MIRA
INFORM REPORT
|
Report Date : |
03.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DEVASHREE FOODS PRIVATE
LIMITED |
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Formerly known as : |
CANWOOD MATERIALS MANAGEMENT COMPANY PRIVATE LIMITED |
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Registered Office : |
25, Rajnigandha Shopping Centre, Gokuldham, Goregaon (E) Mumbai
400063, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.06.1982 |
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Com. Reg. No.: |
11 – 27524 |
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CIN No.: [Company
Identification No.] |
U51900MH1982PTC027524 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD09548A |
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PAN No.: [Permanent
Account No.] |
AAACC2407L |
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Legal Form : |
Private limited
liability company. |
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Line of Business : |
Marketing and distribution of food products. |
RATING &
COMMENTS
|
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 130000 |
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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 engaged as commission agents for food products. Trade relations
are fair. Financial position is good. Payments are correct and as per
commitments. The company can
be considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
25, Rajnigandha Shopping Centre, Gokuldham, Goregaon (E) Mumbai
400063, Maharashtra, India |
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Tel. No.: |
91-22-28495461 /
62 |
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Fax No.: |
91-22-28495460 |
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E-Mail : |
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Website : |
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Area : |
Rented |
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Corporate office
: |
25 / 29
Rajanigandha Shopping Complex, Gokuldham, Goregaon (East), Mumbai – 400 063,
Maharashtra, India |
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Branches : |
Located at :-
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DIRECTORS
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Name : |
Mr. Vijay Rathi |
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Designation : |
Director |
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Address : |
B-144, Ramprastha
Colony, Ghaziabad – 201 011, Uttar Pradesh |
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Date of Appointment : |
15.06.2001 |
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Name : |
Mr. Deepak S.
Jain |
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Designation : |
Director |
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Address : |
61/A, Shruti Yashodham, Goregaon (East), Mumbai – 400 063, Maharashtra |
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Date of Appointment : |
09.01.2002 |
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Name : |
Mr. Shamita D.
Jain |
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Designation : |
Director |
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Address : |
61/A, Shruti Yashodham, Goregaon (East), Mumbai – 400 063, Maharashtra |
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Date of Appointment : |
17.01.2002 |
KEY EXECUTIVES
|
Name : |
V. G. Venkatraman
and Company |
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Designation : |
Company
Secretaries |
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Address : |
Room No. 3, First
Floor, Jayanti Apartments, Jatashankar Dossa Road, Mulund West, Mumbai –
400080 |
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Tel. No. : |
91-22-25900639 |
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Mobile No : |
91-9869000467 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 21.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Deepak Jain –
Karta, HUF |
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11115 |
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Mr. Deepak S.
Jain |
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3500 |
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Mr. Santosh
Singania |
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10 |
Equity shares breakup (Percentage of total equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Directors of
relatives of directors |
|
99.46 |
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Others |
|
0.54 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Marketing and distribution of food products. |
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Products : |
Ř
Ghee Ř
Butter Ř
Daily
Whitener Ř
SMP Ř
W.M.P. Ř
Sweet Whey
Powder Ř
Lactose Ř
Fresh Fries Ř
Fresh Gapes Ř
Fresh
Pomegranates Ř
Cheese Ř
Muster Seed Ř
Fenu Greek Ř
IFCMP and
WPC Ř UHT Milk
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GENERAL
INFORMATION
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No. of Employees : |
30 |
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Bankers : |
Oriental Bank of
Commerce Gokuldham,
Goregaon (East), Mumbai – 400 063,
Maharashtra |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. A. Parikh and
Company Chartered
Accountants |
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Address : |
Yusuf Building, 2nd
Floor, 43, M. G. Road, Fort, Mumbai – 400 023, Maharashtra |
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Tel. No.: |
91-22-2041018 /
22043850 |
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Fax No.: |
91-22-22874524 |
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E-Mail : |
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Associates/Subsidiaries : |
Dynamix Dairy
Industries Limited Novel Agro
Products Private Limited CIN No. : U01110MH1994PTC082534 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
734750 |
Equity Shares |
Rs. 10/-
each |
Rs. 7.348
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
7.348 |
7.313 |
1.463 |
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2] Share Application Money |
0.000 |
0.035 |
0.000 |
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3] Reserves & Surplus |
24.565 |
18.624 |
12.942 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
31.913 |
25.972 |
14.405 |
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LOAN FUNDS |
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1] Secured Loans |
0.277 |
0.578 |
0.468 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.277 |
0.578 |
0.468 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
32.190 |
26.550 |
14.873 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.174 |
2.356 |
1.810 |
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Capital work-in-progress |
5.181 |
1.323 |
0.000 |
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INVESTMENT |
4.249 |
12.915 |
2.577 |
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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 |
5.009
|
1.807
|
1.138 |
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Sundry Debtors |
3.090
|
5.643
|
11.612 |
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Cash & Bank Balances |
8.838
|
5.217
|
7.463 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
19.977
|
16.334
|
9.821 |
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Total Current Assets |
36.914
|
29.001
|
30.034 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
11.023
|
7.658
|
12.628 |
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Provisions |
11.305
|
11.387
|
6.920 |
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Total Current Liabilities |
22.328
|
19.045
|
19.548 |
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Net Current Assets |
14.586
|
9.956
|
10.486 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
32.190 |
26.550 |
14.873 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover [including other income] |
126.381 |
202.240 |
103.957 |
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Profit/(Loss)
Before Tax |
9.772 |
18.452 |
11.535 |
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Provision for
Taxation |
0.000 |
6.810 |
4.255 |
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Profit/(Loss)
After Tax |
9.772 |
11.642 |
7.280 |
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Export Value |
NA |
NA |
52.959 |
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Import Value |
NA |
NA |
2.158 |
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Expenditures |
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Interest |
0.039 |
0.053 |
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Depreciation |
1.185 |
0.532 |
92.422 |
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Other expenditure |
115.385 |
183.203 |
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Total Expenditure |
116.609 |
183.788 |
92.422 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
7.73
|
5.76
|
7.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.73
|
9.12
|
11.10 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
21.67
|
56.46
|
36.22 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.71
|
0.80 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.71
|
0.76
|
1.39 |
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Current Ratio (Current Asset/Current Liability) |
|
1.65
|
1.52
|
1.54 |
LOCAL AGENCY
FURTHER INFORMATION
History
Subject was
incorporated on 24th June, 1982 at Mumbai in Maharashtra under the name
and style of Canwood Consumer Sales Private Limited having Company Registration
Number 27524.
The name of the
company has changed to the Canwood Auto & Appliances Private Limited. Again
the name of the company has been change to Canwood Materials Management Company
Private Limited.
Again the name of
the company has been changed to the present w.e.f. 05.07.2001.
The Registered
Office of the company has been shifted from 25 / 29 Rajanigandha Shopping
Complex, Gokuldham, Goregaon (East),
Mumbai – 400 063, Maharashtra, India to the present
address w.e.f. 02.01.2008
Fixed
Assets
Ř
Furniture and
Fixtures
Ř
Office
Equipments
Ř
Computers
Ř
Vehicles
Bankers Charges
Report as per Registry
|
Name of the company |
CONWOOD AUTO AND
APPLIANCES PRIVATE LIMITED |
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Presented By |
CONWOOD AUTO AND
APPLIANCES PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Hypothecation Agreement for Cash Credit facility dated 19.09.1989
entered into between Conwood Auto and Appliances Private Limited (Borrower)
and Oriental Bank of Commerce, Gokuldham, Goregaon (East) Bombay. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.500 Million |
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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 |
1) All products,
good and movable property of any kind such as Two-wheelers, Airc-onditioners,
compressors, refrigerators of belonging to the company which now or
hereinafter from time to time during this security shall be brought in,
stored or be in or about the Company’s premises or godowns at Bombay or
Wherever else. 2) First Charge
of all present and future Book Debts, outstandings, decrees, moneys
engagements, securities, investments, Bank Deposits, right and other movable
assets. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
1) Interest at
the rate of 6.5% p.a. over RBI rate with minimum of 16.5% 2) Interest
payable quarterly; 3) Amount
repayable quarterly; 4) Borrower to
insure goods for full market value against risk of fire, war, riots, civil
commotion, etc. 5) 25% margin on
stocks; 6) 50% margin on
Book Debts. |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce, Gokuldham, Goregaon (East) Bombay – 400 063 |
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6) Date and brief description of instrument modifying the charge |
Supplemental
Agreement of Hypothecation of Goods and Book Debts dated 20.04.1990 |
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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. |
The original Cash
Credit hypothecation limit of Rs.1.500 Million with a sub- limit of Rs. 0.250
Million against Book Debts vide principal hypothecation agreement dated
19.09.1989 is enhanced vide supplemental Agreement of Hypothecation of Goods
and book debts dated 20.04.1990 to Rs. 3.500 Million with a sub-limit of Rs.
0.500 Million against Book Debts.
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AS PER WEBSITE
Commencing operations as recent as 2001, Subject has rapidly developed its business of marketing and distribution of food products all over the world.
Subject has a unique business
model which stems from its deep understanding of the challenges and
opportunities at every step of the food chain - from farm to consumption. The
team members have extensive experience in the farm, processing and marketing
sectors. They have been able to successfully aggregate the learnings from these
experiences in creating and managing our unique business construct.
Subject is organized into three
separate divisions:
- Food Ingredients
- Food
Services
- Consumer
Products
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.65 |
|
UK Pound |
1 |
Rs.80.35 |
|
Euro |
1 |
Rs.62.78 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
56 |
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 |
|