MIRA
INFORM REPORT
|
Report Date : |
23.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ALLANASONS LIMITED |
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Registered Office : |
Allana House, 4, J.A. Allana Road, Colaba, Mumbai 400 001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.02.1996 |
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Com. Reg. No.: |
11-16285 |
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CIN No.: [Company
Identification No.] |
U5199MH1973PLC016285 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA21423D |
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PAN No.: [Permanent
Account No.] |
AAACA4533D |
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Legal Form : |
It is a closely held public limited liability company. |
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Line of Business : |
Subject is the largest exporters of agricultural and processed food products |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 3750000 |
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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 part of Allana Group, a respectable trading house. Trade relations are fair. Directors are resourceful and experienced businessmen. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Allana House, 4, J.A. Allana Road, Colaba, Mumbai 400 001, Maharashtra, India |
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Tel. No.: |
91-22-2287 4455 / 2285 6474 |
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Fax No.: |
91-22-2204 4821 / 2204 7002 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branches1 : |
26/3-3, Sankey Road, Post Box No. 105, Bangalore – 560 052, Karnataka |
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Tel. No.: |
91-80-22612354 / 2267007 |
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Fax No.: |
91-80-22251041 |
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E-Mail : |
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Telex: |
845 8027 ALAN IN |
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Branch 2: |
Nicco House, 5th Floor, 2, Hare Street, Kolkata – 700 001, West Bengal |
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Tel. No.: |
91-33-222487041 / 22487008 |
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Fax No.: |
91-33-22248896 |
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E-Mail : |
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Telex: |
217244 ALAN IN / 217360 ALNA IN |
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Branch 3: |
Surya Towers, Block F, 5th Floor, 105, S. P. Road, Secunderabad – 500 003, Andhra Pradesh |
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Tel. No.: |
91-40-22849047 /22842897 |
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Fax No.: |
91-40-22867633 |
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E-Mail : |
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Telex: |
4252437 ALANA IN |
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Branch 4: |
Post Box No. 632, Door No. XXIV/199-A, Perumanoor Jetty Road, Willingdon Island, Cochin – 682 003, Kerala |
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Tel. No.: |
91-484-2667199 / 2666180 |
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Fax No.: |
91-484-2668260 |
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E-Mail : |
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Telex: |
8856627 ALNA IN |
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Branch 5: |
Kuthar Padavu, Someshwar
Village, Munnuru P.O. Via Peramannur, Mangalore – 574 183, Karnataka |
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Tel. No.: |
91-824-2467376 / 2467047 |
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Fax No.: |
91-824-2467376 |
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Branch 5: |
10, Scindia House, 2nd
Floor, Connaught Circus, New Delhi – 110 001 Tel No. 91-11-23311075 /
23320699 Fax No. 91-11-23325627 |
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Branch 6: |
Post Box No. 117, H. N. Pura
Road, Hasan – 573 201, Karnataka Tel No. 91-8172-268045 / 266373
/ 267329 Fax No. 91-8172-261883 / 264570 Telex : 8306217 ACCW IN |
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Branch 7: |
Plot 51-56, GIDC Estate, Veraval
– 362 269, Gujarat Tel No. 91-2876-221054 / 221069 Fax No. 91-2876-241002 |
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Branch 8: |
Paithan Road, Post Box No. 564,
Gevrai, Aurangabad - 431 001,
Maharashtra Tel No. 91-240-2353452 / 2353440 Fax No. 91-240-234876 E Mail : frigorif@bom5.vsnl.net.in |
DIRECTORS
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Name : |
Mr. Abdul Razak J. Allana |
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Designation : |
Chairman |
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Address : |
Allana House, 4, J.A. Allana Road, Colaba, Mumbai 400 001, Maharashtra, India |
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Date of Birth/Age : |
26/08/1931 |
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Date of Appointment : |
15/05/1989 |
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Name : |
Mr. T. Vijayaraghavan |
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Designation : |
Managing Director |
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Name : |
Mr. M. M. Ibrahim |
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Designation : |
Director |
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Name : |
Mr. Satya Pal Ganeshilal Chopra |
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Designation : |
Director |
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Address : |
402, House No Sea 72, Pali Hill, Bandra (W), Mumbai, Maharashtra- 400050, India |
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Date of Birth/Age : |
26/08/1931 |
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Date of Appointment : |
15/05/1989 |
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Income-tax PAN : |
ADKPC3328A |
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Tel. No. : |
91-22-22797830 |
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Fax No. : |
91-22-22047002 |
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E-mail : |
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Name : |
Mr. B. Malik |
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Designation : |
Director |
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Name: |
Mr. M. H. J. Allana |
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Designation: |
Director |
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Name: |
Mr. Aqueel A. Mulla |
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Designation: |
Company Secretary |
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Name : |
Kantalal Chandulal Mehta |
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Designation : |
Director |
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Address : |
607, Veena Vihar, 17 A, Flank Road, Mumbai – 400022, Maharashtra, India |
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Date of Birth/Age : |
13/11/1929 |
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Date of Appointment : |
11/01/2003 |
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Name : |
Mr. T K Gowrishankar |
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Designation : |
Director |
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Address : |
12, Carmel Apartments, 30, Napeansea Road, Mumbai 400026, Maharashtra, India |
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Date of Birth/Age : |
16/03/1950 |
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Date of Appointment : |
01/10/2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mr. Abdul Razak J. Allana |
1680 |
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Mr. Apil Irfan Allana |
800 |
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Mr. Asrm Irfan Allana |
1272 |
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Mr. Irfan Abdul Razak Allana |
560 |
|
Phoenica Shipping Company Limited |
30828 |
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Allana Export Limited |
30800 |
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Allana Investments and Trading Company Limited |
31360 |
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Allana Abdul Razak Irfan |
700 |
BUSINESS DETAILS
|
Line of Business : |
Subject is the largest exporters of agricultural and processed food products |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
2000 |
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Bankers : |
˜
Bank of India, Mumbai ˜
Bank of Baroda, Mumbai ˜
Dena Bank, Mumbai ˜ State Bank of India, Mumbai |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Rajendra & Company Chartered Accountants |
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Address : |
1311, Dalamal Tower, 211, Nariman Point, Mumbai - 400 021,
Maharashtra |
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Tel. No.: |
91-22-2285 5770 |
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Fax No.: |
91-22-2283 4243 |
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E-Mail : |
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PAN No. : |
AAAFR1878D |
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Memberships : |
Nil |
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Collaborators : |
Nil |
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Associates : |
Alagro Trading Limited Allana Coffee Limited Allana Cold Storage Limited Allana Investment & Trading
Company Limited Allana Oil Mills Limited Allana Trading & Exports
Limited Anjaneya Cold Storage Limited Delmon Foods Limited Frigario Conserva Allana Limited Frigorifico Allana Limited Phoenicia Shipping Company
Limited Allana Holdings Limited (Parent
Company) Indagro Foods Limited IVP Limited Joosabbhoy A. Allana Zam Zam Exports Limited Zam Zam Fisheries Private
Limited |
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Subsidiaries |
Allana Pharmachem Limited CIN. No. : U65990MH1984PLC032824 Allana Mauritius Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100 each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
98,000 |
Equity Shares |
Rs.100 each |
Rs. 9.800 millions |
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 |
9.800 |
9.800 |
9.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
944.747 |
831.851 |
736.157 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
954.547 |
841.651 |
745.957 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
429.661 |
236.088 |
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2] Unsecured Loans |
40.000 |
10.000 |
40.000 |
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TOTAL BORROWING
|
40.000 |
439.661 |
276.088 |
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DEFERRED TAX LIABILITIES |
1.418 |
1.905 |
1.431 |
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TOTAL
|
995.965 |
1283.217 |
1023.476 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
103.411 |
109.746 |
113.300 |
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Capital work-in-progress
|
0.591 |
1.481 |
0.000 |
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INVESTMENT
|
294.156 |
294.555 |
295.507 |
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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
|
1245.008 |
1341.144 |
704.354 |
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Sundry Debtors
|
1160.076 |
735.624 |
942.359 |
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Cash & Bank Balances
|
1098.357 |
874.628 |
217.520 |
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Other Current Assets
|
0.000 |
0.000 |
0.000 |
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Loans & Advances
|
150.484 |
112.408 |
327.142 |
Total Current Assets
|
3653.925 |
3063.804 |
2191.375 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
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Current Liabilities
|
3046.455 |
2177.960 |
1564.309 |
|
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Provisions
|
9.663 |
8.409 |
12.397 |
Total Current Liabilities
|
3056.118
|
2186.369 |
1576.706 |
|
Net Current Assets
|
597.807 |
877.435 |
614.669 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
995.965 |
1283.217 |
1023.476 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
14904.120 |
13761.390 |
13404.789 |
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|
|
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Profit/(Loss) Before Tax
|
180.337 |
150.436 |
90.404 |
Provision for Taxation
|
64.647 |
51.948 |
26.306 |
Profit/(Loss) After Tax
|
115.690 |
98.488 |
64.098 |
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Export Value
|
1.386 |
12266.454 |
12469.348 |
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Import Value
|
N.A. |
40.281 |
NA |
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Total Expenditure
|
14723.783 |
13610.953 |
13314.385 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total
Income |
(%) |
0.77
|
0.71 |
0.47 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.20
|
1.09 |
0.67 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.79
|
4.74 |
3.92 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.17 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.24
|
3.12 |
2.48 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.19
|
1.40 |
1.38 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS:
Subject is a trading
Company providing major markets in the world with a host of Indian products
processed and
packed under stringent supervision and
quality control systems.
Subject is the largest
exporters of agricultural and processed food products. It offers a wide range of quality products
from coffee, frozen meat, canned meat, lamb carcasses, mutton cubes, frozen
marine products, tea, spices, seeds, frozen fruit and vegetable products,
sterilized meat and bone meas.
Subject is the largest producers
and exporters of processed foods and agro commodities from India.
The company is operating in two
segments i.e. manufacturing activity and trading activity. Manufacturing activity represents
manufacturing of clean coffee and trading activity includes trading in spices,
crude drugs, oil seeds, foodstuffs, frozen foodstuffs, tea, coffee, etc.
Golden super star trading house
With the excellent export
performance, despite difficult economic conditions, the company has maintained
the status of “GOLDEN SUPER STAR TRADING HOUSE” recognized by the Ministry of
Commerce, Government of India.
Export
Despite the global recessionary
trend in the export markets, the company was in a position to maintain its
export performance, due to its focused approach on the areas in which it has an
edge over its competitors.
Consequently, the export turnover constituted 99.05% of the total
turnover of the company.
Subject operates from owned office
premises.
The company employs around 2000
persons in its’ set up.
Fixed Assets:
The company’s fixed assets
of important value include land, factory building, road, plant & machinery,
furniture & fixtures, office equipments, other equipments, electrical
installations and vehicles.
Subject has won all possible
trophies, awards and certificates that are given in the country for exceptional
and outstanding export performance.
Some of them are :
˜
Super Star Trading House
˜
Golden Status
˜
National Awards for
Outstanding Export Performance
˜
APEDA Export Awards
˜
Samman Patra from the Chief
Commissioner of Customs, Mumbai Custom House
˜
Export Awards from State
Government
˜
Export Awards from Export
Promotion Council
As per website
Company profile
Their parent
firm was established in Bombay in 1865 as a trading company, dealing in
agricultural commodities. This family business has in the last 135 years grown
into a large group of companies headed by Allanasons Limited, which was incorporated in 1973 to
consolidate and centralise the export activities of the Allana Group. Today Allanasons Limited is the second
largest net foreign exchange earner in the private sector of India.
The company
have pioneered the export of many food items from India, such as onions,
potatoes, fruits , vegetables, eggs, whole fish, and processed meat. It is with
a sense of pride and achievement the company claim that their efforts and value
of exports have been consistently recognised by the Government of India,
Ministry of Commerce, by granting us the highest status given for exporting
organisations, which presently is Super Star Trading House. The companies are a
Super Star Trading House
with Golden Status -
the highest achievable status.
The
company are the largest producers and exporters of processed foods and
agro-commodities from India. Their group companies own and operate Asia's most modern, integrated meat processing complexes, setup
according to highest international standards and specifications, incorporating
the latest technology and automation in all stages of production . The
company offer a wide range of quality products - from genuinely halal frozen
meat, canned meat, lamb carcasses, mutton cubes, frozen marine products,
coffee, tea, spices, frozen fruit and vegetable products, sterilised meat and
bone meal, to leather.
While the
accent is still on agro-based products, over the years the company have
diversified into other manufacturing activities, including vanaspati
(hydrogenated vegetable oils), foundry chemicals, ceramics, and paints.
In the
following pages you will find details of their products and their achievements
in the export sector of India.
The company
has won all possible trophies, awards and certificates that are given in their
country for exceptional and outstanding export performance.
Some of them are:
- Super
Star Trading House status
- Golden
status
- National
Awards for Outstanding Export Performance
- APEDA
Export Awards
- Samman
Patra from the Chief Commissioner of Customs, Mumbai Custom House
- Export
Awards from State Governments
- Export
Awards from Export Promotion Councils
The
company continues winning them.
Product :
Ø
Coffee
Ø
Marine Products
Ø
Frozen Halal Meat
Ø
Fruit Pulp
Ø
Spices, Crude Drugs and
others
Ø
Canned products
Ø
Oil Seeds
Ø
Foodstuffs
Ø
Frozen Foodstuffs
Ø
Engineering Goods and
Spares
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 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.43.70 |
|
UK Pound |
1 |
Rs.85.90 |
|
Euro |
1 |
Rs.58.25 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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 |
|