MIRA
INFORM REPORT
|
Report Date : |
15.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GREEN PICKLES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
16, Ganesh Krupa, Vinayaka Layout, K. R. Puram Extension, Bangalore –
560036, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
24.01.2002 |
|
|
|
|
Com. Reg. No.: |
08-30043 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U15131KA2002PTC030043 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Procuring, Processing and Export of Vegetables [Gherkins] |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1600 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory
track. Directors are reported as
experienced and respectable businessmen.
Trade relations are reported as fair.
Business is active. Payments
are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. V. Nagegauda |
|
Designation : |
Director |
|
Contact No.: |
91-9342138023 |
|
Date : |
14.02.2008 |
LOCATIONS
|
Registered Office : |
16, Ganesh Krupa, Vinayaka Layout, K. R. Puram Extension, Bangalore –
560036, Karnataka, India |
|
Tel. No.: |
91-80-28472614 |
|
Mobile No.: |
91-9845073259 |
|
Fax No.: |
91-80-25615099 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Bidarahalli, Ramapur Road, Virgonagar Post, Bangalore – 560049,
Karnataka, India |
|
Tel. No.: |
91-80-28473214 / 28472614 |
|
Fax No.: |
91-80-25615099 |
|
Area : |
20000 sq. ft. |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Dr. V. Nage Gowda |
|
Designation : |
Director |
|
Address : |
16, Ganesh Krupa, Vinayaka Layout, K. R. Puram Extension, Bangalore –
560036, Karnataka |
|
Date of Birth/Age : |
07.01.1958 |
|
Date of Appointment : |
24.01.2002 |
|
|
|
|
Name : |
Mrs. Preetha |
|
Designation : |
Director |
|
Address : |
16, Ganesh Krupa, Vinayaka Layout, K. R. Puram Extension, Bangalore –
560036, Karnataka |
|
Date of Birth/Age : |
24.05.1967 |
|
Date of Appointment : |
24.01.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Dr. V. Nage Gowda |
|
5000 |
|
Mrs. Preetha |
|
5000 |
|
|
|
|
|
Total |
|
10000 |
BUSINESS DETAILS
|
Line of Business : |
Procuring, Processing and Export of Vegetables [Gherkins] |
|
|
|
|
Exports : |
|
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Vinegar |
|
Countries : |
South Africa |
|
|
|
|
Terms : |
|
|
Selling : |
Advance, L/C [60-90 days] |
|
|
|
|
Purchasing : |
L/C against Sight : Local Purchase – 30 days |
GENERAL
INFORMATION
|
Suppliers : |
|
|
|
|
|
Customers : |
|
|
|
|
|
No. of Employees : |
110 |
|
|
|
|
Bankers : |
Avenue Road Branch, Bangalore – 560002 |
|
|
|
|
Facilities : |
Bank Limits : Rs.12.500 millions |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
B. S. Reddy and Company Chartered Accountants |
|
Address : |
Bangalore – 560004 |
|
|
|
|
Memberships : |
Export Promotion Council |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000 |
Equity Shares |
Rs.10/- each |
Rs.0.400
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.400 |
0.400 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
5.255 |
4.439 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
0.400 |
5.655 |
4.539 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9.755 |
12.095 |
9.966 |
|
|
2] Unsecured Loans |
0.000 |
0.958 |
1.016 |
|
|
TOTAL BORROWING |
9.755 |
13.053 |
10.982 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Profit and Loss Account |
6.472 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16.627 |
18.708 |
15.521 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.870 |
3.212 |
3.429 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.040
|
6.436 |
5.745 |
|
|
Sundry Debtors |
2.826
|
3.837 |
6.274 |
|
|
Cash & Bank Balances |
2.812
|
2.654 |
2.274 |
|
|
Other Current Assets |
0.079
|
0.000 |
0.000 |
|
|
Loans & Advances |
5.383
|
5.738 |
3.029 |
|
Total
Current Assets |
17.140
|
18.665 |
17.322 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
3.451
|
3.079 |
5.312 |
|
|
Provisions |
0.000
|
0.164 |
0.000 |
|
Total
Current Liabilities |
3.451
|
3.243 |
5.312 |
|
|
Net Current Assets |
13.689
|
15.422 |
12.010 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.063 |
0.074 |
0.082 |
|
|
|
|
|
|
|
|
TOTAL |
16.627 |
18.708 |
15.521 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
32.064 |
25.937 |
27.804 |
|
|
Other Income |
3.416 |
2.066 |
0.803 |
|
|
Variation in Stock |
6.040 |
0.691 |
1.362 |
|
|
Total Income |
38.431 |
28.694 |
29.969 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.919 |
0.844 |
0.914 |
|
|
Provision for Taxation |
0.000 |
0.029 |
0.000 |
|
|
Profit/(Loss) After Tax |
0.919 |
0.815 |
0.914 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Purchases Accounts |
20.259 |
14.915 |
14.162 |
|
|
Direct Expenses |
5.150 |
0.000 |
0.000 |
|
|
Transportation Expenses |
0.292 |
0.000 |
0.000 |
|
|
Indirect Expenses |
5.578 |
0.000 |
0.000 |
|
|
Conveyance and Traveling Expenses |
0.162 |
0.000 |
0.000 |
|
|
Factory Maintenance |
0.414 |
0.000 |
0.000 |
|
|
Field Expenses |
0.257 |
0.000 |
0.000 |
|
|
Insurance |
0.163 |
0.000 |
0.000 |
|
|
Interest |
1.108 |
0.000 |
0.000 |
|
|
Miscellaneous Expenses |
0.079 |
0.000 |
0.000 |
|
|
Rent |
0.039 |
0.000 |
0.000 |
|
|
Repairs and Maintenance |
0.068 |
0.000 |
0.000 |
|
|
Galaries |
0.032 |
0.000 |
0.000 |
|
|
Staff Welfare |
0.082 |
0.000 |
0.000 |
|
|
Vehicles Maintenance |
0.195 |
0.000 |
0.000 |
|
|
Manufacturing Expenses |
3.634 |
12.376 |
14.483 |
|
|
Depreciation & Amortization |
0.000 |
0.558 |
0.408 |
|
Total Expenditure |
37.512 |
27.849 |
29.053 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.39
|
2.84 |
3.04 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.87
|
2.94 |
3.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.59
|
3.85 |
4.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
2.30
|
0.14 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
33.01
|
2.88 |
3.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.97
|
5.75 |
3.26 |
LOCAL AGENCY
FURTHER INFORMATION
The concern handled quantity around 4000 MT / Annum
|
Name of the company |
Green Pickles
Private Limited |
|
Presented By |
The Manager,
Canara Bank, Avenue Road, Bangalore – 560002 |
|
1) Date and description of instrument creating the change |
Common hypothecation agreement dated 27th day of May, 2004 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs.11.800 millions FDB / FBE – Rs.10.000 millions TL – Rs.1.800 millions |
|
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 stocks of raw materials, work in process and finished
goods of gherkins, packing materials and other consumables and the present
and future export receivables of the company |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of Interest
8% p.a. Margin 10% |
|
5) Name and Address and description of the person entitled to the
charge. |
Canara Bank Avenue Road
Branch, Bangalore – 560002 |
|
6) Date and brief description
of instrument modifying the charge |
Supplemental Common Hypothecation Agreement dated 30th
December, 2005 |
|
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. |
Cash Credit Limit enhanced from Rs.1.500 millions to Rs.2.500 millions
thereby increasing the overall limit from Rs.13.800 millions to Rs.14.800
millions All terms and conditions and security stated in the Principal
Agreement and Supplemental Agreements stands extended to the enhanced limits |
WEBSITE DETAILS
Subject is a 100% EOU registered on 24.01.02
vide Regn. No. CINU15311KA20012PTC030043 dated 24.01.2002 with Registrar of
Companies, obtained 100% EOU and customs license by 20.03.2002 and registered
with APEDA vide registration no. 150033/2001 dated 6.12.2001 in Bangalore.
The Company has their registered Office at #16, Ganesha Krupa, Vinayaka
Layout, K. R. Puram Extension, Bangalore - 560036 and factory at Bidarahalli,
Rampura Road, Virgonagar Post, Bangalore - 560049, Karnataka, INDIA.
Subject is involved in production, processing and export of Gherkins, Baby
corn, White Onion, Tomato, Chilli, Capsicum and mixed vegetables etc processed
in Vinegar, Acetic Acid and Brine and packed in bulk in HDPE drums as well as
in glass jars and Cans.
The company has the good production capacity and working with a large
network of farmers for the production of crops.
The company has been exporting various products to various buyers in USA,
CANADA, EUROPE and RUSSIA for the past three years. The processing unit is
located in a pleasant atmospheric area at about 22 kms from Bangalore Airport.
The company has been promoted Dr. V. Nage
Gowda and Smt. Preetha Nage gowda as Directors and headed by Dr. V. Nage Gowda
as Managing Director who is having the background and experience in the field
of Vegetables for the past 18 years. The company has well experienced personnel
in managerial capacity, supervisors and labourers.
The company has been recognized as best producers of quality product
both in field and factory, which is an added advantage to improve the
production and export potential.
Dr. V. Nage Gowda is a postgraduate in Horticulture and obtained his Ph. D.
degree in Horticulture. Dr. Nage Gowda has worked in various Organizations in
different capacities and was involved in production of Gherkins, Babycorn,
White Onion and various other fruit and vegetable crops through contract
farming and also processing.
Recently, Dr. V. Nagegowda was honoured with “ NIRYAT SHIROMANI
PURASKAR” award and “GOLD MEDAL” by Indian Council of Small and Medium
Exporters, New Delhi, “ARCH OF EXCELLENCE award and “GOLD MEDAL” by All India
Achiever’s Conference, New Delhi for the outstanding performance in business
during the year 2002-03.
Products:
- Gherkins
Gherkins (Cucumis anguria L.) also called as
Pickling Cucumber belongs to the family Cucurbitaceae. It is a monoceious,
annual, trailing vine with slender, rough hairy stem, tendrils small, leaves
wide, scabrous, deeply three parted, staminate flowers in cluster, pistillate
flowers solitary on a long, hirsute peduncle. Fruit oval to oblong with
greenish stripes and prickly.
The crop can be grown best in loamy soils
rich in organic matter throughout the year. Gherkins contain proteins,
carbohydrates, calcium, and Phosphorous and vitamins. Gherkins are small fruits
grown for consumption as pickles, in various pizzas, salads and dishes.
The crop is harvested depending on the size and grade. The various form of
grades are (number of fruits per kilogram): 300+, 150/300, 120/150, 80/120,
60/80, 30/60. 20/30, 10/20 and 5/10.
The fruits are processed in vinegar, acetic acid and brine. It is packed in
bulk in HDPE drums and in Glass Jars and Cans in the form of whole fruits,
slices, sticks and stackers depending on the Buyers requirement.
Baby corn (Zea mays L.) belongs to the
family Graminaceae grown for its miniature cobs. The plant has conspicuous
nodes in the stem and single leaf in each node. The Baby corn plant grows to a height
of 2.5 mts and above and can be grown in wide variety of soils through out the
year.
Baby corn is a young, soft and small cylindrical cob containing group of
kernels (grains) arranged in an even number of rows. The length of the cob
varies from 4 to 14 cm and diameter from 10 to 17 mm.
The Baby corn contains Carbohydrates, Calcium, Phosphorous, Ion and Vitamins.
It is a low calorie vegetable high in fiber and with out cholesterol. Baby
corns are popular as canned ears, mainly used as decorative, crisp vegetable in
salads, stir-fry dishes, as pickles and also marketed fresh with the husk. The
main customers for this product are high-class restaurants.
Babycorn is processed in vinegar, acetic acid and brine and packed in HDPE
drums in bulk, Jars and cans as per Buyers requirement.
White Onion (Allium cepa L.) belongs to the
family Amaryllidaceae. It is a bulbous crop grown alluvial and loamy soils.
This crop can be grown best during Jan-Feb, June-July and Sept-Oct in India.
Onion is considered as spice and consumed both in mature and immature stages.
White Onions are used in preparation of
soups, sauces, seasoning of foods, and as pickles. Onions are rich in
Carbohydrates, Proteins, fiber and minerals, Vit C, Calcium, Phosphorous and
Iron etc. It has the pungency due to volatile oil allyl-propyl disulphide.
The various grades of white onions are preserved in Vinegar, Acetic acid and
Brine and packed in HDPE drums in bulk and Jars.
- Tomato
Tomato is one of the most important vegetable
crops grown throughout the world. In England it is popularly known as “Love
Apple”. As a processing crop it ranks first among the vegetables. Tomatoes are
grown year round. Tomato is rich source
of carbohydrates, minerals and Vitamins.
The attractive red colour of the fruit is due to Lycopene content. Research
suggests that lycopene may play a role in the fight against cancer, especially
prostrate cancer. It is consumed mostly as salad vegetable with great relish
and tomatoes are canned, sun dried and made into puree, paste, soups,
conserves, ketchup, sauces, juices etc.
The Tomatoes can be packed in glass jars or
Cans as per Buyers requirement.
Mixed vegetables consist primarily of different
kinds of vegetables (carrot, cauliflower, cabbage, capsicum, cucumber, chilli
etc.) cut into pieces and mixed together, and then either served as is or else
cooked.
Vegetables are rich in vitamin A,C and E. They are high in potassium, fiber,
bioflavonoids and other minerals. The vegetables are plant foods served in,
with or after the soup, fish or meat in contrast to fruits, which either
garnish or conclude a meal.
The mixed vegetables will be
preserved in Vinegar or Acetic acid or brine and packed in HDPE drums or in
Glass jars and Cans as per customers requirement.
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.39.65 |
|
UK Pound |
1 |
Rs.77.84 |
|
Euro |
1 |
Rs.57.78 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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/normal. |
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 |
|