MIRA
INFORM REPORT
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Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
MYSORE FRUIT PRODUCTS LIMITED |
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Registered Office : |
Post Box No. 8615, Mahalakshmi Puram P. O., Bangalore 560086, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.12.1957 |
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Com. Reg. No.: |
08-1307 |
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CIN No.: [Company
Identification No.] |
U01122KA1957PTC001307 |
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IEC No.: |
0788012541 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM08837D |
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PAN No.: [Permanent
Account No.] |
AABCM3231D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Processing of Fruit Products, Fruit Pulps, Concentrates, Puree, Slices, Titbits, Jams, Juices, Squash, Sauces, etc. |
RATING &
COMMENTS
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MIRAs 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 200000 |
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Status : |
Satisfactory |
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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. Financial position is satisfactory. Trade relations are fair. Payments are usually correct and as per commitments.
The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Post Box No. 8615, Mahalakshmi Puram P. O., Bangalore 560086, Karnataka, India |
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Tel. No.: |
91-80-23491972/ 23492457 |
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Mobile No.: |
91-9845174821 |
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Fax No.: |
91-80-23593914/ 23492457 |
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Email : |
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Website : |
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Area : |
13 acres (50% Builtup) |
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Location : |
Owned |
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Corporate Office : |
No. 17, Sankey Road, Bangalore 560 020, Karnataka |
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Tel. No.: |
91-22-23447993/ 23364732/23347037/ 64501315/ 23491972/ 23492457 |
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Fax No.: |
91-80-23310040/ 23593914/ 23492457 |
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Area : |
6000 sq. ft. |
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Location : |
Owned |
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Factory : |
ุ Bagalur 635103, Hosur Taluk, Dharamapuri District, Tamilnadu, India Tel. 91-4344-2254128/2254902
ุ Veeresandra Industrial Estate, Hosure Road, Tamilnadu Tel. 91-80-30624152 |
DIRECTORS
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Name : |
Mrs. D. A. Tejeshwari |
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Designation : |
Director |
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Address : |
No. 120, Elephant Rock Road, 3rd Block, Jayanagar,
Bangalore 560010 |
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Date of Birth/Age : |
20.08.1969 |
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Date of Appointment : |
15.05.1990 |
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Name : |
Mr. D. K. Audikesavulu |
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Designation : |
Managing Director |
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Address : |
No. 7/21, 9th Main, 1st Cross, Rajmahal Vilas
Extension, Bangalore 560080 |
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Date of Birth/Age : |
01.07.1941 |
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Date of Appointment : |
20.01.1988 |
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Name : |
Mrs. D A Kalpaja |
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Designation : |
Director |
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Address : |
No. 7/21, 9th Main, 1st Cross, Rajmahal Vilas
Extension, Bangalore 560080 |
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Date of Birth/Age : |
05.07.1971 |
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Date of Appointment : |
10.10.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
No. of Shares |
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D. K. Audikesavulu |
2700600 |
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D. A. Tejeshwari |
41046 |
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D. A. Kalpaja |
39250 |
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D. A. Srineevasa |
372250 |
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D. A. Satyaprabha |
379400 |
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Mrutunjaya |
2500 |
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Arulappa Shiv Gowda and Shankara Gowda |
100 |
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Arulappa Shiv Gowda and Baghirathi |
100 |
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Arulappa Shiv Gowda and Suvrna Gowda |
200 |
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Arulappa Shiv Gowda and Sharan Gowda |
100 |
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Balakrishna Rao |
250 |
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Damodar Rao K |
10 |
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D. V. Dasappa |
50 |
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G. R. Ethiraju Naida |
100 |
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K. S. Eswaran |
500 |
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M. L. Gopala Shetty |
100 |
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Gurukar Paramasivaiah Prabhakar |
100 |
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Haji Masur Anwarali |
250 |
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Hardyal Doegar |
200 |
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Kissan Products Limited |
200 |
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C. R. Lakshman |
250 |
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C. R. Lingaiah |
250 |
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M. D. Narayanan |
250 |
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M. Nandagopal |
200 |
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Narayana Gowda |
40 |
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P N Palis |
50 |
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P K D Poovaiah |
250 |
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Pratap Nanda |
200 |
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K S Prasad |
500 |
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C M Ramchandran |
250 |
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N P V Ramaswamy |
200 |
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B K Srinivassan |
300 |
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Ratanlal Varma |
200 |
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P. Somaiah |
100 |
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M V Shamaiah Gowda |
200 |
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D. M. Shankarappa |
100 |
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Shidevi Sethi |
100 |
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Satish Kumar and Shakuntala Devi |
200 |
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Vasudev Murthy |
100 |
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D S Yadav |
100 |
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V K Prasad |
10 |
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Total |
3541156 |
(As on 29.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Processing of Fruit Products, Fruit Pulps, Concentrates, Puree, Slices, Titbits, Jams, Juices, Squash, Sauces, etc. |
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Brand Names : |
MYCAN |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C + Documents through bank, Contract + Credit (upto 70 days) terms |
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Purchasing : |
Credit (180 days) terms |
GENERAL
INFORMATION
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Suppliers : |
v Sholey Industries, Australia v Waukesha Cherry Burvel, USA v Beta Industries, Chennai, Tamilnadu |
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Customers : |
v Bajaj Foods, Ahmedabad, Gujarat v Foods & Innns, Mumbai, Maharashtra v Parle Exports, Mumbai, Maharashtra v Abdul Jadel Beverage Inc., Jadda v S. V. Z. International, The Netherlands v Ministry of Defence, New Delhi |
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No. of Employees : |
275 - 100 persons in office and 175 persons in factory |
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Bankers : |
v Vijaya Bank, Overseas Branch, Bangalore 560 025, Karnataka v Citibank v The Vyasya Bank Limited |
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Banking
Relations : |
Satisfactory |
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Financial
Institutions : |
Karnataka State Industrial Investment and Development Corporation Limited MSI House, 36 Cunningham Road, Bangalore 560052, Karnataka, India |
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Auditors : |
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Name : |
B. C. Mahesh and Company Chartered Accountants |
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Address : |
No. 1/1, Radha Krishna Complex, 2nd Floor, 80 Feet Road, 4th
Block, Rajajinagar, Bangalore 560010, Karnataka, India |
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Associates/Subsidiaries : |
v Karnataka Breweries & Distilleries Limited, Bangalore, Karnataka v Shree Vaani Sugar & Industries Private Limited, Bangalore, Karnataka v Chaitanya Properties Private Limited, Bangalore, Karnataka v Balaji Plantations v Nectar Fruits Products Limited, Bagalur, Tamilnadu v Sapthagiri Enterprises, Bangalore, Karnataka v Srinivas Distilleries Private Limited, Chittor, Tirupati, Tamilnadu v Hassan Power Supply Company Limited Subsidiaries v Nektar Fruit Products Limited, Bangalore, Karnataka |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3541221 |
Equity Shares |
Rs.10/- each |
Rs.35.412 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
35.412 |
20.412 |
20.412 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
35.166 |
35.272 |
33.558 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
70.578 |
55.684 |
53.970 |
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LOAN FUNDS |
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1] Secured Loans |
57.938 |
72.466 |
74.148 |
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2] Unsecured Loans |
78.893 |
66.556 |
52.120 |
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TOTAL BORROWING |
136.831 |
139.022 |
126.268 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
207.409 |
194.706 |
180.238 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
133.417 |
121.683 |
130.672 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
19.224 |
19.224 |
19.225 |
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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 |
33.723 |
38.327 |
27.874 |
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Sundry Debtors |
10.378 |
8.189 |
10.145 |
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Cash & Bank Balances |
9.117 |
5.432 |
4.191 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
35.202 |
32.171 |
33.751 |
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Total
Current Assets |
88.420 |
84.119 |
75.961 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
32.924 |
29.195 |
44.570 |
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Provisions |
0.728 |
1.125 |
1.050 |
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Total
Current Liabilities |
33.652 |
30.320 |
45.620 |
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Net Current Assets |
54.768 |
53.799 |
30.341 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
207.409 |
194.706 |
180.238 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.42 |
3.04 |
3.18 |
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Current Ratio (Current Asset/Current Liability) |
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2.63 |
2.77 |
1.67 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number of the company |
U01122KA1957PTC001307 |
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Name of the
company |
MYSORE FRUIT PRODUCTS LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Post Box No. 8615, Mahalakshmi Puram P. O., Bangalore 560086, Karnataka, India |
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This form is for |
Creation of the charge |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
The Jammu and
Kashmir Bank Limited Branch Office at:
First Floor, SPA Plaza, O.T.C. Road, Bangalore 560002, Karnataka, India |
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Nature of instrument
creating charge |
Extension of
charge on property mortgages in term loan |
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Date of
instrument Creating the charge |
26.06.2007 |
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Amount secured by
the charge |
Rs.205.875
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
Interests: As Applicable Terms of
Repayment: On Demand Margin: As Applicable Extent and
Operation of the charge: Extension of
equitable mortgage on cos immovable properties against TL facilities
sanctioned to Mr. D. A. Srinivas |
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Name of the company |
MYSORE FRUIT PRODUCTS LIMITED |
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1) Date and description of instrument creating the change |
03.04.2001 Hypothecation Agreement Agreement for renewal of OLCC Limit Agreement for renewal PCL Limit Agreement for FEDB/FUDBP/LC Limit
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 24.000 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 |
Hypothecation of pannwalt P3400, Model Super D Center Centrifuge
Machinery to be purchased valued about Rs. 2.218 Millions Hypothecation of Stock of raw materials, work in progress and finished
and semi finished goods and all fixed assets of the company Rs. 42.278 Millions after depreciation as at 31.03.2000 |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest @ 16.55 on secured loan repayable in 36 equal installments Interest @ 16% on OLCC Interest @ 10% on PLC upto 180 days beyond that chargeable at 16% |
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5) Name and Address and description of the person entitled to the
charge. |
Vijaya Bank Overseas Branch, Bangalore 560 025, Karnataka |
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6) Date and brief description
of instrument modifying the charge |
20.06.2002 Hypothecation of goods Packing credit agreement Letter of hypothecation Letter of Repayment |
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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. |
The effect of this modification is enhancement of overall limit from
to Rs.24.000 Millions to Rs.26.500 Millions Nature of Facility SL PCL Existing Limit Rs.1.500 Millions 10.000 Millions Revised Limit Rs.1.500 Millions Rs.15.000 Millions Nature of Facility FDBP/FUDBP/LC Existing Limit Rs.0.000 12.500 Millions Revised Limit Rs.10.000 Millions Rs.2.500 Millions |
Fixed Assets:
v
Land
v
Building
v
Plant and Machinery
v
Tools and Equipment
v
Computers and Periphera
v
Furniture and Fixture
v
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 Intl
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 companys 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.47.94 |
|
UK Pound |
1 |
Rs.72.07 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
This score serves as a reference to assess SCs 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 |
|