MIRA
INFORM REPORT
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Report Date : |
20.09.2007 |
IDENTIFICATION DETAILS
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Name : |
CALPRO FOODS PRIVATE LIMITED |
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Registered Office : |
A- 5, Sarswati House, Naraina Industrial Area, Phase – 2, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.01.1989 |
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Com. Reg. No.: |
55 – 034539 |
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CIN No.: [Company
Identification No.] |
U74899DL1989PTC034539 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DEL06194G |
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PAN No.: [Permanent
Account No.] |
AAACC2529H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in manufacturing and marketing of
Calcium Propionate |
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 54788 |
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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 company having satisfactory track records.
Trade relations are fair. General financial position is satisfactory.
Payments are usually correct and commitments. The company can be considered good for normal business dealings at
usual trade and conditions. |
LOCATIONS
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Registered Office : |
6, B/2, N E A, |
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Tel. No.: |
91-11-41418600 |
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Fax No.: |
91-11-25709519 |
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E-Mail : |
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Factory 1: |
A-5,
Sarswati House, Naraina Industrial Area, Phase I, |
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Tel. No.: |
91-11-25707438/25894647/25701311 |
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Fax No.: |
91-11-25709519 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Arun Kumar Agrawal |
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Designation : |
Director |
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Address : |
6B/2, N.E.A., |
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Date of Birth/Age : |
15.05.1946 |
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Date of Appointment : |
04.01.1989 |
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Name : |
Mr. Saroj Grawal |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
29.12.1948 |
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Date of Appointment : |
07.05.1993 |
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Name : |
Mr. Amit Agrawal |
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Designation : |
Director |
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Address : |
6B/2, N.E.A., |
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Date of Birth/Age : |
15.05.1971 |
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Date of Appointment : |
15.11.1994 |
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Name : |
Mr. Prem Lata Agrawal |
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Designation : |
Director |
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Address : |
6B/2, N.E.A., |
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Date of Birth/Age : |
19.04.1932 |
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Date of Appointment : |
04.01.1989 |
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KEY EXECUTIVE
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Name : |
AMA and Associates |
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Designation : |
Company Secretary |
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Address : |
D – 70, Ground Floor, Shakarpur, |
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Tel No.: |
91-11-42418538 |
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91-9811593878 |
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E – Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Arun Kumar Agrawal |
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6955 |
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Mr. Saroj Grawal |
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2000 |
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Mr. Amit Agrawal |
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6595 |
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Mr. Prem Lata Agrawal |
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50 |
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Mr. Annu Agrawal |
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990 |
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Mrs. Radha Saran Agrawal |
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50 |
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Mrs. Aditi |
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150 |
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Saraswati Offset Printers Private Limited |
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3750 |
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Rajasthan Global Securities Limited |
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2000 |
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Rajni Kant Bros |
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50 |
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Trustwell Trading Company Private Limited |
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8000 |
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Himachal Paper Company Private Limited |
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1000 |
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Mr. S K Jain |
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6000 |
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Reshma Products India Limited |
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1500 |
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Saraswati Packaging Industries Private Limited |
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9600 |
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BMSL Leasing Fnance Limited |
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3000 |
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Category |
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Percentage of
Holding |
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Bodies corporate |
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20.00 |
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Directors or relative of directors |
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80.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in manufacturing and marketing of
Calcium Propionate |
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Products : |
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Agencies Held : |
v
DSM Baking Enzymes, The v
Cerestar, v Bakemark International |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C or Credit (30/60 days) terms. |
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Purchasing : |
Credit (30/60 days) terms. |
GENERAL INFORMATION
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Suppliers : |
Ř BASF India Limited Ř C. G. Shah & Company Ř
Deepak & Jyoti Private Limited, Ř
Jugal Kishore & Shyam Prakash & Company,
Ř
MeisterMarken Ulmer Ř
Carels, The Ř Cerester, France Ř
DSM Gist Brocades, The |
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Customers : |
Ř Dalmia Biscuits Private Limited Ř
Amuk K. Baker, Ř Bread Bakers Foods Private Limited Ř DRA Foods Private Limited Ř Choice Agro Private Limited Ř
Deepak Food Ř
Amudham Food Ř
Ganga Food Ř
Godrej Agrovet Limited, Ř
Ř
Ř
Metrose & Company Private Limited, Ř
Mercury Food |
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No. of Employees : |
15 |
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Bankers : |
v Oriental Bank of Commerce Old
Rajinder Nagar Branch, Facility : About Rs. 35.000 millions (Banking relations are satisfactory) v
State Bank of Naraina, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P.D. Mittal and Company Chartered Accountants |
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Address : |
70, Daryaganj, |
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Associates/Subsidiaries : |
Ř Saraswati Offset Printers Private Limited - Printing Ř Saraswati Packaging Industries Private Limited - Real Estate |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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48690 |
Equity Shares |
Rs.100/-
each |
Rs.4.869
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.869 |
4.869 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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8.828 |
5.852 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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13.697 |
10.721 |
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LOAN FUNDS |
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1] Secured Loans |
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16.987 |
11.967 |
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2] Unsecured Loans |
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4.626 |
7.827 |
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TOTAL BORROWING |
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21.613 |
19.794 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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35.310 |
30.515 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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12.913 |
9.584 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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8.670 |
10.825 |
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Sundry Debtors |
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15.110 |
8.574 |
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Cash & Bank Balances |
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3.378 |
3.089 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.674 |
0.808 |
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Total
Current Assets |
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27.832 |
23.296 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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5.435 |
2.365 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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5.435 |
2.365 |
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Net Current Assets |
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22.397 |
20.931 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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35.310 |
30.515 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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68.796 |
52.791 |
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Other Income |
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0.592 |
0.369 |
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Total Income |
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69.388 |
53.160 |
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Profit/(Loss) Before Tax |
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0.456 |
0.515 |
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Provision for Taxation |
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0.067 |
0.070 |
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Profit/(Loss) After Tax |
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0.389 |
0.445 |
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Expenditures : |
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68.932 |
50.562 |
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Total Expenditure |
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68.932 |
50.562 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.56 |
0.83 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.66 |
0.97 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.11 |
1.56 |
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Return on Investment (ROI) (PBT/Networth) |
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0.03 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.39 |
0.22 |
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Current Ratio (Current Asset/Current Liability) |
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5.12 |
9.85 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
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Name of the company |
CALPRO FOODS
PRIVATE LIMITED |
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Presented
By |
Shri Arun Kumar Agrawal,
Director of the company and the branch manager, Oriental Bank of Commerce,
Old Rajinder Nagar, |
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1) Date and description of instrument creating the change |
No document was
executed. Equitable mortgage was created by depositing of title deeds of the
property on 08.04.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.20.700
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 |
First charge by
way of equitable mortgage of property of land measuring 18 Kanals situtated
at village Udhaka, Tehsil – Nuh. Dist – Gurgaon, Haryana |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest
@3.5%p.a. over the PLR of the bank with a minimum of 15% with quality rates
and interest 2% over the aggregate of interest in case any irregularity |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce B/o. Old Rajinder
nagar, |
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6) Date and brief description of instrument modifying the charge |
No Document
executed dated 11.03.2005 |
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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. |
To enhance the
existing limit from Rs.20.775 millions to 22.287 millions with interest @0%
p.a. over the PLR of the bank with minimum of 11%p.a. with monthly rests. |
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Corporate
identity number (CIN) Foreign company registration number |
U74899DL1989PTC034539 |
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Name of the
Company |
CALPRO FOODS
PRIVATE LIMITED |
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Address |
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This form is for |
Modification of
charges |
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Type of Charge |
Book Debts and
Movable property (not being pledge) |
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Particulars of
the charge holder |
Oriental Bank of
Commerce 104, Old Rajinder
Nagar, E-Mail : obc0139@obc.co.in |
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Amount secured by
the charge |
Rs.18.000
millions |
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Brief of the
principal terms and conditions |
Rate of Interest PLR – 1% with monthly
rests (subject to change in PLR). Penal interest @2% over and above the rate
on overdrawn portion Terms of
Repayments Being capital
limit, repayment not applicable Margin 25.00% Extent and
operation of the charge 1. Hypothecation
of stocks of raw material, semi-finished goods and finished goods. 2. Hypothecation
of entire book debts of the company 3. Hypothecation
of entire fixed assets of the company (p[resent and Future) |
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Description of
the property charged indicating |
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Charge identification
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Brif description
of the instrument modifying the charge under section |
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Date of latest
modification prior to the present modification |
10.03.2005 |
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Particular of the
present modification |
The overall limit
has been reduce / revised to Rs.18.000 millions with following breakup: CC Limit –
Rs.8.000 millions LC / FLC Limit –
Rs.9.500 millions Bank Guarantee
limit: Rs.0.500 million Rate of interest
changed to PLR – 1% with monthly rests. Penal interest @2% over and above the
rate on overdrawn portion. |
As per Web Details
Company Profile:
Subject is a
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] 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.40.26 |
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1 |
Rs.81.15 |
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Euro |
1 |
Rs.56.28 |
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 |
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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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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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46 |
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. |
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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