MIRA
INFORM REPORT
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Report Date : |
02.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ENRICH AGRO FOOD PRODUCTS PRIVATE LIMITED |
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Registered Office : |
Plot No.276 – 277, Udyog Vihar, Phase-II, Gurgaon – 122 001. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.12.1984 |
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Com. Reg. No.: |
55-19569 |
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CIN No.: [Company
Identification No.] |
U01119DL1984PTC019569 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELE02826F |
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PAN No.: [Permanent
Account No.] |
AAACE0807C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Soft Drinks and Kinley Mineral Water – Coca Cola,
Fanta, Thums-Up, Limca, Sprite, Soda etc |
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 800000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established franchise partner of Coca-Cola.
Directors are reported as experienced, respectable and resourceful
businessmen. Their trade relations are fair. General financial position is
satisfactory. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. Management remained non-cooperative during current investigation |
INFORMATION PARTED
BY
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Name : |
Mr.Kuldeep Kumar Sharma |
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Designation : |
Manager finance |
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Contact No.: |
91-9212780207 |
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Date : |
10.11.2008 |
LOCATIONS
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Registered Office : |
Plot No.276 – 277, Udyog Vihar, Phase-II Gurgaon – 122 001 |
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Tel. No.: |
91-124-2341269 |
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Fax No.: |
91-124-2341383 |
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E-Mail : |
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Location: |
Owned |
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Factory : |
276-277, Udyog Vihar, Gurgaon – 122016, Haryana, India |
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Tel. No.: |
91-124-2341069 |
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Fax No: |
91-124-2341383 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Varinder Pal Singh Kandhari |
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Designation : |
Director |
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Address : |
J-701, Ambience Apartment NH – 8, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
45 Years |
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Experience : |
20 Years |
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Qualification: |
MBA |
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Name : |
Mr. Nirmal Singh Kandhari |
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Designation : |
Director |
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Address : |
J-701, Ambience Apartment NH – 8, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
02.09.1934 |
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Date of Appointment : |
14.12.1984 |
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Experience: |
45 Years |
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Qualification: |
Civil Engineering |
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Name : |
Mrs. Neena Kandhari |
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Designation : |
Director |
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Address : |
J-701, Ambience Apartment NH – 8, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
14.09.1965 |
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Date of Appointment : |
05.08.1997 |
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Name : |
Mr. Jaspal Singh Kandhari |
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Designation : |
Director |
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Address : |
18, Sector – 4, Chandigarh – 160002, India |
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Date of Birth/Age : |
22.08.1951 |
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Date of Appointment : |
14.12.1984 |
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Name : |
Mr. Avtar Singh Sapra |
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Designation : |
Director |
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Address : |
A-87, Vishal Enclave, Rajouri Garden, New Delhi - 110027, India |
EXECUTIVES
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Name : |
Mr.Kuldeep Kumar Sharma |
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Designation : |
Manager finance |
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Mobile No : |
91-9212780207 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
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No. of Shares |
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Nirmal Singh |
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1584300 |
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Nirmal Singh HUF |
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120000 |
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Pritpal Kaur |
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188100 |
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Varinder Pal Singh |
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1386500 |
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Varinder Pal Singh HUF |
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18000 |
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Neena Kandhari |
|
660800 |
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Jaspal Singh |
|
134700 |
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Jaspal Singh HUF |
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100000 |
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Param Pal |
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62500 |
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Taran Pal |
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144100 |
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Sarabjit Singh |
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100 |
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Surinderbir Singh |
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600 |
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Avtar Singh |
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5100 |
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Navleen Kaur |
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25400 |
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G. S. Ahluwalia |
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25500 |
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Reena |
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4100 |
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Gursimran Kaur |
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9000 |
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Heritage Beverages Limited |
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1238800 |
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Sentinel Systems Private Limited |
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500000 |
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Haryana Drinks Limited |
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21000 |
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Kandhari Engineers Limited |
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34000 |
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Total |
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6074500 |
(As on 31.03.2007)
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Category |
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Percentage
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Bodies Corporate |
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20.00 |
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Directors or relatives of directors |
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80.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Soft Drinks and Kinley Mineral Water – Coca Cola,
Fanta, Thums-Up, Limca, Sprite, Soda etc |
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Terms : |
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Selling : |
On Credit |
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Purchasing : |
On Credit |
PRODUCTION STATUS
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Products |
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Installed
Capacity |
Actual
Production |
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Coke, Limca, Thums-up, Sprite, Fanta |
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1250 BPM (Bottles per
Minute) |
2007-08 2.800 million |
GENERAL
INFORMATION
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No. of Employees : |
Around 143 |
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Bankers : |
State Bank of Patiala Commercial Branch, 36, Janpath, Chandralok Building Connaught Place,
New Delhi. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
P. K. Vasudeva and Company |
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Name : |
Chartered Accountant |
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Address : |
SCO 32-35, Madhya Marg, Sector – 8C, Chandigarh – 160018, Punjab,
India |
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Tel No: |
91-172-2774065 |
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Fax No: |
91-172-2781113 |
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Associates/Subsidiaries
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237-238, Udyog Vihar Phase-I, Gurgaon
238, Udyog Vihar Phase-I, Gurgaon Activity: Manufacturing PET Preforms |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6074500 |
Equity Shares |
Rs.10/- each |
Rs.60.745
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
60.745 |
60.745 |
60.735 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
122.899 |
103.370 |
95.233 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
183.644 |
164.115 |
155.968 |
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LOAN FUNDS |
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1] Secured Loans |
193.207 |
225.934 |
164.441 |
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2] Unsecured Loans |
193.430 |
169.751 |
175.169 |
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TOTAL BORROWING |
386.637 |
395.685 |
339.610 |
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DEFERRED TAX LIABILITIES |
(0.134) |
(0.276) |
0.000 |
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TOTAL |
570.147 |
559.524 |
495.578 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
261.206 |
247.412 |
262.500 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
121.661 |
153.112 |
96.711 |
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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 |
26.263
|
28.219 |
31.986 |
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Sundry Debtors |
142.899
|
102.181 |
102.040 |
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Cash & Bank Balances |
1.421
|
10.969 |
17.918 |
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Other Current Assets |
8.499
|
12.607 |
0.000 |
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Loans & Advances |
128.561
|
82.247 |
72.046 |
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Total
Current Assets |
307.643
|
236.223 |
223.990 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
94.014
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59.463 |
82.246 |
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Provisions |
26.349
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17.760 |
5.377 |
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Total
Current Liabilities |
120.363
|
77.223 |
87.623 |
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Net Current Assets |
187.280
|
159.000 |
136.367 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
570.147 |
559.524 |
495.578 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
654.286 |
522.893 |
419.202 |
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Other Income |
1.159 |
0.415 |
0.000 |
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Total Income |
655.445 |
523.308 |
419.202 |
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Profit/(Loss) Before Tax |
31.346 |
17.126 |
6.724 |
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Provision for Taxation |
11.816 |
5.963 |
0.000 |
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Profit/(Loss) After Tax |
19.530 |
11.163 |
6.724 |
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Expenditures : |
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Depreciation & Amortization |
29.066 |
26.593 |
45.260 |
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Other Expenditure |
7.142 |
3.058 |
382.273 |
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Cost of goods sold |
440.175 |
352.968 |
0.000 |
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Administrative Expenses |
53.518 |
45.042 |
0.000 |
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Manufacturing Expenses |
66.697 |
54.978 |
0.000 |
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Interest |
27.501 |
23.543 |
0.000 |
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Total Expenditure |
506.182 |
506.182 |
412.478 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
2.9
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2.1 |
1.60 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.7
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3.2 |
1.60 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.5
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3.6 |
1.38 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.2
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0.1 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.7
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0.5 |
2.74 |
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Current Ratio (Current Asset/Current Liability) |
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2.5
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3.1 |
0.27 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate identity
number of the company |
U01119DL1984PTC019569 |
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Name of the
company |
ENRICH AGRO FOOD PRODUCTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Flat No.1643, Sector – 8, Pocket – I, Vasant Kunj, New Delhi, India |
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This form is for |
Creation of charge |
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Type of charge |
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Particular of
charge holder |
State Bank of Patiala Commercial Branch, Chandralok Building, Janpath, New Delhi – 110001,
India |
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Nature of
instrument creating charge |
Agreement of
hypothecation of goods and assets |
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Date of
instrument Creating the charge |
13.06.2008 |
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Amount secured by
the charge |
Rs.30.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Rate of interests
@ 1.25% above BPLR i.e. 14.25% p.a. Terms of
repayment: Payable On Demand Margin: Margin: 25% Extent and
Operation of the charge: Extent and
Operation – 100% Others: The above is to
secure ADHOC CC Limit |
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Particulars of
the property charged |
Hypothecation by
way of first and exclusive charge overall all present and future current
assets and movable fixed assets of the company stored or to be stored at the
company’s Godowns or Premises or wherever else the same may be. |
Fixed Assets:
- Land and Site Development
- Building
- Flat
- Furniture and Fixture
- Plant and Machinery
- Computers
- Vehicles
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.09 |
|
UK Pound |
1 |
Rs.76.68 |
|
Euro |
1 |
Rs.63.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|