MIRA
INFORM REPORT
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Report Date : |
06.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
KINGS DEHYDRATED FOODS PRIVATE LIMITED |
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Registered Office : |
180 Admin House, Ambawadi, Mahuva -364 290, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.01.2008 |
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Date of Incorporation : |
17.07.2006 |
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Com. Reg. No.: |
48717 |
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CIN No.: [Company
Identification No.] |
U15132GJ2006PTC048717 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMK03964C |
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PAN No.: [Permanent
Account No.] |
AACCK8432H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Procurement and Exporter of Dehydrated Onions and Products. |
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 33000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a 2 years old company but is progressing very well. Trade
relations are reported as fair. Business is active. Payments are reported as usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Mohammad |
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Designation : |
Director |
LOCATIONS
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Registered Office : |
Plot No. 180 Admin House,
Kuber Baug Road, Ambawadi, Nutan Nagar, Mahuva -364 290, Gujarat,
India |
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Tel. No.: |
91-2844-247114 |
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Mobile No.: |
91-9227565003 |
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Fax No.: |
91-2844-247185 |
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E-Mail : |
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Website : |
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Area : |
20000 sq.fts (approximately) |
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Location : |
Owned |
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Factory : |
Mahuva – Bhavnagar, By Pass Road, Mahuva – 364 290, Gujarat, India |
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Area : |
35000 sq.fts |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Mohammad |
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Designation : |
Director |
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Date of Birth/Age : |
30 years |
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Qualification : |
Post graduate |
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Experience : |
15 years |
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Name : |
Mr. M Reza H Vakil |
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Designation : |
Director |
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Date of Birth/Age : |
24 years |
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Qualification : |
Graduate |
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Experience : |
5 years |
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Name : |
Mr. Hussain Ali |
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Designation : |
Director |
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Address : |
58 years |
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Date of Birth/Age : |
Graduate |
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Experience : |
15 years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Fizabanu H Vakil |
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2000000 |
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Mr. Huseinali K Vakil |
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2015000 |
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Mr. Mohmedraza H Vakil |
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2000000 |
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Mr. Mohmedtaki H Vakil |
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2000000 |
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Total
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8015000 |
BUSINESS DETAILS
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Line of Business : |
Procurement and Exporter of Dehydrated Onions and Products. |
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Products : |
· Dehydrated Onions · Crispy Fried Onions · Toasted Onions |
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Exports : |
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Products : |
All Products |
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Countries : |
Europe, USA, UK, Latin America |
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Terms : |
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Selling : |
CAD |
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Purchasing : |
CAD |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Individual Company |
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No. of Employees : |
Around 200 |
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Bankers : |
State Bank of Saurashtra Bhavnagar Branch Gujarat, India |
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Facilities : |
C/C Rs. 25.000 millions (approximately) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Godani and Associates Chartered Accountants |
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Address : |
Mahuva |
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Associates/Subsidiaries : |
Nice Dehydration Private Limited Address: Mahuva Gujarat, India Activity: Manufacturer and Exporter of Dehydrated Onions. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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850000 |
Equity shares |
Rs. 10/- Each |
Rs. 8.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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801500 |
Equity shares |
Rs. 10/- Each |
Rs. 8.015 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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01.04.2007 to 31.01.2008 |
01.04.2006 to 31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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8.015 |
8.015 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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8.015 |
8.015 |
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LOAN FUNDS |
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1] Secured Loans |
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20.598 |
16.116 |
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2] Unsecured Loans |
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1.966 |
8.016 |
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3] Venture Capital Fund (Loan A/C) |
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2.083 |
0.000 |
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TOTAL BORROWING |
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24.647 |
24.132 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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PROFIT AND LOSS A/C |
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3.584 |
1.182 |
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TOTAL |
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36.246 |
33.329 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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25.261 |
23.178 |
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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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0.010 |
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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11.000 |
10.665 |
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Sundry Debtors |
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6.410 |
8.595 |
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Cash & Bank Balances |
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0.044 |
0.020 |
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Other Current Assets |
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0.382 |
0.866 |
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Loans & Advances |
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0.005 |
0.024 |
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Total
Current Assets |
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17.841 |
20.170 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.610 |
10.764 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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7.610 |
10.764 |
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Net Current Assets |
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10.231 |
9.406 |
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MISCELLANEOUS EXPENSES |
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0.744 |
0.745 |
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TOTAL |
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36.246 |
33.329 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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01.04.2007 to 31.01.2008 |
01.04.2006 to 31.03.2007 |
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Sales Turnover |
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98.330 |
8.591 |
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Other Income |
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0.015 |
0.024 |
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Total Income |
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98.345 |
8.615 |
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Profit/(Loss) Before Tax |
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2.401 |
1.182 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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2.401 |
1.182 |
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Expenditures : |
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Agency Commission Expenses |
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0.110 |
0.003 |
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Fuel Lignight |
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0.693 |
0.015 |
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Furl Fire Wood Expenses |
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3.312 |
0.464 |
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Labour Salary Expenses |
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0.202 |
0.044 |
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Ocean Freight Expenses |
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2.167 |
0.069 |
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Pilling Expenses |
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4.022 |
0.703 |
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Production Expenses |
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0.109 |
0.016 |
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Sorting |
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2.989 |
0.578 |
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Truck Freight Expenses – Onion |
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3.481 |
0.833 |
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Advertisement Expenses |
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0.018 |
0.024 |
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Bank Charges |
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0.037 |
0.046 |
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Bank Commission |
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0.164 |
0.002 |
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Depreciations Expenses |
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0.000 |
0.237 |
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Office Salary Expenses |
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0.088 |
0.012 |
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Other Expenditure |
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7.022 |
0.983 |
KEY RATIOS
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PARTICULARS |
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01.04.2007 to 31.01.2008 |
01.04.2006 to 31.03.2007 |
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PAT / Total Income |
(%) |
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2.44 |
13.72 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.44 |
13.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.57 |
2.72 |
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Return on Investment (ROI) (PBT/Networth) |
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0.29 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.02 |
4.35 |
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Current Ratio (Current Asset/Current Liability) |
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2.34 |
1.87 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
· JL Priestly
· Wan Agon International
· Trokost GmbH
WEBSITE DETAILS:
Company
Mr. H. K. Vakil the dynamic and enthusiastic businessperson, founder of Kings Dehydrated Foods Private Limited, established this new venture. Engaged in this field since 1992, and having vast experience, started its target accompanied by his two sons, Mr. M. Taqi Vakil and Mr. M. Reza Vakil with an aim to manufacture and export quality Dehydrated Onion products throughout the globe to Quality Conscious Customers.
Located on the outskirts of Mahuva a town-city in Gujarat
state of India, where procurement of Onions is very easy, best quality raw
onions are available around their district and state, as their land offers all
what Onions need, fertile soil, adequate water supply, and basically it's an
agricultural based region which for which Mahuva stands as the 2nd largest
Onion producing belt in India, and thus purchases always remains under their
personal supervision.
Activities
Highly experienced in this activity for procurement of raw materials, he had
the knowledge how to produce quality Dehydrated Onion products with hygienic
conditions as per today's international standards to meet all the customers'
requirements. Thus beginning the production with a yearly capacity of 2500
m.tons of Dehydrated Onion products it has gained a grand success to achieve
its total sale to its renowned quality conscious clients till today.
Subject , has been recognized by many of its clients mainly in Germany, Russia,
UK, USA, Canada, Chile, Mexico, Brazil, France, Italy, Poland, South Africa,
its goal does not have a full stop here, but still to be recognized throughout
the world to other customers by supplying quality products by expanding its
production of onion products and other vegetables, keeping in mind the quality,
as " QUALITY ALWAYS MATTERS" for them as they are committed to
supply, quality, health, Safety and Exceptional services.
Understanding the needs of their customers, giving prompt answers and
resolutions to problems and queries and dealing with them swiftly, efficiently
and courteously are all factors in their approach to customer service and
secondly the main cause for achieving this standard of progress is the
pre-planned entire factory set up, which is well organized, as well as the
process of manufacturing is adopted in such a manner, due to which factory
remains in a sanitized, Hygienic Condition, standardized as per today's
international requirements for a Food Manufacturing Unit.
Their products are mainly Dehydrated White / Red / Pink Onion FLAKES, KIBBLED,
MINCED, CHOPPED, GRANULES, POWDER, and CRISPY FRIED ONIONS. Producing of other
Vegetable products as Potatoes, Garlic, and Carrots etc. in Minced, Chopped,
Diced and Powder form is also a future plan.
Philosophy and Values
· Business is about relationships. In order for a relationship to be successful:
· It must be based on mutual trust and respect.
· It must be profitable for both parties.
Integrity / Trust
· They will be ethical in all their dealings- with each other, their Customers, and their Competitors.
· They shall not compromise Quality for the sake of Price.
· They shall look after the interests of their Customers and Suppliers, at all times.
· They shall promote partnerships between their Customers and their selves.
Responsibility
· They shall maintain professionalism at all times.
· They shall act with reasonable restraint and shall not indulge in excessive behavior.
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 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
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Indian Rupees |
|
US Dollar |
1 |
Rs.39.48 |
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UK Pound |
1 |
Rs.77.44 |
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Euro |
1 |
Rs.57.75 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
YES |
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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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42 |
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 |
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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 |
|
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 |
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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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