MIRA
INFORM REPORT
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Report Date : |
05.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
MYSORE FRUIT PRODUCTS LIMITED |
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Registered Office : |
P. B. No. 8615, Mahalakshmipuram Layout P. O., Bangalore – 560 086, Karnataka, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.12.1957 |
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Com. Reg. No.: |
08-1307 |
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CIN No.: [Company
Identification No.] |
U01122KA1957PTC001307 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM08837D |
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PAN No.: [Permanent
Account No.] |
AABCM3231D |
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Legal Form : |
Deemed Public Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Processing of Fruit Products, Fruit Pulps, Concentrates, Puree, Slices, Titbits, Jams, Juices, Squash, Sauces, etc. |
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 200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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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 resourceful businessmen. Their trade relations are fair. General financial position is satisfactory. Payments are usually correct and as per commitments. Profit margin is moderate. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
P. B. No. 8615, Mahalakshmipuram Layout P. O., Bangalore – 560 086, Karnataka, India |
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Tel. No.: |
91-80-23491972/23492457 |
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Mobile No.: |
91-9845174821 |
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Fax No.: |
91-80-23593914/23492457 |
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Area : |
13 acres (50% Builtup) |
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Location : |
Owned |
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Corporate Office : |
No. 17, Sankey Road, Bangalore – 560 020, Karnataka |
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Tel. No.: |
91-22-23447993/23364732/23347037 |
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Fax No.: |
91-22-23310040 |
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Area : |
6000 sq. fts |
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Location : |
Owned |
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Factory 1 : |
Ř Bagalur 635103, Hosur Taluk, Dharamapuri District, Tamilnadu, India Tel. 91-4344-2254128/2254902 Ř Veeresandra Industrial Estate, Hosure Road, Tamilnadu Tel. 91-80-30624152 |
DIRECTORS
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Name : |
Mrs. D. A. Tejeshwari |
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Designation : |
Director |
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Address : |
No. 120, Elephant Rock Road, 3rd Block, Jayanagar,
Bangalore – 560010 |
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Date of Birth/Age : |
20.08.1969 |
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Date of Appointment : |
15.05.1990 |
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Name : |
Mr. D. K. Audikesavulu |
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Designation : |
Managing Director |
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Address : |
No. 7/21, 9th Main, 1st Cross, Rajmahal Vilas
Extension, Bangalore – 560080 |
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Date of Birth/Age : |
01.07.1941 |
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Date of Appointment : |
20.01.1988 |
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Name : |
Mrs. D A Kalpaja |
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Designation : |
Director |
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Address : |
No. 7/21, 9th Main, 1st Cross, Rajmahal Vilas
Extension, Bangalore – 560080 |
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Date of Birth/Age : |
05.07.1971 |
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Date of Appointment : |
10.10.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. D. K. Audikesavulu |
6,56,700 |
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Mr. D. A. Tejeshwari |
22,600 |
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Mr. D. A. Srineevasa |
2,14,600 |
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Mrs. D. A. Kalpaja |
22,600 |
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Total |
9,16,500 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Processing of Fruit Products, Fruit Pulps, Concentrates, Puree, Slices, Titbits, Jams, Juices, Squash, Sauces, etc. |
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Brand Names : |
“MYCAN” |
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Exports : |
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Products : |
Fruit products, fruit pulps, concentrates, puree, slices,
titbits, jams, juices, squash, sauces, etc |
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Countries : |
France, Germany, Japan, The Netherlands, Singapore, USA, UK, Switzerland, Middle East and European Countries |
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Imports : |
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Products : |
-- |
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Countries : |
Australia, France, West Germany and USA |
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Terms : |
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Selling : |
L/C + Documents through bank, Contract + Credit (upto 70 days) terms |
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Purchasing : |
Credit (180 days) terms |
GENERAL
INFORMATION
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Suppliers : |
v Sholey Industries, Australia v Waukesha Cherry Burvel, USA v Beta Industries, Chennai, Tamilnadu |
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Customers : |
v Bajaj Foods, Ahmedabad, Gujarat v Foods & Innns, Mumbai, Maharashtra v Parle Exports, Mumbai, Maharashtra v Abdul Jadel Beverage Inc., Jadda v S. V. Z. International, The Netherlands v Ministry of Defence, New Delhi |
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No. of Employees : |
275 -- 100 persons in office and 175 persons in factory |
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Bankers : |
v Vijaya Bank, Overseas Branch, Bangalore – 560 025, Karnataka v Citibank v The Vyasya Bank Limited |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. C. Mahesh & Company Chartered Accountants |
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Address : |
No. 1/1, Radha Krishna Complex, 2nd Floor, 80 Feet Road, 4th
Block, Rajajinagar, Bangalore – 560010, Karnataka |
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Memberships : |
Nil |
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Collaborators : |
Nil |
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Associates/Subsidiaries : |
v Karnataka Breweries & Distilleries Limited, Bangalore, Karnataka v Shree Vaani Sugar & Industries Private Limited, Bangalore, Karnataka v Chaitanya Properties Private Limited, Bangalore, Karnataka v Balaji Plantations v Nectar Fruits Products Limited, Bagalur, Tamilnadu v Sapthagiri Enterprises, Bangalore, Karnataka v Srinivas Distilleries Private Limited, Chittor, Tirupati, Tamilnadu v Hassan Power Supply Company Limited Subsidiaries v Nektar Fruit Products Limited, Bangalore, Karnataka |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2041216 |
Equity Shares |
Rs. 10/- each |
Rs. 20.412 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.412 |
20.412 |
11.412 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
35.272 |
33.558 |
26.974 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
55.684 |
53.970 |
38.386 |
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LOAN FUNDS |
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1] Secured Loans |
72.466 |
74.148 |
71.829 |
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2] Unsecured Loans |
66.556 |
52.120 |
59.561 |
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TOTAL BORROWING |
139.022 |
126.268 |
131.390 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
194.706 |
180.238 |
169.776 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
121.683 |
130.672 |
121.142 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
19.224 |
19.225 |
19.221 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
38.327
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27.874 |
24.430 |
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Sundry Debtors |
8.189
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10.145 |
12.696 |
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Cash & Bank Balances |
5.432
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4.191 |
6.915 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
32.171
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33.751 |
65.066 |
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Total
Current Assets |
84.119
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75.961 |
109.107 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
29.195
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44.570 |
78.602 |
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Provisions |
1.125
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1.050 |
1.092 |
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Total
Current Liabilities |
30.320
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45.620 |
79.694 |
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Net Current Assets |
53.799
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30.341 |
29.413 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
194.706 |
180.238 |
169.776 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
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Sales Turnover |
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178.612 |
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Other Income |
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0.000 |
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Total Income |
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178.612 |
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Profit/(Loss) Before Tax |
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1.712 |
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Provision for Taxation |
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0.475 |
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Profit/(Loss) After Tax |
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1.237 |
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Earnings in Foreign Currency : |
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Export Earnings |
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109.449 |
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Total Earnings |
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109.449 |
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Expenditures : |
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Other Expenditure |
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176.900 |
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Total Expenditure |
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176.900 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total
Income |
(%) |
--
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-- |
0.69
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Net Profit Margin (PBT/Sales) |
(%) |
--
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-- |
0.98
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Return on Total Assets (PBT/Total Assets} |
(%) |
--
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0.68
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Return on Investment (ROI) (PBT/Networth) |
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--
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-- |
0.04
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Debt Equity Ratio (Total Liability/Networth) |
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3.04
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3.18 |
5.49
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Current Ratio (Current Asset/Current Liability) |
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2.77
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1.66 |
1.36
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LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
MYSORE FRUIT PRODUCTS LIMITED |
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1) Date and description of instrument creating the change |
03.04.2001 Hypothecation Agreement Agreement for renewal of OLCC Limit Agreement for renewal PCL Limit Agreement for FEDB/FUDBP/LC Limit
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 24.000 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 |
Hypothecation of pannwalt P3400, Model Super D Center Centrifuge
Machinery to be purchased valued about Rs. 2.218 Millions Hypothecation of Stock of raw materials, work in progress and finished
and semi finished goods and all fixed assets of the company Rs. 42.278 Millions after depreciation as at 31.03.2000 |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest @ 16.55 on secured loan repayable in 36 equal installments Interest @ 16% on OLCC Interest @ 10% on PLC upto 180 days beyond that chargeable at 16% |
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5) Name and Address and description of the person entitled to the
charge. |
Vijaya Bank, Overseas Branch, Bangalore – 560 025, Karnataka |
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6) Date and brief description
of instrument modifying the charge |
20.06.2002 Hypothecation of goods Packing credit agreement Letter of hypothecation Letter of Repayment |
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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. |
The effect of this modification is enhancement of overall limit from
to Rs. 24.000 Millions to Rs. 26.500 Millions Nature of Facility – SL – PCL Existing Limit – Rs. 1.500 Millions – 10.000 Millions Revised Limit – Rs. 1.500 Millions – Rs. 15.000 Millions Nature of Facility – FDBP/FUDBP/LC Existing Limit – Rs. 0.000 – 12.500 Millions Revised Limit – Rs. 10.000 Millions – Rs. 2.500 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
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Indian Rupees |
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US Dollar |
1 |
Rs.44.56 |
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UK Pound |
1 |
Rs.85.79 |
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Euro |
1 |
Rs.58.40 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
YES |
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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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45 |
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 |
|
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 |
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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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