MIRA
INFORM REPORT
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Report Date : |
19.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHANTHI FORTUNE INDIA PRIVATE LIMITED |
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Formerly Known as : |
ASHWIN POULTRY FARM INDIA PRIVATE LIMITED |
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Registered Office : |
38, Trichy Road, Palladam – 641 664, Tamilnadu. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.08.2005 |
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Com. Reg. No.: |
012037 |
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CIN No.: [Company
Identification No.] |
UO1222TZ2005PTC012037 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBS08490G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Sambhar Powder, Turmeric Powder, Chilli Powder,
Corrinder Powder, Chicken Masala Etc. |
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 1503816 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part a well established group. Subject is doing well in
it’s initial year. Trade relations are fair. Payments are Correct and as per
commitment. The company is doing well. It can be considered good for any normal
business dealings as usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
38, Trichy Road, Palladam – 641 664, Tamilnadu, India. |
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Tel. No.: |
91-4255-252209 / 253/ 236/ 251/ 420 |
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Fax No.: |
91-4255-251419 |
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E-Mail : |
shantifortune@sify.com |
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Corporate Office : |
108/4, II Floor, Race Course, Coimbatore, 641018, Tamilnadu, India. |
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Tel. No.: |
91-422-4393390 |
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Fax No.: |
91-422-2215795 |
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Factory : |
Shanthi Fortune India Private Limited |
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Address : |
Chettipalayam, Selakarichal, Pallayam – 641658. |
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Tel. No.: |
91-954255-2634737, 2634288,265288. |
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Fax No.: |
91-954255 – 265202. |
DIRECTORS
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Name : |
Mr. K Jaya Kumar |
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Designation : |
Director |
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Address : |
No.40, Sivaram Nagar South, Ramanathapuram, Coimbatore, Tamilnadu,
641045. |
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Date of Birth/Age : |
30/04/1949 |
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Date of Appointment : |
01.11.2006 |
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Name : |
Mr. R. Krishnamurthi |
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Designation : |
Managing Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Name of the Allottees As on 1.12.2006 |
No. of Shares |
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R. Krishnamurthi |
2,99,200 |
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K. Vasanthi |
1,00,800 |
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Total |
4,00,000 |
Equity Share Breakup (Percentage of total equity) As on 29.09.2007
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Sr. No. |
Category |
Percentage |
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1. |
Directors of relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Sambhar Powder, Turmeric Powder, Chilli Powder,
Corrinder Powder, Chicken Masala Etc. |
GENERAL
INFORMATION
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Bankers : |
·
Bank of Baroda ·
ING Vysya Bank Limited
219, Arunachalam Road, R S Puram, Coimbatore – 641002,
Tamilnadu, India. |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
R. Maragatham, Chartered Accountant |
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Address : |
1- A, Second Street, Bharathi Nagar, Kamarajar Road, Coimbatore,
Tamilnadu, 641015. |
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Name : |
Anil Nair & Associates |
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Address : |
6, Casa Major Road, Egmore, Chennai, Tamilnadu, 600008. |
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Associates/Subsidiaries
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·
MADHAN AGRO INDUSTRIES INDIA PRIVATE LIMITED |
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SF.
No 218/1, 218/2, Palayakottai Road, Kangayam – 638701. |
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91-4257-224804, 2248803 |
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91-
4257- 224269 |
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SHANTHI AGRO FARMS |
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SF.NO. 259/2, Chettipalayam Road, Karadivavi, Palladam –
641 658. |
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954255-2634737, 2634288, 265288 |
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954255 – 265202. |
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·
NIDHI SPINNING MILLS PRIVATE LIMITED |
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SF.
NO. 326/1, Tirupur Road, Ponneri, Udumalpet. |
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91-4252-224886 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5,000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5,000,000 |
Equity Shares |
Rs. 10/-
Each |
Rs. 50.000 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
50.000 |
6.000 |
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2] Share Application Money |
13.672 |
14.000 |
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3] Reserves & Surplus |
312.322 |
229.213 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
375.994 |
249.213 |
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LOAN FUNDS |
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1] Secured Loans |
666.297 |
512.283 |
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2] Unsecured Loans |
63.587 |
35.100 |
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TOTAL BORROWING |
729.884 |
547.383 |
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DEFERRED TAX LIABILITIES |
39.014 |
13.255 |
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TOTAL |
1144.892 |
809.851 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
473.873 |
243.767 |
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Capital work-in-progress |
35.013 |
27.326 |
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INVESTMENT |
0.041 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
584.738
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266.838 |
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Sundry Debtors |
94.276
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137.998 |
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Cash & Bank Balances |
49.512
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55.155 |
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Other Current Assets |
5.266
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4.420 |
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Loans & Advances |
106.034
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178.332 |
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Total
Current Assets |
839.826
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642.743 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
202.668
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95.560 |
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Provisions |
1.193
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8.425 |
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Total
Current Liabilities |
203.861
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103.985 |
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Net Current Assets |
635.965
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538.758 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
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TOTAL |
1144.892 |
809.851 |
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KEY RATIOS
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PARTICULARS |
31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
0.542
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0.417 |
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Current Ratio (Current Asset/Current Liability) |
4.120
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6.181 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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This form is for |
Creation of Charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
UO1222TZ2005PTC012037 |
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Name of the company |
SHANTHI FORTUNE INDIA PRIVATE LIMITED |
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Address |
93 A, 13, Trichy Road, Palladam, Coimbatore Dist, Tamilnadu, India, 641664. |
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Type of Charges |
v Immovable Property v Book Debts v Movable Property (Not Being Pledge) v Floating Charge v Others |
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Whether consortium finance is involved |
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Whether joint charge involved |
No |
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Number of Charge Holder(s) |
1 |
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Particular of the charge holder |
CIN : 5191KA1930PLC000124 Name : ING VYSYA BANK LIMITED Address : 219, Arunachalam Road, D. B. Road, R S Puram, City : Coimbatore State : Tamilnadu ISO Country Code : IN Pin Code : 64 1002 E-mail ID : coimbatorebr@ingvysyabank.com |
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Nature or description of the instrument creating or modifying the charge |
General Hypothecation Agreement Supplemental Agreement relating to deposit Of title deed Hypothecation Agreement for livestock/Poultry |
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Date of the instrument creating charge |
29/09/2006 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 31.500 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest IVRR-3% p.a. Present IVRR is 13% effective Rate will be 10% p.a. (b) Terms of Repayment Repayable in 28 monthly Installments with 8 Months moratorium (total tenor is 36 months) (c) Margin Nil (d) Extent and Operation of the Charge First Charge on the Current assets, feed Material from time to time. First Charge on Plant and Machinery and Immovable Properties of the Company from Time to time more Specifically detailed in Annexure 1 (e) Others Nil |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.14 |
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UK Pound |
1 |
Rs. 80.41 |
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Euro |
1 |
Rs. 62.59 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
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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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52 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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