MIRA
INFORM REPORT
|
Report Date : |
23.10.2008 |
IDENTIFICATION DETAILS
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Name : |
EXOTIC FRUITS PRIVATE LIMITED |
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Registered Office : |
877, 1st Cross Indiranagar, 1st Stage |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
08.03.1999 |
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Com. Reg. No.: |
08-24875 |
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CIN No.: [Company
Identification No.] |
U15137K1999PTC024875 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRE00651A |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Manufacturing, Trading, Dealing, Exporting and Importing of
Fruit Pulp and Products. |
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 480120 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established
and reputed company having satisfactory track. Directors are reported as
experienced and respectable businessmen. Trade relations are reported as
fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
No 877, 1st Cross Indiranagar, 1st Stage
Bangalore – 560038, Karnataka, India |
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Tel. No.: |
91-80-25203080-82 |
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Fax No.: |
91-80-51161717 |
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E-Mail : |
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Website : |
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Marketing Office : |
423, Sai Commercial Complex, BKS Devshi Marg, Mumbai – 400088 |
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Tel. No.: |
91-22-67550901 |
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Fax No.: |
91-22-67550902 |
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E-Mail : |
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Factory 1 : |
# 4009, Yamuna, 100 Feet Road, Hal II Stage, Bangalore –
560 008, Karnataka |
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Factory 2 : |
Ratnagiri, Maharashtra, India |
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Branches : |
Located at :-Chittor, Andhra Pradesh |
DIRECTORS
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Name : |
Mr. A. Shashidharan |
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Designation : |
Chairman & Managing
Director |
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Address : |
# 54, 14th Cross, 9th
Main, II Stage, Indira Nagar, Bangalore – 560 038, Karnataka |
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Date of Birth/Age : |
05.11.1954 |
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Date of Appointment : |
14.02.2000 |
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Name : |
Mr. R. Chandrasekar |
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Designation : |
Wholetime Director |
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Address : |
# 11A, Jyostsana, Sivaram
Nagar, Ramanathapuram, Coimbatore |
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Date of Birth/Age : |
06.10.1957 |
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Date of Appointment : |
25.03.1999 |
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Name : |
Mr. R. M. Riyaz |
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Designation : |
Director |
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Address : |
# 167/6, 6th Main,
J. P. Nagar, III Phase, Bangalore – 560 078, Karnataka |
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Date of Birth/Age : |
14.12.1944 |
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Date of Appointment : |
25.09.199 |
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Name : |
Mr. Pratik B. Popat |
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Designation : |
Wholetime Director |
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Address : |
# 13C, Sett Minar, Peddar
Road, Mumbai – 400 026, Maharashtra |
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Date of Birth/Age : |
08.03.1966 |
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Date of Appointment : |
25.03.1999 |
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Name : |
Mr. Avinash V. Phirake |
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Designation : |
Director |
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Address : |
# 401, Sneh Regency, 79
Sector, 29, Vashi, Navi Mumbai, Maharashtra |
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Date of Birth/Age : |
14.08.1959 |
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Date of Appointment : |
02.06.2003 |
KEY EXECUTIVES
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Name : |
Ms. Sudha Rani |
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Designation : |
Company Secretary |
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Address : |
17 Nandini Enclave, 1st Floor, Sai Neeladri RMV Extentsion,
II Stage, IIA Main, Bhoopsandra, Bangalore 560004. |
MAJOR SHAREHOLDERS
(As on 29.09.2007)
|
Names of Shareholders |
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No. of Shares |
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Mr. A. Shashidharan |
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1,25,000 |
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Mr. Avinash V. Phirake |
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75,000 |
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Mr. Pratik B. Popat |
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1,25,000 |
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Mr. R M Riyaz |
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50,000 |
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Mr. R H M Kamran |
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25,000 |
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Mr. R. Chandrasekar |
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1,00,000 |
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Total |
|
500000 |
Equity Share Breakup ( Percentage of Total Equity ):
(As on 29.09.2007)
|
Category |
Percentage |
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Directors or relatives of directors |
100.000 |
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Total |
100.000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Trading, Dealing, Exporting and Importing
of Fruit Pulp and Products. |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and OEMs |
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No. of Employees : |
10 |
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Bankers : |
·
Andhra Bank N. R. Road,
Bangalore – 560 002, Karnataka, India. ·
State Bank of India ·
ABN Amro Bank ·
Axis Bank Limited. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ganoba & Bhat Chartered Accountants |
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Address : |
211, Commerce House, 9/1 Cunningham Road, Bangalore 560052 |
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Group Company : |
Exotic Agrofarms Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,00,000 |
Equity Shares |
Rs.10/- Each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,00,000 |
Equity Shares |
Rs.10/- Each |
Rs. 5.000 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 |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
91.024 |
59.807 |
37.127 |
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NETWORTH |
96.024 |
64.807 |
42.127 |
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LOAN FUNDS |
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1] Secured Loans |
43.338 |
96.713 |
74.656 |
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2] Unsecured Loans |
0.000 |
0.000 |
4.946 |
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TOTAL BORROWING |
43.338 |
96.713 |
79.602 |
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DEFERRED TAX LIABILITIES |
3.060 |
2.440 |
1.360 |
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TOTAL |
142.422 |
163.960 |
123.089 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
69.312 |
70.786 |
73.795 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.038 |
0.037 |
0.036 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
37.825
|
53.332 |
20.159 |
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Sundry Debtors |
14.447
|
16.340 |
15.851 |
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Cash & Bank Balances |
11.663
|
8.607 |
3.197 |
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Other Current Assets |
34.491
|
28.997 |
0.000 |
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Loans & Advances |
14.401
|
12.452 |
30.674 |
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Total
Current Assets |
112.827
|
119.728 |
69.881 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
27.404
|
18.101 |
20.623 |
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Provisions |
12.351
|
8.490 |
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Total
Current Liabilities |
39.755
|
26.591 |
20.623 |
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Net Current Assets |
73.072
|
93.137 |
49.258 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
142.422 |
163.960 |
123.089 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
708.603 |
508.472 |
338.209 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
708.603 |
508.472 |
338.209 |
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Profit/(Loss) Before Tax |
39.292 |
18.472 |
7.742 |
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Provision for Taxation |
8.075 |
6.120 |
2.240 |
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Profit/(Loss) After Tax |
31.217 |
12.352 |
5.502 |
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Earnings in Foreign Currency : |
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Total Earnings |
319.684 |
446.426 |
315.664 |
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Imports : |
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Total Imports |
11.682 |
6.286 |
24.914 |
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Expenditures : |
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Financial Charges |
19.784 |
15.362 |
0.000 |
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Depreciation & Amortization |
9.473 |
15.362 |
0.000 |
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Other Expenditure |
640.054 |
459.276 |
330.467 |
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Total Expenditure |
669.311 |
490.000 |
330.467 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
4.40
|
2.43 |
1.63 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.54
|
3.63 |
2.29 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
21.57
|
9.69 |
5.39 |
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Return on Investment (ROI) (PBT/Networth) |
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0.41
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0.28 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.86
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1.90 |
2.38 |
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Current Ratio (Current Asset/Current Liability) |
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2.84
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4.50 |
3.39 |
LOCAL AGENCY FURTHER INFORMATION
The company’s fixed assets of important value includes plant
& machinery, office equipment, computers and vehicle.
Bankers Charges
Report as per Registry
|
Name of the company |
EXOTIC
FRUITS PRIVATE LIMITED |
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Presented By |
EXOTIC
FRUITS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
03 Composite
agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 90.000
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 |
Hypothecation of
all the Present and Future Stocks of Mangoes and Finished Products of Mangoes
in and Form Stored in company premises and in other authorized processing
centre. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest as
applicable Repayment on
demand |
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5) Name and Address and description of the person entitled to the charge. |
Andhra Bank N. R. Road
Branch, Bangalore –
560002 |
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6) Date and brief description of instrument modifying the charge |
27.02.2005 Composite
agreement |
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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. |
Working Capital
limit increased by Rs. 59.000 Millions. Total Working Capital Limit increased
from Rs. 170.000 Millions to Rs. 229.000 Millions FUBP/FUBD Rs. 20.00
Millions and Term Loan of Rs. 28.350 Millions continues. Total limit
increased to Rs. 257.35 Millions. All other Terms, Conditions and Securities
continues for the increased limit. |
Form 8:
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This form is for |
Creation of
charge Modification of
charge |
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Charge
identification number of the modified |
10065380 |
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Corporate
identity number of the company |
U15137KA1999PTC024875 |
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Name of the
company |
EXOTIC FRUITS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No. 877, 1st
A Cross, Indiranagar 1st Stage, Bangalore, Karnataka 560038,
India. |
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Type of charge |
Book Debts Movable Property Immovable
Property |
|
Particular of
charge holder |
Name : Andhra
Bank, Address: N R Road
Branch, Bangalore 560002, Karnataka. E-Mail: Krishnamurthy@gmail.com |
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Nature of description
of the instrument creating or modifying the charge |
·
Composite
Agreement ·
Bill
Agreement ·
Pronote ·
Letter
Evidencing Deposit of Title Deeds (All relates to Single Charge) |
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Date of
instrument Creating the charge |
25.06.208 |
|
Amount secured by
the charge |
Rs 93.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Interest as Applicable form Time to Time (Adhoc
PC/FUBD/FDBP-Rs.620.000 Millions/Adhic FUDP/FDBP Rs.
16.000 Millions Adhoc LC Rs.15.000 Millions) Terms of
Repayment : Repayable on Demand. Margin: Margin
25% on Stocks for PC Extent and
Operation of the charge : 100% Till the Closure of the Loan. |
|
Short particulars
of the property charged |
Hypothecation of
all the Present and future Stock of Raw Materials, Semi Finished Good and
Finished Goods, Packing Materials meant for Export and Extentsion of
Equitable Mortgage of Property situated at Plot No. G-20, Mirjole, MIDC,
Rathnagiri 415639. Belonging to the Company. |
|
Particulars of
the present modification |
Adhoc PC Limit
increased from Rs.50.000 Millions to Rs.62.000 Millions, FUBD/FDBP from
Rs.12.000 Millions to Rs.16.000 Millions and LC Rs.15.000 Millions Continues.
Total Limit increased from Rs.77.000 Millions to Rs.93.000 Millions.
Extension of Equitable Mortgage of property situated at Plot No. G-20,
Mirjole, MIDC, Rathnagiri-415639. All other Terms, Conditions and Securities
Continues for the increased Limit of Rs.93.000 Millions. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.29 |
|
UK Pound |
1 |
Rs.80.40 |
|
Euro |
1 |
Rs.63.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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/normal. |
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 |
|