MIRA
INFORM REPORT
|
Report Date : |
02.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CLEANFOODS
LIMITED |
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Registered Office : |
Arakere
Gate, 11th Main II Stage, Indiranagar, Bangalore – 560038,
Karnataka, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
23.11.1973 |
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Com. Reg. No.: |
08-2448 |
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CIN No.: [Company
Identification No.] |
U15116KA1973PLC002448 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer
of Food Products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD675000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are fair. Business is active. Payments are usually correct and as
per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
Arakere
Gate, 11th Main II Stage, Indiranagar, Bangalore – 560038,
Karnataka, India |
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Tel. No.: |
91-806-580504 |
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Fax No.: |
91-805-295024 |
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Corporate
Office : |
845, 5th
Cross, 10th Main, Indiranagar II Stage , Bangalore - 560038,
Karnataka, India |
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Tel.
No.: |
91-802-5217777
/ 25294444 / 25215601 / 25215602 |
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Fax
No.: |
91-802-5295024 |
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E-Mail
: |
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Website: |
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Food Office : |
496, 2nd
Floor, 15th Cross, Indiranagr, 2nd Stage, Bangalore -
560038, Karnataka, India |
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Tel. No.: |
91-805-7762783
/ 57762784 / 57762787 57762788 |
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Mobile No.: |
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Fax No.: |
91-802-5210186 |
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E-Mail : |
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Website : |
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Manufacturing
Unit |
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Madanapalli
Unit: |
Post
Box No. 16, Punganur Road, Valasa Palli, Madanapalli, Chittoor District -
517325, Andhra Pradesh, India |
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Tel.
No.: |
91-857-1230660
/ 123030 |
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Fax
No.: |
91-857-1260220 |
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E-Mail
: |
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Website: |
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Belgaum
Unit: |
13TH
K. M. Kolikopp Village, Bangalore – Pune Highway, Hirebagewadi – Hobli,
Belgaum Taluka and District, Karnataka, India |
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Tel.
No.: |
91-831-2533167 |
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Fax
No.: |
91-831-2533167 |
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E-Mail
: |
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Website: |
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Tadepalligudem
Unit : |
Gopinath
Patnam Village, Ungatturu Mandal, Tadepalligudem, West Godavari District,
Andhra Pradesh, India |
DIRECTORS
|
Name : |
Mr. K.
Muralikrishna |
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Designation : |
Managing
Director |
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Name : |
Mr. K
Tata Rao |
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Designation : |
Director |
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Name : |
Mr. K.
Satyanarayan |
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Designation : |
Director |
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Name : |
Mr. K
Venkatarama Rao |
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Designation : |
Director |
Key Executive
|
Name : |
Mr.
Santosh Hakim |
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Designation : |
Chief
Operational Officer |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Food Products |
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Products : |
Products
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GENERAL
INFORMATION
|
Suppliers : |
·
Venkateswara
Agro Private Limited ·
Tech
Steel Products Limited |
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Customers : |
Strafegic
Alliance with Pepsico India Hoding Limited |
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Bankers : |
·
ING
Vyasya Bank Limited, M.G. Road, Bangalore – 560001 ·
Karnataka
Bank Limited, Bangalore |
|
Auditors : |
M C
Ramakrishna and Company Chartered
Accountants Bangalore |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity
Shares |
Rs 10/- each |
Rs 100.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
6,864,560 |
Equity
Shares |
Rs 10/- each |
Rs 68.645 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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68.645 |
68.645 |
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2] Share Application Money |
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---- |
---- |
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3] Reserves & Surplus |
|
98.955 |
58.407 |
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4] (Accumulated Losses) |
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---- |
---- |
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NETWORTH |
|
167.600 |
127.052 |
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LOAN FUNDS |
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1] Secured Loans |
|
644.232 |
354.370 |
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2] Unsecured Loans |
|
4.653 |
26.568 |
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TOTAL BORROWING |
|
648.885 |
380.938 |
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DEFERRED TAX LIABILITIES |
|
21.518 |
16.139 |
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TOTAL |
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838.003 |
524.129 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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149.354 |
92.139 |
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Capital work-in-progress |
|
7.067 |
6.645 |
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7 |
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INVESTMENT |
|
69.868 |
40.200 |
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DEFERREX TAX ASSETS |
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---- |
---- |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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352.406 |
315.971 |
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Sundry Debtors |
|
34.469 |
37.896 |
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Cash & Bank Balances |
|
25.053 |
3.036 |
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Other Current Assets |
|
12.903 |
8.496 |
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Loans & Advances |
|
274.797 |
158.538 |
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Total Current Assets |
|
699.628 |
523.937 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
79.313 |
122.536 |
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Provisions |
|
8.601 |
16.256 |
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Total Current Liabilities |
|
87.914 |
138.792 |
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Net Current Assets |
|
611.714 |
385.145 |
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MISCELLANEOUS EXPENSES |
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---- |
---- |
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TOTAL |
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838.003 |
524.129 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
|
583.565 |
434.028 |
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Profit/(Loss)
Before Tax |
|
53.733 |
32.173 |
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Provision
for Taxation |
|
11.378 |
10.747 |
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Profit/(Loss)
After Tax |
|
42.355 |
21.426 |
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Export
Value |
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12.973 |
---- |
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Import
Value |
|
1.445 |
3.951 |
KEY
RATIOS
|
PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
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|
7.25 |
4.93 |
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Net
Profit Margin(PBT/Sales) |
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9.21 |
7.41 |
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Return
on Total Assets(PBT/Total Assets} |
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6.33 |
5.22 |
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Return
on Investment (ROI)(PBT/Networth) |
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0.32 |
0.25 |
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Debt
Equity Ratio(Total Liability/Networth) |
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4.40 |
4.09 |
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Current
Ratio(Current Asset/Current Liability) |
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|
7.95 |
3.77 |
LOCAL AGENCY
FURTHER INFORMATION
Sun Sip and Cleanfoods
are ideally located in the state of Andhra Pradesh with proximity to sources of
fruits & vegetable supply. Sun Sip is situated in Hyderabad and Cleanfoods
is located at Madanapalle near Bangalore. Among all the fruit growing areas
Andhra Pradesh state is producing the maximum quantity.Sun Sip and Cleanfoods
both put together form the largest mango processing facility in the world.
Apart from Mango
products, our product range includes pulp & concentrate of Tomato,
Tamarind, Orange, Amla, Pineapple, Papaya, Guava & Vegetables.
Our plants are equipped with most modern
facilities for continuous evaporation/concentration, aseptic packing system
which can pack from 20 litre to 220 litre bulk packing. Apart from bulk aseptic
packing we have facilities to pack various fruits, vegetables, juices, jams,
jellies, ketchups, sauces, squashes, drink concentrates in cans & bottles
of various sizes.
Aseptic
processing has gained acceptance world wide as the best method of treating
products to ensure sterility without refrigeration. Fruit juices, pulps &
concentrates are flash pasteurized through a closed system whereby extended
thermal treatment is avoided. The product is cooled and filled at ambient
temperature automatically in pre-sterilized aseptic bags which prevents
bacteriological activity in the product and also ensures no oxygen is permeated
included into the product. The system keeps the product a maximum natural form
by retaining colour, flavour, taste and nutritive value.
Sun
Sip is an ISO 9002 Company and also a member of international Quality Network.
Both the plants have been KOSHERED by Israel authorities. Our products are
marketed under the brand name ‘Sun Sip’ we are the first company who were
authorized by the Government of India Ministry of Food Processing to cvertify
our products for quality. Our team has earned many national awards for export,
productivity, quality and innovation
CleanFoods Manufacturing Unit
- Madanapalli
- Hoskote
- Belgaum
- Tadepalligudem
- Tirupati
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] 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.44.20 |
|
UK
Pound |
1 |
Rs.86.88 |
|
Euro |
1 |
Rs.58.53 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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