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MIRA
INFORM REPORT
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Report Date : |
10.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
AMIRA FOODS (INDIA) LIMITED |
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Formerly Known As : |
AMIRA AGRO SEZ AND INFRASTRUCTURE LIMITED |
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Registered Office : |
B-I/E-28, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi 110044 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.12.1993 |
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Com. Reg. No.: |
55-56536 |
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CIN No.: [Company
Identification No.] |
U74899DL1993PLC056536 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA04837A |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Growing of food grain crops (Cereals and Pulses) |
RATING &
COMMENTS
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MIRAs Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2262484 |
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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 well established company having fine track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Payments are correct and as per commitment. The company can be considered good for any normal business dealings at usual trade terms and conditions. |
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LOCATIONS
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Registered Office : |
B-I/E-28, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi
110044 |
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Tel. No.: |
91-11-46057500 (30 Lines) |
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Fax No.: |
91-11-46057570 |
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E-Mail : |
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Website : |
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Factory : |
21st Mile Stone, Pataudi Road, Gurgaon 1235505, Haryana, India. |
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Tel. No.: |
91 - 124 - 227 6472 / 227 6473 / 227 6474 |
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Fax No.: |
91 - 124 - 227 6482 |
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E-Mail : |
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Corporate Office : |
54, Prakria Marg, Sultanpur Farms, Mehrauli, Post Box No.
10817, New Delhi 110030, India |
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Tel. No.: |
91 11 2680 6346 / 2680 6352 / 2680 6354 / 2680 6979 |
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Fax No.: |
91 11 2680 4282 |
DIRECTORS
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Name : |
Mr. Anil Chanana |
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Designation : |
Chairman-cum-Managing Director |
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Name : |
Mr. Lajpat Rai |
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Designation : |
Director |
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Name : |
Mr. Deepak Talwar |
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Designation : |
Director |
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Name : |
Mr. Anil Gupta |
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Designation : |
Director |
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Address : |
B - 67, Defence Colony, New Delhi 110 024, India |
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Date of Birth/Age : |
28.11.1951 |
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Date of Appointment : |
30.11.2006 |
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Name : |
Mrs. Anita Daing |
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Designation : |
Director |
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Address : |
R -806, New Rajinder Nagar, New Delhi 110 060, India |
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Date of Birth/Age : |
04.12.1953 |
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Date of Appointment : |
24.09.1996 |
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Name : |
Mr. Virender Kumar Chanana |
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Designation : |
Director |
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Address : |
D -79, Gulmohar Park, New Delhi
110 049, India |
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Date of Birth/Age : |
24.01.1939 |
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Date of Appointment : |
04.01.1997 |
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Email: |
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Name : |
Mr. Karan Chanana |
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Designation : |
Director |
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Address : |
36, Chanana Farms, Sultanpur, Prakriti Marg, Mehrauli, New Delhi 110
030, India |
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Date of Birth/Age : |
18.10.1972 |
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Date of Appointment : |
09.06.1994 |
KEY EXECUTIVES
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Name : |
Mr. Paramjeet Singh |
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Designation : |
Secretary |
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Address : |
E -32, Mahipalpur, New Delhi 110 037, India |
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Date of Birth/Age : |
14.12.1975 |
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Date of Appointment : |
19.12.2005 |
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Mobile No.: |
91-9818196211 |
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Email: |
SHAREHOLDING
PATTERN
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Equity Share Break Up (as on 31.03.2007) |
Percentage |
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Foreign holdings
(Foreign institutional investors) foreign companies foreign financial institutions
, non residents or Overseas corporate bodies or others |
19.20% |
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Directors or
relative of directors |
80.80% |
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Total |
100.00
% |
BUSINESS DETAILS
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Line of Business : |
Growing of food grain crops (Cereals and Pulses) |
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Products : |
Basmati Rice, Non Basmati Rice and Others
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PRODUCTION STATUS (as on 31.03.2004):-
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Basmati Rice, Non Basmati Rice and Others |
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Milling |
Tonne |
NA |
103715 |
83608.93 |
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Processing |
Tonne |
NA |
82125 |
57049.41 |
GENERAL
INFORMATION
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Suppliers : |
· R. Agro Industries Shahabad Markanda · Adarsh Ahrt Kencra Bareilly · Avdesh Kuamr Anil Kumar · Balaji Trading Company · Bansal Trading Company · Bhagwati Rice Mill Ferozepur · Dashamesh Enterprises · Durga Trading Company · F. C. I. Rajkot (Jamnagar) · Gajanand Ramanand · Garg Rice Industries · Goyal Enterprises · Gopal Rice Mills Cheeka Paddy · J. P. Agro Tech Private Limited · Jain Traders |
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Customers : |
· Abdul Ghani Muhammed Noorwaliest. · Abdullah Salesh Bakhayel Babtain · La Bawardi Food And Supplies · Boost Nutrition C. V. Belgium · Glolden Grain Company · Kusha Inc. Usa · Kuwait Flour Mills And Bakaries Company · Lustrucru Riz-Semoulerie De Bellevue-Fran · Madinco Sarl (Switzerland) · Riseria C. Pigino And Figlio Srl Italia · Shah Trading Company Limited · Sulaiman Al Namlah Est · A. S. Traders Nicham · Amit Market Pune · Goyal Tracers New Delhi |
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No. of Employees : |
300 |
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Bankers : |
· Canara Bank - Overseas Branch, Amritsar, Karnal, Kurukshetra, Panipat, Rudrarur, Gurgaon, Kaithal, India · State Bank of India Ganshidham, Taran, Viaywada · ICICI Bank · Punjab and Sind Bank, Rudarpur · Syndicate Bank Gurgaon · State Bank of Mysore · State Bank of India, Overseas Branch, Jawahar Vyapar Bhawan 1, Tolstoy Marg, New Delhi -110 001, India · Canara Bank - Overseas Branch, B -39, 1st Floor, Connaught Circus, New Delhi 110 001, India |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name: |
R. N. Marwah and Company Chartered Accountants |
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Address: |
4/80, Janpath, New Delhi 110 001, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity Shares |
Rs. 10/- each |
Rs.200.000 millions |
|
500000 |
Preference shares |
Rs. 100/- each |
Rs. 50.000 millions |
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Total |
Rs.250.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7812500 |
Equity Shares |
Rs. 10/-
each |
Rs.78.125 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 |
78.125 |
120.000 |
120.000 |
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2] Share Application Money |
75.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
412.496 |
332.370 |
278.385 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
565.621 |
452.370 |
398.385 |
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LOAN FUNDS |
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1] Secured Loans |
1744.625 |
1188.932 |
1218.128 |
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2] Unsecured Loans |
187.431 |
288.886 |
43.459 |
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TOTAL BORROWING |
1932.056 |
1477.818 |
1261.587 |
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DEFERRED TAX LIABILITIES |
25.181 |
17.789 |
20.585 |
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TOTAL |
2522.858 |
1947.977 |
1680.557 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
263.308 |
161.921 |
172.802 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.469 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.462 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2175.934
|
1553.141 |
1367.530 |
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Sundry Debtors |
436.673
|
392.546 |
360.590 |
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Cash & Bank Balances |
26.014
|
17.068 |
20.369 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
221.563
|
123.649 |
89.122 |
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Total
Current Assets |
2860.184
|
2086.404 |
1837.611 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
514.627
|
238.914 |
297.002 |
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Provisions |
86.567
|
62.603 |
33.316 |
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Total
Current Liabilities |
601.194
|
301.517 |
330.318 |
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Net Current Assets |
2258.990
|
1784.887 |
1507.293 |
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MISCELLANEOUS EXPENSES |
0.560 |
0.700 |
0.000 |
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TOTAL |
2522.858 |
1947.977 |
1680.557 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
3670.356 |
3092.846 |
2483.117 |
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Other Income |
36.445 |
35.682 |
56.882 |
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Total Income |
3706.801 |
3128.528 |
2539.999 |
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Profit/(Loss) Before Tax |
100.565 |
87.145 |
59.986 |
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Provision for Taxation |
33.390 |
29.905 |
14.892 |
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Profit/(Loss) After Tax |
67.175 |
57.240 |
45.094 |
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Export Value |
2761.441 |
1915.625 |
1841.863 |
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Expenditures : |
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Raw Material Consumed |
923.147 |
802.877 |
547.463 |
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Purchases made for re-sale |
2783.404 |
2071.163 |
1404.111 |
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Consumption of stores and spares parts |
0.000 |
8.193 |
4.657 |
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Increase/(Decrease) in Finished Goods |
[677.076] |
[383.715] |
44.726 |
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Salaries, Wages, Bonus, etc. |
29.855 |
31.255 |
24.520 |
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Managerial Remuneration |
1.320 |
2.340 |
2.698 |
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Payment to Auditors |
1.482 |
1.067 |
0.404 |
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Interest |
159.314 |
96.328 |
70.347 |
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Insurance Expenses |
14.007 |
13.646 |
14.670 |
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Power & Fuel |
0.000 |
38.476 |
34.367 |
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Depreciation & Amortization |
25.232 |
21.650 |
24.175 |
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Other Expenditure |
345.551 |
338.103 |
307.875 |
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Total Expenditure |
3606.236 |
3041.383 |
2480.013 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.81
|
1.83 |
1.78 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.74
|
2.82 |
2.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.22
|
3.87 |
2.98 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.19 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.48
|
3.93 |
3.99 |
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Current Ratio (Current Asset/Current Liability) |
|
4.76
|
6.91 |
5.56 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the
company |
AMIRA
FOODS (INDIA) PRIVATE LIMITED |
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Presented By |
Mr. Dhiraj Kumar
Sinha, Company Secretary |
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1) Date and
description of instrument creating the change |
Deed of guarantee
for overall limit dated 05.08.2005 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 10.170
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 |
Corporate
guarantee of Amira Foods (India) Private Limited for issuance of Bank guarantee
to M/s Indraprasth Premises
Private Limited for Rs. 10.170
millions |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
As per the Deed of guarantee for overall
limit dated 05.08.2005 |
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5) Name and Address
and description of the person entitled to the charge. |
State Bank of India Overseas Branch, Jawahar Vyapar Bhawan 1,
Tolstoy Marg, New Delhi -110 001, India |
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Corporation identity number or foreign company registrations number of
the company |
U74899DL1993PLC056536 |
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Name of the company |
AMIRA FOODS (INDIA) LIMITED |
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Address |
54, Prakria Marg, Sultanpur Farms, Mehrauli, Post Box No. 10817, New Delhi 110030, India |
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This Form is for |
Modification of charge |
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Type of Charges |
· Immovable property · Book Debts · Movable property |
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Particular of the charge holder
|
State Bank of India Address: Overseas Branch, Jawahar Vyapar
Bhawan, 1 Tolstoy Marg, New Delhi 110 001, India Email: atul.singhal@sbi.co.in |
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Nature or description of the instrument creating charge |
· Supplemental agreement of loan for increase in the overall limit · Supplemental agreement of hypothecation of goods and assets for increase in the overall limit · Letter regarding the grant of individual limits with in overall limit · Recital Enhancement. |
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Date of the instrument creating charge |
21.08.2007 |
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Amount Secure by the charge |
Rs. 1023.700 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest Rate of Interest : EPC / FBD/ FBP up to 180 days 3% below SBAR i.e
9.75% p.a, 181-365 days 1.75% below SBAR i.e 11.00% p.a Term Loan / Corporate
loan as per bank guidelines , Stand by line credit as per SBI
Exporter Gold Card Scheme. Terms of repayment: Working capital - Payable on Demand. Term Loan / Corporate Loan Payable as per agreed
terms. Margin: Raw materials / Stock in process / finished goods -25% , FBP / FBD
Nil, Letter of credit / Bank Guarantee -10% Extent and operation of the charge: Extent and operation of the charge -100% Others The above is to secure the credit facilities provided by the bank: EPC / FBP/ FBD # Rs. 600.000 millions , Corporate loan Rs. 18.700
millions , Letter of credit Rs. 50.000 millions, Bank Guarantee Rs.
200.000 millions , Stand by Line of credit Rs. 150.000 millions , totaling
Rs. 1023.700 millions # full interchangeability between EPC /FBP/FBD. Full interchangeability allowed
between LC and BGH Limit. |
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Short particulars of the Property charged |
A security charged for securing working capital limits of Rs. 1000.000
millions First pari passu charge on current assets and second pari passu
charge on entire fixed assets of the company including EM of immovable
properties of the company Security charged for securing term loan of Rs. 23.700 millions First
pari passu charge on fixed assets and second pari passu charge on current
assets of the company. |
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Particulars of the present modification |
The extent and operation of the charge stands enhanced due to increase
in credit facility from Rs. 745.600 millions to Rs. 1023.700 millions. The
enhanced credit facilities are secured by a) working capital: First pari
passu charge on current assets and second pari passu charge on the fixed
assets of the company and b) Term Loan: First pari passu charge on fixed assets and second pari
pari passu charge on current assets more particularly described. |
NOTES:
The company name changed from Amira Agro Sez And
Infrastructure Limited to Amira Foods (India) Limited w.e.f 21.03.2008.
FIXED ASSETS:
- Land
- Factory Building
- Staff Rooms
- Administrative Building
- Plant and Machinery
- Storage Equipment
- Quality Control Equipment and Laboratory Equipment
- Packing and Weighting Equipments
- Generator and Boiler
- Pollution and Fire Control Equipments
- Electrical Pannel and Fitt.
- Office Equipments
- Furniture and Fixture
- Trade Mark
- Vehicle
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 Intl
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 companys 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.42.89 |
|
UK Pound |
1 |
Rs.84.84 |
|
Euro |
1 |
Rs.67.61 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SCs 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 |
|