MIRA
INFORM REPORT
|
Report Date : |
22.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MAAGRITA EXPORTS LIMITED |
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Registered Office : |
New No. 128, Old No. 26, Halls Road, Kilpauk, Chennai 600 010,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.04.2004 |
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Com. Reg. No.: |
53001 |
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CIN No.: [Company
Identification No.] |
U51229TN2004PLC053001 |
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IEC No.: |
0404020704 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEM06979A |
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PAN No.: [Permanent
Account No.] |
AADCM8770F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Fresh Fruits, Fresh Vegetables and
Processed Products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
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 510000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company. Trade relations are fair.
Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Edward Pandian |
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Designation : |
Marketing Manager |
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Name : |
Mr. Ramesh |
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Designation : |
Accounts Manager |
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Date : |
22.05.2008 |
LOCATIONS
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Registered Office : |
New No. 128, Old No. 26, Halls Road, Kilpauk, Chennai 600 010,
Tamilnadu, India |
|
Tel. No.: |
91-44-26441622/ 26602103 |
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Mobile No.: |
91-9840556958 / 9790967234 |
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Fax No.: |
91-44-26441641 |
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E-Mail : |
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Website : |
http://www.indiamart.com/maagrita
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Area : |
3000 sq. ft. |
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Location : |
Leased |
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Head Office : |
122, Halls Road, Kilpauk, Chennai 600 010, Tamilnadu, India |
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Tel. No.: |
91-44-26441622 |
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Factory 1 : |
No. 45, SIPCOT, Nilakottai Industrial Complex, Pallapati Post,
National Highway – 7, Dindigul 624 201, Tamilnadu, India |
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Tel. No.: |
91-4543-291228 |
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Area : |
8.5 acres |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Paul Pandian |
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Designation : |
Chairman and Managing Director
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Address : |
6807, Wander Place, Dallas, Texas 75230 USA |
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Date of Birth/Age : |
07.06.1938 |
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Qualification : |
M.S. in Engineering from the Syracuse University and an
MBA from the Wharton School, University of Pennsylvania |
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Date of Appointment : |
20.04.2004 |
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Name : |
Dr. R. Irulappan |
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Designation : |
Director |
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Address : |
No. 76, Max Worth Nagar, Phase 1, Chennai 602 101, Tamilnadu, India |
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Date of Birth/Age : |
30.05.1941 |
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Date of Appointment : |
20.04.2004 |
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Name : |
Mr. Divakar R. Kamath |
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Designation : |
Director |
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Address : |
2435, North Central Expressway, Suite 200, Richardson, Texas 75080 USA |
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Date of Birth/Age : |
09.05.1947 |
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Date of Appointment : |
20.04.2004 |
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Name : |
Mr. P. Ramachandran |
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Designation : |
Director |
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Address : |
3/ 514, Guru Peetam Street, Surveyor Colony, Madurai 625 007,
Tamilnadu, India |
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Date of Birth/Age : |
05.07.1941 |
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Date of Appointment : |
01.06.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Edward Pandian |
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Designation : |
Marketing Manager |
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Name : |
Mr. Ramesh |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Andrews Sundararajan |
|
10 |
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Dr. R. Irulappan |
|
10 |
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Mr. Kirubakaran Kulasekara Pandian |
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10 |
|
Mr. Edward Pandian |
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10 |
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Mr. Joseph Enok |
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10 |
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Mr. Arun Veerappan |
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10 |
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Mr. Paul Pandian |
|
4940 |
As on 30.09.2007
|
Names of Shareholders |
|
Percentage of
Holding |
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Foreign Holdings
[Foreign Institutional Investor(s), Foreign Companie(s), Foreign Financial
Institution(s), Non-Resident Indian(s), or Overseas Corporate Bodies or
Others] |
|
99.90 |
|
Directors or Relatives of Directors |
|
0.10 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Fresh Fruits, Fresh Vegetables and
Processed Products. |
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Products with ITC Code : |
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Brand Names : |
“MAAGRITA” |
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Exports : |
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Products : |
All Products |
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Countries : |
Far East, Middle East, Europe |
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Imports : |
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Products : |
Machinery |
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Countries : |
South Africa, US, Australia, Nederland |
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Terms : |
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Selling : |
L/C, Cash and Credit upto 60-90 days basis |
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Purchasing : |
Cash and Credit upto 30 days and advance basis |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
Around 275 [In Office – 25 and In Factory – 250] As said by Mr. Edward, during season the number of employees should be
double and work goes in two shifts. |
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Bankers : |
Indian Overseas Bank, Adiyar Branch, Chennai, Tamilnadu, India HDFC Bank Limited, Kellis Branch, Chennai, Tamilnadu, India |
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Facilities : |
The company enjoys some facilities of loan against security Rs. 10.000
millions from HDFC Bank Limited. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K Sundaram and Narayan Mr. Meenatchi Sundaram Chartered Accountants |
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Address : |
18, Balaiah Avenue, Chennai 600 004, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,386,548 |
Equity Shares |
Rs. 10/- each |
Rs. 123.865 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
123.865 |
123.865 |
55.891 |
|
|
2] Share Application Money |
40.131 |
4.419 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(36.874) |
(0.250) |
0.000 |
|
|
NETWORTH |
127.122 |
128.034 |
55.891 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.250 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.250 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
127.122 |
128.384 |
55.891 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
108.059 |
16.519 |
6.076 |
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Capital work-in-progress |
0.000 |
84.981 |
27.907 |
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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 |
1.431
|
0.589 |
0.000 |
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Sundry Debtors |
7.271
|
0.002 |
0.000 |
|
|
Cash & Bank Balances |
7.821
|
5.048 |
12.335 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
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|
Loans & Advances |
3.120
|
2.815 |
6.971 |
|
Total
Current Assets |
19.643
|
8.454 |
19.306 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
1.136
|
1.541 |
0.568 |
|
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Provisions |
0.153
|
0.481 |
0.000 |
|
Total
Current Liabilities |
1.289
|
2.022 |
0.568 |
|
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Net Current Assets |
18.354
|
6.432 |
18.738 |
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MISCELLANEOUS EXPENSES |
0.709 |
20.352 |
3.170 |
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TOTAL |
127.122 |
128.384 |
55.891 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
15.142 |
0.153 |
|
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Other Income |
|
0.265 |
0.000 |
|
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Total Income |
|
15.407 |
0.153 |
|
|
|
|
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|
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Profit/(Loss) Before Tax |
|
(36.605) |
(0.250) |
|
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Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
(36.605) |
(0.250) |
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|
|
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Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
7.320 |
0.382 |
|
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Salaries, Wages, Bonus, etc. |
|
3.541 |
0.000 |
|
|
Managerial Remuneration |
|
0.200 |
0.000 |
|
|
Payment to Auditors |
|
0.030 |
0.012 |
|
|
Interest |
|
0.059 |
0.000 |
|
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Insurance Expenses |
|
0.237 |
0.000 |
|
|
Depreciation & Amortization |
|
15.042 |
0.000 |
|
|
Other Expenditure |
|
25.583 |
0.009 |
|
Total Expenditure |
|
52.012 |
0.403 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
(237.59) |
(163.40) |
-- |
|
|
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(237.59) |
(163.40) |
-- |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(28.66) |
(0.22) |
-- |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.28) |
(0.01) |
-- |
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|
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|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.01
|
1.02 |
1.01 |
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
15.24
|
4.18 |
33.99 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL
ACCEPTANCE CHART:
|
Parameters |
Details |
|
|
|
|
Central Tax Registration |
821535 (dated 24.02.2005) |
|
Sales Tax Registration |
33101122084 |
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Service Tax Registration |
AADCM8770FST001 |
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VAT/ TIN Registration |
33101122084 |
|
Excise Registration |
AADCM8770FXM001 |
|
Name of Bank |
India Overseas Bank HDFC Bank Limited |
|
Current Account Number |
2680 01242050000076 |
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Account Since |
Since 2004 both the bankers |
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Employee PF Registration Number |
TN/MD/57690 |
|
IndiaMart Client Since |
Since 2 Years |
|
Year of Establishment |
2004 |
|
SSI Registration |
Yes – 4690/SIA/IMO/2004 |
|
Export Promotion Council |
Yes – 153500 |
|
Chambers of Commerce Membership |
Yes |
|
Government Recognized Export House Status |
No |
|
Quality Management Systems |
FIAACT Certificate |
|
Environment Management Systems |
Yes |
|
Other Certificates |
Air and Water Pollution Certificates from Tamilnadu Pollution Control
Board (Government of Tamilnadu) |
AS PER WEB:
Profile
Subject offers a huge bouquet of farm fresh fruits and vegetables, dehydrated
products and other delicious processed food products like pickles, chutneys,
purees /pulps, juices, fruit slices, chunks and jams.
Maagrita’s produce is grown in lush green farms located in six districts
envisaged by AEZ . They believe in bringing they the best pick of the farm by
working with the farmer’s right from the seedling stage and providing training
and facilities to bring out a rich harvest that meets international standards.
Dehydrated products are produced under controlled conditions of temperature and
humidity and not sun dried helping to preserve the goodness of their flavor,
color and nutrients. Artificial preservatives are not added. Their Processed
products use traditional recipes that are healthy, nutritious and tasty.
The main advantage with Maagrita is:
- They fresh
and processed products under one brand under one roof
- Control from
farm until the product reaches the customer
- World class
facility for packing/processing
- Traceability upto
farm level meeting fod safety requirements
- Capability to
meet customers tailor made requirements
- Adherence to
Quality and food safety norms
- Well
qualified and experienced technical personnel
Promoters
Subject, the private Promoters of Agri Export Zone- Mango Tamilnadu is
promoted by Transglobal Technologies Inc., based at Dallas, USA by Mr.Paul
Pandin- a NRI and also the Chairman of Transglobal Technologies Inc.
When Ministry of Commerce under Government of India through APEDA mooted the
concept of Agri Export Zone, the State Government of Tamilnadu through
Department of Agri Marketing and Agri Business had selected Transglobal
Technologies Inc as the Private Promoter.
The Agri Export zone is situated at Nilakottai, Sipcot Industrial Complex, at
Pallapatti, Dindigul District, Tmailnadu. The project outlay is Rs.Ten crores.
The project is mainly envisaged to promote Fruits and Vegetable Export covering
six districts of Taailnadu namely Dindigul District, Madurai, Theni,
Tirunelveli, Virudhunagar and Kanyakumari.
Maagrita has a world-class infrastructure with a state-of-the-art plant at
Nilakotta Food park, Sipcot Industrial Complex near Madurai. The produce is
grown in the Agri Export Zone (AEZ) and Maagrita is involved at every stage
from planting seedlings, harvesting to packaging and transportation to ensure
that international quality standards are met.
This project is a joint venture between Maagrita Exports Limited and the Agri
Export Zone (AEZ). The AEZ falls under the Agricultural and Processed Foods
Export Development Authority (APEDA) of the Ministry of Commerce, Government of
India. Maagrita is the private promoter and is deeply involved in this project.
Its parent company is Transglobal Technologies Inc, a global telecom solutions
provider headquartered in Dallas, Texas. It provides mission critical telecom
software development services and hardware solutions to leading telecom
equipment manufacturers, carriers and service providers.
At the helm of Maagrita is Paul Pandian, Chairman who is also the President of
Transglobal Technologies. He uses his rich business experience to lead the
company in the right direction. He holds an M.S. in Engineering from the
Syracuse University and an MBA from the Wharton School, University of Pennsylvania.
The Directors are Divakar R. Kamath who brings with him wide business expertise
and is also a Director at Axes Technologies Inc, USA and Dr,.R. Irulappan who
was a Former Dean, Horticulture Dept at the Tamilnadu Agriculture University,
Coimbatore. Both of them have profound knowledge and practical experience in
these areas.
Maagrita has a world-class infrastructure with a state-of-the-art plant at
Nilakotta Food park, Sipcot Industrial Complex near Madurai. The produce is
grown in the Agri Export Zone (AEZ) and Maagrita is involved at every stage
from planting seedlings, harvesting to packaging and transportation to ensure
that international quality standards are met.
International
Standards
They maintain Indian and world class standards like ISO9001:2000, ISO
14000, HACCP, EUREPGAP.
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.42.72 |
|
UK Pound |
1 |
Rs.83.96 |
|
Euro |
1 |
Rs.66.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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 |
|