MIRA
INFORM REPORT
|
Report Date : |
25.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MIRHA EXPORTS PRIVATE LIMITED |
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Registered Office : |
6071, Nawab Road, Basti Harphool Singh, Sadar Bazar, New Delhi –
110006 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.09.1997 |
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Com. Reg. No.: |
55-89573 |
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CIN No.: [Company
Identification No.] |
U63022DL1997PTC089573 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM08606D |
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PAN No.: [Permanent
Account No.] |
AAACM8612P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Exporters of Fresh and Fresh Frozen Foods |
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 190648 |
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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 well – established and reputed company having
satisfactory track. 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. |
LOCATIONS
|
Registered Office : |
6071, Nawab Road, Basti Harphool Singh, Sadar Bazar, New Delhi –
110006, India |
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Tel. No.: |
91-11-23524295/ 23524029/ 2367758/ 65185534 |
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Mobile No.: |
91-9810119543/ 9873339887 |
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Fax No.: |
91-11-2634938 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Shuab Ahmed Qureshi |
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Designation : |
Director |
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Address : |
6066, Nawab Road, Basti Harphool Singh, Sadar Bazar, Delhi, India |
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Date of Birth/Age : |
10.08.1968 |
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Date of Appointment : |
11.09.1997 |
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Name : |
Mr. Qaiser Hussain |
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Designation : |
Director |
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Address : |
6062, Nawab Road, Basti Harphool Singh, Sadar Bazar, Delhi, India |
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Date of Birth/Age : |
20.03.1966 |
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Date of Appointment : |
02.05.2003 |
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Name : |
Mr. Qureshi Kahkashan |
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Designation : |
Board of Director |
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Address : |
6062, Nawab Road, Basti Harphool Singh, Sadar Bazar, Delhi, India |
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Date of Appointment : |
01.10.2004 |
KEY EXECUTIVES
|
Name : |
RMG and Associates |
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Designation : |
Company Secretary |
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Address : |
207, Suchet Chambers, 1224/5, Bank Street, Karol Bagh, New Delhi –
110005, India |
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Tel No.: |
91-11-28752857 |
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Fax No.: |
91-11-45042509 |
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Mobile : |
91-9212221110/ 9868113870 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Shuab Ahmed |
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123490 |
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Mr. Qaiser Hussain |
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103500 |
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Mr. Qureshi Zareen |
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62500 |
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Mr. Afroz Beegum |
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8500 |
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Mr. Mohd Ziauddin Zia |
|
7010 |
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Mr. Mohd Kamil |
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200000 |
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Mrs. Arshia |
|
507010 |
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Mr. Qureshi Kahkashan |
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3500 |
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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 : |
Exporters of Fresh and Fresh Frozen Foods |
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Products : |
·
Livestock Raw Meat ·
Fresh Meat ·
Frozen Meat ·
Sheep Meat ·
Buffalo Meat. |
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Brand Names : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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GENERAL
INFORMATION
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Bankers : |
International Banking
Branch, Parliament Street, New Delhi – 110001, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Duggal Kundra and Associates Chartered Accountant |
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Address : |
301, Neel Kanth Plaza, Road No.44, Pitampura, New Delhi – 110034,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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1250000 |
Equity Share |
Rs.10/- each |
Rs.12.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1185000 |
Equity Share |
Rs.10/- each |
Rs.11.850 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 |
11.850 |
11.850 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
35.812 |
27.021 |
20.971 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
47.662 |
38.871 |
30.971 |
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LOAN FUNDS |
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1] Secured Loans |
47.163 |
5.058 |
21.007 |
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2] Unsecured Loans |
1.907 |
8.476 |
8.570 |
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TOTAL BORROWING |
49.070 |
13.534 |
29.577 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
96.732 |
52.405 |
60.548 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
66.787 |
61.504 |
59.696 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
24.338
|
37.223 |
22.314 |
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Sundry Debtors |
91.872
|
49.445 |
56.872 |
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Cash & Bank Balances |
6.444
|
10.876 |
23.241 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
16.591
|
14.999 |
7.988 |
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Total
Current Assets |
139.245
|
112.543 |
110.415 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
102.131
|
114.580 |
103.964 |
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Provisions |
7.234
|
7.154 |
5.705 |
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Total
Current Liabilities |
109.365
|
121.734 |
109.669 |
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Net Current Assets |
29.880
|
(9.191) |
0.746 |
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MISCELLANEOUS EXPENSES |
0.065 |
0.092 |
0.106 |
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TOTAL |
96.732 |
52.405 |
60.548 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1172.660 |
966.704 |
873.925 |
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Other Income |
12.380 |
9.190 |
7.071 |
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Total Income |
1185.040 |
975.894 |
880.996 |
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Profit/(Loss) Before Tax |
13.506 |
10.118 |
11.939 |
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Provision for Taxation |
4.714 |
4.068 |
2.341 |
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Profit/(Loss) After Tax |
8.792 |
6.050 |
9.598 |
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Export Value |
1149.214 |
956.167 |
873.047 |
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Import Value |
NA |
NA |
NA |
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Expenditures : |
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Financial Charges |
5.397 |
3.586 |
3.759 |
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Depreciation & Amortization |
6.147 |
6.496 |
3.167 |
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Other Expenditure |
1159.990 |
955.694 |
862.131 |
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Total Expenditure |
1171.534 |
965.776 |
869.057 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.74
|
0.62 |
1.09 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.15
|
1.05 |
1.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.55
|
5.81 |
7.02 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.26 |
0.38 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.32
|
3.48 |
4.50 |
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Current Ratio (Current Asset/Current Liability) |
|
1.27
|
0.92 |
1.01 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate identity
number (CIN) Foreign company registration number |
U63022DL1997PTC089573 |
|
Name of the
Company |
MIRHA EXPORTS PRIVATE LIMITED |
|
Address |
6071, Nawab Road, Basti Harphool Singh, Sadar Bazar, New Delhi –
110006, India |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
Immovable
Property |
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Particulars of
the charge holder |
Bank of Baroda International
Banking Branch, Parliament Street, New Delhi – 110001, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Supplemental
Memorandum of Entry (3 Nos) |
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Date of the
instrument creating or modifying the charge |
15.02.2007 |
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Amount secured by
the charge |
Rs.52.700
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: As per Annexure –
A Term of
repayment: As per Annexure –
A Margin: As per Annexure –
A Extent and
operation of the charge 100% Others: To extend
additional security of equitable mortgage of immovable properties of the
company to enhanced/ revised credit facilities of Rs.52.700 Millions |
|
Short particulars
of the property charged (including location of the property) |
As per Annexure –
B |
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Particular of the
present modification |
Annexure – C
attached |
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Name of the company |
MIRHA EXPORTS PRIVATE LIMITED |
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Presented By |
Bank of Baroda International
Banking Branch, Parliament Street, New Delhi |
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1) Date and description of instrument creating the change |
Composite
Hypothecation Agreement dated 22.09.2004, Registered on 11.10.2004, Modified
on 23.09.2004 for additional security of equitable mortgage of landed
properties of the company situated at Village Shekhupur Kichra, Pragna Dasna,
Tehsil Hapur, District Ghazibad (P) for FEP/FBD limit of Rs.25.000 Millions,
Modification also registered on 11.10.2004. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.25.000
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
the Following: Stock of raw materials,
work in process, semi finished goods and finished goods such as raw materials
of rubber bushes, sheet rental components, steel pipe, rubber rice roller
etc. now lying or hereafter stored at company’s premises or at any other
place including those in transit. All present and
future book debts, outstanding, monies receivables, claims, bills, contracts,
engagements and securities. All tangible
movable machinery and plant, vehicles, spares. Tools and accessories and
other movables both present and future and the furniture, fixture, fittings,
office equipments installed/stored/kept or to be installed/stored/kept at
company’s work al 34-B, Site-IV, Sahibabad Industrial Area, Sahibabad,
Ghazabad (Uttar Pradesh), or wherever it may be. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to
secure all amounts payable under FBP/FBD limit of Rs.25.000 Millions granted
to the company together with all interest, costs charges, expenses etc. Interests to be
charged as detailed in first schedule of the agreement subject to charges
made by RBI Bank from time to time. Margin 25% incase of absence of EDGC
buyer wise cover for export against confirmed orders. Payable on demand. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda International
Banking Branch, Parliament Street, New Delhi |
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6) Date and brief description of instrument modifying the charge |
Memorandum of
Entry dated 31.01.2005 |
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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. |
All amounts
payable under FBP/FBD limit of Rs.25.000 Millions together with all interest,
costs charges, expenses etc. Stands furniture additionally secured equitable
mortgage of landed properties situated at Plot No.B-36, Site IV, Sahibabad
Industrial Area, Sahibabad, Ghazabad (Uttar Pradesh), admeasuring 7210.00 sq.
yards or thereon or together with all buildings and structures now standing
thereon to be erected hereafter and all plant and machinery attached to the
earth or permanently fastened to anything attached to the earth both present
and future. Other terms and
conditions remained the same. |
Profile:
The company has direct contact to the network of major
government Abattoirs in the northern regions of India. The company is ideally
positioned to purchase best of slaughtered buffalo carcasses and supply a wide range
of meat products world-wide and process at par with international markets.
The Company processing unit has the monthly capacity to
produce Boneless meat of 3000 Mtons. The unit is approved by APEDA Ministry of
Commerce, Government of India. The goods produced are supplied principally to
direct importers, catering industry, supermarkets and Wholesalers directly from
factory.
Large-scale customers from major countries world wide, regularly keep out stock
turning over and guarantee the freshness and high quality meat for which they
are distinguished. The daily task involves stiff control over all purchasing
and deliveries, stock levels, product line, packaging, documentation,
special customer formalities and transport.
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.39.98 |
|
UK Pound |
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.59.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
55 |
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 |
|