MIRA
INFORM REPORT
|
Report Date : |
12.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHANDRA KATTHA INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
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Country : |
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|
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Financials (as
on) : |
31.03.2012 |
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|
Date of
Incorporation : |
09.07.1970 |
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|
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|
Com. Reg. No.: |
20-003349 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.6.550
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36109UP1970PTC003349 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
LKNC05131A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCC4507E |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Kattha Powder. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 59000 |
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|
|
|
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
profitability of the company appears to be low. The external borrowing seems
to be increasing over a year. However, trade relations are reported to be fair. Business is active.
Payments are reported to be 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.
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 : |
|
|
Tel. No.: |
91-1341-230200/ 230111 |
|
Fax No.: |
91-1341-230138 |
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E-Mail : |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Rakesh Kumar Agarwal |
|
Designation : |
Managing Director |
|
Address : |
Chandra House, |
|
Date of Birth/Age : |
19.06.1951 |
|
Date of Appointment : |
01.11.1979 |
|
DIN No.: |
00933044 |
|
|
|
|
Name : |
Mrs. Mithlesh Agarwal |
|
Designation : |
Director |
|
Address : |
Chandra House, |
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Date of Birth/Age : |
01.06.1955 |
|
Date of Appointment : |
07.10.2004 |
|
DIN No.: |
00992905 |
MAJOR SHAREHOLDERS
As on: 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Rakesh Kumar |
|
48730 |
|
Rakesh Kumar HUF |
|
6613 |
|
Mithlesh Agarwal |
|
7671 |
|
Akshat Agarwal |
|
2306 |
|
Pallavi Agarwal |
|
50 |
|
Prachi Agarwal |
|
50 |
|
S.G.E Services Private Limited |
|
80 |
|
Total |
|
65500 |
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 : |
Manufacturer of Kattha Powder. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
2010-2011 |
|
a)
Licensed Capacity |
No Licence |
|
b) Installed Capacity
per annum (As certified by the Management and not verified by the Auditors) |
|
|
Kattha (Approximately) |
420 M.T. |
|
Cutch (Approximately) |
840 M.T. |
|
c)
Actual Production |
|
|
Kattha
|
264.106 M.T. |
|
Cutch
|
531.350 M.T. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Bank of Baroda, Station Road, Najibabad – 246 763, Uttar Pradesh, India · State Bank of India, Haridwara Road, Najibabad – 246 763, Uttar Pradesh, India · ICICI Bank Limited |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
SSRA and Company Chartered Accountants |
|
Address : |
Bharat Complex, |
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Tel. No.: |
91-1341-230603 |
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PAN.: |
AACFS6403P |
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|
|
|
Companies
controlled by Directors/ Relatives and Firms controlled by
Directors/Relatives : |
· Chandra Beverages Private Limited · Chandra Forest Private Limited · Mansarover Financial Services Limited · Mansarover Paper and Industries Limited · Rakesh Kumar Agarwal and Sons · Ganesh Roadlines |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
97500 |
Equity Shares |
Rs.100/- each |
Rs.9.750 Millions |
|
2500 |
Preference Shares |
Rs.100/- each |
Rs.0.250 Million |
|
|
Total |
|
Rs.10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65500 |
Equity Shares |
Rs.100/-
each |
Rs.6.550
Millions |
|
|
|
|
|
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 |
6.550 |
6.550 |
1.150 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8.208 |
7.721 |
11.941 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
14.758 |
14.271 |
13.091 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
43.851 |
28.326 |
12.335 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
15.271 |
|
|
TOTAL BORROWING |
43.851 |
28.326 |
27.606 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
58.609 |
42.597 |
40.697 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7.856 |
6.655 |
7.822 |
|
|
Capital work-in-progress |
6.017 |
2.759 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.011 |
0.051 |
0.027 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
52.184
|
54.708 |
39.879 |
|
|
Sundry Debtors |
11.542
|
8.737 |
11.419 |
|
|
Cash & Bank Balances |
5.672
|
1.859 |
1.437 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
27.166
|
21.442 |
18.715 |
|
Total
Current Assets |
96.564
|
86.746 |
71.450 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
36.722
|
35.766 |
35.100 |
|
|
Other Current Liabilities |
12.345
|
15.672 |
1.645 |
|
|
Provisions |
2.772
|
2.176 |
1.857 |
|
Total
Current Liabilities |
51.839
|
53.614 |
38.602 |
|
|
Net Current Assets |
44.725
|
33.132 |
32.848 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
58.609 |
42.597 |
40.697 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
195.317 |
165.200 |
167.527 |
|
|
|
Other Income |
0.313 |
0.354 |
|
|
|
|
TOTAL (A) |
195.630 |
165.554 |
167.527 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
149.538 |
145.536 |
|
|
|
|
Changes in inventories of finished goods, work in progress |
3.763 |
(10.967) |
|
|
|
|
Employee benefit expenses |
12.232 |
11.200 |
|
|
|
|
Other Expenses |
22.353 |
18.972 |
|
|
|
|
TOTAL (B) |
187.886 |
164.741 |
163.826 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7.744 |
0.813 |
3.701 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.118 |
3.314 |
2.127 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
1.626 |
(2.501) |
1.574 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.019 |
1.106 |
1.129 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
0.607 |
(3.607) |
0.445 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.081 |
0.613 |
0.499 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
0.486 |
(4.220) |
(0.054) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
8.03 |
(64.43) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.25
|
(2.55)
|
(0.03)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.58
|
(3.86)
|
0.56
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
(0.25)
|
0.03
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.97
|
1.98
|
2.11
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
148.403
|
1.62 |
1.85 |
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 |
Yes |
|
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 |
OPERATIONS:
During the year under reference, the Sale and Other Income of the Company were Rs 195.630 Millions as compared with Rs. 165.554 Millions in previous year. There is Profit of Rs. 0.607 Million during year where as there is Loss of Rs. 3.607 Millons.
BANKERS CHARGES
REPORT AS PER REGISTRY:
|
Corporate
identity number of the company |
U36109UP1970PTC003349 |
|
Name of the
company |
CHANDRA KATTHA
INDUSTRIES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Kotwali Roadnajibabad, Bijnore - 246763, Uttar Pradesh, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
90275365 |
|
Type of charge |
· Immovable property · Movable property (not being pledge) |
|
Particular of
charge holder |
Bank of Baroda,
Station Road, Najibabad - 246763, Uttar Pradesh, India |
|
Nature of
instrument creating charge |
Composite Hypo. Agreement Ldoc-17b, Ldoc-17c, Poa-Ldco-86, Supplemental Moe Ldoc-90g For Increase In Cash Credit Limit From Rs.35.000 Millions to Rs.45.000 Millions. |
|
Date of
instrument Creating the charge |
22.11.2012 |
|
Amount secured by
the charge |
Rs. 45.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 3.5% Above Base
Rate i.e. presently 13% p.a Terms of Repayment Cash credit limit
payable on demand Margin 25% On Stock And
Book Debts Extent and Operation of the charge Full |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
· Extension E.M. of Factory Land and building situated at Khata no.77, khasra no.210kh and 211kh measuring 0.027 and 0.190 hec. Total Area 0.217 hec. situated at Vill. Daryapur, Kotwali Road, Najibabad. · Extension E.M. of Factory Land and building situated at Khata no.77, khasra no. 157 Mi,165 min measuring 0.272 and 0.209 hec. Total Area 0.481 hec. situated at Vill. Chhaper Kotwali Road, Najibabad. |
|
Date of
instrument modifying the charge |
22.11.2012 |
|
Particulars of
the present modification |
Cash Credit Limit Enhanced From Rs.35.000 Millions To Rs.45.000 Millions. |
FIXED ASSETS:
· Land (Freehold)
· Agricultural Land
· Building
· Plant and Machinery
· Office Equipment
· Air Conditioner and Cooler
· Telephone
· Furniture and Fixtures
· Laboratory Equipment
· Vehicles
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.54.29 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
34 |
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.