MIRA
INFORM REPORT
|
Report Date : |
08.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
NEZAMI REKHA SEA FOODS PRIVATE LIMITED |
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Registered
Office : |
Vill Hatabaril Tara Mahal, Purba, Medinipur – 721401, |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.09.1998 |
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Com. Reg. No.: |
21-087853 |
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Capital
Investment / Paid-up Capital : |
Rs. 6.980 Millions |
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|
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CIN No.: [Company Identification
No.] |
U05004WB1998PTC087853 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALN02952F |
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PAN No.: [Permanent Account No.] |
AABCN6908N |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Supplier and Exporter of all kinds of Sea Food |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 110000 |
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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 – 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 |
|
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 : |
Vill Hatabariltara Mahal, Purba, Medinipur – 721401, West |
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Tel. No.: |
91-3320-234226 |
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Fax No.: |
91-3220-257230/33-24431899 |
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E-mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Tabrej Mir Ali |
|
Designation : |
Director |
|
Address : |
Vill Kalindi, PS- Ramnagar, Purba, Medinipur – 721461, West |
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Date of Birth : |
10.06.1954 |
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Date of Appointment : |
02.09.1998 |
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DIN No : |
00847603 |
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|
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|
Name : |
Mr. Mamrej Mir Ali |
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Designation : |
Director |
|
Address : |
Vill Kalindi, PS- Ramnagar, Purba, Medinipur – 721461, West |
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Date of Birth : |
11.04.1962 |
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Date of Appointment : |
02.09.1998 |
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DIN No : |
00847712 |
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|
Name : |
Mr. Kamrej Mir Ali |
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Designation : |
Director |
|
Address : |
Vill Kalindi, PS- Ramnagar, Purba, Medinipur – 721461, West |
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Date of Birth : |
05.07.1964 |
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Date of Appointment : |
02.09.1998 |
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DIN No : |
00847777 |
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|
Name : |
Mr. Piar Mir Ali |
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Designation : |
Director |
|
Address : |
Vill Kalindi, PS- Ramnagar, Purba, Medinipur – 721461, West |
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Date of Birth : |
20.09.1977 |
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Date of Appointment : |
02.09.1998 |
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DIN No : |
00847843 |
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|
Name : |
Mr. Lar Mir Ali |
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Designation : |
Director |
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Address : |
Vill Kalindi, PS- Ramnagar, Purba, Medinipur – 721461, West |
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Date of Birth : |
20.09.1978 |
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Date of Appointment : |
02.09.1998 |
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DIN No : |
00847928 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Tabrej Mir Ali |
90,000 |
|
Mamrej Mir Ali |
126,000 |
|
Kamrej Mir Ali |
78,400 |
|
Piar Mir Ali |
78,000 |
|
Lar Mir Ali |
74,000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
89.00 |
|
Other top fifty shareholders |
11.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Supplier and Exporter of all kinds of Sea Food |
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Products : |
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GENERAL INFORMATION
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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 : |
Pal and Roy Chartered Accountant |
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Address : |
2, |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
698000 |
Equity Shares |
Rs.10/- each |
Rs. 6.980
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6.980 |
4.560 |
4.560 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
22.600 |
8.964 |
6.625 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
29.580 |
13.524 |
11.185 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
53.311 |
28.232 |
20.786 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
53.311 |
28.232 |
20.786 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
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TOTAL |
82.891 |
41.756 |
31.971 |
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|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
50.857 |
42.346 |
5.534 |
|
|
Capital work-in-progress |
0.000 |
0.351 |
22.324 |
|
|
|
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INVESTMENT |
3.397 |
3.871 |
3.160 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
16.311
|
1.756
|
0.000 |
|
|
Sundry Debtors |
17.456
|
18.350
|
2.645 |
|
|
Cash & Bank Balances |
0.761
|
0.415
|
0.282 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
10.750
|
5.043
|
7.466 |
|
Total
Current Assets |
45.278
|
25.564 |
10.393 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
12.016
|
15.393
|
4.336 |
|
|
Other Current Liabilities |
1.809
|
13.731
|
4.904 |
|
|
Provisions |
2.901
|
1.330
|
0.504 |
|
Total
Current Liabilities |
16.726
|
30.454 |
9.744 |
|
|
Net Current Assets |
28.552
|
(4.890)
|
0.647 |
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.085 |
0.078 |
0.306 |
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|
|
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|
|
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TOTAL |
82.891 |
41.756 |
31.971 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
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|
Sales – Export |
618.820 |
227.024 |
320.726 |
|
|
|
Sales – Fish and Prawn |
0.044 |
43.552 |
0.000 |
|
|
|
Processing Charges Received |
0.000 |
3.053 |
0.000 |
|
|
|
Hotel Rent Received |
2.575 |
2.551 |
0.000 |
|
|
|
Interest On Fixed Deposit |
0.307 |
0.248 |
0.000 |
|
|
|
Misc Income |
0.106 |
0.003 |
0.094 |
|
|
|
DEPB Licence (Export) Sale |
72.011 |
31.466 |
0.000 |
|
|
|
TOTAL |
693.863 |
307.897 |
320.820 |
|
|
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|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
613.904 |
265.088 |
|
|
|
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Administrative Expenses |
70.235 |
35.740 |
|
|
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TOTAL |
684.139 |
300.828 |
319.469 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
9.724 |
7.069 |
Including Depreciation |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.779 |
3.685 |
|
|
|
|
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|
|
|
|
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|
PROFIT BEFORE
TAX |
4.945 |
3.384 |
1.351 |
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|
|
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|
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Less |
TAX |
1.570 |
0.826 |
0.505 |
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PROFIT AFTER TAX
|
3.375 |
2.558 |
0.846 |
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.724 |
2.386 |
NA |
|
|
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|
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|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Deferred Tax Assets |
(0.016) |
0.000 |
NA |
|
|
|
Deferred Tax Liabilities |
0.000 |
0.220 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
8.115 |
4.724 |
NA |
|
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|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.83 |
-- |
1.85 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.49
|
0.83
|
0.26 |
|
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|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.80
|
1.25
|
0.42 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.14
|
4.98
|
8.48 |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.25
|
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.37
|
4.34
|
2.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.71
|
0.84
|
1.07 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate
identity number of the company |
U05004WB1998PTC087853 |
|
Name of the
company |
NEZAMI REKHA SEA FOODS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Vill Hatabariltara Mahal, Purba, Medinipur – 721401, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable property Any interest in immovable property Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
State Bank of
India - Contai Branch, P.O and P.O
Contai, District-Purba Medinipur, Contai – 721401, West Bengal, India e-mail id: sbi.00057@sbi.co.in |
|
Nature of
instrument creating charge |
1.
Agreement
of hypothecation of goods and assets 2.
Letter
Regarding the grant of individual limits within the overall limit 3.
memorandum
of deposit for creation of charge for term loan/overall limit |
|
Date of
instrument Creating the charge |
11.11.2009 |
|
Amount secured by
the charge |
Rs. 193.340
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest – 1)
Export
Packing Credit - @7% p.a. 2)
Term
Loan: @1.75% p.a above SBAR Terms of repayment – Export Packing
Credit and foreign bill discounting has been sanctioned for 12 months subject
to yearly review 2) Term loan is to be repaid in 7 equal quarterly
installments with interest as and when due. Margin – 1)
Raw
materials, stock in process and finished goods – 25% 2)
Components/
consumables/ spares/ advance to suppliers – 35% 3)
Domestic
Receivables – 40% 4)
Term
loan – 25% Extent and operation of the charge – By way of first
charge and further EPC including FDB and additional FDB are primarily secured
by hypothecation of all existing and future stocks and receivable being raw
materials, stock in process, finished goods, book debts, receivables and all
other advances to suppliers and all other current assets. In case of term
loan, all plant and machinery, factory shed and other assets created out of
Bank Finance. |
|
Particulars of
the property charged |
i)
land
and building stands in the name of Nezami Rekha Sea Foods Private Limited,
Deed No – 305, Mouza-Chatradhara, Kh. No- 471 ii)
land
and building stands in the name of Nezami Rekha Sea Foods Private Limited,
Deed No – 1597, Mouza-Chatradhara, Kh. No- 119 iii)
land
and building stands in the name of Nezami Rekha Sea Foods Private Limited,
Deed No – 1598, Mouza-Chatradhara, Kh. No- 119 iv)
land and
building stands in the name of Nezami Rekha Sea Foods Private Limited, Deed
No – 1599, Mouza-Chatradhara, Kh. No- 119 v)
land
and building stands in the name of Nezami Rekha Sea Foods Private Limited,
Deed No – 800, Mouza-Chatradhara, Kh. No- 1189 |
|
Whether any of
the property or interest therein under reference is not registered in the
name of the company. |
Yes |
|
If yes, in whose
name it is registers |
Mir Mamrej Ali
Deed No-800 khatian no-1189 |
|
Charge
identification number of the charge to be modified |
10047336 |
|
Date of
instrument modifying the charge |
12.08.2009 |
|
Particulars of
the present modification |
By this
modification the overall amount secured by the charge has been revised to Rs.
193.340 millions from Rs. 178.575 millions, comprising existing export
packing credit limit of Rs. 32.500 millions has been revised to Rs. 80.000
millions (which includes Rs. 40.000 millions by way of FBD), existing cash
credit limit is discontinued and existing SLC limit of Rs. 5.000 millions has
been discontinued, Existing additional FBD of Rs. 100.000 millions and
existing term loan of Rs. 38.575 millions has been reduced to Rs. 13.340
millions. |
FIXED ASSETS
- Land
- Building
- Building (Godwon)
- Furniture
- Weight and
Measurement
- Trunk
- Computer
(Hardware)
- Computer
(Software)
- Car
- Crate
- Plastic Tank
- Fax machine
- Water Filer
- Hotel
(Renovation and Interior Decorating)
- Insulated box
- Colour TV
- Electrical
fittings
- Mobile phone
- Motor bike
- A.C machine
- Stabilizer
- Fire fitting
- Submarshible
pump
- Inverter
- Air curtain
- Close circuit
system
- Cold storage
- Defrosting
machine
- Dock (celter)
- EPBAX machine
- Factory
building
- Factory land
(lease)
- Fan
- Freeze
- Freezing pan
- Ice machine
- Generator
- Grading
machine
- Laboratory
equipments
- Metal
detector
- Pallet
- Processing
equipment
- Processing
table
- Pump set
- Sun board
plate
- Water treatment system
- Plate freezer
- Camera
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. 46.02 |
|
|
1 |
Rs. 73.60 |
|
Euro |
1 |
Rs. 64.77 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.