MIRA
INFORM REPORT
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Report Date : |
27.05.2011 |
IDENTIFICATION DETAILS
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Name : |
KARUNYA MARINE EXPORTS PRIVATE LIMITED |
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Registered
Office : |
12/22, Jai Prabha Housing Society, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.12.2005 |
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Com. Reg. No.: |
25-021671 |
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Paid-up Capital
: |
Rs. 5.100 Millions |
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CIN No.: [Company Identification
No.] |
U51219PN2005PTC021671 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
KLPK01621E |
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PAN No.: [Permanent Account No.] |
AACCK7083Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading in Agro Inputs like seeds and organic fertilisers |
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No. of Employees
: |
Not available |
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 80000 |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 : |
12/22, Jai Prabha Housing Society, |
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Tel. No.: |
91-2352-232254/232454/232864 |
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E-Mail : |
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Website : |
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Factory : |
Survey No. 42, Hissa No. 1 and 2, Rahatagar, Peth Killa, Ratnagiri – 415 612, Maharashtra, India |
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Tel. No.: |
91-2352-232791/232792 |
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Fax No.: |
91-2352-232910 |
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E-Mail : |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Valiakalayil A. Abraham |
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Designation : |
Chairman |
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Address : |
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Date of Birth/Age : |
03.10.1937 |
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Experience : |
40 years |
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Date of Appointment : |
13.12.2005 |
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DIN No.: |
00344897 |
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Name : |
Mrs. Sarah Abraham |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
30.06.1948 |
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Date of Appointment : |
13.12.2005 |
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DIN No.: |
0344995 |
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Name : |
Mr. Kurian A. Abraham |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
29.08.1974 |
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Date of Appointment : |
13.12.2005 |
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DIN No.: |
00344824 |
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Name : |
Mr. Roy A. Abraham |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
09.11.1971 |
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Date of Appointment : |
13.12.2005 |
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Name : |
Shahul Hamid Aboobaker |
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Designation : |
Director |
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Address : |
B-10, Kshitij Apartments, |
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Date of Birth/Age : |
06.05.1964 |
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Date of Appointment : |
13.02.2005 |
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Date of Cessation : |
10.08.2010 |
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DIN No.: |
00344952 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Abraham V Valiakalayil |
|
102000 |
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Abraham V Sarah |
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102000 |
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Abraham V Kurian |
|
202000 |
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Abraham V. Roy |
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102000 |
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Aboobaker H Shahul |
|
2000 |
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Total |
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510000 |
As On 30.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
99.61 |
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Other top fifty shareholders |
0.39 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading in Agro Inputs like seeds and organic fertilisers |
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Brand Names : |
“KARUNYA” |
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GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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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 : |
A H Patwardhan and Company Chartered Accountant |
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Address : |
796, Annapurna Nivas, Maruti Mandir, Shivajinagar, Ratnagiri – 415612,
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Pan No.: |
AAUPP7346Q |
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Partnership Firms : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
550000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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510000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.100
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.20009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.100 |
5.100 |
5.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.096 |
5.659 |
0.038 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(3.763) |
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NETWORTH |
20.196 |
10.759 |
1.375 |
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LOAN FUNDS |
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1] Secured Loans |
2.049 |
8.486 |
13.580 |
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2] Unsecured Loans |
20.118 |
32.690 |
35.890 |
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TOTAL BORROWING |
22.167 |
41.176 |
49.470 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
42.363 |
51.935 |
50.845 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
37.788 |
41.263 |
49.196 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.445 |
5.092 |
0.025 |
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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 |
15.670
|
11.982 |
3.764 |
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Sundry Debtors |
10.931
|
12.791 |
1.547 |
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Cash & Bank Balances |
0.943
|
0.795 |
0.804 |
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Other Current Assets |
0.736
|
0.736 |
0.589 |
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Loans & Advances |
7.002
|
3.555 |
2.645 |
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Total
Current Assets |
35.282
|
29.859 |
9.349 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.163
|
0.375 |
8.145 |
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Other Current Liabilities |
27.519
|
22.095 |
0.196 |
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Provisions |
4.953
|
2.366 |
0.005 |
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Total
Current Liabilities |
32.635
|
24.836 |
8.346 |
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Net Current Assets |
2.647
|
5.023 |
1.003 |
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MISCELLANEOUS EXPENSES |
0.483 |
0.557 |
0.621 |
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TOTAL |
42.363 |
51.935 |
50.845 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.20009 |
31.03.2008 |
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SALES |
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Income |
356.608 |
216.353 |
24.674 |
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Other Income |
3.688 |
8.217 |
NA |
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TOTAL (A) |
360.296 |
224.570 |
NA |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
337.912 |
204.677 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
22.384 |
19.893 |
(0.058) |
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Less |
FINANCIAL
EXPENSES (D) |
2.294 |
2.241 |
0.678 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20.090 |
17.652 |
(0.736) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.493 |
5.858 |
2.848 |
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PROFIT BEFORE
TAX (E-F) (G) |
14.597 |
11.794 |
(3.584) |
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Less |
TAX (I) |
4.953 |
2.401 |
0.180 |
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PROFIT AFTER TAX
(G-I) (J) |
9.644 |
9.393 |
(3.764) |
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BALANCE CARRIED
TO THE B/S |
9.644 |
9.393 |
(3.764) |
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Earnings Per
Share (Rs.) |
18.91 |
18.42 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.20009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.68
|
4.18 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
4.09
|
5.45 |
(11.54) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.98
|
16.58 |
(6.12) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.72
|
1.10 |
(2.61) |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.71
|
6.14 |
42.05 |
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Current Ratio (Current Asset/Current Liability) |
|
1.08
|
1.20 |
1.12 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS AND
FUTURE PROSPECTS:
During the year company
has achieved turnover of Rs. 356.600 millions as compared to Rs. 216.300
millions in the preceding financial year. Company has entered different markets
due to its increasing popularity and regular consistent quality. Company is
geared up to achieve the highest grade in BRC and ISO 22000. In future company
plans to introduce new products forms and tap new markets to keep the market
base wider. Different product forms and increasing markets base would help the
company to push more products and add more value to existing products there by
increasing margins for the coming
Form 8:
|
Corporate
identity number of the company |
U51219PN2005PTC021671 |
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Name of the
company |
KARUNYA MARINE
EXPORTS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
12/22, Jaiprabha
Housingsociety, 80 Ft Road Mandvi, Ratnagiri - 415 612, |
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This form is for |
Modification of
charge |
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Type of charge |
Movable Property Immovable
Property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Agreement for
export advances and letter in lieu of redeposit (both instruments Constitute a
single charge) |
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Date of
instrument Creating the charge |
03.10.2009 |
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Amount secured by
the charge |
Rs. 30.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As Per Agreement Terms of
Repayment - Repayment On Demand Margin - 25% Extent and Operation
of the charge – Charge operates as security for due repayment and discharge
of credit facilities Availed from the Federal Bank Limited |
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Particulars of
the property charged |
The whole of the
stock of raw materials, packing materials, comsumable spares, goods in
process and finished goods including goods in transit wherever situated
advance to suppliers, FD/UBP, bill drawn under lc of reputed banks with
documents of Title to goods exported collateral security of company's 1. Land
and building situated at S. No. 42 hissa no.1 and 2 At rahatagar , tal. and
dist. Ratnagiri by way of deposit of title deeds 2. Plant and Machinery of
the company |
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Particulars of
the present modification |
By this modification
packing credit facility (pre and post shipment) is increased form Rupees
Twenty Millions to rupees Thirty Millions. |
Fixed Assets:
- Freehold land
- Buildings
- Plant and
machinery
- Plant and
machinery – others
- Computers
- Furniture and
dead stock
- Two wheelers
AS PER WEBSITE
DETAILS
PROFILE:
V.A. Abraham, the founder and Chairman of the company is
in this line of activity for more than 40 years. After establishing himself as
a major supplier of fish and shrimps to various processing units situated at
Bombay, Goa and Cochin, He along with the below said directors started a full
fledged Modern Pre Processing Centre under the name of Konkan Marine Products.
Konkan Marine Products is the exclusive supplier from Karnataka Goa and
Ratnagiri to Castlerock
Fisheries Limited for the last 18 years. Konkan Marine Products also has a modern Ice Plant with
200 Tons per day production and a fleet of 18 insulated trucks with
branches at 11 landing centres across the western coast thereby completing the
entire facets of the supply chain.
With this solid experience of many
years in the fisheries sector, the directors felt it right to have a own
processing unit of sea foods and accordingly put up this processing plant -
Karunya Marine Exports Private Limited.
Subject is a private limited company formed on 13.12.2005 situated
in the Fishing Zone which is strategically located at Peth Killa only 0.5 km
from the fishing jetty at Ratnagiri.
Ratnagiri District consists of many
fishing harbours mainly Ratnagiri Jetty, Jaigad, Nate, Harnai, Deogad,
Vengurla, Malvan, and Dabhol. The uniqueness of harbours of Ratnagiri and
Sindhudurg district are that all the fishing boats have one day fishing thereby
delivering fresh quality material to our factory. Since all of the above
said fishing harbours are at 2-4 hours travel by road from the plant, very
fresh material is received at the factory thereby ensuring the best quality
products.
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.45.29 |
|
|
1 |
Rs.73.84 |
|
Euro |
1 |
Rs.64.18 |
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 |
YES |
|
--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 |
|
- |
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.