MIRA
INFORM REPORT
|
Report Date : |
18.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
KUMAR AGRO PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1st Floor, Kumar Capital, 2413 East Street, Pune – 411001,
Maharashtra |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
11.12.1991 |
|
|
|
|
Com. Reg. No.: |
25-064416 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01409PN1991PTC064416 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Building Construction and Development |
|
|
|
|
No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 48000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having a moderate track record. The company has improved its profitability during 2012 but there appear
huge external borrowings recorded by the company. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. 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.
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.
INFORMATION PARTED BY
|
Name : |
Mr. Manoj Shah |
|
Designation : |
General Manager Finance |
|
Contact No.: |
91-20-30583660 |
|
Date : |
16.07.2013 |
LOCATIONS
|
Registered Office : |
1st Floor, Kumar Capital, 2413 East Street, Pune – 411001,
Maharashtra, India |
|
Tel. No.: |
91-20-30583660/6621663 |
|
Fax No.: |
91-20-26353365 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
DIRECTORS
As on: 28.09.2012
|
Name : |
Mr. Kewalkumar Kesarimal Jain |
|
Designation : |
Director |
|
Address : |
7,
Kumar Castle, 1979, Convent Street, Camp, Pune - 411001, Maharashtra, India |
|
Date of Birth/Age : |
11.05.1957 |
|
Date of Appointment : |
24.09.2008 |
|
DIN No.: |
00034883 |
|
|
|
|
Name : |
Mr. Manish Vimalkumar Jain |
|
Designation : |
Director |
|
Address : |
11,
Napier Road, Camp, Pune - 411001, Maharashtra, India |
|
Date of Birth/Age : |
24.07.1970 |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
00037571 |
|
|
|
|
Name : |
Mr. Rajas Vimalkumar Jain |
|
Designation : |
Director |
|
Address : |
11,
Napier Road, Camp, Pune - 411001, Maharashtra, India |
|
Date of Birth/Age : |
09.11.1971 |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
00037599 |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Shah |
|
Designation : |
General Manager Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Pushpa Jain |
|
257 |
|
Kewalkumar Jain |
|
274 |
|
Manish Jain |
|
98 |
|
Rajas Jain |
|
96 |
|
Ranjana Jain |
|
275 |
|
|
|
|
|
Total |
|
1000 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Building Construction and Development |
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|
|
|
Terms : |
|
|
Selling : |
Credit |
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|
|
|
Purchasing : |
Depend and Credit |
GENERAL INFORMATION
|
No. of Employees : |
30 (Approximately) |
|
|
|
|
Bankers : |
· Allahabad Bank, Sun Shree Woods Commercial Building, NIBM Road, Kondhwa Khurd, Pune - 411048, Maharashtra, India ·
HDFC Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institute: |
Housing Development
Finance Corporation Limited, Ramon House 169 Backbay Reclamation, H T Parekh
Marg, Churchgate, Mumbai – 400020, Maharashtra, India |
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|
|
|
Auditors : |
|
|
Name : |
RSVA and Company Chartered Accountants |
|
Address : |
#30, Prestige Point, 1st Floor, 283 Shukrawar Peth, Pune –
411002, Maharashtra, India |
|
Tel No.: |
91-20-24487800/24497169 |
|
Fax No.: |
91-20-24487900 |
|
PAN No.: |
AAYFS1415P |
|
|
|
|
Sister Concern : |
·
Kumar Promoters ·
Kumar Promoters-PMD |
CAPITAL STRUCTURE
As on 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
106050 |
Equity Shares |
Rs.100/- each |
Rs. 10.605 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000 |
Equity Shares |
Rs.100/- each |
Rs. 0.100
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
0.100 |
0.100 |
|
(b) Reserves & Surplus |
|
11.963 |
1.627 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
12.063 |
1.727 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
581.395 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.320 |
156.203 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
581.715 |
156.203 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
5.873 |
1.969 |
|
(c) Other current liabilities |
|
42.258 |
27.197 |
|
(d) Short-term provisions |
|
0.000 |
0.000 |
|
Total Current Liabilities
(4) |
|
48.131 |
29.166 |
|
|
|
|
|
|
TOTAL |
|
641.909 |
187.096 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
8.141 |
4.305 |
|
(ii) Intangible Assets |
|
0.722 |
0.722 |
|
(iii) Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
15.883 |
20.109 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
24.746 |
25.136 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
65.993 |
27.647 |
|
(c) Trade receivables |
|
474.537 |
53.733 |
|
(d) Cash and cash equivalents |
|
1.649 |
0.374 |
|
(e) Short-term loans and advances |
|
0.248 |
0.000 |
|
(f) Other current assets |
|
74.736 |
80.206 |
|
Total Current
Assets |
|
617.163 |
161.960 |
|
|
|
|
|
|
TOTAL |
|
641.909 |
187.096 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.100 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(9.694) |
|
|
NETWORTH |
|
|
(9.594) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
24.182 |
|
|
TOTAL BORROWING |
|
|
24.182 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
14.588 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.000 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2.463 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
7.572
|
|
|
Sundry Debtors |
|
|
0.000
|
|
|
Cash & Bank Balances |
|
|
6.052
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
0.000
|
|
Total
Current Assets |
|
|
13.624
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.003
|
|
|
Other Current Liabilities |
|
|
1.496
|
|
|
Provisions |
|
|
0.000
|
|
Total
Current Liabilities |
|
|
1.499
|
|
|
Net Current Assets |
|
|
12.125
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
14.588 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
56.600 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
41.914 |
23.030 |
1.512 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
14.686 |
(23.030) |
(1.512) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
4.350 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
10.336 |
(23.030) |
(1.512) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
10336.38 |
(23030.20) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
18.26
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.35
|
(13.79) |
(11.10) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.22
|
(13.34) |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
48.20
|
0.00 |
(2.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
12.82
|
5.55 |
9.09 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS – NOT AVAILABLE
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
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 |
Note:
Registered office of the company has been
shifted from 783, Bhawani Peth, Pune – 411042, Maharashtra, , India to the present address w.e.f 08.06.2009
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U01409PN1991PTC064416 |
|
Name of the
company |
KUMAR AGRO
PRODUCTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
2413, East Street, Kumar Capital, Pune – 411001, Maharashtra, India Email: manoj.shah@kumarworld.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
·
Immovable
property ·
Sales
Receivables of respective projects |
|
Particular of
charge holder |
CIN:
L70100MH1977PLC019916 Housing
Development Finance Corporation Limited, Ramon House 169 Backbay Reclamation,
H T Parekh Marg, Churchgate, Mumbai – 400020, Maharashtra, India Email: nilimad@hdfc.com |
|
Nature of
instrument creating charge |
Deed of simple
mortgage |
|
Date of
instrument Creating the charge |
06.06.2013 |
|
Amount secured by
the charge |
Rs.1250.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest The applicable
rate is CPLR minus 350 basis point. CPLR as on date is 17.50% p. a. and hence
the applicable rate for said financial facility will be 14.00% p.a. with
monthly reset. Terms of
Repayment 48 months from
the first disbursement. Interest will be paid at the end of every month. Extent and
Operation of the charge 1. Extension of
Mortgage on project land of Prive Sienna situated at Hadapsar, Pune and all
receivables from sale of any unit constructed on the said land for the facility
availed by M/s. Kumar Company. 2. Charge on
other Immovable properties. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Project land of
"Prive Sienna" at S no 239 (Part), S No 240 (part) and S No 241
(Part), Hadapsar, Pune totally admeasuring 664128 sq.ft. All receivables
from sale of any unit constructed on the above-mentioned land. Other immovable
properties. |
FIXED ASSETS
Tangible Assets
· Air Conditioner
· Laptop
· Generator
· Flat No. 7 and 8
· Furniture and Fitting
· Vehicles
Intangible Assets
·
Goodwill
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.59.36 |
|
|
1 |
Rs.89.69 |
|
Euro |
1 |
Rs.77.99 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
KVT/ VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.