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MIRA
INFORM REPORT
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Report Date : |
17.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
VITARICH AGRO FOOD (INDIA) LIMITED |
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Registered Office : |
1, Ganesh Chand Avenue, 5th Floor, Kolkata – 700 013, 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 : |
12.07.2006 |
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Com. Reg. No.: |
110574 |
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CIN No.: [Company
Identification No.] |
U01111WB2006PLC110574 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALV02304B |
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PAN No.: [Permanent
Account No.] |
AACCV2791A |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturer and Supplier of
Rice, Maize and Gram in grit and powder form which are used in various
industries like the extruded snack food industry, confectionery and bakery
industry, namkeen, breweries and also in fisheries. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 73000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company having moderate track. It’s payments are reported
as slow but correct. Scale of operations its small. The company can be considered for small business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. A. K. Chowdhary |
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Designation : |
Director |
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Date : |
15.07.2008 |
LOCATIONS
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Registered Office : |
1, Ganesh Chand Avenue, 5th Floor, Kolkata – 700 013, West
Bengal, India |
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Tel. No.: |
91-33-40037004 / 7005 |
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Fax No.: |
91-33-40037004 |
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E-Mail : |
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Website : |
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Area : |
1200 Sq. ft. |
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Location : |
Rented |
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Factory : |
C4 / C5, Sudharas Food Park, Sankrail, P.O. Dhulagarh, Dist. Howrah –
711 302 |
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Tel. No.: |
91-33-26617888 / 26617999 |
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E-Mail : |
DIRECTORS
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Name : |
Ms. Aakanksha Jain |
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Designation : |
Director |
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Address : |
9, Rowdan Street – Uday Chal, Rowdan Street, Kala Mandir, Kolkata –
700 017, West Bengal, India |
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Date of Birth/Age : |
19.09.1981 |
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Date of Appointment : |
01.08.2007 |
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Name : |
Mr. Amarnath Chowdhary |
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Designation : |
Director |
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Date of Birth/Age : |
60 Years |
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Qualification : |
LLB / CA |
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Name : |
Mrs. Yogita Chowdhary |
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Designation : |
Director |
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Address : |
60 Years |
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Name : |
Mr. Kailash Jain |
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Designation : |
Director |
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Address : |
34 Years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of
Rice, Maize and Gram in grit and powder form which are used in various industries
like the extruded snack food industry, confectionery and bakery industry,
namkeen, breweries and also in fisheries. |
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Products : |
In Rice ·
Rice Grit/Suji ·
Rice Flour In Corn/Maize ·
Maize Grit/Suji ·
Maize Flour ·
Maize Bran In
Gram ·
Gram Grit ·
Gram Flour/Besan |
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Exports : |
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Products : |
Food Stuffs |
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Countries : |
·
Malaysia ·
Jordan ·
South Africa |
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Terms : |
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Selling : |
Cash and Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Credit (30 days / 60 days / 90 days) |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
20 |
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Bankers : |
Union Bank of India Camac Street Branch, 1/1, Camac Street, Kolkata – 700 016, West
Bengal, India |
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Facilities : |
TL, CC – Rs.15.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. Poddar and Company Chartered Accountants |
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Address : |
18/1, M D Road, Kolkata – 700 007, West Bengal, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1450000 |
Equity Shares |
Rs.10/- each |
Rs.14.500
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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14.500 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.001 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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14.501 |
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LOAN FUNDS |
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1] Secured Loans |
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40.892 |
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2] Unsecured Loans |
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10.451 |
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TOTAL BORROWING |
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51.343 |
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DEFERRED TAX LIABILITIES |
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0.006 |
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TOTAL |
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65.850 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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61.284 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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1.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.763 |
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Sundry Debtors |
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4.131 |
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Cash & Bank Balances |
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0.391 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.448 |
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Total
Current Assets |
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7.733 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.317 |
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Provisions |
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0.010 |
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Total
Current Liabilities |
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4.327 |
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Net Current Assets |
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3.406 |
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MISCELLANEOUS EXPENSES |
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0.160 |
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TOTAL |
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65.850 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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4.449 |
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Other Income |
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0.073 |
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Total Income |
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4.522 |
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Profit/(Loss) Before Tax |
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0.017 |
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Provision for Taxation |
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0.016 |
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Profit/(Loss) After Tax |
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0.001 |
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Earnings in Foreign Currency : |
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0.681 |
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Expenditures : |
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Raw Material Consumed |
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3.350 |
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Consumption of stores and spares parts |
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0.057 |
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Increase/(Decrease) in Finished Goods |
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(0.061) |
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Salaries, Wages, Bonus, etc. |
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0.129 |
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Payment to Auditors |
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0.025 |
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Interest |
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0.357 |
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Power & Fuel |
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0.075 |
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Depreciation & Amortization |
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0.151 |
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Other Expenditure |
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0.422 |
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Total Expenditure |
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4.505 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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0.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.02 |
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Return on Investment (ROI) (PBT/Networth) |
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0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.84 |
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Current Ratio (Current Asset/Current Liability) |
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1.79 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
·
Pepsi India
·
Kishley Snacks Product – Kolkata
·
Gee Pee Food Private Limited – Kolkata
Form No. 8
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Corporate identity
number of the company |
U01111WB2006PLC110574 |
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Name of the
company |
VITARICH AGRO FOOD (INDIA) LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
1, Ganesh Chand Avenue, 5th Floor, Kolkata – 700 013, West
Bengal, India |
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This form is for |
Creation of
charge |
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Type of charge |
·
Book debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
Union Bank of India Camac Street Branch, 1/1, Camac Street, Kolkata – 700 016, West
Bengal, India |
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Nature of
instrument creating charge |
Composite
Hypothecation Deed (SD-20) |
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Date of
instrument Creating the charge |
08.03.2007 |
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Amount secured by
the charge |
Rs.55.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest Cash Credit (Hyp) Limit Rs.15.000 millions, Interest @ BPLR + 3.50%
p.a. at monthly rests. Term Loan Limit Rs.40.000 millions, Interest @ BPLR + 4.50% p.a. at
monthly rests. Further Rate of Interest is subject to Bank’s Credit policy fixed from
time to time and RBI directives. ·
Terms of
repayment In terms of the agreement cited under paragraph 8 and including that the Term Loan is repayable
in 60 installments of Rs.0.667 million each, commencing from June 2007 and
Interest is to be served as and when falls due. ·
Margin Cash Credit (Hyp) Limit Rs.15.000 millions, Margin 25% Term Loan Limit Rs.40.000 millions, Margin 25% ·
Extent and operation
of the charge Hypothecation by way of First Charge created on entire existing and
future a) stocks of rice, corn, flour, other raw materials, consumables, WIP,
all snack food items finished / semi finished forms, plant and machineries
etc stored / lying / processed / installed as the case may be and so situated
at C4/C5, Sudharas Food Park, Sankrail, Dhulagarh, Howrah – 711 302 or
elsewhere the same may be stored / lying / processed / installed or are in
course of transit and b) Book Debts. ·
Others To secure the Captioned credit facilities of Rs.55.000 millions,
sanctioned and extended by Union Bank of India, Camac Street Branch to M/S
Vitarich Agro Food (India) Limited, the company inter-alia in terms of the
sanction, has now created charge on its assets as mentioned under paragraph 4
(a), 12(d) and 14 hereunder and as per the agreement cited under paragraph 8
above and all other supporting security documents executed by the company
favouring the bank. |
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Particulars of
the property charged |
Hypothecation by
way of First Charge created on entire existing and future a) stocks of
rice, corn, flour, other raw materials, consumables, WIP, all snack food
items finished / semi finished forms, plant and machineries etc stored /
lying / processed / installed as the case may be and so situated at C4/C5,
Sudharas Food Park, Sankrail, Dhulagarh, Howrah – 711 302 or elsewhere the
same may be stored / lying / processed / installed or are in course of
transit and b) Book Debts. |
Web Details:
Subject with its wide
variety of maize, rice and gram products serves the following industries:
·
Extruded snack food.
·
Beer Industries.
·
Namkeen and Sweets making.
·
Breakfast cereals.
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Confectionery and Bakery.
·
Cattle/horse feed and fisheries etc.
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.43.17 |
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UK Pound |
1 |
Rs.86.46 |
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Euro |
1 |
Rs.68.68 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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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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27 |
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 |
|
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 |
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