MIRA
INFORM REPORT
|
Report Date : |
10.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
GROVER VINEYARDS
LIMITED |
|
|
|
|
Registered Office : |
Anand Bhavan, 348, Dr. Dadabhai Naoroji Road, Mumbai – 400
001, Maharashtra |
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|
Country : |
India |
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|
|
Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
24.02.1995 |
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Com. Reg. No.: |
11-49515 |
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CIN No.: [Company
Identification No.] |
U01100MH1988PLC049515 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG00445E |
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|
Legal Form : |
A closely held public limited liability company. |
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|
Line of Business : |
Cultivators, planters, growers, importers and exporters of
grapes for the production of wines, brandy and other liquors. The company is
also engaged in as manufacturers, producers, dealers, buyers, sellers,
importers and exporters of all kinds of wines (red wine), brandy and other
liquors. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
225000 |
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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, respectable and having satisfactory
means of their own. Trade
relations are reported as 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 : |
Anand Bhavan, 348, Dr. Dadabhai Naoroji Road, Mumbai – 400
001, Maharashtra, India |
|
Tel. No.: |
91-22-22043885 / 22043886 / 22044072 |
|
Fax No.: |
91-22-22874021 |
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E-Mail : |
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|
Website : |
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Area : |
500 sq. fts. |
|
Location : |
Rented
|
|
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|
Factory
1 : |
Raghunathpura, Doddabellapur, Bangalore, Karnataka. |
|
Location : |
Owned |
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|
|
|
Branches
: |
127, Jaya Mahal Extension, Dhan Mill, Bangalore – 560 046,
Karnataka, India |
|
Tel.
No.: |
91-80-23331547 / 23338690 / 91/ 8090 |
|
Fax
No.: |
91-80-23335153 |
|
E-Mail
: |
DIRECTORS
|
Name : |
Mr. Kanwal Kishore Grover |
|
Designation : |
Director |
|
Address : |
8, Queens Court, Maharshi
Karve Road, Mumbai – 400 020 |
|
Date of Birth/Age : |
04.08.1925 |
|
Date of Appointment : |
04.11.1988 |
|
|
|
|
Name : |
Mr. Kapil Kanwal Grover |
|
Designation : |
Director |
|
Address : |
Flat
No. 12A, Mistry Manor, 62-A, Nepean Sea Road, Mumbai – 400006, Maharashtra,
India |
|
Date of Birth/Age : |
19.05.1956 |
|
Date of Appointment : |
04.11.1988 |
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|
|
|
Name : |
Mr. Vasant Calian Vaidya |
|
Designation : |
Director |
|
Address : |
A 5, Corintechian, 17, Aurthur
Bunder Road, Colaba, Mumbai – 400 005 |
|
Date of Birth/Age : |
17.05.1920 |
|
Date of Appointment : |
28.09.1999 |
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|
|
|
Name : |
Mr. Geraro I. Monetanto (Foreign) |
|
Designation : |
Director |
|
Address : |
36, Vue Leger Bertin 51200,
France |
|
Date of Birth/Age : |
11.09.1956 |
|
Date of Appointment : |
07.09.2001 |
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|
|
|
Name : |
Mr. Michel S. Rolland (Foreign) |
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Designation : |
Director |
|
Address : |
Catusseau 33500 P.O. Merol,
France |
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Date of Birth/Age : |
24.12.1947 |
|
Date of Appointment : |
26.09.2000 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr. Kanwal K. Grover |
|
10 |
|
Mr. Kapil K. Grover |
|
7 |
|
Hindustan Export & Import Corporation Private Limited |
|
1663980 |
|
Mr. Karan K. Grover |
|
1 |
|
Mrs. Nisha K. Grover |
|
1 |
|
Mrs. Jayshree K. Grover |
|
1 |
|
Societe Financier Du Temple – France |
|
640000 |
|
Vishnu Holdings Limited (Mauritius) |
|
768000 |
|
Mr. Michel S. Rolland |
|
128000 |
|
Total |
|
3200000 |
BUSINESS DETAILS
|
Line of Business : |
Cultivators, planters, growers, importers and exporters of
grapes for the production of wines, brandy and other liquors. The company is
also engaged in as manufacturers, producers, dealers, buyers, sellers,
importers and exporters of all kinds of wines (red wine), brandy and other
liquors. |
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Products : |
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Exports to : |
France, United Arab Emirates, U.K. and U.S.A |
PRODUCTION
STATUS
|
Licensed Capacity (Wine) |
1,000,000 bottles |
|
Installed Capacity (Wine) |
1,000,000 (750ml)
bottles |
|
Actual Production (Wine) |
621097 (750ml)
bottles |
GENERAL
INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
100 |
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Bankers : |
Canara Bank 19/7, Maruthi Mansion, Cunningham Road, Bangalore - 560052,
Karnataka, India |
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Facilities : |
|
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Banking Relations : |
Satisfactory
|
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Auditors : |
Sharp & Tannan Chartered Accountants BOB Building, Bombay Samachar Marg, Mumbai – 400 001 |
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Tel. No.: |
91-22-22047723 |
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|
|
|
Associates/Subsidiaries : |
v
Hindustan Export & Import Corporation (Private) Limited Mumbai, Maharashtra, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3,600,000 |
Equity Shares |
Rs. 10/- each |
Rs. 36.000 millions |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3,200,000 |
Equity Shares |
Rs. 10/- each |
Rs. 32.000 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 |
32.000 |
32.000 |
19.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
26.563 |
13.171 |
17.856 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
58.563 |
45.171 |
37.056 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10.255 |
18.480 |
13.668 |
|
|
2] Unsecured Loans |
14.061 |
14.061 |
15.495 |
|
|
TOTAL BORROWING |
24.316 |
32.541 |
29.163 |
|
|
DEFERRED TAX LIABILITIES |
0.258 |
3.811 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
83.137 |
81.523 |
66.219 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
22.979 |
19.968 |
13.687 |
|
|
Capital work-in-progress |
2.047 |
1.645 |
3.078 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
1.895 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
35.210
|
33.900 |
22.881 |
|
|
Sundry Debtors |
22.827
|
20.333 |
19.137 |
|
|
Cash & Bank Balances |
5.164
|
4.321 |
4.193 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
21.806
|
10.725 |
10.195 |
|
Total Current Assets |
85.007
|
69.279 |
56.406 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
16.510
|
14.819 |
18.682 |
|
|
Provisions |
15.977
|
2.502 |
1.101 |
|
Total Current Liabilities |
32.487
|
17.321 |
19.783 |
|
|
Net Current Assets |
52.520
|
51.958 |
36.623 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
5.591 |
7.952 |
10.936 |
|
|
|
|
|
|
|
|
TOTAL |
83.137 |
81.523 |
66.219 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
117.887 |
96.680 |
69.772 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
23.059 |
15.027 |
5.383 |
|
Provision
for Taxation |
9.666 |
6.912 |
2.393 |
|
Profit/(Loss)
After Tax |
13.393 |
8.115 |
2.990 |
|
|
|
|
|
|
Export
Value |
23.662 |
19.258 |
NA |
|
|
|
|
|
|
Import
Value |
13.823 |
18.470 |
NA |
|
|
|
|
|
|
Total
Expenditure |
94.828 |
81.653 |
64.389 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
11.36
|
8.39 |
4.29 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
19.56
|
15.54 |
7.72 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
21.35
|
15.54 |
7.72 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.33 |
0.15 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
0.97
|
1.10 |
1.32 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
2.62
|
4.00 |
2.85 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONS
During the year under report, the sales increased by
22%. The company has shown a profit before tax of Rs. 23.059 Millions on a
turnover of Rs. 117.300 Millions. Profit after tax is Rs. 13.393 Millions.
The company released the 12th harvest of
its wines in November, 2004. The 5th
brand called a Viognire Clairette White Wine was introduced in November 2004,
replacing the Blanc de Blanc Claitette. It represents a significant improvement
in the quality of the White Wine and has already achieved a very good
acceptance in the market.
During the year under report, exports to France, UK,
USA and Russia reached a level of 127000 bottles, which constitutes
approximately 21 % of the total sales. Export to France continue to be
extremely strong. In the coming year the company is planning to open up
additional markets in Western Europe.
In the domestic market import of Wines Sector is
growing at a very significant rate if 22.30 %, although with increase of
imports and the new domestic wineries, the market has been extremely
competitive. The
The company continues to enjoy premium image in the
domestic market.
In December 2004, additional 60 acres were brought
under plantation and the company has already entered into agreements for
planting 125 acres in December 2005 so that production can be increased to meet the growing demands.
The April / May 2005 harvest once again met the
quality expectations and the yields were also satisfactory.
outlook
With the wine market in India increasing rapidly and
the wide acceptance of its brands, the outlook for the year looks
promising. Furthermore, with the
increasing popularity of Indian cuisine internationally there is a growing
demand of Indian wine in Indian restaurants in export market.
The company’s fixed assets of important value include leasehold
land, factory building, plant & machinery, motor vehicles, electrical
installation, computer and office equipment.
The company has a joint venture with Veuve Cliquot Ponsardin to
excel wine making in India.
Contingent Liability in respect of
|
Particulars |
Rs In millions |
|
|
|
|
Claims
by Mysore Sales International Limited towards commission on sales for the
period November, 1992 to June, 1996 including interest of Rs. 0.194
Millions |
0.586 |
|
Bank
Guarantees |
17.944 |
|
Sales
Tax Matters in appeal |
-- |
|
Excise
Demands |
0.325 |
|
Local
Municipal Tax |
-- |
|
Name of the company |
GROVER VINEYARDS LIMITED |
|
Presented By |
GROVER VINEYARDS LIMITED AND CANARA BANK, CUNNINGHAM ROAD, BANGALORE |
|
1) Date and description of instrument creating the change |
11.08.2001
Regd. On 07.11.2001 Deposit
of title deeds |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
23.500 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Land
and Building and machinery mortgage |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Mortgage
of land, building and machinery of the company as collateral security to the entire credit limits
sanctioned |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank 19/7, Maruthi Mansion, Cunningham Road, Bangalore - 560052,
Karnataka, India |
|
6) Date and brief description of instrument modifying the charge |
28.04.2005
No instrument letter of extension of equitable
mortgage letter of Canara bank regarding transfer of account. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By the
above the extent of charge in respect of the immovable properties already
created situate at 63P measuring 4 acres situated in Raghunathpura village, Doddaballapur Bangalore on the
North by Doddaballapur, South by
Survey No. 63P, stands increased from Rs. 70 Millions to Rs. 89 Millions The
name of charge holder changed from Canara Bank, Bangalore Other
terms and conditions remain unchanged. |
|
Name of the company |
GROVER VINEYARDS LIMITED |
|
Presented By |
|
|
1) Date and description of instrument creating the change |
Deed
of Hypothecation machinery dated 28.02.2003 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
2.995 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation
of : Imported
bottling machine Imported
Burrell Cat
walk on tanks Hydraulic
lift Empty
bottle storage Wine
testing room and laboratory Electrical
installations D G
Set |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation
of the above Margin
25 % Rate
of Interest 14.75 % |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank 19/7, Maruthi Mansion, Cunningham Road, Bangalore - 560052,
Karnataka, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
|
Corporate
identity number of the company |
U01100MH1988PLC049515 |
|
Name
of the company |
GROVER VINEYARDS
LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
Anand Bhavan, 348, Dr. Dadabhai Naoroji Road, Mumbai – 400
001, Maharashtra |
|
This
form is for |
Modification of Charges |
|
Type
of charge |
Hypothecation
|
|
Particular
of charge holder |
Canara Bank 19/7, Maruthi Mansion, Cunningham Road, Bangalore - 560052,
Karnataka, India |
|
Amount
secured by the charge |
Rs.
104.411 millions |
|
Brief
of the principal terms an conditions and extent and operation of the charge |
ROI-OCC/ODBD/Supply
bills @ 10.25 % p.a. TL @ 10.5 % p.a. PC/FDB/FBE as applicable to export
credit Margin
OCC/ ODBD/ Supply bills @ 25 % FCL 10 % TL : 28.57 % TL repayable in 12
quarterly instalments comprising 11 quarter Rs. 0.75 Millions and 1 quarter
Rs. 0.25 Millions. The amount of Rs. 104.411 Millions comprise of OCC/ ODBD Rs. 40 Millions LC Rs. 5
Millions BG Rs. 40 Millions Supply Bills Rs. 10 Millions TL IV Rs. 91.1
Millions TL VII Rs. 8.5 Millions |
|
Description
of the property charged indicating whether it is a charged on |
Plant
and Machinery, Stock in trade and Book debts |
|
Particulars
of the property charged |
Hypothecation
by way of first charge on Stock, Plant, Machinery and other assets stored at
company’s premises at No. 127, Jayamahal Extension, Bangalore – 560046 or at
any other place and book dents belonging at the company |
|
Charge
identification number of the chare to be modified |
90225150 |
|
Date
of instrument Creating the charge |
29.06.2006 |
|
Particulars
of the present modification |
Extent
of charge in respect of the movable enhanced form Rs. 89.362 Millions to Rs.
104.411 Millions |
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.44.47 |
|
UK
Pound |
1 |
Rs.86.40 |
|
Euro |
1 |
Rs.57.99 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|