MIRA
INFORM REPORT
|
Report Date : |
18.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
KRASNY PROJECTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Flat B, 2nd Floor, 152 Peary Mohan Roy Road, Chetla, Kolkata - 700027, West Bengal |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
23.10.2008 |
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Com. Reg. No.: |
21-130129 |
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Capital
Investment / Paid-up Capital : |
Rs.0.700 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45400WB2008PTC130129 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALK06168B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCK5293P |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company engaged in Mining Contract and Construction Services. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 8600 |
|
|
|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The
company seems to have moderate networth and modest scale of operation. However,
trade relations are reported as fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealings with some caution. |
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
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 : |
Flat B, 2nd Floor, 152 Peary Mohan Roy Road, Chetla,
Kolkata - 700027, West Bengal, India |
|
Tel. No.: |
91-33-40032151 |
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Fax No.: |
91-33-4003-2155 |
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E-Mail : |
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Website : |
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Admin. Office : |
2nd Floor, 175 Block-G, New Alipore, Kolkata-700053, West Bengal, India |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Pinaki Roychowdhury |
|
Designation : |
Managing director |
|
Address : |
152, Peary Mohan Roy Road, Kolkata – 700027, West Bengal, India |
|
Date of Birth/Age : |
16.02.1974 |
|
Date of Appointment : |
23.10.2008 |
|
DIN No.: |
00444291 |
|
|
|
|
Name : |
Mrs. Sudeshna Roychowdhury |
|
Designation : |
Whole-time director |
|
Address : |
152, Peary Mohan Roy Road, Kolkata – 700027, West Bengal, India |
|
Date of Birth/Age : |
09.02.1977 |
|
Date of Appointment : |
16.11.2009 |
|
DIN No.: |
02614488 |
KEY EXECUTIVES
|
Name : |
Mr. S. Mohinta |
|
Designation : |
General Manager |
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Qualification : |
Civil Engineer |
|
Experience : |
19 Years |
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|
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|
Name : |
Mr. M. Sinha |
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Designation : |
Project in charge |
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Qualification : |
Civil Engineer |
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|
Name : |
Mr. C. Chowdhury |
|
Designation : |
Manager |
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Qualification : |
Civil Engineer |
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|
|
Name : |
Mr. Pijush K Paul |
|
Designation : |
Chartered Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Pinaki Roychowdhury |
|
65000 |
|
Arun Kumar Mukherjee |
|
5000 |
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Total |
|
70000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company engaged in Mining Contract and Construction Services. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
HDFC Bank Limited |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
J K Ganguly and Associates Chartered Accountants |
|
Address : |
FD 5 , Flat No.4 Sector III, Salt Lake, Kolkata – 700106, West Bengal,
India |
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Tel. No.: |
91-33-23341208 |
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E-Mail : |
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PAN No.: |
AAMPG5114D |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70000 |
Equity Shares |
Rs.10/- each |
Rs.0.700
Million |
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|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.700 |
0.700 |
0.700 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.461 |
0.626 |
3.800 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(4.267) |
|
|
NETWORTH |
2.161 |
1.326 |
0.233 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.176 |
0.000 |
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|
2] Unsecured Loans |
2.262 |
2.163 |
1.055 |
|
|
TOTAL BORROWING |
2.262 |
2.339 |
1.055 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
TOTAL |
4.423 |
3.665 |
1.288 |
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
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|
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FIXED ASSETS [Net Block] |
0.624 |
0.825 |
1.000 |
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|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.039 |
0.021 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.596
|
0.000 |
0.149 |
|
|
Sundry Debtors |
3.992
|
6.006 |
0.000 |
|
|
Cash & Bank Balances |
0.157
|
0.068 |
0.034 |
|
|
Other Non-Current Assets |
0.008
|
0.015 |
0.000 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1.092
|
1.975 |
1.132 |
|
Total
Current Assets |
5.845
|
8.064 |
1.315 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.739
|
4.663 |
0.000 |
|
|
Other Current Liabilities |
0.183
|
0.461 |
0.614 |
|
|
Provisions |
0.163
|
0.121 |
0.437 |
|
Total
Current Liabilities |
2.085
|
5.245 |
1.051 |
|
|
Net Current Assets |
3.760
|
2.819 |
0.264 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.024 |
|
|
|
|
|
|
|
|
TOTAL |
4.423 |
3.665 |
1.288 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20.051 |
12.191 |
1.741 |
|
|
|
Other Income |
0.011 |
0.008 |
0.190 |
|
|
|
TOTAL (A) |
20.062 |
12.199 |
1.931 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Stock-in-Trade |
11.456 |
0.564 |
|
|
|
|
(Increase) / Decrease in inventories of Stock-in-Trade |
(0.596) |
0.149 |
|
|
|
|
Employee benefits Expenses |
1.05 |
2.708 |
|
|
|
|
Site Expenses |
5.841 |
5.547 |
|
|
|
|
Other Expenses |
1.113 |
1.655 |
|
|
|
|
TOTAL (B) |
18.839 |
10.623 |
6.881 (Including
Financial Expenses) |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.223 |
1.576 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.014 |
0.054 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.209 |
1.522 |
(4.950) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.201 |
0.270 |
0.351 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.008 |
1.252 |
(5.301) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.173 |
0.158 |
(0.022) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.835 |
1.094 |
(5.279) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.92 |
15.62 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.16 |
8.97 |
(273.38) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.03 |
10.27 |
(304.48) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.58 |
14.08 |
(228.98) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.47 |
0.94 |
(22.75) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.05 |
1.76 |
4.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.80 |
1.54 |
1.25 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
Yes |
|
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 |
No |
DETAILS OF
UNSECURED LOAN
(Rs. In Millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
Loans received from related parties |
2.262 |
2.163 |
|
Total |
2.262 |
2.163 |
NOTE:
The registered office address
of the company has been shifted from “425, Jodhpur Park, Kolkata – 700068, West
Bengal, India” to the present address w.e.f. 01.04.2009.
FINANCIAL RESULTS
During the financial year, the Company started business of coal trading but Piling and Construction services adversely affected due to slowdown of the economy and lack of new infrastructure and construction projects in Eastern India. During the year the Company has completed the concrete Piling job in the Refinery Project of Indian Oil Corporation Limited at Paradip, Orissa under Simplex Infrastructures Limited.
In the financial year 2011-12 the Company earned revenue of Rs.20.062 Millions in comparison to Rs.12.199 Millions during the previous financial year The Company has also taken steps for expansion of its business operations into trading of coal in the North East Indian States.
FUTURE OUTLOOK
The business potential of the Company in construction services appears to be promising given the overall positive outlook of Construction and Real Estate industry according to the latest data of growth in the construction sector. The Company is also likely to reap the benefits of steps taken for expansion of its business operation in trading of coal in the North East Indian States during the previous financial year
FIXED ASSETS
·
Furniture and Fixtures
·
Computers
·
Mobile Phone
·
Motor Car
·
Office Equipments
·
Store and Warehouse
Furniture
WEBSITE DETAILS
COMPANY PROFILE
Subject is a young company incorporated in the year 2008 for the specific purpose of entering into Indian Contract Mining business supported by its International Consortium members as under (profiles attached):
· Giproshakht , St.Petersburg, Russia: An 80-year old renowned Mine Planning and Operation Company
· European Ventures Limited, London, United Kingdom: An International Turn Key Project company
· United Telecom Limited, Bangalore, India, a leading software, telecom company expanding into mining.
· Gesco Infrastructure Private Limited, Chandigarh, India, a leading mining company.
The company has been incorporated as per Indian Companies Act comprising of Indian Board Members with the sole purpose as under:
· To participate in Indian Open cast and Under ground Mining Tenders
· To Indentify prospective projects for Turn Key Mining
· To conclude Contract Mining Projects
On successful award of a contract to the company, the International Consortium partners as mentioned above will lend all assistance, technical and financial as required for the execution of the project and all relevant sanctions and permissions from the statutory and regulatory authorities of India will be taken to introduce foreign investments into the company as required.
Several Indian consortium members have also expressed their interests to join hand with Subject in their proposed projects since the technical back ground and experience of Subject and it’s consortium partners are vast and cover a wide range of experience.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No 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.53.99 |
|
|
1 |
Rs.83.72 |
|
Euro |
1 |
Rs.72.09 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
27 |
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.