MIRA
INFORM REPORT
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Report Date : |
08.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
SURYA FOODS AND AGRO LIMITED |
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Registered Office : |
D-1, Sector-2, Gautam Budh Nagar, Noida - 201 301, Uttar
Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.11.1992 |
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Com. Reg. No.: |
20-14919 |
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CIN No.: [Company
Identification No.] |
U15201UP1992PLC014919 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS09444B |
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PAN No.: [Permanent
Account No.] |
AAACS3026P |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
To carry on the business of manufacturers, processors, preservers, dealers,
distributors, agents, stockiest, vendors, contractors , concessionaires,
exporter and importers of all preparation made for wheat, rice, pluses,
vegetable, fruits, dry fruits, including biscuits, bread, choklets, sweets,
baby foods , ghee, butter, paneer, vegetable ghee artificial ghee, aerated
drinks of all kinds and their bye-products derivatives and allied products of
all kinds and ice cream, desserts and or novelty ice cream and all kinds of kind and description,
lactose, glucose and medical and pharmaceutical preparations of all kinds and
descriptions. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2750000 |
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Status : |
Good |
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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 : |
D-1, Sector-2, Gautam Budh Nagar, Noida - 201 301, Uttar
Pradesh, India |
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Tel. No.: |
91-120-2552989 / 2522939 |
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Fax No.: |
91-120-2558154 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Ballabh Prasad Agarwal |
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Designation : |
Whole Time Director |
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Address : |
B-14, Sector – 14, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh,
India |
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Date of Birth/Age : |
14.03.1950 |
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Date of Appointment : |
05.10.2006 |
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Name : |
Mr. Manoj Kumar Agarwal |
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Designation : |
Director |
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Address : |
B-14, Sector – 14, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh,
India |
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Date of Birth/Age : |
16.03.1968 |
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Date of Appointment : |
20.12.1999 |
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Name : |
Mr. Navin Kumar Agarwal |
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Designation : |
Director |
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Address : |
B-14, Sector – 14, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh,
India |
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Date of Birth/Age : |
12.04.1972 |
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Date of Appointment : |
20.12.1999 |
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Name : |
Mr. Shekhar Agarwal |
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Designation : |
Director |
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Address : |
B-14, Sector – 14, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh,
India |
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Date of Birth/Age : |
25.04.1976 |
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Date of Appointment : |
01.05.2003 |
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Name : |
Ms. Bina Agarwal |
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Designation : |
Director |
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Address : |
B-14, Sector – 14, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh,
India |
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Date of Birth/Age : |
05.12.1969 |
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Date of Appointment : |
21.01.2006 |
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Name : |
Ms. Chavi Agarwal |
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Designation : |
Director |
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Address : |
B-14, Sector – 14, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh,
India |
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Date of Birth/Age : |
23.08.1973 |
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Date of Appointment : |
05.08.2005 |
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Name : |
Ms. Nidhi Agarwal |
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Designation : |
Director |
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Address : |
B-14, Sector – 14, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh,
India |
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Date of Birth/Age : |
29.03.1977 |
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Date of Appointment : |
05.08.2004 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. Ballabh Prasad Agarwal |
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127070 |
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Mr. Manoj Kumar Agarwal |
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166496 |
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Mr. Navin Kumar Agarwal |
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93184 |
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Mr. Shekhar Agarwal |
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104289 |
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Ms. Usha Devi Agarwal |
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32919 |
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Ms. Bina Agarwal |
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25050 |
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Mr. Sudhir Satnaliwala |
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500 |
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Ms. Chhavi Agarwal |
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70000 |
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Ms. Nidhi Agarwal |
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72222 |
BUSINESS DETAILS
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Line of Business : |
To carry on the business of manufacturers, processors, preservers, dealers,
distributors, agents, stockiest, vendors, contractors , concessionaires,
exporter and importers of all preparation made for wheat, rice, pluses,
vegetable, fruits, dry fruits, including biscuits, bread, choklets, sweets,
baby foods , ghee, butter, paneer, vegetable ghee artificial ghee, aerated
drinks of all kinds and their bye-products derivatives and allied products of
all kinds and ice cream, desserts and or novelty ice cream and all kinds of kind and description,
lactose, glucose and medical and pharmaceutical preparations of all kinds and
descriptions. |
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Products : |
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Brand Name : |
PRIYA GOLD |
GENERAL
INFORMATION
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No. of Employees : |
About 600 |
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Bankers : |
State Bank of India Overseas Branch, Jawahar Vyapar Bhavan, 1, Tolstoy Marg, New Delhi -
110001 |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vinay Aggarwal and Associates Chartered Accountants |
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Address : |
E-67, [LGF], Greater Kailash Part – II, Masjid Moth, New Delhi –
110048, India |
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Associates/Subsidiaries : |
Surya Fresh Foods Limited U15134DL2004PLC129491 Devika Food Products Private Limited U15400GJ2000PTC038312 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
691730 |
Equity Shares |
Rs. 10/- each |
Rs. 6.917
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 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.917 |
6.917 |
6.917 |
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2] Share Application Money |
29.041 |
20.028 |
0.000 |
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3] Reserves & Surplus |
668.852 |
654.837 |
629.140 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
704.810 |
681.782 |
636.057 |
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LOAN FUNDS |
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1] Secured Loans |
36.308 |
1.013 |
0.000 |
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2] Unsecured Loans |
43.836 |
9.575 |
0.000 |
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TOTAL BORROWING |
80.144 |
10.588 |
0.000 |
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DEFERRED TAX LIABILITIES |
63.049 |
67.392 |
55.113 |
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TOTAL |
848.003 |
759.762 |
691.170 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
500.631 |
511.240 |
476.277 |
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Capital work-in-progress |
44.422 |
24.453 |
0.000 |
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INVESTMENT |
72.499 |
90.362 |
162.164 |
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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 |
244.705
|
209.930 |
118.903 |
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Sundry Debtors |
69.843
|
41.490 |
21.970 |
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Cash & Bank Balances |
17.439
|
7.261 |
6.905 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
101.810
|
85.280 |
93.623 |
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Total
Current Assets |
433.797
|
343.961 |
241.401 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
187.013
|
196.808 |
178.667 |
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Provisions |
16.333
|
13.632 |
10.344 |
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Total
Current Liabilities |
203.346
|
210.440 |
189.011 |
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Net Current Assets |
230.451
|
133.521 |
52.390 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.186 |
0.339 |
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TOTAL |
848.003 |
759.762 |
691.170 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
2953.645 |
2598.469 |
1960.131 |
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Other Income |
2.666 |
27.544 |
27.843 |
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Total Income |
2956.311 |
2626.013 |
1987.974 |
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Profit/(Loss) Before Tax |
12.943 |
37.630 |
66.918 |
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Provision for Taxation |
2.701 |
17.651 |
21.719 |
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Profit/(Loss) After Tax |
10.242 |
19.979 |
45.199 |
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Expenditures : |
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Selling and Distribution Expenses |
0.000 |
0.000 |
295.738 |
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Manufacturing Expenses |
0.000 |
0.000 |
282.937 |
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Administrative Expenses |
0.000 |
0.000 |
38.823 |
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Financial Expenses |
0.000 |
0.000 |
0.260 |
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Raw Material Consumed |
2075.164 |
1815.982 |
1255.099 |
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Consumption of stores and spares parts |
82.663 |
58.171 |
0.000 |
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Increase/(Decrease) in Finished Goods |
3.530 |
0.000 |
0.000 |
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Salaries, Wages, Bonus, etc. |
25.803 |
22.120 |
0.000 |
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Managerial Remuneration |
14.983 |
13.452 |
0.000 |
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Payment to Auditors |
0.674 |
0.536 |
17.199 |
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Interest |
2.775 |
1.309 |
0.000 |
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Insurance Expenses |
2.337 |
2.416 |
0.000 |
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Power & Fuel |
178.100 |
168.751 |
0.000 |
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Depreciation & Amortization |
39.354 |
47.948 |
30.998 |
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Other Expenditure |
517.985 |
457.698 |
0.000 |
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Total Expenditure |
2943.368 |
2588.383 |
1921.054 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.35
|
0.76 |
2.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.44
|
1.45 |
3.41 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.39
|
4.40 |
9.32 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.06 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.40
|
0.32 |
0.30 |
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Current Ratio (Current Asset/Current Liability) |
|
2.13
|
1.63 |
1.28 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
Ø
Land
Ø
Building
Ø
Plant and Machinery
Ø
Motor Vehicles
Ø
Office Equipments
Ø
Furniture and Fixture
Ø
Electrical Equipments
Ø
Computer
Ø
Computer Software
Ø
Dies and Tools
Ø
Cycle
Ø
Air Conditioner
Ø
Fire Safety Equipments
Ø
Motor Cycle
Ø
Fire Safety Equipments
Ø
Lab Equipments
As per website
The wondrous magical journey of
their company Surya Food & Agro Limited began in Oct. 1993 & since then
they have been one of the leading manufacturers of biscuits in northern India.
Their brand “PRIYAGOLD” has been a perennial household favorite since then. On
a profound level spread in to western as well as southern India, the inevitable
cycle of distribution network has helped them to spread into western India as
well. Their obsession is to make the finest quality biscuits available to the
consumers & their constant endeavor is to provide their consumers, a palate
to look forward to a taste & flavor that is uniquely “PRIYAGOLD”.
They are operating in the new age,
ruled by the dizzying pace of technology, poised to pace up with emerging
trends thus improving quality standards every time. Their fully automated ovens
bake the biscuits round the clock and then they find their way to the automatic
packing units at the company’s plant in Surajpur, Greater Noida (U.P.),
catering the ever growing demand of “PRIYAGOLD” biscuits. This is reflected
through their brand’s positioning which says “Haq Se Maango”, a positioning
that was formulated keeping in mind that everyone has the right to good taste
and the right to ask for it. They feel that the means to finding the future
lies in believing in their selves. Their over the period created trust and
confidence, can never be destroyed, just like the eternal force of nature. They
adhere to ensure that “PRIYAGOLD” continue moving forward towards achieve best
quality for total consumer’s satisfaction.
Bankers Charges
Report as per Registry
|
Name of the company |
SURYA FOODS AND
AGRO LIMITED |
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Presented By |
State Bank of
India, Overseas Branch, Jawahar Vyapar Bhavan, 1, Tolstoy Marg, New Delhi –
110001 |
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1) Date and description of instrument creating the change |
From C I agreement
of loan for overall limit, From C 2, Agreement of hypothecation of goods and
asses, form C 5, letter regarding grant of individual limit within overall
limit all dated 22.09.2005 |
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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 |
Security –
Primary – First charge on current assets including stocks and book debts of
the company. Security
collateral : second charge on fixed assets of the company residual value Rs.
475.300 Millions |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
– SBAR Presently 10.25 % p.a. Margin 25 % on raw
material, stock in process, finished goods, packing materials etc. margin on
L/C 10 % |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Overseas Branch, Jawahar Vyapar Bhavan, 1, Tolstoy Marg, New Delhi –
110001 |
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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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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.44.17 |
|
UK Pound |
1 |
Rs.85.58 |
|
Euro |
1 |
Rs.58.67 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
61 |
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 |
|