MIRA INFORM REPORT

 

 

Report Date :

22.11.2011

 

IDENTIFICATION DETAILS

 

Name :

KEYUR INDUSTRIES

 

 

Registered Office :

Gulab Park, S. T. Road, Sidhpur 384151, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Year of Establishment :

1991

 

 

Capital Investment / Paid-up Capital :

Rs. 30.000 Millions

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMK01406G

 

 

PAN No.:

[Permanent Account No.]

AADFK6357K

 

 

Legal Form :

Partnership concern with an unlimited liability of the Partners

 

 

Line of Business :

Manufacturer and Exporter of Psyllium Seeds, Psyllium Husk, Psyllium Husk Powder, Psyllium Khakha Powder etc.

 

 

No. of Employees :

50 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (47)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 120000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established partnership concern having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The concern 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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INFORMATION PARTED BY

 

Name :

Mr. Manubhai G. Patel

Designation :

Partner

Contact No.:

91-9825433442

Date :

15.11.2011

 

LOCATIONS

 

Registered Office/ Factory  :

Gulab Park, S. T. Road, Sidhpur 384151, Gujarat, India

Tel. No.:

91-2767-220150 / 221877

Mobile No.:

91-9825433442 (Mr. Manubhai)

Fax No.:

91-2767-221876

E-Mail :

psyllium@sancharnet.in

Website :

www.keyurpsyllium.com

http://www.keyurindustries.tradeindia.com

Area :

60000 Sq. fts.

Location :

Owned

 

PARTNERS

 

Name :

Mr. Manubhai G. Patel

Designation :

Partner

Date of Birth/Age :

62 Years

Qualification :

Graduate

 

 

Name :

Mr. Jitesh Patel

Designation :

Partner

Date of Birth/Age :

35 Years

Qualification :

B. Com Graduate

 

 

Name :

Mr. Ankit Patel

Designation :

Partner

Date of Birth/Age :

31 Years

Qualification :

B. Com Graduate

 

 

Name :

Mrs. Indira M. Patel

Designation :

Partner

Date of Birth/Age :

58 Years

Qualification :

Graduate

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Psyllium Seeds, Psyllium Husk, Psyllium Husk Powder, Psyllium Khakha Powder etc.

 

 

Products :

Ř           Psyllium Seeds

Ř           Psyllium Husk

Ř           Psyllium Husk Powder

Ř           Psyllium Khakha Powder

 

 

Exports :

 

Products :

Psyllium Seeds

Psyllium Husk

Countries :

Ř           Mexico

Ř           USA

 

 

Terms :

 

Selling :

L/C, Cash and Credit (30 Days/ 60 Days)

 

 

Purchasing :

Cash and Credit (30 Days/ 60 Days)

 

GENERAL INFORMATION

 

Customers :

Retailers, End Users and OEM’s

 

 

No. of Employees :

(Approximately)

 

 

Bankers :

Ř       Dena Bank, Sidhpur Branch, Gujarat

Ř       HDFC Bank, Unjha Branch, Gujarat

 

 

Facilities :

Dena Bank, Export Packing Credit  Rs. 3.000 Millions

Cash Credit amount Not Divulged

 

Banking Relations :

--

 

 

Auditors :

 

Name :

D. R. Thakkar and Associates

Chartered Accountants

Address :

Ahmedabad, Gujarat, India

Mobile No.:

91-9427951366

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Capital Investment :

 

Owned :

Rs. 30.000 Millions

Borrowed :

--

Total :

Rs. 30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

 

31.03.2011

Sales Turnover (Approximately)

 

 

320.000

 

 

 

 

 

Expected Sales ( 2011-2012) : Rs. 350.000 Millions

 

The above information has been parted by Mr. Manubhai G. Patel

 

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Partners Capital Account

 

14.000

13.850

2] Partners Current Account

 

8.269

6.584

3] Reserves & Surplus

 

0.000

0.000

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

22.269

20.434

LOAN FUNDS

 

 

 

1] Secured Loans

 

6.622

11.435

2] Unsecured Loans

 

43.442

21.294

TOTAL BORROWING

 

50.064

32.729

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

72.333

53.163

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

8.595

8.045

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

1.770

1.270

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 
56.651

63.787

 

Sundry Debtors
 
18.287

19.954

 

Cash & Bank Balances
 
3.297

2.304

 

Other Current Assets
 
1.005

1.005

 

Loans & Advances
 
14.355

23.044

Total Current Assets
 
93.595

110.094

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 
29.560

45.936

 

Other Current Liabilities
 
0.084

18.373

 

Provisions
 
1.983

1.937

Total Current Liabilities
 
31.627

66.246

Net Current Assets
 
61.968

43.848

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

72.333

53.163

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

 

276.787

275.869

 

 

Other Income

 

7.613

3.873

 

 

TOTAL                                     (A)

 

284.400

279.742

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods Sold

 

252.646

250.716

 

 

Bank Commission and Draft Charges

 

1.082

0.539

 

 

Motor Car Expenses

 

0.209

0.249

 

 

Truck diesel and Other Expenses

 

0.231

0.206

 

 

Postage and Telegram Expenses

 

0.169

0.154

 

 

Packaging Expenses

 

0.952

0.799

 

 

Other Expenses

 

8.971

11.174

 

 

TOTAL                                     (B)

 

264.260

263.837

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

 

20.140

19.778

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

 

14.560

14.674

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

 

5.580

5.104

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

 

1.749

1.238

 

 

 

 

 

 

Net Profit

 

3.831

3.866

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2010

31.03.2009

PAT / Total Income

(%)
 

1.35

1.38

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

1.38

1.40

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

3.75

3.27

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.17

0.19

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

3.67

4.84

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

2.96

1.66

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Check list by Info Agents

 

Available in Reports ( Yes/No)
  1. Year of Establishment

Yes
  1. Locality of the Firm

Yes
  1. Constitutions of the Firm

Yes
  1. Premises Details

Yes
  1. Type of Business

Yes
  1. Line of Business

Yes
  1. Promoter’s Background

--
  1. No. of Employees

Yes
  1. Name of person contacted

Yes
  1. Designation of contact person

Yes
  1. Turnover of Firm fort last three years

Yes
  1. Profitability for last three years

No
  1. Reasons For Variation<>20%

--
  1. Estimation for coming financial year

Yes
  1. Capital in Business

Yes
  1. Details of Sister Concern

--
  1. Major Suppliers

No
  1. Major Customers

No
  1. Payment Terms

Yes
  1. Export / Import Details (if Applicable)

Yes
  1. Market Information

--
  1. Litigations that the firm / Promoter involved in

--
  1. Banking Details

Yes
  1. Banking Facility Details

No
  1. Conduct of the banking account

--
  1. Buyer visit details

--
  1. Financial, if provided

No
  1. Incorporation details, if applicable

--
  1. Last Account filed at ROC

--
  1. Major shareholder , if available

--

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.51.72

UK Pound

1

Rs.81.42

Euro

1

Rs.69.89

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

47

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.