MIRA
INFORM REPORT
|
Report Date : |
07.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
KLJ ORGANIC LIMITED |
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Registered
Office : |
KLJ House 63 Rama Marg Najafgarh, Road, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.05.1995 |
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Com. Reg. No.: |
068170 |
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Capital
Investment / Paid-up Capital : |
Rs.40.000 Millions |
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CIN No.: [Company Identification
No.] |
U74899DL1995PLC068170 |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Plasticizers, phthalate plasticizers, maleate
plasticizers, phosphate esters, speciality plasticizers, sulpho chloro paraffin,
chlorinated paraffin. |
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|
No. of Employees
: |
50 |
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 1590560 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of well established KJL group. General financial
position of the company is good. Trade relations are reported as fair.
Business is active. 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 |
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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
|
Registered Office : |
KLJ House 63 Rama Marg Najafgarh, Road, |
|
Tel. No.: |
91-11-5415823 / 544 2790 / 25459706 |
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Fax No.: |
91-11-5436204 / 25459709 / 915459709 |
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E-Mail : |
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Website : |
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Factory : |
Plot No.759-760, GIDC Estate, Bharuch, |
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Mumbai Office: |
76, Juhu Shopping Centre, 2nd Floor, Gulmohar Cross, 9th
Road, Juhu Scheme, Mumbai – 400049, Maharashtra, India |
DIRECTORS
AS ON 28.09.2010
|
Name : |
Mr. Kamal Jain |
|
Designation : |
Director |
|
Address : |
6- B/9, NEA, Old Rajinder Nagar, |
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Date of Birth/Age : |
08.4.1973 |
|
Date of Appointment : |
05.05.1998 |
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|
Name : |
Mr. Hemant Jain |
|
Designation : |
Director |
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Address : |
6- B/9, NEA, Old Rajinder Nagar, |
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Date of Birth/Age : |
18.08.1971 |
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Date of Appointment : |
20.08.2007 |
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|
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|
Name : |
Mr. Virendra Kumar Singhi |
|
Designation : |
Director |
|
Address : |
K -71, Kirti Nagar, |
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Date of Birth/Age : |
02.10.1964 |
|
Date of Appointment : |
30.09.1997 |
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|
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|
Name : |
Mr. Jitendra Kumar Begani |
|
Designation : |
Director |
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Address : |
KLJ House 63 Rama Marg Najafgarh, Road, |
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Date of Birth/Age : |
27.02.1978 |
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Date of Appointment : |
08.04.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Kanhaiyalal Jain |
|
775000 |
|
Mr. Hemant Jain |
|
496000 |
|
Mr. V L Sood |
|
250 |
|
Mrs. Sushila Patawari |
|
625000 |
|
Mr. Mangi Lal Sethia |
|
250 |
|
Mr. Kamal Jain |
|
396000 |
|
Mrs. Pushpa Jain |
|
633500 |
|
Kanhaiyalal Jain And Sons, |
|
396000 |
|
KLJ Polymers And Chemicals Limited, |
|
282000 |
|
Kinetic Impex Limited, |
|
396000 |
|
Total |
|
4000000 |
AS ON 28.09.2010
|
Category |
Percentage |
|
Bodies corporate |
16.95 |
|
Directors or relatives of Directors |
83.04 |
|
Other |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plasticizers, phthalate plasticizers, maleate
plasticizers, phosphate esters, speciality plasticizers, sulpho chloro
paraffin, chlorinated paraffin. |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
CP |
MT/PA |
|
60000 |
35340* |
|
TPP/TCP |
MT/PA |
|
2400 |
1099** |
|
HCL (Bye-Product) |
MT |
|
NA |
51714 |
* includes 42 MT (Previous Year of Establishment 6781 MT) of Products
Manufactured for third party.
** Includes 466 MT (Previous Year of Establishment 466 MT) of Products
Manufactured for third party.
GENERAL INFORMATION
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Nahata Jain Golchha and Company Chartered Accountant |
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Address : |
4378, |
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Tel. No.: |
91-11-64514061/23275314 |
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E-Mail : |
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Subsidiaries : |
KLJ Organics ( |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4500000 |
Equity Shares |
Rs.10/- each |
Rs.45.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
40.000 |
16.000 |
16.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
357.640 |
218.226 |
177.974 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
397.640 |
234.226 |
193.974 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
88.441 |
55.382 |
47.773 |
|
|
2] Unsecured Loans |
121.244 |
225.704 |
35.035 |
|
|
TOTAL BORROWING |
209.685 |
281.086 |
82.808 |
|
|
DEFERRED TAX LIABILITIES |
5.940 |
5.154 |
5.009 |
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|
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|
|
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TOTAL |
613.265 |
520.466 |
281.791 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
177.271 |
106.423 |
91.825 |
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Capital work-in-progress |
2.381 |
14.936 |
6.350 |
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|
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INVESTMENT |
98.233 |
85.679 |
62.750 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
194.123
|
126.360 |
145.556 |
|
|
Sundry Debtors |
207.757
|
198.847 |
109.211 |
|
|
Cash & Bank Balances |
22.186
|
9.094 |
10.957 |
|
|
Other Current Assets |
0.000
|
0.00 |
0.000 |
|
|
Loans & Advances |
221.722
|
181.178 |
79.019 |
|
Total
Current Assets |
645.788
|
515.479 |
344.743 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
201.489
|
119.754 |
174.658 |
|
|
Other Current Liabilities |
26.381
|
13.555 |
7.962 |
|
|
Provisions |
82.538
|
68.740 |
41.257 |
|
Total
Current Liabilities |
310.408
|
202.049 |
223.877 |
|
|
Net Current Assets |
335.380
|
313.430 |
120.866 |
|
|
|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
613.265 |
520.466 |
281.791 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1708.018 |
1191.864 |
795.417 |
|
|
|
Other Income |
1.301 |
5.649 |
0.632 |
|
|
|
TOTAL (A) |
1709.319 |
1197.513 |
796.049 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
1292.856 |
966.434 |
637.072 |
|
|
|
Excise Duty |
0.368 |
16.316 |
1.422 |
|
|
|
Manufacturing ad Other Expenses |
152.252 |
122.726 |
103.151 |
|
|
|
Increased / (Decreased) In Stock |
(15.174) |
7.557 |
(10.878) |
|
|
|
TOTAL
(B) |
1430.302 |
1113.033 |
730.767 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
279.017 |
84.480 |
65.282 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
25.374 |
11.283 |
11.346 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
253.643 |
73.197 |
53.936 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.194 |
11.690 |
9.567 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
236.449 |
61.507 |
44.369 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
73.199 |
21.255 |
16.790 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
163.250 |
40.252 |
27.579 |
|
|
|
|
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|
|
|
|
Less |
TAXATION FOR EARLIER
YEAR |
0.163 |
0.000 |
0.025 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
163.414 |
40.252 |
27.554 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
215.228 |
174.976 |
147.422 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
255.007 |
279.311 |
NA |
|
|
TOTAL EARNINGS |
255.007 |
279.311 |
NA |
|
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|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
464.022 |
187.715 |
NA |
|
|
TOTAL IMPORTS |
464.022 |
187.715 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
40.85 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.55
|
3.36 |
3.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.84
|
5.16 |
5.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.73
|
9.89 |
10.16 |
|
|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.59
|
0.26 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.31
|
2.06 |
1.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.09
|
2.55 |
1.54 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate identity
number of the company |
U74899DL1995PLC068170 |
|
Name of the
company |
KLJ ORGANIC
LIMITED |
|
Address of the
registered office or of the principal place of business in |
KLJ House 63 Rama
Marg, |
|
This form is for |
Creation of
charge Modification of
charge |
|
Type of charge |
Book Debts Immovable
Property Movable Property Floating Charge |
|
Particular of
charge holder |
State Bank of |
|
Nature of instrument
creating charge |
C-2A
(Supplemental Agreement of Hypothecation of Goods and Assets for increase in
the overall Limit ) C-5 (Letter
regarding the Grant of Individual Limits within the overall limit). Copy of recitals |
|
Date of instrument
Creating the charge |
04/12/2010 |
|
Amount secured by
the charge |
Rs.565.200
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest C/C(Stocks & Book-debts)
:-@11.35% p.a -EPC/FBD/FBP :- Base rate +1.50% i.e 9.00%-TL @12.10% p.a. or
other rate(s) specified by the bank from time to time and interest will be
charge on monthly rest . Terms of
Repayment Working capital
:- On demand Term Loan :- As per
existing repayment schedule Margin Stocks -25% Book-debts -25% (
cover period 90 Days ) LC and BG -5% Extent and
Operation of the charge 100% First
exclusive charge Others Full
Interchangeability from FB to NFB . |
|
Short particulars
of the property charged |
Working Capital
:-First hypothecation charge on entire current assets present and future ,
including stocks of raw-materials , stores , spares , stocks in process , and
finished goods including goods in
transit and receivables / book-debts / foreign bills . Extension of
charge over the entire plant and machinery and all other fixed assets of the
company including EM of the property situated at Plot No.759 and 760,GIDC
Estate Jhagadia, Distt. Bharuch ( Gujrat ) together with all present and
future buildings and infrastructures thereon
Term Loan :- First hypothecation charge on all the plant and machinery
and other fixed assets of the company and Second charge on factory land and
buildings including EM of the property situated at Plot No.759 and 760,GIDC
Estate Jhagadia, Distt. Bharuch ( Gujrat ) together with all present and
future buildings and infrastructures thereon . Extension of charge over the
entire current assets of the company both present and future . |
|
Particulars of
the present modification |
Total credit
facilities sanctioned to the company now enhanced to Rs.56.52 Crores as under
:- CC(Stocks and
Book-debts ) Rs.18.00 Crores EPC/FBD/FBP
Rs.(50.000) Millions Term Loan
Rs.22.200 Millions LC (
Inland/Foreign)/ Buyers Credit Rs.350.000 Millions BG Rs.5.000
Millions Forward contract
Rs.8.000 Millions Total Rs.565.200
Millions |
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 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.44.78 |
|
|
1 |
Rs.73.42 |
|
Euro |
1 |
Rs.65.27 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
6 |
|
--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 |
|
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.