MIRA
INFORM REPORT
|
Report Date : |
25.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
332 Shervani Nagar,
Sulem Sarai, Harwara, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
12.12.1995 |
|
|
|
|
Com. Reg. No.: |
20-19155 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U15111UP1995PLC019155 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufactures and Exporters of all kind of Biscuits |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Maximum Credit Limit : |
-- |
|
|
|
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
-- |
|
|
|
|
Comments : |
Subject’s networth has been eroded. Payments are reported as slow and
delayed. The company can be considered for any business dealings on fully
safe and secured trade terms and conditions. |
LOCATIONS
|
Registered Office : |
332 Shervani Nagar,
Sulem Sarai, Harwara, |
|
|
|
|
Branch : |
B-1 Sector 14, Industial Area, Jagdishpur, Sultanpur - 227 817, |
|
Tel. No.: |
91-5361-270170 |
|
Fax No.: |
91-5361-270170 |
DIRECTORS
|
Name : |
Mr. Zafar Subhan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nadesan T. |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
S. K. Gupta and Company |
|
Designation : |
Company Secretary |
|
Address : |
|
BUSINESS DETAILS
|
Line of Business : |
Manufactures and Exporters of all kind of Biscuits |
|
|
|
|
Products : |
s Glucose -20gms Biscuits s Glucose -75gms Biscuits s Glucose-50 gms Biscuits s Coconut-20gms Biscuits s Coconut-100gms Biscuits s Coconut-200gms Biscuits s Marie-20gms Biscuits s Marie-400gms Biscuits s Sweet and Salt Biscuits s Salty Biscuits s Cream Biscuits s Jeera Biscuits s
Kaju Masala Biscuits |
|
|
|
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Biscuits |
M T |
32 per day |
12798 cartons |
GENERAL INFORMATION
|
No. of Employees : |
-- |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. L. Tandon and Company Chartered Accountants |
|
Address : |
|
|
|
|
|
Group Companies : |
s
Shervani Industrial Syndicate Limited s
Shervani Sugar Syndicate Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
Not Available |
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
900000 |
Equity Shares |
Rs. 10/- each |
Rs. 9.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
9.000 |
9.000 |
|
|
2] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(60.578) |
(55.748) |
|
|
NETWORTH |
|
(51.578) |
(46.748) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
4.525 |
4.248 |
|
|
2] Unsecured Loans |
|
58.749 |
57.042 |
|
|
TOTAL BORROWING |
|
63.274 |
61.290 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
11.696 |
14.542 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
15.478 |
16.425 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.725 |
1.506 |
|
|
Sundry Debtors |
|
0.805 |
2.223 |
|
|
Cash & Bank Balances |
|
0.050 |
0.453 |
|
|
Loans & Advances |
|
0.603 |
0.419 |
|
Total
Current Assets |
|
2.183 |
4.601 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
5.961 |
6.469 |
|
|
Provisions |
|
0.004 |
0.015 |
|
Total
Current Liabilities |
|
5.965 |
6.484 |
|
|
Net Current Assets |
|
(3.782) |
(1.883) |
|
|
|
|
|
|
|
|
TOTAL |
|
11.696 |
14.542 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
2.347 |
4.893 |
|
|
Other Income |
|
0.259 |
4.432 |
|
|
Total Income |
|
2.088 |
9.325 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
(4.826) |
0.771 |
|
|
Provision for Taxation |
|
0.004 |
0.015 |
|
|
Profit/(Loss) After Tax |
|
(4.830) |
0.756 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
2.747 |
3.917 |
|
|
Interest |
|
0.277 |
0.490 |
|
|
Depreciation & Amortization |
|
0.947 |
0.870 |
|
|
Other Expenditure |
|
2.943 |
3.276 |
|
Total Expenditure |
|
6.914 |
8.553 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
(231.32) |
8.10 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(205.62) |
15.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(27.32) |
3.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.09) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
(0.34) |
(0.45) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.36 |
0.71 |
LOCAL AGENCY FURTHER INFORMATION
Performance :
The sales for the year was Rs. 2.347 millions in comparison to Rs. 4.893
millions in previous year and loss for the year before depreciation is Rs. 3.879
millions against the profit of Rs. 1.642 millions in the accounting year
2005-2006. The directors are taking steps to improve the position.
Shervani Industrial Syndicate Limited board of directors meeting will be
held on February 24, 2006 to consider the merger of Tara Snacks and Foods
Private Limited, a wholly owned subsidiary company with the company.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.81 |
|
|
1 |
Rs.80.30 |
|
Euro |
1 |
Rs.56.02 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
-- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
-- |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
-- |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
-- |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
9 |
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. |
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 |
|