|
Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
KAR AGRO PRODUCTS LLP |
|
|
|
|
Registered
Office : |
5, Manek Sthambha Flat, Near Vijay Char Rasta, 13, Pragati Society,
Navrangpura, Ahmedabad – 380009, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
26.03.2010 |
|
|
|
|
Total Obligation of Contribution: |
Rs. 0.200 Million |
|
|
|
|
LLPIN: |
AAA-1027 |
|
|
|
|
IEC No.: |
0810016826 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAKFK4899F |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business
: |
Trader, Exporter, Importer and Supplier of Barley, Maize (Red,
White), Millets, Jowar, etc. |
|
|
|
|
No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 800 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a limited liability partnership concern having moderate
track record. The rating is constrained on account of concern’s moderate financial
risk profile marked by thin profitability margins and huge external borrowing
taken by the concern. However, trade relations are fair. Business is active. Payment terms
are slow. The concern can be considered for business dealing with great 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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications:
Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Hard Sheth |
|
Designation : |
Partner |
|
Contact No.: |
91-9825013978 |
|
Date : |
20.10.2014 |
LOCATIONS
|
Registered Office : |
5, Manek Sthambha Flat, Near Vijay Char Rasta, 13, Pragati Society,
Navrangpura, Ahmedabad – 380009, Gujarat |
|
Tel. No.: |
91-79-22171000/ 22172700 |
|
Mobile No.: |
91-9825013975 (Mr. Hard Sheth) |
|
Fax No.: |
91-79-22136000 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
300 Sq. fts |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
264, Gunj Bazaar, Opposite Mataji Temple, Old Madhupura, Ahmedabad - 380004,
Gujarat, India |
PARTNERS
|
Name : |
Mr. Kirit Sheth |
|
Designation : |
Partner |
|
Address : |
Vejalpur, Panchmahal, |
|
Date of Appointment : |
26.03.2010 |
|
DIN No.: |
00620161 |
|
|
|
|
Name : |
Ms. Renuka Shah |
|
Designation : |
Partner |
|
Address : |
67, Surdhara Bunglows, Thaltej, Ahmedabad, |
|
Date of Appointment : |
26.03.2010 |
|
PAN No.: |
AJLPS7071D |
|
|
|
|
Name : |
Mr. Jignesh Sheth |
|
Designation : |
Partner |
|
Address : |
67, Surdhara Bunglows, Thaltej, Ahmedabad, |
|
Date of Appointment : |
26.03.2010 |
|
PAN No.: |
AHLPS7305J |
|
|
|
|
Name : |
Mr. Keyuri Sheth |
|
Designation : |
Partner |
|
Address : |
67, Surdhara Bunglows, Thaltej, Ahmedabad, |
|
Date of Appointment : |
26.03.2010 |
|
PAN No.: |
ANHPS7023B |
|
|
|
|
Name : |
Mr. Ashvin Sheth |
|
Designation : |
Partner |
|
Address : |
5, Manek Stambh, Near Pragati Nagar Society, Vijaynagar Cross Road,
Ahmedabad, Gujarat, India |
|
Date of Appointment : |
26.03.2010 |
|
PAN No.: |
AHLPS7114B |
|
|
|
|
Name : |
Ms. Meena Shah |
|
Designation : |
Partner |
|
Address : |
5, Manek Stambh, Near Pragati Nagar Society, Vijaynagar Cross Road,
Ahmedabad, Gujarat, India |
|
Date of Appointment : |
26.03.2010 |
|
PAN No.: |
AJLPS7072A |
|
|
|
|
Name : |
Mr. Hard Sheth |
|
Designation : |
Partner |
|
Address : |
5, Manek Stambh, Near Pragati Nagar Society, Vijaynagar Cross Road,
Ahmedabad, Gujarat, India |
|
Date of Appointment : |
26.03.2010 |
|
DIN No.: |
05005116 |
|
|
|
|
Name : |
Mr. Rajendra Sheth |
|
Designation : |
Partner |
|
Address : |
Vejalpur, Panchmahal, |
|
Date of Appointment : |
26.03.2010 |
|
PAN No.: |
AHLPS7116D |
|
|
|
|
Name : |
Mr. Daxita Sheth |
|
Designation : |
Partner |
|
Address : |
Vejalpur, Panchmahal, |
|
Date of Appointment : |
26.03.2010 |
|
PAN No.: |
AHLPS7117C |
|
|
|
|
Name : |
Mr. Nishant Sheth |
|
Designation : |
Partner |
|
Address : |
Vejalpur, Panchmahal, |
|
Date of Appointment : |
26.03.2010 |
|
PAN No.: |
BAXPS2254Q |
OBLIGATION OF
CONTRIBUTION
|
Names of Persons |
|
Obligation of Contribution (Rs. In Millions) |
|
Kirit Sheth |
|
26000 |
|
Hard Sheth |
|
42000 |
|
Ashvin Sheth |
|
4000 |
|
Rajendra Sheth |
|
4000 |
|
Daxita Sheth |
|
4000 |
|
Jignesh Sheth |
|
26000 |
|
Renuka Shah |
|
24000 |
|
Meena Shah |
|
4000 |
|
Keyuri Sheth |
|
24000 |
|
Nishant Sheth |
|
42000 |
|
|
|
|
|
Total |
|
200000 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Exporter, Importer and Supplier of Barley, Maize (Red,
White), Millets, Jowar, etc. |
|
|
|
|
Exports : |
|
|
Products : |
Barley, Maize, Millet, Bajra, Jowar, Wheat, Rice Bran, De Oiled Rice Bran, Groundnut Meal, Groundnut Cake, Cotton Seed d.o.c, Temrinseed Powder, Millet Flour, White Millet, Yellow Millet, De-Oiled Rice Bran, Sal Seed d.o.c, Soya Meal, Organic Barley, Fine Barley Grains. |
|
Countries : |
· African Country · Gulf Country · Singapore · Egypt · Turkey ·
Vietnam |
|
|
|
|
Imports : |
|
|
Products : |
· Barley · Jowar · Maize |
|
Countries : |
·
African Country |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
10 (Approximately) |
|
|
|
|
Bankers : |
HDFC Bank Limited, Ashram Road, Ahmedabad, Gujarat, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
ASA Associates Chartered Accountants |
|
Address : |
Chankya Building, Near Torrent House, Dinesh Hall, Ashram Road,
Ahmedabad, Gujarat, India |
|
|
|
|
Associates/Subsidiaries : |
Name: Pradhin Exports Address: 264, Gunj Bazaar,
Opposite Mataji Temple, Old Madhupura, Ahmedabad, Gujarat, India Name: Trade Kesharlal Dwarkalal Address: 264, Gunj
Bazaar, Opposite Mataji Temple, Old Madhupura, Ahmedabad, Gujarat, India |
CAPITAL STRUCTURE
As on: 31.03.2013
Total Obligation of Contribution: Rs.0.200
Million
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PARTNERS FUNDS |
|
|
|
|
1] Partner Capital Contribution |
0.200 |
0.200 |
0.200 |
|
2] Reserves and Surplus |
0.000 |
0.000 |
0.000 |
|
NETWORTH |
0.200 |
0.200 |
0.200 |
|
LIABILITIES |
|
|
|
|
1] Secured Loans |
7.876 |
0.167 |
0.281 |
|
2] Unsecured Loans |
28.605 |
23.976 |
13.560 |
|
Short term borrowing |
0.000 |
0.000 |
0.000 |
|
Creditors/ Trade payables – Advance from customers |
20.212 |
1.526 |
1.715 |
|
|
|
|
|
|
PROVISIONS |
|
|
|
|
For taxation |
0.062 |
0.060 |
0.120 |
|
For contingencies |
0.000 |
0.000 |
0.000 |
|
For insurance |
0.000 |
0.000 |
0.000 |
|
Other Provisions |
1.230 |
0.797 |
0.175 |
|
|
|
|
|
|
TOTAL |
58.185 |
26.726 |
16.051 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.862 |
0.333 |
2.150 |
|
|
|
|
|
|
INVESTMENT |
0.020 |
0.120 |
0.120 |
|
|
|
|
|
|
Loans & Advances |
3.620 |
15.629 |
1.778 |
|
|
|
|
|
|
Inventories |
27.391 |
7.292 |
5.421 |
|
|
|
|
|
|
Sundry Debtors/ Trade receivables
|
26.266 |
3.273 |
5.367 |
|
|
|
|
|
|
Cash & Cash Equivalents |
0.026 |
0.079 |
1.215 |
|
|
|
|
|
|
Other Assets |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL |
58.185 |
26.726 |
16.051 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
340.989 |
151.261 |
68.175 |
|
|
|
Other Income |
0.834 |
1.528 |
0.676 |
|
|
|
TOTAL (A) |
341.823 |
152.789 |
68.851 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases made for re-sale |
338.883 |
144.795 |
71.535 |
|
|
|
Power and Fuel |
0.076 |
0.061 |
0.000 |
|
|
|
Personnel Expenses |
0.180 |
0.021 |
0.000 |
|
|
|
Payment to Auditors |
0.055 |
0.049 |
0.000 |
|
|
|
Selling Expenses |
1.303 |
0.856 |
0.000 |
|
|
|
Administrative Expenses |
0.000 |
0.000 |
0.762 |
|
|
|
Insurance Expenses |
0.032 |
0.000 |
0.000 |
|
|
|
Other Expenses |
17.271 |
6.482 |
1.150 |
|
|
|
Increase/ Decrease in stocks |
(20.100) |
(1.870) |
(5.421) |
|
|
|
TOTAL (B) |
337.700 |
150.394 |
68.026 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.123 |
2.395 |
0.825 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.812 |
2.122 |
0.523 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.311 |
0.273 |
0.302 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.105 |
0.100 |
0.092 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.206 |
0.173 |
0.210 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.145 |
0.068 |
0.065 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.061 |
0.105 |
0.145 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
420.000 |
|
|
|
|
|
The above information has been parted by Mr. Hard Sheth
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.02
|
0.07 |
0.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.06
|
0.11 |
0.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.35
|
0.65 |
1.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.03
|
0.87 |
1.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
182.41
|
120.72 |
69.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.66
|
11.03 |
6.86 |
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 |
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) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
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 |
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. 61.22 |
|
|
1 |
Rs. 98.52 |
|
Euro |
1 |
Rs. 77.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DPH |
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 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.