MIRA
INFORM REPORT
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Report Date : |
08.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
HAVMOR ICE CREAM LIMITED |
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Registered Office : |
2nd Floor, Kashmira Chambers, Behind Popular House,
Navarangpura, Ahmedabad-380009, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.03.2006 |
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Com. Reg. No.: |
048016 |
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CIN No.: [Company
Identification No.] |
U15200GJ2006PLC048016 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMH02065A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Ice Creams |
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 180000 |
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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 : |
Mr. Hemang Account Executive parted require details. Subject is a well established company having satisfactory track. 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. |
INFORMATION PARTED
BY
|
Name : |
Mr. Chetan Raval |
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Designation : |
Head of Accounts department |
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Date : |
06.12.2008 |
LOCATIONS
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Registered Office : |
2nd Floor, Kashmira Chambers, Behind Popular House, Navarangpura,
Ahmedabad-380009, Gujarat, India |
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Tel. No.: |
91-79-26577070 |
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Fax No.: |
91-79-26577010 |
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E-Mail : |
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Website : |
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Area : |
1200 sq.ft (Owned) |
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Factory : |
Modern Industrial Estate Naroda Road, Behind Foreign Blower, Memko,
Ahmedabad-380009, Gujarat, India |
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Tel. No.: |
91-79-2203838 |
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Area : |
Owned |
DIRECTORS
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Name : |
Mr. Pradeep Chana |
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Designation : |
Director |
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Date of Birth/Age : |
54 Years |
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Qualification : |
LLB |
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Name : |
Mrs. Rekha Chana |
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Designation : |
Director |
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Date of Birth/Age : |
49 Years |
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Qualification : |
MBA |
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Name : |
Mr. Ankit Chana |
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Designation : |
Director |
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Date of Birth/Age : |
25 Years |
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Qualification : |
MBA |
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Name : |
Mr. Jyotiba Krishna Patil |
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Designation : |
Director |
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Address : |
E/202, Kanak Kala II, Anand Nagar Road, Near Sachin Towers, Satelite, Ahmedabad-380015,
Gujarat, India |
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Date of Birth/Age : |
12.08.1961 |
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Name : |
Mr. Dinesh Mafatlal Shah |
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Designation : |
Director |
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Address : |
1-Raviratna Flats, Nava Vikas Gruh Road, Paldi Bhattha,
Ahmedabad-380007, Gujarat, India |
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Date of Birth/Age : |
19.05.1956 |
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Name : |
Mrs. Kamal Tejnaranjan Desai |
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Designation : |
Director |
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Address : |
71/4, H Colony, Nehru Nagar Cross Road, Ahmedabad-380015, Gujarat,
India |
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Date of Birth/Age : |
03.07.1968 |
KEY EXECUTIVES
|
Name : |
Mr. Chetan Raval |
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Designation : |
Head of Accounts department |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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List of Allottees |
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No. of Shares Allotted |
|
Rekha Pradeep Chona |
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4152590 |
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Pradeep S Chona |
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1173670 |
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Ankit Pradeep Chona |
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1032400 |
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Riti Pradeep Chona |
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361400 |
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Total |
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6720060 |
Equity Share Breakup (Percentage of Total Equity)
As on 27.09.2008
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Ice Creams |
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Products : |
·
Kids Special Ice Cream ·
Roll Cuts Ice Cream ·
Novelties Ice Cream ·
Top Cones Ice Cream ·
Candies Ice Cream ·
Party Pack and Family Pack Ice Cream ·
Fresh Fruit Ice Cream |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
1000 (Contract Workers 300) |
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Bankers : |
Corporation bank, Rangoli Complex, Opposite V.S. Hospital, Ashram
Road, Ahmedabad-380006, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Parikh and Majumdar Chartered Accountant |
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Address : |
204-5-6, Harsh Avenue, Navjeevan Press Road, Opposite Old Gujarat High
Court, Ahmedabad-380009, Gujarat, India |
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Associates/Subsidiaries : |
Hawmar Restaurant Private Limited Line of Business: Group of Restaurants |
CAPITAL STRUCTURE
As on 26.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1750000 |
Equity Shares |
Rs. 10/-
each |
Rs. 17.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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17.500 |
0.500 |
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2] Share Application Money |
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0.000 |
17.000 |
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3] Reserves & Surplus |
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19.759 |
0.022 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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37.259 |
17.522 |
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LOAN FUNDS |
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1] Secured Loans |
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53.325 |
15.954 |
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2] Unsecured Loans |
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7.442 |
9.765 |
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TOTAL BORROWING |
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60.767 |
25.719 |
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DEFERRED TAX LIABILITIES |
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3.839 |
1.288 |
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TOTAL |
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101.865 |
44.529 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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59.406 |
24.938 |
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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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53.906 |
29.157 |
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Sundry Debtors |
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0.196 |
0.617 |
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Cash & Bank Balances |
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8.761 |
8.256 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
6.920 |
4.086 |
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Total
Current Assets |
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69.783 |
42.116 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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27.562 |
22.824 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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27.562 |
22.824 |
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Net Current Assets |
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42.221 |
19.292 |
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MISCELLANEOUS EXPENSES |
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0.238 |
0.299 |
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TOTAL |
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101.865 |
44.529 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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360.262 |
29.943 |
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Other Income |
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0.668 |
0.029 |
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Total Income |
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360.930 |
29.972 |
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Profit/(Loss) Before Tax |
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28.011 |
1.612 |
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Provision for Taxation |
|
8.274 |
1.590 |
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Profit/(Loss) After Tax |
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19.737 |
0.022 |
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Expenditures : |
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Raw Material Consumed |
|
205.594 |
14.968 |
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Consumption of stores and spares parts |
|
37.209 |
6.750 |
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Increase/(Decrease) in Finished Goods |
|
0.378 |
[1.084] |
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Salaries, Wages, Bonus, etc. |
|
23.468 |
1.625 |
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Managerial Remuneration |
|
2.254 |
0.000 |
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Payment to Auditors |
|
0.051 |
0.020 |
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Interest |
|
2.512 |
0.107 |
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Insurance Expenses |
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0.270 |
0.014 |
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Power & Fuel |
|
11.231 |
0.557 |
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Depreciation & Amortization |
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2.108 |
0.094 |
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Other Expenditure |
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47.844 |
5.309 |
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Total Expenditure |
|
332.919 |
28.360 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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5.47 |
0.07 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.78 |
5.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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21.68 |
2.40 |
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Return on Investment (ROI) (PBT/Networth) |
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0.75 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.37 |
2.77 |
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Current Ratio (Current Asset/Current Liability) |
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2.53 |
1.85 |
LOCAL AGENCY
FURTHER INFORMATION
Dividend:
To Strengthen the working capital requirement of the company, the
directors do not recommend any dividend for the year.
Year in Retrospect
and Future Outlook:
The Directors have been pleasure in stating that the company has
achieved gross turnover of Rs. 360.262 Millions for the year ending on
31.03.2007. The Net Profit for the company after tax for the year works out to
Rs. 19.737 Millions showing in the margin of 5.48% the Company’s turnover has
increased because of introduction of various ice cream flavors and varities as
well as withdrawal of excise duty from the ice cream which has improved the
bottom line of the company. More so, the company has established its brand name
in the market and the company’s products are widely accepted in the State of
Gujarat. The Company has also planning to extend its territory in to the State
of Maharashtra and other states of the country in the near future.
As a part of cost reduction measure as well as avail the economies of
scale, the company has decided to amalgamate the group company viz. Havmor
Foods Private Limited, Space Cold Storage Private Limited, and Harmor
Distributors Private Limitedf with the applicant company with effect form
01.04.2006
Trade References:
·
Hawmor Ice Cream Agancy, Baroda
·
Print and Pack Private Limited, Ahmedabad
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
10045309 |
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Corporate
identity number of the company |
U15200GJ2006PLC048016 |
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Name of the
company |
HAVMOR ICE CREAM LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
2nd Floor, Kashmira Chambers, Behind Popular House,
Navarangpura, Ahmedabad-380009, Gujarat, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Corporation bank, Rangoli Complex, Opposite V.S. Hospital, Ashram
Road, Ahmedabad-380006, Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
Continuty Letter |
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Date of
instrument Creating the charge |
16.01.2008 |
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Amount secured by
the charge |
Rs. 65.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest a)
Existing
Term Loan – 1.13.00% b)
Working
Capital : 12.50% c)
Working Capital
Term Loan: 13.00% d)
Existing
Term Loan : 2.13.00% e)
Adhoc
Working Capital by way of Cash Credit : 13.50% Terms of
Repayment a)
Term Loan –
1: Rapayable in 48 Months b)
Working
Capital : On Demand c)
Working
Capital Term Loan: Repayable in 36 months d)
Term Loan –
2: Repayable in 60 months e)
Adhoc
Working Capital by way of Cash Credit : Repayable in 90 days Margin a)
Term Loan –
1.25% b)
Working
Capital : 30% of Raw Materials and Finished goods c)
Working
Capital Term Loan 30% of Raw Materials and Finished goods d)
Term Loan :
-2.51.35% e)
Azdhoc
Working Capital by way of cash credit : 30% of Raw Materials and Finished
goods Extent and
Operation of the charge Rs. 65.500
Millions |
|
Short particulars
of the property charged |
GC-3/4/5/6/2A/3A,
Revenue Survey No. 331/332, T.P. Scheme No. 30 of Final Plot No. 87 Paiki at
Mouje Asarva, Dist Ahmedabad |
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.49.69 |
|
UK Pound |
1 |
Rs.72.96 |
|
Euro |
1 |
Rs.63.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|