MIRA
INFORM REPORT
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Report Date : |
09.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHATHA FOODS PRIVATE LIMITED |
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Registered Office : |
272, Mota Singh Nagar, Jalandhar, Punjab 144001 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.10.1997 |
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Com. Reg. No.: |
16-20578 / 020518 |
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CIN No.: [Company
Identification No.] |
U15310PB1997PTC020578 / U45202PB1997PTC020518 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDC00551F |
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PAN No.: [Permanent
Account No.] |
AAACC9345F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Processed Food |
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 82000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Its profitability is under severe pressure
having huge accumulated losses.
Payments are reported as slow at times. The Company can be considered for small to mediocre business dealings
with slight caution initially. |
LOCATIONS
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Registered Office/Factory : |
272, Mota Singh Nagar, Jalandhar, Punjab 144001, India |
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E-Mail : |
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Website : |
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Corporate Office : |
Vill.Chaundheri, Post Office Dapper, (Chd.- Amb. Road,
Near Lalru), Teh.Dera Bassi, Mohali, Punjab - 140
501, India |
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Tel. No.: |
91-1762-506711 /
506712 / 506713 / 506714 |
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Fax No.: |
91-1762-506717 |
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Corporate Office : |
SCo-8, 1st Floor, Modern Complex, Chandigarh-Ambala
Highway, Zirakpur, District- Mohali140603, Punjab, India |
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Tel. No.: |
91-1762-527921 / 527922 |
DIRECTORS
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Name : |
Mr. Iqbal Singh Chatha |
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Designation : |
Director |
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Address : |
273, Mota Singh Nagar, Jalandhar 144001, Punjab, India |
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Date of Birth/Age : |
14.04.1956 |
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Date of Appointment : |
08.10.1997 |
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Name : |
Mr. Harbhajan Singh |
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Designation : |
Director |
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Address : |
271, Mota Singh Nagar, Jalandhar 144001, Punjab, India |
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Date of Birth/Age : |
25.03.1938 |
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Date of Appointment : |
08.10.1997 |
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Name : |
Mr. Paramjit Singh |
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Designation : |
Director |
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Address : |
272, Mota Singh Nagar, Jalandhar 144001, Punjab, India |
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Date of Birth/Age : |
05.11.1968 |
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Date of Appointment : |
08.10.1997 |
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Name : |
Mr. Gurpreet Singh Chatha |
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Designation : |
Director |
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Address : |
271, Mota Singh Nagar, Jalandhar 144001, Punjab, India |
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Date of Birth/Age : |
03.12.1979 |
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Date of Appointment : |
30.08.2004 |
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Name : |
Mr. Gurcharan Singh Gosal |
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Designation : |
Director |
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Address : |
271, Mota Singh Nagar, Jalandhar 144001, Punjab, India |
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Date of Birth/Age : |
13.02.1950 |
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Date of Appointment : |
01.10.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Paramjit Chatha |
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400500 |
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Harbhajan Chatha |
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80500 |
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Iqbal Chatha |
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401500 |
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Anmoldeep Singh |
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55990 |
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Gurcharan Singh |
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1126503 |
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Mandhir Singh |
|
149980 |
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Balwant Kaur |
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10000 |
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Sukhdeep Kaur |
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20000 |
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Hari Singh |
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116900 |
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Jagir Singh |
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51800 |
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Manjit Chatha |
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79900 |
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Gurmail Singh |
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40000 |
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Jasvir Singh |
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10000 |
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Mandeep Singh |
|
99750 |
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Manjit Bulina |
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48000 |
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Gagan Kang |
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21500 |
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Manjit Singh |
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30000 |
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Harchand Gill |
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47500 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Processed Food |
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Products : |
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GENERAL
INFORMATION
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Customers : |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Walia Jasvir and Associates Chartered Accountants |
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Address : |
Balwant Niwas, Civil Lines, Jalandhar 144001, Punjab, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2911523 |
Equity Shares |
Rs. 10/-
each |
Rs. 29.115
Millions |
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 |
29.115 |
29.115 |
29.115 |
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2] Share Application Money |
0.884 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[13.464] |
[13.905] |
[14.774] |
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NETWORTH |
16.535 |
15.210 |
14.341 |
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LOAN FUNDS |
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1] Secured Loans |
23.516 |
23.164 |
21.709 |
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2] Unsecured Loans |
44.053 |
42.941 |
41.300 |
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TOTAL BORROWING |
67.569 |
66.105 |
63.009 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
84.104 |
81.315 |
77.350 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
67.083 |
63.096 |
61.457 |
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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 |
23.659
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19.929 |
15.934 |
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Sundry Debtors |
16.264
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13.276 |
13.377 |
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Cash & Bank Balances |
1.817
|
0.602 |
0.125 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
6.399
|
5.140 |
4.741 |
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Total
Current Assets |
48.139
|
38.947 |
34.177 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
31.701
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21.836 |
18.284 |
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Provisions |
0.274
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0.034 |
0.000 |
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Total
Current Liabilities |
31.975
|
21.870 |
18.284 |
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Net Current Assets |
16.164
|
17.077 |
15.893 |
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MISCELLANEOUS EXPENSES |
0.857 |
1.142 |
0.000 |
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TOTAL |
84.104 |
81.315 |
77.350 |
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/PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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90.486 |
76.257 |
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Total Income |
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90.486 |
76.257 |
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Profit/(Loss) Before Tax |
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1.505 |
1.208 |
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Provision for Taxation |
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0.274 |
0.034 |
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Profit/(Loss) After Tax |
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1.231 |
1.174 |
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Total Expenditure |
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88.981 |
75.049 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.36
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1.53 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.66
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1.58 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.31
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1.18 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.09
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0.08 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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6.02
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0.08 |
5.66 |
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Current Ratio (Current Asset/Current Liability) |
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1.50
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1.78 |
1.87 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
90178423 |
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Corporate
identity number of the company |
U15310PB1997PTC020578 |
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Name of the
company |
CHATHA FOODS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Jalandhar, Punjab, India |
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Type of charge |
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Particular of
charge holder |
Canara Bank Sector 17-C,
Chandigarh 160017 |
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Nature of description
of the instrument creating or modifying the charge |
Supplemental
hypothecation agreement dated 29.05.2007 |
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Date of
instrument Creating the charge |
29.05.2007 |
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Amount secured by
the charge |
Rs. 33.835
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest As per agreement [b] Terms of
repayment As per Agreement [c] Margin As per Agreement [d] Extent and
operation of the charge As per Agreement |
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Date of instrument
creating the charge |
07.04.2003 |
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Description of
the instrument creating the charge |
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Date of acquisition
of the property |
07.04.2003 |
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Particulars of
the property charged |
1st
charge on all the immovable and movable assets of the company including
current assets, raw materials, stock in process, finish products, ingredients
in favour of Canara Bank, Sector 17-C, Chandigarh |
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Date of latest
modification prior to the present modification |
29.11.2006 |
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Particulars of
the present modification |
The aggregate
limit enhanced to Rs. 33.835 Millions |
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Name of the company |
CHATHA FOODS
PRIVATE LIMITED |
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Presented By |
S. Paramjit
Singh |
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1) Date and description of instrument creating the change |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 7.500
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 |
1st
charge on all the immovable and movable property assets including current
assets Raw material, Stock in process, Finished goods and ingredients in
favour of Canara Bank, Chandigarh |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
2.75% over PLR Minimum 14% Extent of
operation is 100%, Margin 25% Repayable on
demand |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Sector 17-C, Chandigarh |
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6) Date and brief description of instrument modifying the charge |
Supplemental
common hypothecation agreement and agreement for CDB/SDB/BE/ADVANCES NF 457 dated
21.11.2005 alongwith letter of continuity dated 21.11.2005. |
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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. |
Overall limit
enhanced from Rs. 20.500 Millions to Rs. 23.500 Millions by addition of Rs.
3.000 Millions in the under mentioned limits and other limits and terms and
conditions as per agreement dated 26.08.2004 I] Cash credit
limit enhanced from Rs. 15.000 Millions To Rs. 17.000
Millions by addition of adhoc limit of Rs. 2.000 Millions for three months Ii] Cheques
discounting bills enhanced from Rs. 0.500 Millions to Rs. 1.500 Millions |
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. 42.79 |
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UK Pound |
1 |
Rs. 83.77 |
|
Euro |
1 |
Rs. 66.71 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
33 |
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 |
|