MIRA
INFORM REPORT
|
Report Date : |
28.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
UTTARA FOODS AND FEEDS PRIVATE LIMITED |
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Registered Office : |
“Venkateshwara House“ S. No. 114/2, Pune Sinhagad Road, Pune – 411030,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.06.1996 |
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Com. Reg. No.: |
11-99964 |
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CIN No.: [Company
Identification No.] |
U15332MH1996PTC099964 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEU05948F / ALDU00245A |
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PAN No.: [Permanent
Account No.] |
AAACU3663Q |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacture of poultry, veternary feeds, animal feeds, cattle
feeds oil cakes, feed supplements and additives, fish meal, meat, chicken
meat and products, egg products, processed meat etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company’s profitability is under severe pressure. It has some accumulated looses.
Payments are reported as slow but correct. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
“Venkateshwara House“ S. No. 114/2, Pune Sinhagad Road, Pune – 411030,
Maharashtra, India |
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Tel. No.: |
91-20-24251530-41 |
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Fax No.: |
91-20-24251077 / 24251060 |
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E-Mail : |
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Website : |
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Corporate Office : |
Uttara House 2, Wellesly Road, Camp Pune, Maharashtra, India |
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Tel. No.: |
91-20-56099324 |
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Mobile No. : |
91-9371089131 |
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Fax No.: |
91-20-26137267 |
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Factory 1 : |
Ketkawle, Narayanpur, Saswad Road, Satara Road, Pune - 411
030, Maharashtra, India |
DIRECTORS
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Name : |
Mrs. Anuradha J Desai |
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Designation : |
Director |
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Address : |
“Venkatesh Farms”, S. No. 95/1, N.D.A. Road, Village Mauje Warje,
Taluka Haveli, Pune – 411029, Maharashtra, India |
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Date of Birth/Age : |
15.05.1962 |
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Date of Appointment : |
04.06.1996 |
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Name : |
Mr. Venkatesh B. Vasudev Rao |
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Designation : |
Director |
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Address : |
“Venkatesh Farms”, S. No. 95/1, N.D.A. Road, Village Mauje Warje,
Taluka Haveli, Pune – 411029, Maharashtra, India |
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Date of Birth/Age : |
31.12.1965 |
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Date of Appointment : |
04.06.1996 |
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Name : |
Mr. Balaji B. Vasudev Rao |
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Designation : |
Director |
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Address : |
“Venkatesh Farms”, S. No. 95/1, N.D.A. Road, Village Mauje Warje,
Taluka Haveli, Pune – 411029, Maharashtra, India |
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Date of Birth/Age : |
08.12.1972 |
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Date of Appointment : |
04.06.1996 |
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Name : |
Mr. Basthu Rosai Fernades |
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Designation : |
Director |
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Address : |
Bharat forge Employees Co-operative Housing Society, Sasanenagar,
Hadapsar, Pune – 411028, Maharashtra, India
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Date of Birth/Age : |
02.01.1943 |
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Date of Appointment : |
02.01.1998 |
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Name : |
Dr. Mangalmurti Madhukar Pathak |
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Designation : |
Whole Time Director |
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Address : |
26-A, Flat No. 9, Deepa Apartments, Rambaug Colony, Paud Road,
Kothrud, Pune – 411029, Maharashtra, India |
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Date of Birth/Age : |
04.04.1961 |
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Date of Appointment : |
11.05.2002 |
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Name : |
Dr. Gopal Rangnath Deshpande |
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Designation : |
Director |
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Address : |
Twin Bunglow, 19 A, Renuka Sahakari Society, Chintamani Nagar, Bibwewadi
Police Station, Pune – 411037, Maharashtra, India |
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Date of Birth/Age : |
10.08.1931 |
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Date of Appointment : |
26.12.2003 |
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Date of Ceasing : |
01.02.2005 |
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Name : |
Mr. Sameer Sham Wagh |
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Designation : |
Director |
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Address : |
8, Laxmi Apartments, Lane No. 6, Prabhat Road, Pune – 411004,
Maharashtra, India |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Preference
Shares |
|
Anuradha Jitendra Desai |
280000 |
80000 |
|
B. Venkatesh |
385000 |
25500 |
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B. Balaji Rao |
90000 |
80000 |
|
Venkateshwara Farms Private Limited |
90000 |
-- |
|
Ventakeshwara Hatcheries Private Limited |
55000 |
-- |
|
Eastern Hatcheries Private Limited |
-- |
1414500 |
|
Srivenk Investments Private Limited |
-- |
400000 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of poultry, veternary feeds, animal feeds,
cattle feeds oil cakes, feed supplements and additives, fish meal, meat, chicken
meat and products, egg products, processed meat etc. |
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Products : |
Glucose Biscuits Glucose Biscuits With Milk and Honey Milk And Malt Biscuits Nice-Sugar Sprinkled Coconut Biscuits Cardamom Tea Biscuits Choco Bikis – Biscuits With Chocolate Chocolate Chip Coolies [Proposed] Coconut Cookies [Proposed] |
GENERAL
INFORMATION
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No. of Employees : |
120 |
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Bankers : |
ICICI Bank Limited ICICI Bank Towers, Bandra Kurla Complex, Mumbai – 400051, Maharashtra,
India Corporation Bank Industrial Finance Branch, No. 14, Pune Mumbai Road, Wakdewadi, Pune –
411003, Maharashtra, India Bank of India Pune Agri Hi-Tech Finance Branch, 1162/6, Shivaji Nagar, Ganeshkhind
Road, Pune – 411005, Maharashtra, India Union Bank of India Industrial Finance Branch, 619, Sachapir Street, Pune Camp, Pune –
411001, Maharashtra, India HDFC Bank Limited
Law College Road
Branch Pune – 411004 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kirtane and Pandit Chartered Accountants |
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Address : |
Sangati, 73/2/2, Bhakti Marg, Off Law College Road, Pune – 411004,
Maharashtra, India |
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Group Companies : |
o
Saptagin Investments Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8000000 |
Equity Shares |
Rs. 10/- each |
Rs. 80.000 Millions |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
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Total |
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Rs. 100.000
Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
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Total |
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Rs. 50.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
50.000 |
50.000 |
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2] Share Application Money |
|
38.223 |
23.848 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
[94.181] |
[10.058] |
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NETWORTH |
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[5.958] |
63.790 |
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LOAN FUNDS |
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1] Secured Loans |
|
342.442 |
316.732 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
342.442 |
316.732 |
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DEFERRED TAX LIABILITIES |
|
53.301 |
55.472 |
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TOTAL |
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389.785 |
435.994 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
557.565 |
510.795 |
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Capital work-in-progress |
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49.890 |
76.491 |
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INVESTMENT |
|
3.686 |
3.676 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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114.010 |
106.978 |
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Sundry Debtors |
|
169.178 |
139.039 |
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Cash & Bank Balances |
|
48.316 |
37.508 |
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Other Current Assets |
|
6.529 |
6.581 |
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Loans & Advances |
|
24.102 |
27.538 |
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Total
Current Assets |
|
362.135 |
317.644 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
579.310 |
484.686 |
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Provisions |
|
4.339 |
0.902 |
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Total
Current Liabilities |
|
583.649 |
485.588 |
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Net Current Assets |
|
[221.514] |
[167.944] |
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MISCELLANEOUS EXPENSES |
|
0.027 |
0.125 |
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Pre-Operative Expenses pending Allocation |
|
0.131 |
12.851 |
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TOTAL |
|
389.785 |
435.994 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
|
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[155.44] |
12.58 |
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Current Ratio (Current Asset/Current Liability) |
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|
0.62 |
0.65 |
LOCAL AGENCY
FURTHER INFORMATION
Business
To carry on the business as manufacturers, producers, processor,
distributors, wholesalers, retailers, stockiest, buyers, sellers, importers, exporters
and dealers poultry, human, animal, veterinary foods, feeds, animal feeds,
poultry feeds, cattle feeds, cattle deeds, oil cakes, feed supplements,
veterinary foods, fish meal, meat, chicken meat and chicken products, egg
products, cut-portion chicken, quail
meat products, sheep, goat, pig meat products, processed meat, chicken and fish
products, chicken products, table bird products, in pellet or powder or liquid
form or otherwise food products, health and instant foods, food supplements,
food ingredients sea-foods, processed sea products, fish, fish products, fruits
pulps, fruits products, jams, dry fruits, mixed dry fruits, fruits, ghee,
butter, cheese and such other milk products of all kinds soya foods, edible oil
products, tea, coffee, cocoa and consumable provisions every description for
human or animal consumption.
Subject is a leading manufacturer of a wide
range of food products in India. They are part of the USD 400 million
venkateshwara hatcheries group, based in Pune, India
The plant capacity is 25 MT per day and
state-of-the-art machinery has been installed.
Bankers Charges
Report as per Registry
|
Name of the company |
UTTARA FOODS AND
FEEDS LIMITED |
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Presented By |
Mr. Basthu Rosai
Fernades, Director |
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1) Date and description of instrument creating the change |
29.06.2004 Agreement for
auto loan |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.554
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 |
Hyndai Accent GLS
1.6, White Color, Vehicle Registration No. MALCH41CR3M 178753, Chassis No.
MALCH41CR3M 178753, Engine No. G4ED3A 60086 |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The company has
been sanctioned a vehicle loan of Rs. 0.554 Millions against hypothecation of
the vehicle described in item no 3 above. The loan is to be
repaid in 36 equated monthly installment of Rs. 0.017 Millions |
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5) Name and Address and description of the person entitled to the charge. |
HDFC Bank Limited
Law College Road
Branch Pune – 411004 |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
-- |
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Name of the company |
UTTARA FOODS AND
FEEDS LIMITED |
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Presented By |
Mr. Basthu Rosai
Fernades, Director |
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1) Date and description of instrument creating the change |
17.12.2004 Agreement for
auto loan |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.206
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 |
Ford Endeavour 4
X 2, Steel Mist, Vehicle Registries No. MH-12, CK-7103, Chassis No.
MAJUXXMR2U4YU0792, Engine No.
MAJUXXMR2U4YU0792 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The company has
been sanctioned a vehicle loan of Rs. 1.206 Millions against hypothecation of
the vehicle described in item no 3 above. The loan is to be
repaid in 48 equated monthly installment of Rs. 0.028 Millions Rate of Interest
5.65 % p.a. |
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5) Name and Address and description of the person entitled to the charge. |
HDFC Bank Limited
Law College Road
Branch Pune – 411004 |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
-- |
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.44.28 |
|
UK Pound |
1 |
Rs.86.62 |
|
Euro |
1 |
Rs.58.32 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
31 |
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 |
|
PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions