MIRA
INFORM REPORT
|
Report Date : |
16.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INDUSS FOOD PRODUCTS AND EQUIPMENT LIMITED |
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Registered Office : |
238/B, Acharaya J C Bose Road, Kolkata-700020, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.05.1987 |
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Com. Reg. No.: |
031664 |
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CIN No.: [Company
Identification No.] |
L35204WB1987PLC031664 |
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Legal Form : |
A Closely Held Public Limited Company |
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Line of Business : |
Manufacturer of Rice Mill Equipment |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 247500 |
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Status : |
Good |
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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. Trade relations are fair. Financial position is satisfactory. Payments
are usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms. |
LOCATIONS
|
Registered Office : |
238/B, Acharaya J C Bose Road, Kolkata-700020, West Bengal, India |
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Tel. No.: |
91-33-22879266 |
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Fax No.: |
91-33-22871874 |
DIRECTORS
|
Name : |
Mr. Vishan Swarup Agarwal |
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Designation : |
Chairman |
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Address : |
Flat No. 3/IA B C Road Tivoli Court Kolkata-700019, West Bengal, India |
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Date of Birth/Age : |
16.02.1916 |
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Date of Appointment : |
26.05.1987 |
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Name : |
Mrs. Shanti Swarup Agarwal |
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Designation : |
Director |
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Address : |
Flat No-12/A B C Road Tivoli Court, Kolkata-700019, West Bengal, India |
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Date of Birth/Age : |
05.09.1951 |
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Date of Appointment : |
26.05.1987 |
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Name : |
Mr. Madhusudhan Mishra |
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Designation : |
Director |
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Address : |
P-218b Lake Terrace Extension, Kolkata-700029, West Bengal ,India |
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Date of Birth/Age : |
16.07.1946 |
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Date of Appointment : |
05.08.1987 |
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Name : |
Mr. Nandan Basu |
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Designation : |
Director |
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Address : |
Basudhara, Vivekananda Road, Pirbiraata, Burdwan-713103, West Bengal,
India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Equity Share Break up
|
Particulars |
Percentage |
|
Nationalised or other banks |
0.12 |
|
Bodies corporate |
11.05 |
|
Directors or relatives of directors |
66.94 |
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Other top fifty shareholders |
21.89 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Rice Mill Equipment |
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Products : |
ITC code:21.06
ITC code:01.05
ITC code:23.09 |
GENERAL
INFORMATION
|
Bankers : |
Andhra Bank, Chowringhee Branch, 58, Chowringhee Road, Kolkata-700071,
West Bengal, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chopra and company (Chartered Accountant) |
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Address : |
133, canning street, Kolkata-700001, west Bengal, india |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
850000 |
Equity Shares |
Rs.10/- each |
Rs.8.500
millions |
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 |
8.500 |
8.500 |
8.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
30.831 |
41.000 |
39.500 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
39.331 |
49.500 |
48.000 |
|
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LOAN FUNDS |
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|
|
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1] Secured Loans |
37.000 |
31.200 |
36.100 |
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2] Unsecured Loans |
7.724 |
12.200 |
14.200 |
|
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TOTAL BORROWING |
44.724 |
43.400 |
50.300 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
84.055 |
92.900 |
98.300 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
47.388 |
57.700 |
56.900 |
|
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Capital work-in-progress |
1.618 |
0.000 |
0.000 |
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INVESTMENT |
9.978 |
8.500 |
8.700 |
|
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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 |
32.071
|
35.000
|
32.300 |
|
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Sundry Debtors |
43.606
|
39.900
|
53.700 |
|
|
Cash & Bank Balances |
3.371
|
3.300
|
3.300 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
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Loans & Advances |
35.823
|
20.300
|
22.200 |
|
Total
Current Assets |
114.871
|
98.500 |
111.500
|
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
82.544
|
67.200
|
75.900 |
|
|
Provisions |
7.256
|
4.600
|
2.900 |
|
Total
Current Liabilities |
89.800
|
71.800
|
78.800 |
|
|
Net Current Assets |
25.071
|
26.700
|
32.700 |
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
84.055 |
92.900 |
98.300 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
417.472 |
360.400 |
295.300 |
|
|
Other Income |
7.482 |
1.400 |
0.200 |
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Total Income |
424.954 |
361.800 |
295.500 |
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|
|
|
|
|
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Profit/(Loss) Before Tax |
5.944 |
2.700 |
5.600 |
|
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Provision for Taxation |
0.000 |
1.100 |
0.000 |
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|
Profit/(Loss) After Tax |
5.944 |
1.600 |
5.600 |
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Expenditures : |
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|
|
|
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Manufacturing Expenses |
0.000 |
18.500 |
15.800 |
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Administrative Expenses |
0.000 |
20.500 |
20.200 |
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Raw Material Consumed |
304.728 |
246.600 |
196.200 |
|
|
Consumption of stores and spares parts |
6.199 |
0.000 |
0.000 |
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Excise Duty |
0.000 |
10.800 |
7.400 |
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|
Salary and Bonus |
10.285 |
0.000 |
0.000 |
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Managerial Remuneration |
0.720 |
0.000 |
0.000 |
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Payment to Auditor |
0.056 |
0.000 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
4.535 |
(2.200) |
(0.300) |
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Employee Cost |
0.000 |
14.600 |
13.300 |
|
|
Interest |
3.496 |
4.800 |
4.800 |
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Insurance expenses |
0.103 |
0.000 |
0.000 |
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Power & Fuel |
2.109 |
6.100 |
4.700 |
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Depreciation & Amortization |
5.737 |
7.000 |
6.300 |
|
|
Miscellaneous Expenses |
90.112 |
32.400 |
21.500 |
|
Total Expenditure |
419.010 |
359.100 |
289.900 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.399
|
0.442 |
1.895 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.424
|
0.749 |
1.896 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.419
|
1.639 |
3.162 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.151
|
0.054 |
0.117 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.420
|
2.327 |
2.689 |
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|
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|
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Current Ratio (Current Asset/Current Liability) |
|
1.279
|
1.372 |
1.415 |
LOCAL AGENCY
FURTHER INFORMATION
OTHER INFORMATION:
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90255434 |
|
Corporate
identity number of the company |
L35204WB1987PLC031664 |
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Name of the
company |
INDUSS FOOD PRODUCTS
AND EQUIPMENT LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
238 B A J C Bose
Road, Kolkata-700020, West Bengal, India |
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Type of charge |
Immovable
property Book debts Movable property Others |
|
Particular of
charge holder |
Name: Andhra Bank Address:
Chowringhee Branch, 58, Choeringhee Road, Kolkata-700071, West Bengal,India Email: bmcal770@andhrabank.co.in |
|
Nature of description
of the instrument creating or modifying the charge |
Composite
agreement dated on 11th January 2008 General form of
guarantee dated 11th January 2008, RF211-A, RF
no.255B Sanction Letter |
|
Date of
instrument Creating the charge |
11.01.2008 |
|
Amount secured by
the charge |
Rs.23.200
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: BMPLR-0.050% + 2%
(for Adhoc OCC limit)=14.50%p.a presently Terms of
Repayment: As per sanction
letter Attach Margin: 25% on RM, FG,
50% on SIP, Packaging Materials and 50% on Book Debts. Extent and
Operation of the charge: This charge shall
operate as first charge on all the present and future stocks of RM.FG of Rice
Division, feeds division and hatchery division, all present and future book
Debts, Flat at Tivoli Court, EMD of land at Bamunari, plant and machinery in
liluha feed units and hatchery unit and shall operate as second charge on
land, building, plant and machinery of ice cream unit at dankuni and land and
building at WBIDC food park, sankrail, Howrah |
|
Short particulars
of the property charged |
Primary- All
Fixed Assets, Raw Material, Finished Goods, Packing Material, Plant and
Machinery and Book Debts Located at Company Rice Mills Division, Feeds
Division and Hatchery Division Both Present and Future. Collateral-EMD
Flat at Tivoli Court, Land at Bamunary in the name of company, Nirmala Sinha
and Sadhana Agarwal, P And M in Liluha Feed and Hatchery Unit, Lien on Term
Deposit, Land, Building, P And M of Ice Cream Unit at Dankuni and Land and
Building at WBIDC Food Park, Sankrail, Hwh. |
|
Date of latest
modification prior to the present modification |
17.08.2007 |
|
Particulars of
the present modification |
By this Modification
the overall Limit increased from Rs.20.000 millions to Rs. 23.200 millions
(present sanction OCC Adhoc Rs. 2.600 millions and PC Adhoc Rs. 0.600 million |
|
Registration no
of company |
31664 |
|
Nominal capital |
Rs.20.000 millions |
|
Particulars of
Charge |
Created by a
company registered in India subject to which property has been acquired by
company registered in India |
|
Name of the company |
INDUSS FOOD
PRODUCTS AND EQUIPMENTS LIMITED |
|
Presented By |
Mr. S.S Aggarwal,
Director |
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1) Date and description of instrument creating the change |
Composite
Agreement dated 17.11.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000 millions
by way of PC/FDBP limit in Rice mill Division |
|
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 |
Co-lateral
security Flat at Tivoli court
Rs. 4.908 millions Land at dankuni
Rs. 3.204 millions Plant and
machinery factory shed at liluah Rs.2.507 millions Lien on term
deposit Rs. 2.000 millions Plant and
machinery of hatchery Rs. 1.363 millions 2nd charge on
plant and machinery Rs. 9.542 millions |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
1.
The PC/FDBP
limit is sanctioned for a period of 2 months against the orders placed by M/s
Meskey and Femtee private limited, Karachi for supply of rice mill machinery.
The order is backed by LC which is confirmed by HSBC bank, Kolkata. 2.
Insurance to
be done for all the primary/ collateral security to its full value with bank
clause. 3.
Modification
of charge to be filed with ROC within
the stipulated time. 4.
You are
required to submit consent letter of the directors/borrower/ guarantors for
disclosure of information of CIBIL in terms of our HO Cir no.310/26/41 dated
15.11.2002 5.
Bank
reserves its rights to alter /cancel and /or modify the limit/ loan
sanctioned and / or terms and conditions stipulated without notice and
without assigning any reasons thereof. 6.
Our bank
name board shall be exhibited at the premises as financiers 10 PC limit would
be allowed against LC which is confirmed by HSBC bank and the limit will be
availed only for the purpose of export. 7.
During the
courrency of our bank finance the company shall not without bank’s permission
in writing effect any change
in company capital structure formulate any
scheme of expansion of acquire fixed assets make investments/
advances or deposits amounts with any other concern enter into
borrowing agreement with any other bank /FI company undertake
guarantee obligation on behalf of the company change in
composition of company board of directors. |
|
5) Name and Address and description of the person entitled to the charge. |
Andhra bank 58,
Chowringhee Road, Calcutta-700071 |
PRESS RELEASE:
Induss
Food in talks to upgrade rice mills
Ambar Singh Roy
KOLKATA, May 9
Induss Food
Products & Equipments Ltd, the country's largest manufacturer of rice mill
equipment, will soon forge a technical collaboration agreement with a European
company for facilitating upgradation of technology in the domestic rice mill
industry.
Talks in this
regard have been initiated and a formal agreement is expected to be reached
soon, according to Mr Shanti Aggarwal, Managing Director of Induss Food
Products & Equipments Ltd. He, however, refrained from mentioning the name
of the overseas collaborator pending formal signing of the agreement.
Mr Aggarwal told Business
Line that market forces have taken over, consequent upon the Central
Government's decision to exempt rice from the purview of the Essential
Commodities Act with effect from April 1.
Quality has emerged
as a key issue and, as such, it would be imperative for rice mills across the
country to upgrade themselves technologically.
The rice milling
equipment market size is put at around Rs 50 crore, and Induss has a share of
20 per cent of this market.
On its part,
Induss is firming up plans to upgrade its rice mill equipment manufacturing
facility here.
The company is
also working on plans to use stainless steel instead of mild steel in
parboiling and drying equipment so that the colour of the rice can be better
retained.
The Government
decision to take rice out of the purview of ECA is expected to result in
greater movement of paddy and rice stocks from one part of the country to
another. Open market sales will gradually become the order of the day even as
bigger players shall mark their entry into the rice business. The quality of
the rice will therefore become a major determinant of sales volumes.
Besides, the
Central Government's decision to withdraw quantitative restrictions on export
of non-basmati rice from India will result in increased rice exports.
It would be
imperative for the rice mill industry to upgrade facilities so that they can
adhere to the strict quality standards of global markets. These quality
standards pertain to quality of the grain and uniformity in colour, shape and
size, among others.
According to Mr
Aggarwal, Induss' was focussed on facilitating technological upgradation of the
domestic rice mill industry with a view to ensuring compliance with global
quality standards. ``These issues cannot be overlooked especially with India's
emergence as a major player in the global rice market'', he said.
The domestic
market, too, is moving towards quality rice. A key indicator in this regard is
the growing demand for branded and packaged rice.
The two-decade-old
Induss Food Products & Equipments is the country's largest manufacturer of
parboiling equipment and mechanical drier plants besides being the only rice
mill manufacturer with a countrywide installed base. It is also the largest
exporter of rice mills from India. A total of 863 Induss plants are installed
in various locations in the country while 31 plants have been exported to
Bangladesh, Nepal, Nigeria, Vietnam and Sri Lanka.
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.42.82 |
|
UK Pound |
1 |
Rs.84.89 |
|
Euro |
1 |
Rs.68.07 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|