MIRA INFORM REPORT
|
Report Date : |
23.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
K.P. MANISH GLOBAL INGREDIENTS PRIVATE LIMITED |
|
|
|
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Registered
Office : |
41, Raghunayakulu Street, Park Town, Chennai – 600001, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
29.10.2007 |
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Com. Reg. No.: |
18-065205 |
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Capital
Investment / Paid-up Capital : |
Rs.5.709 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U24297TN2007PTC065205 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEK09647B |
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PAN No.: [Permanent Account No.] |
AABCL3843N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Pharma Ingredients |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 420000 |
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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
external borrowing seems to be increasing over a year. There appears dip in
the profitability during the current year. However, the networth appears to be good. The promoter’s are well
experience. Trade relations are reported to be fair. Business is active. Payments
are 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 |
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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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BB (Long Term Bank Facilities) |
|
Rating Explanation |
Having moderate risk of default regarding
timely servicing of financial obligation. |
|
Date |
August 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 : |
41, Raghunayakulu Street, Park Town, Chennai – 600001, Tamilnadu,
India |
|
Tel. No.: |
91-44-25352345/ 25351345/ 25356050 |
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Fax No.: |
91-44-25356171 |
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E-Mail : |
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Website : |
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|
Area : |
2400 sq. ft |
|
Location: |
Owned |
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|
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|
Head office : |
27 Raghunayakula Street, Park Town, Chennai – 600003,
Tamilnadu, India |
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Tel. No.: |
91 - 44 - 2535 2767/5801/7534 |
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Fax No.: |
91 - 44 - 2534 0234 |
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E-Mail : |
info@kawarlal.com |
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Godown: |
No. 166, Madhavaram High Road, Chennai – 600003, Tamilnadu, India |
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Tel No.: |
91-44-25532266 |
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Fax No.: |
91-44-25530044 |
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Email: |
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Area : |
36000 sq. ft |
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Location: |
Owned |
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Branches 1 : |
No. 4772/23, 2nd Floor, Bharat Ram Road, Dariyaganj, New
Delhi - 110002, India |
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Tel No.: |
91-11-32526618 / 23256621 |
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Fax No.: |
91-11-23256619 |
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Email: |
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Area : |
1200 sq. ft |
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Location: |
Rented |
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Branches 2 : |
'Samaj Deep' 301, |
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Tel No.: |
91-22-2863 8200 |
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Fax No.: |
91-22-2863 8222 |
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Email: |
sales@kawarlal.com |
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Branches 3 : |
4-3-533 to 535/7, Hanuman Tekdi, |
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Tel No.: |
91-40-24761068 |
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Fax No.: |
91-40-24761069 |
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E-mail: |
hyderabad@kawarlal.com |
DIRECTORS
As on: 26.09.2012
|
Name : |
Mr. Manish Paramal Jain |
|
Designation : |
Director |
|
Address : |
27, Ragunayakulu Street, Park Town, Chennai - 600003, Tamilnadu, India |
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Date of Birth/Age : |
19.11.1982 |
|
Date of Appointment : |
29.10.2007 |
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PAN No.: |
AAKHM6452Q |
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DIN No.: |
01817445 |
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|
|
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Name : |
Mr. Parasmal Kawarlal Jain |
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Designation : |
Director |
|
Address : |
27, Ragunayakulu Street, Park Town, Chennai - 600003, Tamilnadu, India |
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Date of Birth/Age : |
03.01.1959 |
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Date of Appointment : |
30.09.2009 |
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PAN No.: |
AAHPJ0394B |
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DIN No.: |
02535981 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 26.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Manish P Jain |
|
190000 |
|
K. Parasmal Jain |
|
125000 |
|
Sarala Bai Jain |
|
44400 |
|
Vishal P. Jain |
|
46100 |
|
Chandanbala M. Jain |
|
32000 |
|
Deepak Jain (HUF) |
|
20000 |
|
Deepak Kumar P Jain |
|
63400 |
|
Manish P Jain |
|
50000 |
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|
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Total |
|
570900 |
Equity Share Break up (Percentage of Total Equity)
As on: 26.09.2012
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Pharma Ingredients |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Union Bank of India, Sowcarpet Branch, 194 Mint Street, Chennai - 600003, Tamilnadu, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. Rajendrakumar and Company Chartered Accountant |
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Address : |
No. 329, |
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Tel. No.: |
91-44-25354874/ 25352934 |
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PAN No.: |
AACPR8148J |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
570900 |
Equity Shares |
Rs.10/- each |
Rs.5.709
Millions |
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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 |
5.709 |
5.709 |
3.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
101.140 |
73.925 |
19.198 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
106.849 |
79.634 |
22.198 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
54.028 |
22.036 |
18.451 |
|
|
2] Unsecured Loans |
209.662 |
180.707 |
141.187 |
|
|
TOTAL BORROWING |
263.690 |
202.743 |
159.638 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
370.539 |
282.377 |
181.836 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.185 |
1.296 |
1.064 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
0.007 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
82.323
|
47.362 |
50.280
|
|
|
Sundry Debtors |
428.323
|
293.328 |
248.054
|
|
|
Cash & Bank Balances |
11.233
|
8.212 |
4.477
|
|
|
Other Current Assets |
0.000
|
0.099 |
0.000
|
|
|
Loans & Advances |
23.661
|
8.210 |
8.336
|
|
Total
Current Assets |
545.540
|
357.211 |
311.147 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
152.840
|
42.527 |
44.631
|
|
|
Other Current Liabilities |
18.199
|
33.603 |
8.940
|
|
|
Provisions |
7.154
|
0.000 |
76.925
|
|
Total
Current Liabilities |
178.193
|
76.130 |
130.496 |
|
|
Net Current Assets |
367.347
|
281.081 |
180.651
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.121 |
|
|
|
|
|
|
|
|
TOTAL |
370.539 |
282.377 |
181.836 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
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|
SALES |
|
|
|
|
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|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
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TOTAL |
|
NA |
NA
|
|
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|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
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|
|
Administrative Expenses |
|
|
|
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|
|
Advertising Expenses |
|
|
|
|
|
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TOTAL |
NA |
NA
|
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
31.226 |
18.520 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.567 |
0.272 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
30.659 |
18.248 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.313 |
6.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
27.209 |
30.346 |
12.248 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
11.650 |
16.526 |
|
|
TOTAL EARNINGS |
NA |
11.650 |
16.526 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
694.080 |
381.530 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
47.66 |
53.15 |
- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
8.55
|
5.84
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.38
|
0.82
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.47 |
2.55
|
7.19
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.06 |
4.69
|
2.38
|
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 |
Yes |
|
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 two 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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2012 |
As on 31.03.2011 |
|
Loans and advances from directors |
3.296 |
0.000 |
|
Loans and advances from others |
194.277 |
167.368 |
|
Other loans and advances |
12.089 |
13.339 |
|
|
|
|
|
Total |
209.662 |
180.707 |
Bankers Charges Report
as per Registry
|
Corporate identity
number (CIN) or foreign company registration number of the company |
U24297TN2007PTC065205 |
|
Name of the
company |
K.P. MANISH
GLOBAL INGREDIENTS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
41, Raghunayakulu Street, Park Town, Chennai – 600001, Tamilnadu,
India E-mail: kp.accounts@kawarlal.com
|
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10134196 |
|
Type of charge |
|
|
Particular of
charge holder |
Union Bank of India, Sowcarpet Branch, 194 Mint Street, Chennai - 600003, Tamilnadu, India E-mail: sowcarpet@unionbankofindia.com |
|
Nature of
instrument creating charge |
1. Hypothecation
Agreement of Goods and Debts 2. Hypothecation
(Goods) Agreement 3. Letter of
Hypothecation of Bills |
|
Date of
instrument Creating the charge |
05.01.2012 |
|
Amount secured by
the charge |
Rs.200.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest CC (H) : Base
Rate + 2.75% Terms of
Repayment As per the
sanction letter and as determined by the bank from time to time Margin CC (H) : 25% LC :15% Extent and
Operation of the charge As per the
instruments executed on 05.01.2012 and as mentioned in the Column No. 15 of
this e Form 8. Others Nature of
facility Existing Modified (Rs In Millions) CC (H) 50.000 50.000 LC -- 150.000
------------ ------------ Total 50.000 200.000
------------ ------------ All other terms
and conditions as per the sanction letter and instruments executed on
05.01.2012. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation by
way of First Charge in favour of the bank on all Stocks and goods such as
Drugs, Chemicals etc used in Pharmaceuticals. Hypothecation by
way of First Charge in favour of the bank all book debts of the company both
present and future. |
|
Particulars of
the present modification |
The amount secured
by the charge has been modified from Rs.50.000 Millions to Rs.150.000 as
detailed below: Nature of
facility Existing Modified (Rs In Millions) CC (H) 50.000 50.000 LC -- 150.000 All other terms
and conditions as per the sanction letter and instruments executed on
05.01.2012. |
FIXED ASSETS:
Tangible Assets
- Furniture and Fixtures
- Vehicles
- Office Equipments
- Computer Equipments
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.54.34 |
|
|
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.