MIRA
INFORM REPORT
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Report Date : |
09.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
KEN AGRITECH PRIVATE LIMITED |
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Registered
Office : |
131/A, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
01.09.1997 |
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Com. Reg. No.: |
08-022721 |
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Capital
Investment / Paid-up Capital : |
Rs.9.200
millions |
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CIN No.: [Company Identification
No.] |
U01112KA1997PTC022721 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRK05085D BLRK04543A BLRK01416C |
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PAN No.: [Permanent Account No.] |
AAACK7136Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and
Exporter of Agricultural Products like pickled foods,
including gherkins and cucumbers etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
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 501000 |
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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. The company has incurred a
loss in the current year i.e. 2010-11. However, networth appears to be satisfactory.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. 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, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
INDIAN ECONOMIC OVERVIEW
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Source
: CIA |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
BBB- (Long Term Bank Facilities) |
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Rating Explanation |
Moderate degree of safety it carry moderate credit risk. |
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Date |
9th May, 2012 |
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Rating Agency Name |
CARE |
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Rating |
A3 (Short Term Bank Facilities) |
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Rating Explanation |
Moderate degree of safety it carry higher credit risk. |
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Date |
9th May, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
131/A, |
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Tel. No.: |
91-836-2205699/ 2205770 |
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Fax No.: |
91-836-2202805 |
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E-Mail : |
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Website : |
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Factory : |
216, Budnal, |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Vivek Parameshwar Nayak |
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Designation : |
Managing Director |
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Address : |
Plot No.5, Ganesh Colony, Near Kalyan Nagar, Vidyanagar, Hubli – 580
031, |
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Date of Birth/Age : |
12.12.1969 |
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Date of Appointment : |
01.09.1997 |
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DIN No.: |
01140580 |
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Other Directorship :
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Name : |
Mrs. Tanuka Satyapriya Mazumdar |
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Designation : |
Whole-Time Director |
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Address : |
No.3336, 6th Cross, 13th Main, HAL, 2nd
Stage, Indiranagar, |
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Date of Birth/Age : |
30.12.1952 |
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Date of Appointment : |
13.06.2005 |
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DIN No.: |
01803317 |
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Other Directorship :
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Name : |
Olbrechts Georges Jan Marie |
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Designation : |
Director |
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Address : |
1880, Kapelle-Op-Den-Bos, Grote-Kouterweg 2, Grote Kouterweg, |
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Date of Birth/Age : |
05.06.1954 |
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Date of Appointment : |
26.03.2002 |
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DIN No.: |
02207095 |
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Other Directorship :
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KEY EXECUTIVES
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Name : |
Ganapathi and Mohan |
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Designation : |
Company Secretaries |
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Address : |
No.118, 1st Floor, |
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Tel. No.: |
91-80-22420427/ 22420353 |
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Fax No.: |
91-80-22420353 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Vivek Parameshwara Nayak |
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14308 |
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Vinayak Parameshwara Nayak |
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10 |
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Urban Invest |
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36000 |
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Rekha Vivek Nayak |
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1000 |
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Tanuka Satyapriya Mazumdar |
|
26332 |
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Sandeep Satyapriya Mazumdar |
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3950 |
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Balachandra Timmanna Nayak |
|
100 |
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Plenum Overseas Limited, |
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9000 |
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Parvathi Balachandra Nayak |
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100 |
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Parameshwar Ramakrishna Nayak |
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100 |
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Nagaveni Parameshwara Nayak |
|
100 |
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Siddharth Satyapriya Mazumdar |
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1000 |
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Total |
|
92000 |
As on 30.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
49.00 |
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Directors
or relatives of directors |
|
51.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Agricultural Products like pickled foods,
including gherkins and cucumbers etc. |
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Products : |
v Gherkins v Vegetables and Fruits v Preserved/ Processed in-Vinegar, Brine, Acetic Acid, in Bulk and Consumer Pack v Jalapenos v Cherry Tomatoes v Baby Corn v Sweet Corn v Silver Skin Onions v Beetroot v Okra |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Processed Gherkins in-Vinegar, Brine, Acetic Acid |
Tones |
N.A. |
N.A. |
6355.75 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
v
State Bank of v Bank of
Maharashtra, Hi-Tech, v ICICI Bank
Limited, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Narayan Bhat and Company Chartered Accountants |
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Address : |
#309, Shresta Bhumi, No.87, |
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Tel. No.: |
91-80-26624174/ 41204484 |
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Fax No.: |
91-80-41204484 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
ABPPB0026P |
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Other Related
Parties : |
v
United Pactec Private Limited v
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CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
92000 |
Equity Shares |
Rs.100/- each |
Rs.9.200
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.200 |
9.200 |
9.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
115.962 |
123.256 |
113.522 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
125.162 |
132.456 |
122.722 |
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LOAN FUNDS |
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1] Secured Loans |
124.662 |
122.695 |
94.088 |
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2] Unsecured Loans |
0.000 |
0.000 |
1.810 |
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TOTAL BORROWING |
124.662 |
122.695 |
95.898 |
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DEFERRED TAX LIABILITIES |
2.025 |
2.433 |
2.024 |
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TOTAL |
251.849 |
257.584 |
220.644 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
98.245 |
107.696 |
89.982 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
10.977 |
7.787 |
4.687 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
85.788
|
90.657 |
54.879 |
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Sundry Debtors |
50.842
|
35.192 |
52.061 |
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Cash & Bank Balances |
4.169
|
9.706 |
15.124 |
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Other Current Assets |
28.227
|
18.639 |
24.351 |
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Loans & Advances |
10.385
|
9.380 |
8.944 |
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Total
Current Assets |
179.411
|
163.574 |
155.359 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
21.034
|
16.039 |
14.183 |
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Other Current Liabilities |
16.223
|
6.418 |
10.360 |
|
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Provisions |
0.475
|
0.000 |
4.841 |
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Total
Current Liabilities |
37.732
|
22.457 |
29.384 |
|
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Net Current Assets |
141.679
|
141.117 |
125.975 |
|
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MISCELLANEOUS EXPENSES |
0.948 |
0.984 |
0.000 |
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TOTAL |
251.849 |
257.584 |
220.644 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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SALES |
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|
|
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Income |
319.217 |
392.085 |
474.653 |
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Other Income |
2.352 |
2.160 |
1.366 |
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TOTAL |
321.569 |
394.245 |
476.019 |
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
|
314.987 |
322.573 |
431.014 |
|
|
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
314.987 |
322.573 |
431.014 |
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PROFIT/ (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
6.582 |
26.672 |
45.005 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
14.283 |
11.834 |
3.470 |
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PROFIT/ (LOSS)
BEFORE TAX |
(7.701) |
14.838 |
41.535 |
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Less |
TAX |
(0.409) |
5.105 |
15.020 |
|
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PROFIT/ (LOSS) AFTER
TAX |
(7.292) |
9.733 |
26.515 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
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|
FOB value of goods exported |
292.920 |
358.612 |
441.631 |
|
|
TOTAL EARNINGS |
292.920 |
358.612 |
441.631 |
|
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Earnings/ (Loss)
Per Share (Rs.) |
(79.26) |
105.79 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(2.27)
|
2.47 |
5.57 |
|
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|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(2.41)
|
3.78 |
8.75 |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
(2.77)
|
5.47 |
16.93 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.06)
|
0.11 |
0.34 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.30
|
1.10 |
1.02 |
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
4.75
|
7.28 |
5.29 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
Yes |
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|
2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
No |
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30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
OPERATIONS:
The company's sale for the year has decreased
18% and the Company has
incurred loss first time in the history
of the Company.
The low operating profitability this year is due to decrease in production, wastage, bottling plant under capacity utilization and
overall Factory and Agri capacity under utilization because of low order level.
Another reason for drop in profitability is also the prim drop in
The Company has managed the collection of
payments from customers and had no major issue on default of payment. Due to
market situation they had built up huge inventory and the company had not taken
up not major CAPAEX in this financial year. Despite of stretched cash flow
situation, The company has managed to maintain the credibility with all Farmers and suppliers by paying on time.
They have had wry cordial relationship with all other stakeholders like land owners,
bankers, suppliers and their most
important partner's farmers. They are very grateful to stated, for providing
continued support.
OUTLOOK FOR THE YEAR:
The Company has now world class
infrastructure. The moment the
market opens up the company is preparing to take advantage of the situation.
Company is consolidating its market effort.
The company is exploring of selling In US market for private brand. The company is making all efforts to expand customer base to increase the installed capacity utilization.
The company also looking at expanding its production base other
than Gherkins in Agri. Some
of the crops are Okra, Cherry Tomatoes, Jalepenos, Sweet
corn, baby corn etc. The company was get certified for BRC
and IFS which is the highest certification any company can achieve to get
qualified to supply to high end
supermarkets.
CONTINGENT LIABILITY: (AS ON 31.03.2011)
v The bond given to
the Customs for Rs 9.250 millions which is valid up to the year ending
31.12.2012.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U01112KA1997PTC022721 |
|
Name of the
company |
KEN AGRITECH
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
131/A, E-Mail: nayak@kenagritech.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10188842 |
|
Type of charge |
Immovable
Property Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
State Bank of E-Mail: SBI.04091@abi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Form C.1 - A :
Supplemental Agreement of loan for increase in overall limit Form C.2 - A :
Supplemental Agreement of hypothecation of goods and asset Form C.5 - Letter
regarding the grant of individual limits within the overall limit Memorandum for
recording extension of mortgage by deposit of title deeds |
|
Date of
instrument Creating the charge |
10.03.2012 |
|
Amount secured by
the charge |
Rs.174.300
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Cash Credit: Base
Rate (present BR is 10% pa)+6.75% (effective rate 16.75% pa) EPC+SLC+FBD:BR+1.75%
(effective rate 11.75% p.a.) TL :
4.75% above BR, effective rate 14.75% pa PCFC: LIBOR+350 bps. Terms of
Repayment: Working capital
limits are repayable on demand. Term Loan - As
per the earlier term loan repayment letter Margin: Raw Material,
Stock in process, finished goods, EPC, Export Receivables (Covering period
180 days), Letter of Credit, Bank Guarantee - 10% Domestic Stocks
and Receivables - 25% Extent and
Operation of the charge: The Charge is
operation on all the secured properties till the repayment of loan. |
|
Short particulars
of the property charged |
Hypothecation of
stocks and receivables and all other current assets Equitable
mortgage of Lease hold rights on the land and building at Sy. No.216/1,
217/3A situated at Anchatageri Village, Bidnal Cross, Hubli Taluk measuring 7
Acres and 33 guntas. Hypothecation of
plant and machinery purchased out of Bank finance |
|
Particulars of
the present modification |
The Credit Limits
are enhanced from 157.200 millions to 174.300 millions. There is no change in
other terms and conditions. |
FIXED ASSETS:
v Plant and Machinery
v Furniture and Fixture
v Office Equipments
v Computers
v Vehicles
v Factory Buildings
WEBSITE DETAILS:
PROFILE;
Incorporated in September 1997, Subject has grown to become
one of the producers of premium gherkins (cornichons) in
The company is a Joint venture between Indian promoters and European partners.
The core management team of Subject has been working in the same industry for
over 18 years and has developed specific expertise in their functional areas
relevant to the preserved food industry.
Subject has been consistently servicing market leaders in Europe,
Subject is also capitalizing on agri expertise and farmer relationship to
produce and supply a whole range of fresh fruits and vegetables. Their
customers include their own associate company which is into IQF business and
also the growing retail industry in
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 organizatio 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.54.44 |
|
|
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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 |
4 |
|
--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 |
|
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.