MIRA
INFORM REPORT
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Report Date : |
27.10.2008 |
IDENTIFICATION DETAILS
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Name : |
ANMOL BISCUITS LIMITED |
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Registered Office : |
229, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.09.1993 |
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Com. Reg. No.: |
21-60191 |
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CIN No.: [Company
Identification No.] |
U15412WB1993PLC060191 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALM02598B |
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PAN No.: [Permanent
Account No.] |
AACCA2158A |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturer of Biscuits |
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 260000 |
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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 and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED BY
|
Name : |
Mr. Ramesh |
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Designation : |
Accounts Officer |
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Contact No.: |
91-9831664776 |
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Date : |
25.10.2008 |
LOCATIONS
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Registered Office : |
229, |
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Tel. No.: |
91-33-22801277 / 1278 / 22802437 |
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Fax No.: |
91-33-228950006 / 22895007 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. ft. |
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Location : |
Rented |
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Factory : |
Maity Para, |
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Tel. No.: |
91-33-26590152 / 0157 / 0757 |
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Fax No.: |
91-33-26593666 |
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Location : |
Owned |
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Branch Office : |
B2 and 3, Sector – 16, 2nd Floor, (Above U.T.I.Bank), Noida – 201301 |
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Tel. No.: |
91-120-2510407 / 0755 |
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Fax No.: |
91-120-2512383 |
DIRECTORS
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Name : |
Mr. Baijnath Choudhary |
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Designation : |
Director |
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Address : |
37A, New Alipore, Block – B, Kolkata – 700 053, West |
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Date of Birth/Age : |
24.07.1939 |
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Date of Appointment : |
23.03.1993 |
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Name : |
Mr. Bimal Kumar Chodhary |
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Designation : |
Director |
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Address : |
37A, New Alipore, Block – B, Kolkata – 700 053, West |
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Date of Birth/Age : |
13.05.1967 |
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Date of Appointment : |
02.03.1993 |
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Name : |
Mr. Biswanth Choudhary |
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Designation : |
Director |
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Address : |
37A, New Alipore, Block – B, Kolkata – 700 053, West |
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Date of Birth/Age : |
15.03.1959 |
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Date of Appointment : |
02.07.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
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Category |
Percentage |
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Bodies Corporate |
31.00 |
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Directors or Relative of director |
69.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Biscuits |
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Products : |
·
Glucose Biscuits ·
Coconut Biscuits ·
Buttermilk Biscuits ·
Chocolate Biscuits · Tea Biscuits, |
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Terms : |
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Selling : |
D/D |
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Purchasing : |
Cash and Credit (30 days / 60 days) |
PRODUCTION STATUS
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Particulars |
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Installed Capacity |
M.T. |
24500 |
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Stable
Production |
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At Own Factory |
- |
11163454.31 |
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Through Job Work – Biscuits |
- |
11199582.40 |
GENERAL INFORMATION
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Customers : |
Distributors |
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No. of Employees : |
200 |
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Bankers : |
·
State Bank of Commercial Branch, 8, N S Road, Kolkata –
700 001, West ·
12A, N S Road, 3rd and 4th Floor, Kolkata – 700
001, West |
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Facilities : |
Notes ·
Term Loan from Financial Institution amounting to
Rs.10.512 millions is secured by way of first charge of the fixed and
moveable assets of the factory comprising of factory land and building, plant
and machinery, machinery spares, tools and accessories, electrical and other
installations both present and future and personal guarantee of the directors
and second charges on moveable assets of the Company including raw materials,
finished and semi finished goods, book debts, stores and spare parts. Balance
Term Loan from Financial Institution and entire Term Loan from Banks are by
way of vehicle loans and are secured by way of hypothecation of vehicle
financed. ·
Working Capital Loan from Bank is secured by
hypothecation of all the moveable assets of the Company including raw
materials, finished and semi finished goods, book debts, stores and spare
parts and second charges of factory land and building and plant and machinery
both present and future subject to the subsiting first charge in favour of
West Bengal Financial Corporation and personal guarantee of the
directors.
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C L Gupta Chartered Accountants |
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Address : |
F-2, Saket, Crooked Lane, Kolkata – 700 069, West Bengal, India |
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Associates/Subsidiaries : |
·
Anmol Bakers Private Limited Address
:
Plot No. 38A, Udyog Vihar, Surajpur, Kasno Road, Greater Noida – 201306,
Uttar Pradesh, India ·
Mukund Foods Private Limited ·
Anmol Snacks Limited ·
Anmol Healthcare Products (Private) Limited ·
Monarch Shelter (Private) Limited ·
Anmol Industries (Private) Limited ·
J4F Nutriplus (Private) Limited ·
Rani Mercantile (Private) Limited ·
SKG and Developers (Private) Limited ·
Govind Ram Choudhary (HUF) ·
Baijnath Choudhary Charitable Trust |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1699300 |
Equity Shares |
Rs.10/- each |
Rs.16.993
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 |
16.993 |
16.993 |
15.493 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
34.122 |
21.827 |
27.764 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
51.115 |
38.820 |
43.257 |
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LOAN FUNDS |
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1] Secured Loans |
33.075 |
59.720 |
37.209 |
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2] Unsecured Loans |
10.800 |
6.514 |
9.000 |
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TOTAL BORROWING |
43.875 |
66.234 |
46.209 |
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DEFERRED TAX LIABILITIES |
7.619 |
5.756 |
8.933 |
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TOTAL |
102.609 |
110.810 |
98.399 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
67.225 |
72.839 |
64.382 |
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Capital work-in-progress |
0.000 |
0.000 |
6.448 |
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INVESTMENT |
0.625 |
0.625 |
0.625 |
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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 |
61.429
|
38.471 |
31.220 |
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Sundry Debtors |
9.450
|
17.988 |
13.088 |
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Cash & Bank Balances |
5.768
|
6.332 |
7.993 |
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Other Current Assets |
0.017
|
0.017 |
0.017 |
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Loans & Advances |
28.609
|
25.400 |
13.993 |
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Total
Current Assets |
105.273
|
88.208 |
66.311 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
59.202
|
46.314 |
33.048 |
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Provisions |
11.312
|
4.548 |
6.319 |
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Total
Current Liabilities |
70.514
|
50.862 |
39.367 |
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Net Current Assets |
34.759
|
37.346 |
26.944 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
102.609 |
110.810 |
98.399 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
863.862 |
871.288 |
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Other Income |
|
5.160 |
4.605 |
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Total Income |
|
869.022 |
875.893 |
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Profit/(Loss) Before Tax |
|
22.811 |
(13.759) |
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Provision for Taxation |
|
7.635 |
(2.627) |
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Profit/(Loss) After Tax |
|
15.176 |
(11.132) |
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Expenditures : |
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Manufacturing Expenses |
|
851.530 |
880.155 |
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Increase/(Decrease) in Finished Goods |
|
(20.211) |
(1.539) |
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Interest |
|
5.594 |
3.123 |
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Depreciation & Amortization |
|
9.298 |
7.913 |
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Total Expenditure |
|
846.211 |
889.652 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.75
|
(1.27) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.64
|
(1.58) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.22
|
(8.54) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
(0.35) |
NA |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.24
|
3.02 |
1.98 |
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Current Ratio (Current Asset/Current Liability) |
|
1.50
|
1.73 |
1.68 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
·
B T Corporates Private
Limited
Form No. 8
|
Corporate
identity number of the company |
U15412WB1993PLC060191 |
|
Name of the
company |
ANMOL BISCUITS LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
229, AJC Bose Road, Kolkata – 700 020, West Bengal, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Immovable
property ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
West Bengal
Financial Corporation 12A, N S Road, 3rd
and 4th Floor, Kolkata – 700 001, West Bengal, India |
|
Nature of
instrument creating charge |
Agreement for Hypothecation
and further Memorandum recording deposit of title deeds both dated
30.06.2008. |
|
Date of
instrument Creating the charge |
30.06.2008 |
|
Amount secured by
the charge |
Rs.7.200 millions
|
|
Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate
of interest 12.5% with penalty of 2% on the defaulted amount. ·
Terms
of repayment Repayment in 19 quarterly installments in the following manner : The 1st installment being Rs.0.360 million and the
remaining 18 quarterly installments being Rs.0.380 million each starting from
30.12.2008 to 30.06.2013. ·
Margin The aggregate amount of term loan outstanding / disbursed will not
exceed 20% of the value of the assets offered and accepted as security. ·
Extent
and operation of the charge Extension of first equitable mortgage in favour of WBFC of all
immovable properties including land, building, etc created / to be created at
existing biscuit Mfg. unit at Maity Para, Delhi Road, Dankuni, Hooghly –
712331 Creation of first charge by way of hypothecation of existing movable
fixed assets including Plant and Machineries of the Company and proposed
Plant and Machineries of the agreement for Hypothecation enclosed. |
|
Description of the
property charged indicating whether it is a charged on |
Immovable
properties |
|
Particulars of
the property charged |
·
Extension
of first equitable mortgage in favour of WBFC of all immovable properties
including land, building, etc created / to be created at existing biscuit
Mfg. unit at Maity Para, Delhi Road, Dankuni, Hooghly – 712331 ·
Creation
of first charge by way of hypothecation of existing movable fixed assets
including Plant and Machineries of the Company and proposed Plant and
Machineries of the agreement for Hypothecation enclosed. |
Company Performance
2006-07 was an exceptional year for the
Company. Though there was a marginal decrease in topline there has been a stupendous
growth in bottom line. The net profits of the company was Rs.15.211 millions
for FY 2006-07 against a loss of Rs.11.132 in FY 2005-06. It also saw the Cake
and Rusk business growth.
2006-07 was an exceptional year for another
reason too. For the first time, the industry witnessed an inordinate and
stimultaneous increase of approximately 20% - 25% in the market prices of all
key commodities like flour, refined palm oil, skimmed milk powder. Etc. The
Company implemented several cost effectiveness programs which, together with
efficient buying, managed to contain input inflation.
The bottom line growth was driven by taking
effective measures for cost cutting. With the segmented and sharpened go to
market strategy, the Company’s brands now have greater availability in rural
markets and pervasive presence in modern trade.
Business Outlook :
Macro-economic as well as industry specific
(FMCG and Packaged Food) indicators point to a general optimism in the market. The
recent exemption of excise duty on biscuits upto MRP of Rs.100 per kg is
expected to support industry growth. However, the unabated inflation in input
prices, especially wheat, edible oil and dairy products, will continue to
strain profitability.
In this scenario, the Company continues to
pursue a strategy to identify and commercialise profitable growth opportunities
by increasing the preference and consumption of subject brands through
leveraging the three growth vectors of brand, geography and channel to reach
and delight consumers.
The overall level of investment in the market
behind brands and infrastructure has also increased with both national and
regional players pursuing growth in an increasingly competitive market.
The range of biscuits are doing well with
positive growth in almost all varieties. New varieties have been launched to
provide options for different sectors of consumers.
Fixed Assets
·
Land
·
Factory Building
·
Tubewell
·
Plant and Machionery
·
Boiler
·
Pollution Control
Equipment
·
Electrical Installation
·
Tools and Equipments
·
Laboratory Equipments
·
Office Equipments
·
Computer
·
Furniture and Fixture
·
Motor Lorry
·
Motor Cycles and Scooter
·
Motor Car
Web Details
Profile
Subject came into being almost a decade back, when Mr.
Baijnath Choudhary initiated the setting up process of the first plant at
Kolkata. Subject,
was started as a single plant, now has a strong hold in the highly competitive
biscuit market.
Under
the seasoned guidance of Mr. Baijnath Choudhary, Mr. Bishwanath Choudhary, Mr.
Dilip K. Choudhary, Mr. Gobind Ram Choudhary and Mr. Bimal Kumar Choudhary,
Anmol has succeeded in maintaining a hold in the market very efficiently.
Products
Subject offers its customers a wide variety of
biscuits in various tempting flavors to suit all tastes. The consumers can take
their pick from Glucose
Biscuits, Coconut Biscuits, Buttermilk Biscuits, Chocolate Biscuits, Tea
Biscuits, etc.
To
make each biscuit delectable, they use high quality raw materials which include
a combination of all-purpose flour, unsalted butter, baking powder/soda and
flavorings. The list of biscuits are as follows:
·
Thin Arrowroot
·
Marie
·
Marie Time
·
Regency
·
Dil Khush
·
Chocolate Cake
·
Milk Made
·
Butter Bake
·
Coconutty
·
Gluco Shakti
·
Cream Cracker
·
Snackles
·
Tip Top
·
Tip Top Six Bix
·
Pineapple Tiffin Cake
·
2 in 1
·
Jadoo
·
Lemon Mazaa
·
Funfill Orange
·
Funfill Choco Vanilla
·
Yummy Milk Cream
·
Fruit Cup Cake
·
Milk O Nut
·
Dream Lite
·
Vanilla Tiffin Cake
·
Coco Bite
·
Anmol G
·
Butter Coconut
·
Funfill Straw Berry
·
Super Anmol-G
·
Yummy Coconut Cream
·
Funfill Chocolate Cream
·
Yummy Elaichi Cream
·
Yummy Orange Cream
·
Butter Bake Makkhan
·
Vanilla Cup Cake
·
Orange Cup Cake
Our Brand
Subject takes pride in being one of the leading biscuit selling brands in
Eastern India. The credit for the establishment of subject as a preferred brand
across North and East India goes to its fine-tuned distribution network.
Subject has witnessed prodigious growth by focusing on persistence in quality.
With the setting up of factories both in Kolkata and Delhi, the infrastructure
and production facilities have grown threefold. The company now endeavors to
explore markets in the Southern and Western parts of the country, and
establishing itself firmly there.
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.49.95 |
|
UK Pound |
1 |
Rs.79.56 |
|
Euro |
1 |
Rs.63.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
53 |
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 |
|