MIRA
INFORM REPORT
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Report Date : |
09.06.2007 |
IDENTIFICATION DETAILS
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Name : |
TAJ MILK FOODS PRIVATE LIMITED |
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Registered Office : |
203-204, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.05.2000 |
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Com. Reg. No.: |
55-105943 |
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CIN No.: [Company
Identification No.] |
U15209DL2000PTC105943 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELT03590G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Milk and Milk Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 350000 |
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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 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
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Registered Office : |
203-204, |
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Tel. No.: |
91-11-41073062/ 25573064 |
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Mobile No.: |
91-9810029885/ 9868177102 |
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Fax No.: |
91-11-25573063 |
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E-Mail : |
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Website : |
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Head Office : |
Plot No.14, |
DIRECTORS
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Name : |
Mr. Ashok Batra |
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Designation : |
Director |
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Address : |
A-1, Sainik Nagar, Gulab Bagh, Uttam Nagar, Delhi-110059 |
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Date of Birth/Age : |
01.08.1955 |
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Name : |
Mr. Praveen Batra |
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Designation : |
Director |
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Address : |
A-1, Sainik Nagar, Gulab Bagh, Uttam Nagar, Delhi-110059 |
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Date of Birth/Age : |
06.02.1959 |
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Date of Appointment : |
24.01.2001 |
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Name : |
Mr. Zakir Hussain |
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Designation : |
Director |
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Address : |
A-1, Sainik Nagar, Gulab Bagh, Uttam Nagar, Delhi-110059 |
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Date of Birth/Age : |
15.03.1949 |
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Date of Appointment : |
29.05.2000 |
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Name : |
Mr. Sartaj Sarwar |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Ashok Batra |
25000 |
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Mr, Sarwar Sartaz |
100 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Milk and Milk Products. |
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Products : |
v
Dairy Products v Milk |
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Exports : |
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Countries : |
Worldwide especially |
GENERAL INFORMATION
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Bankers : |
State
Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Satish Malik & Company Chartered Accountants |
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Address : |
UGF 10, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5450000 |
Equity Shares |
Rs.10/- each |
Rs.54.500
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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54.500 |
37.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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34.448 |
22.698 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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88.948 |
59.698 |
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LOAN FUNDS |
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1] Secured Loans |
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163.398 |
138.643 |
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2] Unsecured Loans |
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17.957 |
13.490 |
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TOTAL BORROWING |
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181.355 |
152.133 |
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DEFERRED TAX LIABILITIES |
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9.434 |
8.504 |
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TOTAL |
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279.737 |
220.335 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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75.663 |
67.023 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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92.625 |
56.108 |
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Sundry Debtors |
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120.400 |
101.425 |
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Cash & Bank Balances |
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0.812 |
0.146 |
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Other Current Assets |
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6.229 |
7.050 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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220.066 |
164.729 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.140 |
8.740 |
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Provisions |
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8.951 |
2.794 |
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Total
Current Liabilities |
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16.091 |
11.534 |
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Net Current Assets |
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203.975 |
153.195 |
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MISCELLANEOUS EXPENSES |
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0.099 |
0.117 |
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TOTAL |
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279.737 |
220.335 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 (Estimated) |
31.03.2005 (Estimated) |
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Total Income |
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750.000 |
500.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.22 |
2.74 |
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Current Ratio (Current Asset/Current Liability) |
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13.68 |
14.28 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
TAJ MILK FOODS
PRIVATE LIMITED |
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Presented By |
STATE BANK OF |
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1) Date and description of instrument creating the change |
General agreement of loan for increase in overall limit dated 27.09.2003 Agreement of hypothecation of goods and assets for increase in overall limit dated 27.09.2003 Letter regarding the grant o individual limit within the overall limit dated 27.09.2003 (Regd.14.11.2003) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.65.000 millions |
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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 |
First charge on current and fixed assets of the company both present and future collateral security of Equitable mortgage of factory land and building measuring 1270 Sq. meters in the name of the company situated at Khasra No.303 Village Takht, Gusain, Sambhal, District Moradabad, Uttar Pradesh. Equitable mortgage of factory land and building I measuring 5733 Sq. meters in the name of the company situated at Khasra No.258/252, Moradabad Road Sambhai District Moradabad, Uttar Pradesh Equitable mortgage of factory land and building II measuring 5733 Sq. meters in the name of the company situated at Khasra No.258/252, Moradabad Road Sambhal, district Moradabad, Uttar Pradesh. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest 2% above SBAR i.e. 12.50% with monthly rests subject to change from time to time as per Bank/ RBI directives. Cash credit limit for Rs.65.000 millions (Including peak level of Rs.20.000 millions) against hypothecation of stock with sub limit of Rs.45.000 millions against book debts with tow way interchangeability of Rs.10.000 millions |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
Supplemental general agreement of loan for increase in overall limit dated 05.12.2005 Supplemental agreement of hypothecation of goods and assets for increase in overall limit dated 05.12.2005 Letter regarding the grant of individual limit within the overall limit dated 05.12.2005 and Form 8 for equitable mortgage of property |
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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. |
Limit increased from Rs.109.000 millions to Rs.149.500 millions as under :
Primary Security : Hypothecation of all present and future current assets including stock of raw material, stores, spares, stock in process, finished goods and hypothecation of all present and future book debts/ cheques/ receivables etc. Collateral Security : Equitable mortgage of factory land and building measuring 1270 Sq. meters in the name of the company situated at Khasra No.303 Village Takht, Gusain, Sambhal, District Moradabad, Uttar Pradesh. Equitable mortgage of factory land and building I measuring 5733 Sq. meters in the name of the company situated at Khasra No.258/252, Moradabad Road Sambhai District Moradabad, Uttar Pradesh Equitable mortgage of factory land and building I measuring 5733 Sq. meters in the name of the company situated at Khasra No.258/252, Moradabad Road Sambhai District Moradabad, Uttar Pradesh Equitable mortgage of factory land measuring 10560 Sq. mtr. in the name of the company situated at Khasra No.200 200/1/4, The-Sambhal, District Moradabad, Uttar Pradesh. Extension of hypothecation charge overa lll fixed assets of the company movable and immovable both present and future. Other terms and conditions remain same. |
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Corporation identity number or foreign company registrations number of the company |
U15209DL2000PTC105943 |
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Name of the company |
TAJ MILK FOODS PRIVATE LIMITED |
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Address |
203-204, |
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This Form is for |
Modification of charge |
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Type of Charges |
Hypothecation Equitable mortgage or mortgage of property by depositing the title
deeds |
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Particular of the charge holder |
State Bank of |
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Amount Secure by the charge |
Rs.65.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest @ 2% above SBAR i.e12.50% with monthly rests. Rests
subject to change from time to time as per bank/RBI directives. |
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Modification charge Charge identification number of the charge to be modified |
80010041 |
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Date of instrument modifying the charge |
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Particulars of the Property charged |
1st charge on current assets and fixed assets of the
company. EM of property measuring 1270 Sq. mtrs. at Takhat Gosain Sambhal L&B I and II at 258/252 both measuring 5733 Sq. mtrs. each at
Sambhal Land and building measuring 10560 Sq. mtrs. at Khasra No.200, 200/1/4
the. Sambhal Moradabad. |
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Breif description of the instrument modifying the charge |
Confirmation and recital for creation of EM of property in the name of
the company |
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Particulars of the present modification |
Add EM of property 1/3 part of Gata No.252 and 258, Village Shahazadi Sarai,
Tehsil Sambhal, Moradabad, Uttar Pradesh, Cash credit limit same Rs.149.500
millions. Other terms and conditions remain the same. |
The situation of the registered office of the companywas changed from
14, Laxmi Vihar, Opposite Kapooor Farm,
to
203-204,
Website Details :
Subject is an ISO 9001:2000 and HACCP Certified Co. is promoted by Sh. Ashok Batra who is engaged in the Milk Trade since 1973 as a producer and distributor, graduated to processing along with Sh. Zakir Hussain, an experienced businessman of repute. Milk Trade has been the core competence of the promoters. Both the promoters are actively involved with the trade for a considerable period of time.
The unit is located at
The Company is producing various "Dairy Diamond" Milk products in user friendly & convenient packing as under:
v Agmark Pure Ghee
v Skimmed Milk Powder
v Whole Milk Powder
v Dairy Whitener
v
Dairy
Mix
v
White
Butter
v
Table
Butter
The plant was installed and commissioned in the year 2002 with a modest handling capacity of 0.3 million litres. Encouraged by enthusiastic response from the market, the plant capacity has been doubled to 0.6 million litres of milk per day. All the equipments installed by the company are from standard equipment manufacturers like Alfa level, Tetra pack, L&T, Siemens, Kirloskar Cummins, Thermax and FEA, etc. The company has also installed full fledged raw material and finished goods testing laboratory equipped with all the required apparatus from reputed suppliers.
The unit is managed by a well qualified team of technical
and commercial personnel. The combination of best technology, professionally
qualified manpower and quality milk has helped TMFL to produce best quality
milk products. In a short span, the company's products under its brand name
“Dairy Diamond, Rich Food & Vishal” have earned a respectable brand image
in the market and institution commanding price premium. This has also enabled
the company to obtain all the statuary approvals for quality like AGMARK for
Ghee & ISI for milk powder. The company has also received approval of ISI
extra grade for SMP as well as HACCP certification. The Company has also been
assigned ISO 9001 : 2000 status continuously for the last four years. Approved
with Export Inspection Council of
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.98 |
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1 |
Rs.80.98 |
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Euro |
1 |
Rs.54.99 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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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 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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48 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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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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 |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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