MIRA INFORM REPORT
|
Report Date : |
24.11.2006 |
IDENTIFICATION DETAILS
|
Name : |
ALLANASONS
LIMITED |
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Registered Office : |
Allana House, 4, J.A. Allana Road, Colaba, Mumbai 400 001, Maharashtra,
India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
01.02.1996 |
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Com. Reg. No.: |
11-16285 |
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CIN No.: [Company Identification No.] |
U5199MH1973PLC016285 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMA21423D |
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PAN No.: [Permanent Account No.] |
AAACA4533D |
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Legal Form : |
It is a closely
held public limited liability company. |
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Line of Business : |
Subject is the largest exporters of agricultural and processed
food products |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 3250000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Allana
Group, a respectable trading house. Trade relations are fair. Directors are
resourceful and experienced businessmen.
Payments are usually correct and as per commitments. The company can be considered
good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Allana House, 4, J.A. Allana Road, Colaba, Mumbai 400 001, Maharashtra,
India |
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Tel. No.: |
91-22-2287 4455 / 2285 6474 |
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Fax No.: |
91-22-2204 4821 / 2204 7002 |
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E-Mail : |
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Website: |
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Location : |
Owned
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Branches1 : |
26/3-3, Sankey
Road, Post Box No. 105, Bangalore – 560 052, Karnataka |
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Tel. No.: |
91-80-22612354 / 2267007 |
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Fax No.: |
91-80-2251041 |
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E-Mail : |
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Telex: |
845 8027 ALAN
IN |
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Branch 2: |
Nicco House, 5th
Floor, 2, Hare Street, Kolkata – 700 001, West Bengal |
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Tel. No.: |
91-33-22487041 / 22487008 |
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Fax No.: |
91-33-2248896 |
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E-Mail : |
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Telex: |
217244 ALAN IN
/ 217360 ALNA IN |
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Branch 3: |
Surya Towers,
Block F, 5th Floor, 105, S. P. Road, Secunderabad – 500 003,
Andhra Pradesh |
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Tel. No.: |
91-40-2849047 /2842897 |
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Fax No.: |
91-40-2867633 |
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E-Mail : |
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Telex: |
4252437 ALANA
IN |
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Branch 4: |
Post Box No. 632, Door No. XXIV/199-A, Perumanoor Jetty Road,
Willingdon Island, Cochin – 682 003, Kerala |
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Tel. No.: |
91-484-2667199
/ 2666180 |
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Fax No.: |
91-484-2668260 |
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E-Mail : |
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Telex: |
8856627 ALNA IN |
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Branch 5: |
Kuthar Padavu,
Someshwar Village, Munnuru P.O. Via Peramannur, Mangalore – 574 183,
Karnataka |
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Tel. No.: |
91-824-2467376
/ 2467047 |
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Fax No.: |
91-824-2467376 |
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Branch 5: |
10, Scindia
House, 2nd Floor, Connaught Circus, New Delhi – 110 001 Tel No.
91-11-23311075 / 23320699 Fax No.
91-11-23325627 |
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Branch 6: |
Post Box No.
117, H. N. Pura Road, Hasan – 573 201, Karnataka Tel No.
91-8172-268045 / 266373 / 267329 Fax No.
91-8172-261883 / 264570 Telex : 8306217 ACCW IN |
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Branch 7: |
Plot 51-56,
GIDC Estate, Veraval – 362 269, Gujarat Tel No.
91-2876-221054 / 221069 Fax No.
91-2876-241002 |
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Branch 8: |
Paithan Road,
Post Box No. 564, Gevrai, Aurangabad -
431 001, Maharashtra Tel No.
91-240-2353452 / 2353440 Fax No.
91-240-234876 E Mail : frigorif@bom5.vsnl.net.in |
DIRECTORS
|
Name : |
Mr. Abdul Razak J. Allana |
|
Designation : |
Chairman |
|
Address : |
Allana House, 4, J.A. Allana Road, Colaba, Mumbai 400 001, Maharashtra,
India |
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Date of Birth/Age : |
26/08/1931 |
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Date of Appointment : |
15/05/1989 |
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|
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Name : |
Mr. T.
Vijayaraghavan |
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Designation : |
Managing
Director |
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Name : |
Mr. M. M. Ibrahim |
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Designation : |
Director
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|
Name : |
Mr. S. G.
Chopra |
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Designation : |
Director
|
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Address : |
402, House No Sea 72, Pali
Hill, Bandra (W), Mumbai, Maharashtra- 400050, India |
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Date of Birth/Age : |
26/08/1931 |
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Date of Appointment : |
15/05/1989 |
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Name : |
Mr. B. Malik |
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Designation : |
Director
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Name: |
Mr. M. H. J.
Allana |
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Designation: |
Director
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Name: |
Mr. Aqueel A.
Mulla |
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Designation: |
Company
Secretary |
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|
Name : |
Kantalal
Chandulal Mehta |
|
Designation : |
Director
|
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Address : |
607,
Veena Vihar, 17 A, Flank Road, Mumbai – 400022, Maharashtra, India |
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Date of Birth/Age : |
13/11/1929 |
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Date of Appointment : |
11/01/2003 |
|
|
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Name : |
Mr.
T K Gowrishankar |
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Designation : |
Director
|
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Address : |
12,
Carmel Apartments, 30, Napeansea Road, Mumbai 400026, Maharashtra, India |
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Date of Birth/Age : |
16/03/1950 |
|
Date of Appointment : |
01/10/2002 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Abdul Razak J. Allana |
|
1680 |
|
Mr. Apil Irfan Allana |
|
800 |
|
Mr. Asrm Irfan Allana |
|
1272 |
|
Mr. Irfan Abdul Razak
Allana |
|
560 |
|
Phoenica Shipping Company
Limited |
|
30828 |
|
Allana Export Limited |
|
30800 |
|
Allana Investments and
Trading Company Limited |
|
31360 |
|
Allana Abdul Razak Irfan |
|
700 |
BUSINESS DETAILS
|
Line of Business : |
Subject is the largest exporters of agricultural and processed
food products |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
2000 |
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Bankers : |
˜
Bank of
India, Mumbai ˜
Bank of
Baroda, Mumbai ˜
Dena Bank,
Mumbai ˜
State Bank
of India, Mumbai |
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Facilities : |
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Banking Relations : |
Good
|
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Auditors : |
Rajendra
& Company Chartered Accountants |
|
Address: |
1311,
Dalamal Tower, 211, Nariman Point, Mumbai - 400 021, Maharashtra |
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Tel. No.: |
91-22-2285 5770
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Fax No.: |
91-22-2283 4243 |
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E-Mail : |
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Associates : |
˜
Alagro
Trading Limited ˜
Allana Coffee
Limited ˜
Allana
Cold Storage Limited ˜
Allana
Investment & Trading Company Limited ˜
Allana Oil
Mills Limited ˜
Allana
Trading & Exports Limited ˜
Anjaneya
Cold Storage Limited ˜
Delmon
Foods Limited ˜
Frigario
Conserva Allana Limited ˜
Frigorifico
Allana Limited ˜
Phoenicia
Shipping Company Limited ˜
Allana
Holdings Limited (Parent Company) ˜
Indagro
Foods Limited ˜
IVP
Limited ˜
Joosabbhoy
A. Allana ˜
Zam Zam
Exports Limited ˜
Zam Zam
Fisheries Private Limited |
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|
|
|
Subsidiaries: |
˜
Allana
Pharmachem Limited ˜
Allana
Mauritius Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100 each |
Rs. 10.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
98,000 |
Equity Shares |
Rs.100 each |
Rs. 9.800 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.800 |
9.800 |
9.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
831.851 |
736.157 |
674.800 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
841.651 |
745.957 |
684.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
429.661 |
236.088 |
400.000 |
|
|
2] Unsecured Loans |
10.000 |
40.000 |
0.000 |
|
TOTAL
BORROWING
|
439.661 |
276.088 |
400.000 |
|
|
DEFERRED TAX LIABILITIES |
1.905 |
1.431 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
1283.217 |
1023.476 |
1084.600 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
109.746 |
113.300 |
126.200 |
|
Capital work-in-progress
|
1.481 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
294.555 |
295.507 |
295.500 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
1341.144 |
704.354 |
759.700 |
|
|
Sundry Debtors
|
735.624 |
942.359 |
1034.600 |
|
|
Cash & Bank Balances
|
874.628 |
217.520 |
164.000 |
|
|
Other Current Assets
|
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances
|
112.408 |
327.142 |
318.300 |
Total Current Assets
|
3063.804 |
2191.375 |
2312.600 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
2177.960 |
1564.309 |
1642.600 |
|
|
Provisions
|
8.409 |
12.397 |
7.100 |
Total Current Liabilities
|
2186.369
|
1576.706 |
1649.700 |
|
Net Current
Assets
|
877.435 |
614.669 |
662.900 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
1283.217 |
1023.476 |
1084.600 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
13761.390 |
13404.789 |
10886.000 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
150.436 |
90.404 |
55.800 |
Provision for Taxation
|
51.948 |
26.306 |
13.800 |
Profit/(Loss) After Tax
|
98.488 |
64.098 |
42.000 |
|
|
|
|
|
Export Value
|
12266.454 |
12469.348 |
NA |
|
|
|
|
|
Import Value
|
40.281 |
NA |
NA |
|
|
|
|
|
Total Expenditure
|
13610.953 |
13314.385 |
10795.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
0.72
|
0.48 |
0.39 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
1.09
|
0.67 |
0.51 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets} |
(%) |
4.78
|
3.92 |
2.29 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.18
|
0.12 |
0.08 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
3.12
|
2.48 |
2.99 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
1.40
|
1.39 |
1.40 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS:
Subject
is a trading Company providing major markets in the world with a host of Indian
products processed and packed under stringent supervision and quality control
systems.
Subject is the largest exporters of agricultural and processed food products. It offers a wide range of quality products from coffee, frozen meat, canned meat, lamb carcasses, mutton cubes, frozen marine products, tea, spices, seeds, frozen fruit and vegetable products, sterilized meat and bone meas.
Subject is the largest producers and exporters of processed foods
and agro commodities from India.
The company is operating in two segments i.e. manufacturing
activity and trading activity.
Manufacturing activity represents manufacturing of clean coffee and
trading activity includes trading in spices, crude drugs, oil seeds,
foodstuffs, frozen foodstuffs, tea, coffee, etc.
Golden super star trading house
With the excellent export performance, despite difficult economic
conditions, the company has maintained the status of “GOLDEN SUPER STAR TRADING
HOUSE” recognized by the Ministry of Commerce, Government of India.
Export
Despite the global recessionary trend in the export markets, the
company was in a position to maintain its export performance, due to its
focused approach on the areas in which it has an edge over its
competitors. Consequently, the export
turnover constituted 99.05% of the total turnover of the company.
Subject operates
from owned office premises.
The company
employs around 2000 persons in its’ set up.
Fixed Assets:
The company’s fixed assets of important value include land, factory building, road, plant & machinery, furniture & fixtures, office equipments, other equipments, electrical installations and vehicles.
Year in retrospect
Despite the difficult international market situation the company
was able to maintain the sales turnover at Rs. 8506.20 millions which was close
to the previous year figure of Rs. 8530.9 millions. Net profit before depreciation and taxation was Rs. 64.6
millions. Net profit after tax for the
year was Rs. 47.8 millions.
Purchase and sale of goods traded by the company are:
Agro commodities like Tea, Coffee, Cereals, Onions, Spices, HPS
Groundnut Kernels, Solvent Extractions, etc.
Meat & Marine Products like – Frozen Meat, Frozen Mutton,
Sterilised Bone & Meat, Frozen Fish, Sea Foods, Dry fish, etc.
Engineering and allied products viz. Diesel Engine & Pumping
Sets, Electric Motors, Machine Tools, Food Processing Machinery, Plastic
Processing Machinery, Hand Tools, Agricultural Implements, Transmission
Belting, Ceramic Insulators, Seals, Nozzles, etc.
Leather and Leather products viz. Finished Leather, Buffalo Sole
Leather, Leather Footwear, Hand Gloves, Wallets, Belts etc.
The company has continued to maintain the status of `Super Star
Trading House’ (one of the seven Super Star Trading Houses, recognized by the
Government of India, Ministry of Commerce).
Subject has won all possible trophies, awards and certificates
that are given in the country for exceptional and outstanding export
performance.
Some of them are
:
˜
Super Star
Trading House
˜
Golden
Status
˜
National
Awards for Outstanding Export Performance
˜
APEDA Export
Awards
˜
Samman Patra
from the Chief Commissioner of Customs, Mumbai Custom House
˜
Export
Awards from State Government
˜
Export
Awards from Export Promotion Council
As per website
Company
profile
Their parent firm was established in
Bombay in 1865 as a trading company, dealing in agricultural commodities. This
family business has in the last 135 years grown into a large group of companies
headed by Allanasons Limited, which was incorporated in 1973
to consolidate and centralise the export activities of the Allana Group.
Today Allanasons Limited is the second largest net foreign
exchange earner in the private sector of India.
The company have pioneered the export
of many food items from India, such as onions, potatoes, fruits , vegetables,
eggs, whole fish, and processed meat. It is with a sense of pride and
achievement the company claim that their efforts and value of exports have been
consistently recognised by the Government of India, Ministry of Commerce, by
granting us the highest status given for exporting organisations, which
presently is Super Star Trading House. The companies are a Super Star
Trading House with Golden Status - the highest
achievable status.
The company are the largest producers
and exporters of processed foods and agro-commodities from India. Their group
companies own and operate Asia's most modern, integrated
meat processing complexes, setup according to highest international
standards and specifications, incorporating the latest technology and
automation in all stages of production . The company offer a wide range
of quality products - from genuinely halal frozen meat, canned meat, lamb
carcasses, mutton cubes, frozen marine products, coffee, tea, spices, frozen
fruit and vegetable products, sterilised meat and bone meal, to leather.
While the accent is still on agro-based
products, over the years the company have diversified into other manufacturing
activities, including vanaspati (hydrogenated vegetable oils), foundry chemicals,
ceramics, and paints.
In the following pages you will find
details of their products and their achievements in the export sector of India.
The company has won all possible
trophies, awards and certificates that are given in their country for exceptional
and outstanding export performance.
Some
of them are:
- Super Star Trading House status
- Golden status
- National Awards for Outstanding Export Performance
- APEDA Export Awards
- Samman Patra from the Chief Commissioner of Customs, Mumbai Custom
House
- Export Awards from State Governments
- Export Awards from Export Promotion Councils
The company
continues winning them.
Product :
Ø Coffee
Ø Marine Products
Ø Frozen Halal Meat
Ø Fruit Pulp
Ø Spices, Crude Drugs and others
Ø Canned products
Ø Oil Seeds
Ø Foodstuffs
Ø Frozen Foodstuffs
Ø Engineering Goods and Spares
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 records 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] 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. 44.74 |
|
UK
Pound |
1 |
Rs. 86.68 |
|
Euro |
1 |
Rs. 58.71 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
TOTAL |
|
72 |
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |