MIRA INFORM REPORT

 

 

Report No. :

352042

Report Date :

27.11.2015

 

IDENTIFICATION DETAILS

 

Name :

CASTLE DISTRIBUTORS PRIVATE LIMITED

 

 

Registered Office :

Green Plaza, 67, Maharshi Debendra Road, 4th Floor, Room No-401, Kolkata – 700006, West Bengal

Tel. No.:

91-33-22189961

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

11.03.2005

 

 

Com. Reg. No.:

21-102203

 

 

Capital Investment / Paid-up Capital :

Rs.4.575 Million

 

 

CIN No.:

[Company Identification No.]

U51109WB2005PTC102203

 

 

IEC No.:

Not Applicable (As claimed by company management that company does not export and import)

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALC06596C

 

 

PAN No.:

[Permanent Account No.]

AACCC5753D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader of sugar.

 

 

No. of Employees :

10 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 2005 and it is having satisfactory track record.

 

The rating reflects company’s satisfactory financial risk profile characterized by low leverage, comfortable debt coverage indicators along with comfortable liquidity position.

 

The rating further takes into account on company’s experienced promoter and long track record of its business operation of the company.

 

This rating strength is partially offset by trading nature of company business leading to volatility in the profitability margin of the company.

 

However, trade relations are fair. Business is active. Payments terms are slow but correct.

 

In view of aforesaid, the company can be considered normal for business dealings with usual trade terms and conditions. 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Not Available

 

 

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 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Dinanath Pandey

Designation :

Manager

Contact No.:

91-9831511009

Date :

26.11.2015

 

LOCATIONS

 

Registered Office :

Green Plaza, 67, Maharshi Debendra Road, 4th Floor, Room No-401, Kolkata – 700006, West Bengal, India

Tel. No.:

91-33-22189961 / 2 / 3 / 4

Mobile No.:

91-9831511009

Fax No.:

91-33-22189964

E-Mail :

castledistributors@gmail.com

Area :

600 sq. ft.

Location :

Owned

Locality :

Commercial

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Sanjay Kumar Kejriwal

Designation :

Director

Address :

Club Town ,Block-Iii, Flat-2d,2nd Floor, Kolkata - 700059, West Bengal, India

Date of Birth/Age :

16.01.1975

Date of Appointment :

15.09.2005

DIN No.:

00275095

Other Directorship :

S.

No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U51109WB2005PTC102203

CASTLE DISTRIBUTORS PRIVATE LIMITED

Director

15/09/2005

15/09/2005

Active

NO

2

U45400WB2009PTC137883

KOHINOOR INFRA PROJECTS PRIVATE LIMITED

Director

21/08/2009

21/08/2009

Active

NO

 

 

Name :

Ms. Poonam Kejriwal

Designation :

Director

Address :

Club Town, Block -III, Flat-2d, 2nd Floor, Teghoria, Kolkata - 700059, West Bengal, India

Date of Birth/Age :

04.01.1982

Date of Appointment :

15.09.2005

DIN No.:

02728634

Other Directorship :

S.

No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U51109WB2005PTC102203

CASTLE DISTRIBUTORS PRIVATE LIMITED

Director

15/09/2005

15/09/2005

Active

NO

2

U45400WB2009PTC137883

KOHINOOR INFRA PROJECTS PRIVATE LIMITED

Director

21/08/2009

21/08/2009

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Dinanath Pandey

Designation :

Manager

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Sanjay Kumar Kejriwal

173000

Poonam Kejriwal

30000

Yash Kejriwal

12000

Beautiful Enclave Private Limited

5000

Mohan’s Hirise Private Limited

2500

Oriental Finlease Limited

5000

Sunnytex Investments Private Limited

5000

Remix Dealers Private Limited

5000

Ashirwad Suppliers Private Limited

5000

Fairdeal Vincom Private Limited

10000

Blue Bird Mercantiles Private Limited

5000

Ankur Financial Consultants Private Limited

12500

Jagriti Commodities Private Limited

7500

Flora Commotrade Private Limited

12500

Vico Syntex Private Limited

7500

Kejriwal Sugar Agencies Private Limited

160000

 

 

Total

457500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

 

Percentage

Bodies corporate

53.01

Directors or relatives of Directors

46.99

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of sugar.

 

 

Products :

Sugar

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Cash, Advance Payment

 

 

Purchasing :

Cash, Advance Payment

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Company Name :

Shree Renuka Sugars Limited

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

Customers :

Wholesalers, Retailers

 

Company Name :

Lalchand Laxminarayan – Kolkata

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

No. of Employees :

10 (Approximately)

 

 

Bankers :

Banker Name :

HDFC Bank Limited

Branch :

Burrabazar, Kolkata, West Bengal, India

Person Name :

Mr. Michael Rozario (Senior Manager)

Contact Number :

91-33-22597999

Name of Account Holder :

Castle Distributors Private Limited

Account Number :

--

Account Since :

February, 2015

Average Balance Maintained :

--

Credit Facilities Enjoyed :

CC= Rs.80.000 million

Account Operation :

Satisfactory

Remark :

As claimed by Mr. Michael Rozario (Senior Manager) that the transactions are fair. Positive feedback from banker.

 

·         ING Vysya Bank Limited, 41 A And B, K.K.T. Street, Kolkata - 700007, West Bengal, India

 

 

Facilities :

SECURED LOANS

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

Short Term Borrowings

 

 

Other loans and advances

[Secured against Fixed Deposits, Stock and Book Debts and Property and personal guarantee by the directors]

44.699

47.488

 

 

 

Total

44.699

47.488

 

Auditors :

 

Name :

Rajesh Ramchandra and Associates

Chartered Accountants

Address :

131 Bakul Bagan Road, Bhawanipur, Kolkata – 700025, West Bengal, India

PAN No.:

AAMFR0988A

 

 

Memberships :

Not Divulged

 

 

Collaborators :

Not Divulged

 

 

Associate :

·         Kejriwal Sugar Agencies Private Limited

 

 

Enterprises which are owned, or have significant influence of or are partners

with Key management personnel and their relatives :

·         Kohinoor Infra Projects Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs.5.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

457500

Equity Shares

Rs.10/- each

Rs.4.575 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

4.575

4.575

4.575

(b) Reserves & Surplus

79.848

66.575

61.750

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

84.423

71.150

66.325

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

0.000

0.000

0.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

44.699

47.488

48.233

(b) Trade payables

161.701

29.662

18.771

(c) Other current liabilities

276.373

14.221

3.480

(d) Short-term provisions

12.632

6.552

5.202

Total Current Liabilities (4)

495.405

97.923

75.686

 

 

 

 

TOTAL

579.828

169.073

142.011

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

30.887

7.449

7.482

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.519

28.751

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.050

0.050

0.050

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

31.456

36.250

7.532

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

224.770

53.987

0.000

(c) Trade receivables

122.529

21.074

36.555

(d) Cash and cash equivalents

18.747

37.089

25.888

(e) Short-term loans and advances

170.178

13.931

63.638

(f) Other current assets

12.148

6.742

8.398

Total Current Assets

548.372

132.823

134.479

 

 

 

 

TOTAL

579.828

169.073

142.011

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

 

TOTAL REVENUE

18579.885

8148.545

2730.437

 

 

 

 

 

Less

EXPENSES

NA

NA

NA

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX 

19.353

7.384

4.858

 

 

 

 

 

Less

TAX                                                                 

6.080

2.559

1.918

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX

13.273

4.825

2.940

 

 

 

 

 

 

Earnings Per Share (Rs.)

29.01

--

--

 

 

Particulars

 

31.03.2015

Sales Turnover (Approximately)

8150.000

 

[Haldia Refinery Plant close in 14-15. Hence turnover decrease]

 

Expected Sales (2015-2016): Rs.12000.000 Million

 

The above information has been parted by Mr. Dinanath

 

 

 

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flow from (used in) operations

(15.736)

40.037

19.516

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets)

(%)

3.34

5.26

3.42

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.23

0.10

0.07

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.53

0.67

0.73

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.11

1.36

1.78

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Share Capital

4.575

4.575

4.575

Reserves & Surplus

61.750

66.575

79.848

Net worth

66.325

71.150

84.423

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

48.233

47.488

44.699

Total borrowings

48.233

47.488

44.699

Debt/Equity ratio

0.727

0.667

0.529

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Total Revenue

2730.437

8148.545

18579.885

 

 

198.434

128.015

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Total Revenue

2730.437

8148.545

18579.885

Profit

2.940

4.825

13.273

 

0.11%

0.06%

0.07%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

Yes

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

Yes

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last four years

Yes

27

Reasons for variation <> 20%

Yes

28

Estimation for coming financial year

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE: Registered office of the company has been shifted from 36, Maharshi Devendra Road, 2nd Floor, Room No.214, Kolkata – 700007, West Bengal, India to the present address w.e.f. 01.10.2011

 

 

INDEX OF CHARGE:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10546860

05/02/2015 *

80,000,000.00

HDFC Bank Limited

HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India

C45771615

 

*Date of modification Charges

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Furniture and Fixture

·         Office Equipment

·         Computer

·         Vehicles

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.66.55

UK Pound

1

Rs.100.64

Euro

1

Rs.70.70

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NKT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

 

 

 

TOTAL

 

44

 

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

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.