MIRA
INFORM REPORT
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Report Date : |
27.10.2007 |
IDENTIFICATION DETAILS
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Name : |
FRESHTROP FRUITS LIMITED |
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Registered Office : |
A – 603, Shapath IV, Opposite Karnavati Club, S. G. Road, Ahmedabad
380051, Gujarat, India |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.09.1992 |
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Com. Reg. No.: |
04 -18365 |
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CIN No.: [Company
Identification No.] |
L15400GJ1992PLC018365 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMF00071B |
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PAN No.: [Permanent
Account No.] |
AAACF2885P |
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Legal Form : |
A
Public Limited Liability company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business : |
Leading Exporter of Fresh Fruits from |
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 650000 |
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Status : |
Good |
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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 hving satisfactory means of their own. Their trade relations are fair. Payments are usually correct and as per
commitments. The Company can be considered good for normal business dealing at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
A – 603, Shapath IV, Opposite Karnavati Club, S. G. Road, Ahmedabad
380051, Gujarat, India |
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Tel. No.: |
91-79-66527060 / 66527061 |
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Fax No.: |
91-79-66527069 |
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E-Mail : |
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Website : |
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Factory 1 : |
Gat No. 171, Village Jaulke, Taluka Dindori, Bombay Agra Road, District
Nasik 422207, Maharashtra, India |
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Factory 2 : |
Survey No. 1366, Savlej wayfale Road, Siddhewadi, Post Savlej, Taluka
Tasgaon, District Sangli 416 311, Maharashtra, India |
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Factory 3 : |
Gat No. 2425, 2426, 2430 and 2431 Malharpet, Pandharpur Road, Post
Kaledhone, Taluka Khatav, District Satara, Maharashtra, India |
DIRECTORS
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Name : |
Mr. Ashok V. Motiani |
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Designation : |
Chairman and Managing Director |
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Date of Birth/Age : |
57 Years |
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Qualification : |
B. Tech (IIT, Mumbai) |
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Experience : |
32 Years |
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Date of Appointment : |
30.09.1992 |
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Name : |
Mr. Nanita A. Motiani |
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Designation : |
Executive Director |
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Name : |
Mr. Ramchandra Joshi |
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Designation : |
Director |
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Name : |
Mr. Mayur Shah |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Leading Exporter of Fresh Fruits from |
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Products : |
·
Thompson
Seedless
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PRODUCTION STATUS
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Particulars |
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Item
Code |
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Fresh Grapes |
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801610.00 |
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Fresh Pomegranates |
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081090.00 |
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Fresh Mangoes |
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080450.02 |
GENERAL INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mayank Shah and Associates Chartered Accountant |
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Address : |
706, Mahakant, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares |
Rs. 10/- each |
Rs. 60.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5022500 |
Equity Shares |
Rs. 10/-
each |
Rs. 50.225
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
50.225 |
47.725 |
45.200 |
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2] Convertible Equity Share Warrants |
0.000 |
0.500 |
0.000 |
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3] Reserves & Surplus |
113.580 |
58.704 |
28.800 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
163.805 |
106.929 |
74.000 |
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LOAN FUNDS |
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1] Secured Loans |
98.700 |
69.035 |
50.800 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
98.700 |
69.035 |
50.800 |
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DEFERRED TAX LIABILITIES |
3.220 |
3.772 |
0.000 |
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TOTAL |
265.725 |
179.736 |
124.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
107.263 |
78.216 |
44.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
66.040 |
28.856 |
5.000 |
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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 |
151.387 |
130.005 |
107.000 |
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Sundry Debtors |
22.835 |
5.865 |
8.900 |
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Cash & Bank Balances |
14.569 |
22.289 |
13.300 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
17.048 |
21.635 |
19.300 |
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Total
Current Assets |
205.839
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179.794 |
148.500 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
113.417 |
107.130 |
72.800 |
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Total
Current Liabilities |
113.417
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107.130 |
72.800 |
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Net Current Assets |
92.422 |
72.664 |
75.700 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.100 |
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TOTAL |
265.725 |
179.736 |
124.800 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
452.563 |
311.051 |
232.800 |
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Other Income |
18.656 |
6.999 |
1.100 |
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Export Incentive |
8.249 |
6.130 |
0.000 |
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Stock Variation |
23.016 |
20.425 |
29.700 |
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Total Income |
502.484 |
344.605 |
263.600 |
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Profit/(Loss) Before Tax |
76.226 |
44.987 |
35.300 |
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Provision for Taxation |
9.126 |
5.830 |
4.600 |
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Profit/(Loss) After Tax |
67.100 |
39.157 |
30.700 |
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Expenditures : |
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Administrative Expenses |
22.756 |
9.360 |
1.400 |
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Manufacturing Expenses |
19.355 |
13.457 |
29.800 |
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Packing material consumed |
46.776 |
32.536 |
2.100 |
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Raw Material Consumed |
198.908 |
144.850 |
110.500 |
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Selling and Distribution Expenses |
125.731 |
91.734 |
78.400 |
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Financial Charges |
3.221 |
1.700 |
0.000 |
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Payment to & Provision for Employment |
3.558 |
2.133 |
1.900 |
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Preliminary Expenses |
0.000 |
0.059 |
0.000 |
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Depreciation & Amortization |
5.951 |
3.789 |
2.800 |
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Interest and Financial charges |
0.000 |
0.000 |
1.400 |
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Other Expenditure |
0.000 |
0.000 |
0.000 |
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Total Expenditure |
426.256 |
299.618 |
228.300 |
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QUARTERLY /
SUMMARISED RESULTS
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PARTICULARS |
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30.06.2007 |
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Type |
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1 Qtr
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Sales Turnover |
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28.75
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Other Income |
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1.44
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Total Income |
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30.19
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Total Expediture |
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25.14
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Operating Profit |
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5.05
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Interest |
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0.13
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Gross Profit |
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4.92
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Depreciation |
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0.17
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Tax |
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0.30
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Reported PAT |
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4.45
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KEY RATIOS
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity Ratio |
0.62 |
0.66 |
0.69 |
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Long Term Debt-Equity Ratio |
0.06 |
0.06 |
0.11 |
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Current Ratio |
1.02 |
1.12 |
1.22 |
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TURNOVER RATIOS |
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30.19
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Fixed Assets |
3.80 |
3.77 |
3.73 |
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Inventory |
3.22 |
2.63 |
2.58 |
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Debtors |
31.54 |
42.04 |
44.34 |
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Interest Cover Ratio |
22.34 |
27.29 |
26.21 |
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Operating Profit Margin(%) |
17.12 |
16.14 |
16.97 |
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Profit Before Interest And Tax Margin(%) |
15.80 |
14.91 |
15.76 |
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Cash Profit Margin(%) |
14.65 |
13.73 |
14.39 |
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Adjusted Net Profit Margin(%) |
13.32 |
12.50 |
13.19 |
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Return On Capital Employed(%) |
32.66 |
30.92 |
35.49 |
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Return On Net Worth(%) |
44.63 |
43.13 |
50.12 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets :
- Land and Land
Development
- Machinery
- Office
Equipment
- Vehicles
- Furniture and
Fixtures
- Computer
- Office
Electrification
OPERATIONS :
In the year 2006-07 the sales of the Company increased from Rs. 311
Million to Rs. 453 Millions a growth of 45.66%.
While the profit after tax increased from Rs. 39.16 Millions to Rs.
67.100 Millions increase of 71.35%.
During the year cold storage capacity at their
Several international markets
both in the developing and in the developed countries have opened their markets
to imports of fresh Indian mangoes.
AS PER WEBSITE DETAILS:
The Company
Subject has been a consistent and dependable supplier of good quality fresh
produce to the most demanding Super Markets of Western Europe. Subject works
with over 1,000 growers spread across three states
Company
Incorporation
The company was incorporated as a Private Limited company on
Promoters
The company is promoted by Mr. Ashok V. Motiani. He is an Engineer from
the Indian Institute of Technology, Mumbai. Mr. Motiani had initially setup the
packaging business of the Motiani Group, which has its manufacturing facilities
at Ahmedabad. He is the Chairman and Managing Director of the Company since
inception. He now has more than 15 years of experience in this trade.
Products and
Capacity
Freshtrop Fruits Ltd. is engaged in the business of exports of fresh
fruits and vegetables to leading Supermarket chains in various parts of
Subject leading grape exporter from Nashik is the only company having
automatic punnet packing lines in their Packhouse. “In the year 2006 the
company exported 99 containers (1188 mt of grapes) from their Nashik Plant to
Belgium, UK and Netherlands” as told by Dhananjay Wardekar, chief agriculture
officer in Nasik District to the representative of Agrowon.
Union agriculture
minister’s visit on
Shri Sharad Pawar, Hon’ble Union Minister of Agriculture visited
Freshtrop Fruits, Grape packaging unit at Ozar -
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 39.51 |
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1 |
Rs. 81.16 |
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Euro |
1 |
Rs. 56.76 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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54 |
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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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