MIRA INFORM REPORT

 

 

Report No. :

344204

Report Date :

08.10.2015

 

IDENTIFICATION DETAILS

 

Name :

KRISHAK BHARATI CO-OPERATIVE LIMITED

 

 

Registered Office :

A 60, Kailash Colony, New Delhi – 110019, Delhi

Tel. No.:

91-11-29243412

 

 

Country :

India

 

 

Date of Incorporation :

17.04.1980

 

 

Capital Investment / Paid-up Capital :

Not Divulged

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Co-operative Society

 

 

Line of Business :

Manufacturer and Importer of Fertilizer

 

 

No. of Employees :

2000 (Approximately)

 

RATING & COMMENTS

 

MIRA’s Rating :

A (64)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an Indian co-operative society that manufacturers fertilisers, mainly urea. It is registered under the Multi-State Co-operative societies Act 2002. It is having fine track record.

 

Subject act as a catalyst to agricultural and rural development by selecting, financing and managing projects that are both socially desirable and commercial profitable.

 

Its objective is to strengthen cooperative society and enhance the urea installed capacity and increasing its market share.

 

The ratings draw strength from the strategic importance of Krishak Bharti Co-operative Limited (KRIBHCO) its established position in the Indian urea sector, its sector, its healthy operating efficiencies and continued high capacity utilization.

 

Trade relations are reported as trustworthy. Business is active. Payments terms are reported to be regular and as per commitment.

 

The co-operative society can be considered good for business dealings at 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

 

Rating Agency Name

CRISIL

Rating

Long term rating AA-

Rating Explanation

High degree of safety and carry low credit risk.

Date

17.07.2015

 

Rating Agency Name

CRISIL

Rating

Short term rating A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

17.07.2015

 

 

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 (GENERAL DETAILS)

 

Name :

Mr. M.C. Bansal

Designation :

A.G.M. Finance and Accounts

Contact No.:

91-120-2534616

Date :

07.10.2015

 

 

LOCATIONS

 

Registered Office :

A 60, Kailash Colony, New Delhi – 110019, Delhi, India

Tel. No.:

91-11-29243412

Fax No.:

Not Available

E-Mail :

skgarg@kribhco.net

mcbansal@krishco.net

Website :

www.kribhco.org

www.kribhco.net

Location :

Rented

Locality :

Commercial

 

 

Head Office :

KRIBHCO Bhawan, A Wing, 5th Floor, A-l0, Sector-l, Gautam Budh Nagar. Noida – 201301, Uttar Pradesh, India 

Tel. No.:

91-120-2534631 / 2534632

Fax No.:

91-120-2537113

Location :

Owned

Locality :

Industrial

 

 

Factory :

Hazira Fertitizer Complex, Kribhco Nagar, Surat – 394515, Gujarat, India

Tel. No.:

91-261-2862766 / 2862767 / 2862768 / 2802073 / 2862763 / 2803012

Fax No.:

91-261-2861500

 

 

DIRECTORS

 

Name :

Mr. Chandra Pal Singh

Designation :

Chairman

 

 

Name :

Mr. Vaghjibhai Rugnathbhai Patel

Designation :

Vice - Chairman

 

 

Name :

Mr. Bijender Sing

Designation :

Director

 

 

Name :

Mr. V Sudhakar Chawdary

Designation :

Director

 

 

Name :

Mr. Sunil Kumar Singh

Designation :

Director

 

 

Name :

Mrs. Sailajadevi Nikam

Designation :

Director

 

 

Name :

Mr. Pareshbhai R. Patel

Designation :

Director

 

 

Name :

Mr. Bhanwar Singh Shekhawat

Designation :

Director

 

 

Name :

Mr. Ponnam Prabhakar

Designation :

Director

 

 

Name :

Mr. Bhikhabhai Zaveribhai Patel

Designation :

Director

 

 

Name :

Mr. B D Sinha

Designation :

Director

 

 

Name :

Mr. R Kamra

Designation :

Finance Director

 

 

Name :

Mr. N Sambasiva Rao

Designation :

Marketing Director

 

 

Name :

R K Aggarwal

Designation :

Operating Director

 

 

KEY EXECUTIVES

 

Name :

Mr. S K Garg

Designation :

General Manager (Accountancy and Finance)

 

 

Name :

Mr. M.C. Bansal

Designation :

A.G.M. Finance and Accounts

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Importer of Fertilizer

 

 

Products :
  • Urea
  • Ammonia
  • Bio-fertilizers

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

 

Products :

Raw Material

Countries :
  • Italy
  • Oman

 

 

Terms :

 

Selling :

Credit

 

 

Purchasing :

Credit

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Others

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

2000 (Approximately)

 

 

Bankers :

 

Banker Name :

Indian Overseas Bank

Branch Address :

Kribhco Bhawan Sector-1, Noida, Uttar Pradesh, India

Facilities :

Not Divulged

Person Name :

Mr. G.V. Ramana (Manager)

Contact No.:

91-120-2547753

Report :

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Satisfactory

Remarks (If any)

Banker gave us positive feedback, as claimed by Mr. G.V. Ramana (Manager) that subject having very good track record for banking transaction.

 

Auditors :

 

Name :

V Shankara Iyer and Company

Chartered Accountants

Address :

New Delhi

Mobile No.:

91-9810157885

 

 

Name :

Mathur and Company

Chartered Accountants

Address :

New Delhi

 

 

Name :

Oberoi Sud and Kapoor

Chartered Accountants

Address :

New Delhi

 

 

Memberships :      

Not Available

 

 

Collaborators :

Not Available

 

 

Sister Concern :

Krishak Shyam Fertilizers Limited

Address : Delhi, India

Line of Business : Manufacturer of Fertilizers

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Not Divulged

Borrowed :

--

Total :

Not Divulged

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

NOT DIVULGED

 

The above information has been denied by Mr. M.C. Bansal (A.G.M. Finance and Accounts)

 

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

 

 

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

No

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

No

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)

Yes

16]

No. of employees

Yes

17]

Details of sister concerns

Yes

18]

Major suppliers

No

19]

Major customers

No

20]

Banking Details

Yes

21]

Banking facility details

No

22]

Conduct of the banking account

--

23]

Financials, if provided

No

24]

Capital in the business

No

25]

Last accounts filed at ROC, if applicable

No

26]

Turnover of firm for last three years

No

27]

Reasons for variation <> 20%

--

28]

Estimation for coming financial year

No

29]

Profitability for last three years

No

30]

Major shareholders, if available

No

31]

External Agency Rating, if available

Yes

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

 

 

PROFILE

 

Company is a Multi-State Cooperative Society deemed to be registered under the Multi-State Cooperative Societies (MSCS) Act, 2002. The Government of India through the Department of Fertilizers was a member of KRIBHCO but its equity holding was reduced to NIL on 4th July 2013 under the provisions of the MSCS Act 2002. KRIBHCO is not owned nor controlled nor financed by the Government of India / Any State Governments.

 

KRIBHCO was incorporated on 17th April 1980 as a national level Multi State Cooperative Society to implement first gas based “state-of-the-art” high capacity Fertilizer Complex consisting of 2 x 1350 MTPD Ammonia plants and 4 x 1100 MTPD Urea plants each with annual installed capacity of 8.91 Lakh MT Ammonia and 14.52 lakh MT of Urea at Hazira District-Surat, Gujarat, Indiabased on natural gas from Bombay High/ South Bassein. Hazira fertilizer complex was commissioned in 1985 in record time with saving of Rs. 90 crore in project cost.

In an endeavor to make constant improvements, KRIBHCO implemented various schemes to enhance its capacity and improve the energy consumption. Capacities of ammonia & urea plants were reassessed to  2x1520 MTPD Ammonia and 4x 1310 MTPD Urea with annual installed capacity of 10.03 Lakh MT ammonia and 17.29 lakh MT of urea.

The Hazira Fertilizer Complex was subsequently revamped in 2013 to increase its production capacity by 4.65 LMTPA of Urea. After the revamp, the rated capacity has been enhanced to 2x3325 MTPD Urea (21.95 LMTPA) and 2 x 1890 MTPD Ammonia (12.47 LMTPA). With this, the Hazira fertilizer complex has became largest single location urea plant in India.

 

EXPANSION & DIVERSIFICATIONS:

 

KRIBHCO has also made realignment in its corporate strategy and internal operations revamping to meet the challenges in the liberalized/globalized economy. As a part of above initiative, KRIBHCO entered into overseas Joint Ventures, diversification into Power Sector, Logistics Business, etc. :

 

·         In 2005, KRIBHCO’s Joint Venture project with Oman Oil Company came on stream in Sultanate of Oman. KRIBHCO holds 25% equity in OMIFCO.

·         In 2006, KRIBHCO acquired Sahajanpur Fertiliser Complex through its joint venture company KSFL. KRIBHCO holds 85% of the share in the JV. KRIBHCO has management control and marketing rights of total production.

·         KRIBHCO has diversified into power sector by investing in Gujarat State Energy Generation (GSEG).

·         KRIBHCO incorporated Kribhco Infrastructure Limited, a 100% subsidiary to venture into logistics business.

·         KRIBHCO holds 2.34% equity in Nagarjuna Oil Refinery Limited and 1.84% in Nagarjuna Fertilizers and Chemicals Ltd.

·         KRIBHCO holds 5% equity in Indian Commodity Exchange (ICEX).

 

NEW PRODUCTS AND MARKETING INITIATIVES:

 

·         KRIBHCO has been promoting the use of Bio-Fertilisers since many years. The society has three units to manufacture Bio-Fertilisers at Hazira (Gujarat), Varanasi (Uttar Pradesh) and Lanjha (Maharashtra).

·         Keeping in view importance of the Quality Seeds in enhancing the agricultural production, KRIBHCO initiated Seed Multiplication Programme in the year 1990-91 to provide quality certified seeds of the crops.

·         KRIBHCO is also marketing high yield Hybrid seeds of various crops like Bt Cotton.

·         KRIBHCO imports and markets other fertiliser like DAP, DAP-Lite and MOP etc from time to time.

·         Organic Agriculture has emerged as a feasible option to address concerns relating to land degradations. KRIBHCO regularly undertakes marketing of compost made from city waste.

 

In a nut shell KRIBHCO, World’s Premier Fertilizer producing Cooperative has an outstanding track record to its credit in all spheres of its activities. KRIBHCO has fully imbibed the cooperative philosophy and has made sustained efforts towards promoting the cause of modern agriculture and cooperatives in the country. KRIBHCO stands for commitment, sincerity and high standards of excellence. In our endeavor towards achieving our goals we are impelled by the ideals set by our predecessors and the devotion and dedication of our employees. We are ISO 9001, ISO 9002, and ISO 14001 certified organization.

 

 

KRIBHCO'S MISSION, VISION AND OBJECTIVES

 

Mission:

To act as a catalyst to agricultural and rural development by selecting, financing and managing projects that are both socially desirable and commercially profitable.

 

Vision:

To become a world class organization that represents the farmer community and maximizes their returns through specialization in agricultural inputs, rural need based products and other diversified businesses that maximize stakeholders’ value.

 

Objectives:

·         To strengthen cooperative system

·         To enhance the urea installed capacity and increasing its market share

·         To ensure optimum utilization of existing plant and machinery

·         To diversify into other core sectors like Power, Port, Infrastructure, Rural Retail, etc

·         Transfer of technology for modern farming and improving farmers livelihood

·         To educate and train farmers, provide free testing facilities for soil nutrients and irrigation water

 

 

 

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 records 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.65.25

UK Pound

1

Rs.91.53

Euro

1

Rs.73.46

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

JYTK

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

 

64

 

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.