAX
(G-H) (I) |
(0.044) |
(0.011) |
(0.003) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.014) |
(0.003) |
0.000 |
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BALANCE CARRIED
TO THE B/S |
(0.058) |
(0.014) |
(0.003) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(1.28)
|
NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(1.31)
|
NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(0.06)
|
(0.43) |
(0.77) |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.61
|
0.21 |
0.03 |
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Current Ratio (Current Asset/Current Liability) |
|
3.47
|
1.01 |
193.50 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
OPERATIONS :
The directors
would like to announce that the Cold Storage started its commercial operation during
the financial year 2009-10. During the first year of operation, the results
have been very much satisfying and future prospects seem to be very bright.
FORM 8
|
Corporate
identity number of the company |
U63022WB2007PTC115018 |
|
Name of the company
|
MAHAKAL
AGRO STORAGE AND PROCESSING UNIT PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
121, Netaji Subhas Road, 4th Floor, Room-40,
Kolkata-700001, West |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Floating charge Others |
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Particular of
charge holder |
Indian Overseas Bank, Jalpaiguri Branch, |
|
Nature of
instrument creating charge |
F
110E (letter of hypothecation for securing machineries/ vehicles/ goods/ book
debts). F
379c (letter of confirmation for creation of supplemental mortgage). |
|
Date of
instrument Creating the charge |
27.09.2010 |
|
Amount secured by
the charge |
Rs.49.300 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Cash
Credit : 13% p.a. at monthly rests. Term
Loan : As already filed and charged. Terms of
repayment Cash
Credit : On demand. Term
Loan : As already filed and charged. Margin Cash
Credit : 25% on Book Debts not older than 90 days, Spares, Consumables etc. Term
Loan : As already filed and charged. Extent and
operation of the charge The
charge extends on the entire Current Assets and Fixed Assets, including
Immovable Property of the company and
operates till the facilities mentioned herein are satisfied in full. |
|
Short particulars
of the property charged (Including location of the property) |
1.
First Hypothecation Charge on the
entire Current Assets, including Stocks and Book Debts, of the company, both
present and future. 2.
First Hypothecation Charge on the
entire Fixed Assets of the company, both present and future. 3.
Equitable Mortgage on Immovable
Property of the company at Kranti, Malbazaar, Jalpaiguri vide Original Title
Deed Nos. 1392 date. 03.07.2007, 1882 date. 20.09.2007, 1884 date. 20.09.2007,
1885 date. 20.09.2007 and 99 date. 09.01.2008 is hereby continued to be
provided as collateral security for the overall limit sanctioned to the
company. |
|
Charge
identification number of the charge to be modified |
10146371 |
|
Date of instrument
modifying the charge |
02.07.2010 |
|
Particulars of
the present modification |
By
this modification the overall limit of the company stands modified and
enhanced from Rs. 44.800 millions to Rs. 49.300 millions with details as here
in below :- Term
Loan : Rs. 44.800 millions (remain same at Rs. 44.800 millions). Cash
Credit : Rs. 4.500 millions (fresh). Overall
limit : Rs. 49.300 millions (enhanced from Rs. 44.800 millions). |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
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.44.96 |
|
|
1 |
Rs.73.37 |
|
Euro |
1 |
Rs.62.33 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.