MIRA
INFORM REPORT
|
Report Date : |
02.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TUNIP AGRO LIMITED |
|
|
|
|
Registered Office : |
116, Commerce House, 140, Nagindas Master Road, Mumbai – 400 023, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
03.09.2004 |
|
|
|
|
Com. Reg. No.: |
148387 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U15100MH2004PLC148387 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT11447C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCT0817D |
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Distributor of Fruit Juice. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
The company’s products ‘ONJUS’ brand juice has been well received. Management
expects to do business of Rs. 173.000 millions in 2007-08 and Rs. 300.000
millions in 2008-09. New shareholders has introduced substantial capital, recently. Trade
relations are fair. Payments are correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Siddharth |
|
Designation : |
Accounts Manager |
|
Date : |
29.08.2008 |
LOCATIONS
|
Registered Office : |
116, Commerce House, 140, Nagindas Master Road, Mumbai – 400 023,
Maharashtra, India |
|
Tel. No.: |
91-22-22630895 |
|
Fax No.: |
91-22-22630896 |
|
E-Mail : |
|
|
Area : |
1000 Sq. ft. |
|
Location : |
Rented |
|
|
|
|
Factory : |
Care of Schreiber Dynamix Dary Limited E- 94, MIDC, Phigwan Road, Bharmati – 413 133 |
|
Tel. No.: |
91-112-243590 |
|
|
|
|
Factory : |
144, 1st Floor, JP Nagar, Co-operative Housing Society,
Janta Nagar, Bhayandar (West), Mumbai – 401 101, Maharashtra, India |
|
Tel. No.: |
91-22-22630895 |
DIRECTORS
|
Name : |
Mr. Leo Boldo Fernando |
|
Designation : |
Director |
|
Qualification : |
Graduate |
|
|
|
|
Name : |
Mr. Siddhant Goyal |
|
Designation : |
Director |
|
Qualification : |
Graduate |
|
|
|
|
Name : |
Mrs. Neeta Tulsidas Goyal |
|
Designation : |
Director |
|
Address : |
Uphar, 7th Floor, Chiranjilal Loyalka Marg, Siri Road,
Chowpatty, Mumbai – 400 006, Maharashtra, India |
|
Date of Birth/Age : |
17.11.1960 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
04.12.2007 |
|
|
|
|
Name : |
Mrs. Varsha Achim Agarwal Rodewald |
|
Designation : |
Director |
|
Address : |
17, Giriraj Building, 201, Walkeshwar Road, Mumbai – 400 006,
Maharashtra, India |
|
Date of Birth/Age : |
03.07.1972 |
|
Date of Registration: |
04.12.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Equity share breakup (Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Bodies corporate (not mentioned above) |
5.00 |
|
2. |
Directors or relatives of directors. |
95.00 |
|
|
Total |
100.00 |
LIST OF ALLOTTEES
As on 15.01.2008
|
Names of Allottees |
No. of Shares |
|
Ms. Hina K. Doshi Ms. Kirti J. Doshi |
125000 |
|
Ms. Kirti J. Doshi HUF |
75000 |
|
Ms. Kirti J. Doshi Ms. Hina K. Doshi |
50000 |
|
Sea Glimpse Investments Private Limited |
300000 |
|
Prime Securities Limited |
150000 |
|
Prime Broking Company India Limited |
250000 |
|
Total |
950000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributor of Fruit Juice. |
|
|
|
|
Brand Names : |
‘ONJUS’ |
|
|
|
|
Imports : |
|
|
Countries : |
v Brazil v China v Israel |
|
|
|
|
Terms : |
|
|
Selling : |
Cash , Credit (30
Days ) |
|
|
|
|
Purchasing : |
Cash |
GENERAL INFORMATION
|
No. of Employees : |
20 |
|
|
|
|
Bankers : |
v HDFC Bank Fort Branch, Mumbai – 400 001, Maharashtra, India v Yes Bank Nariman Point, Mumbai – 400 021, Maharashtra, India v Tamilnad
Mercantile Bank Goradia House, 1st
Floor, 101-104, Kazi Syed Street, Mandvi Post No. 3181, Mumbai – 400003,
Maharashtra, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Pankaj Dalal and Associates Chartered Accountants |
|
Address : |
Saraswati Niwas, French Bridge, Mumbai – 400 007, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity shares |
Rs. 10/- each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity shares |
Rs. 10/- each |
Rs. 0.100
million |
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 |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.157 |
0.106 |
0.033 |
|
|
4] (Accumulated Losses) |
(2.189) |
(1.945) |
(1.393) |
|
|
NETWORTH |
(1.932) |
(1.739) |
(1.260) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
12.500 |
9.950 |
9.950 |
|
|
TOTAL BORROWING |
12.500 |
9.950 |
9.950 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10.568 |
8.211 |
8.690 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.130 |
0.092 |
0.060 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.000 |
2.000 |
2.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.761
|
8.947 |
6.773 |
|
|
Sundry Debtors |
5.063
|
3.912 |
0.266 |
|
|
Cash & Bank Balances |
0.492
|
0.361 |
0.174 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.166
|
0.224 |
0.476 |
|
Total
Current Assets |
13.482
|
13.444 |
7.689 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
4.750
|
7.256 |
1.058 |
|
|
Provisions |
0.295
|
0.070 |
0.000 |
|
Total
Current Liabilities |
5.045
|
7.326 |
1.058 |
|
|
Net Current Assets |
8.437
|
6.118 |
6.631 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10.568 |
8.211 |
8.690 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
32.837 |
26.135 |
2.838 |
|
|
Other Income |
0.000 |
0.000 |
0.017 |
|
|
Total Income |
32.837 |
26.135 |
2.855 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.276 |
0.143 |
0.033 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
0.276 |
0.143 |
0.033 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
|
0.000 |
1.049 |
|
|
Stores & Spares |
NA |
2.337 |
1.629 |
|
|
Capital Goods |
|
6.609 |
4.094 |
|
|
Others |
|
0.000 |
0.000 |
|
Total Imports |
N.A. |
8.946 |
6.772 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
0.000 |
0.000 |
3.862 |
|
|
Administrative Expenses |
0.000 |
0.000 |
3.041 |
|
|
Depreciation & Amortization |
0.027 |
0.018 |
0.011 |
|
|
Other Expenditure |
32.534 |
25.974 |
(4.092) |
|
Total Expenditure |
32.561 |
25.992 |
2.822 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.84
|
0.55 |
1.16 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.84
|
0.55 |
1.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.84
|
0.55 |
1.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.14)
|
(0.08) |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(2.61)
|
(4.21) |
(0.84) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.67
|
1.83 |
7.27 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from 144, 1st Floor, JP Nagar,
Co-operative Housing Society, Janta Nagar, Bhayandar (West), Mumbai – 401 101,
Maharashtra, India to 116, Commerce House, 140, Nagindas Master Road, Mumbai –
400 023, Maharashtra, India with effect from 01.10.2004
Trade References
v
Reliance India Limited
v
Aditya Birla Group
Form 8
|
Corporation identity number or foreign company registrations number of the company |
U15100MH2004PTC148387 |
|
Name of the company |
TUNIP AGRO PRIVATE LIMITED |
|
Address |
114, 1st Floor, J. P. Nagar, C-Co-operative Housing Society, Janata Nagar Road, Bhayander (West), District Thane – 401101, Maharashtra |
|
This Form is for |
Creation of Charge |
|
Type of charge |
v Hypothecation |
|
Particular of the charge holder |
Name :Tamilnad Mercantile Bank Limited Address :Goradia House, 1st
Floor, 101-104, Kazi Syed Street, Mandvi Post No. 3181, City :Mumbai State : Maharashtra Country : India Pin code : 400 003 E-mail : tmb@vsnl.com |
|
Name or description of the instrument creating charge |
Agreement for demand cash credit on the hypothecation of movable properties Letter of hypothecation of book debts loans [Both the agreements constitute a single charge] [ILC – Rs. 1.000 million] |
|
Date of the instrument creating charge |
18.05.2006 |
|
Amount Secure by the charge |
Rs. 1000.000 millions |
|
Description of the property charge whether it is a charge on |
v Stock in trade v Book Debts |
|
Particulars of the Property Charged |
Hypothecation of the borrowers stock of raw materials, fruits, juice, fruits/beverages whether raw or in process of manufacture and all articles, manufactured there from which now or hereafter from time to time Hypothecation of all the borrowers present and future book debts, outstanding, moneys, receivables claims, bills, contracts, securities, investments, rights and assets [except property effectively otherwise hypothecated or charged to the bank] shall be hypothecated to the bank and their assigns by |
Form 8
|
Corporation identity number or foreign company registrations number of the company |
U15100MH2004PTC148387 |
|
Name of the company |
TUNIP AGRO PRIVATE LIMITED |
|
Address |
222A Commerce House, 140, Nagindas Master Road, Mumbai - 400023 |
|
This Form is for |
Creation of Charge |
|
Particular of the charge holder |
Tamilnad Mercantile Bank Limited Goradia House, 1st Floor, 101-104, Kazi Syed Street, Mandvi Post No. 3181, Mumbai – 400003, Maharashtra, India |
|
Name or description of the instrument creating charge |
Letter of Hypothecation Letter of Hypothecation of Book – debts – loans [Both the agreements constitute a single charge] |
|
Date of the instrument creating charge |
18.05.2006 |
|
Amount Secure by the charge |
FLC – Rs. 2.000 millions |
|
Description of the property charge whether it is a charge on |
v Stock in trade and Book Debts |
|
Particulars of the Property Charged |
Hypothecation of the borrowers stock of raw materials, fruits, juice, fruits/beverages whether raw or in process of manufacture and all articles, manufactured there from which now or hereafter from time to time during the continuance of this security shall belong to or be in the possession or under the control of the borrower in whatsoever capacity and wherever lying stored or kept and whether in the possession of the borrower or of the bank or of any third party whether in India or elsewhere through the world [including all such goods as may be in course of shipment transistor delivery and also all shipping and other documents of title [negotiable instruments, bills, drafts, bills of lading policies of insurance] and other documents and instruments relating to such good together with the benefit of all rights relating thereto shall by hypothecated to the bank and its assigns by way of first charge. Hypothecation of all the borrowers present and future book debts, outstanding, moneys, receivables claims, bills, contracts, securities, investments, rights and assets [except property effectively otherwise hypothecated or charged to the bank] shall be hypothecated to the bank and their assigns by way of first charge. |
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. 44.26 |
|
UK Pound |
1 |
Rs. 79.19 |
|
Euro |
1 |
Rs. 64.42 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
|