MIRA
INFORM REPORT
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Report Date : |
06.04.2011 |
IDENTIFICATION DETAILS
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Name : |
TRICOM FRUIT PRODUCTS LIMITED |
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Registered
Office : |
B 39, Ghanshyam Avenue, 13, Sattar Taluke Society, Ashram Road,
Ahmedabad 380014, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.01.1995 |
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Com. Reg. No.: |
024295 |
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CIN No.: [Company Identification
No.] |
L67120GJ1995PLC024295 |
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Legal Form : |
Public Limited Liability Company, The company’s shares are listed on
Stock Exchange |
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Line of Business
: |
Manufacturing of
fruit pulp and juices and other processed products prepared out of fruits
like Mango, Pomegranate, Guava, Tomato etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 520000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade relations
are reported as fair. Business is active. Payments are reported to be low but
correct. The company can be considered for small to mediocre business dealings
with some caution. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
Management Non Co Operative (Name Not Disclosed)
LOCATIONS
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Registered Office : |
B 39, Ghanshyam Avenue, 13, Sattar Taluke Society, Ashram Road,
Ahmedabad 380014, Gujarat, India |
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E-Mail : |
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Website : |
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Factory : |
Gat No. 336, 338 – 341, Village Andori, Talika Khandala, Satara
415521, |
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Tel. No.: |
91-2169-266251 / 52 / 61 |
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Branches : |
206, Land Mark Center, Opposite City Pride Cinema, Pune Satar Road,
Pune 411009, Maharashtra, India |
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Tel. No.: |
91-20-24225630 / 24222149 |
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Fax No.: |
91-20-24225530 |
DIRECTORS
AS ON 31.03.2010
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Name : |
Mr. Jeetendra Wala |
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Designation: |
Chairman |
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Name : |
Mr. P. V. Naik |
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Designation: |
Managing Director |
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Name : |
Mr. Naran Bhati |
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Designation: |
Director |
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Name : |
Mr. Mihir Shah |
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Designation: |
Director |
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Name : |
Mr. Deepinder Mohan |
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Designation: |
Director |
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Name : |
Mr. Bipin Shah |
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Designation: |
Director |
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Name : |
Mr. Chetan Kothari |
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Designation: |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2010
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Category of
Shareholder |
Total No. of
Shares |
% of total No. of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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703,500 |
7.14 |
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2,471,550 |
25.08 |
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3,175,050 |
32.22 |
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Total shareholding of Promoter and Promoter Group (A) |
3,175,050 |
32.22 |
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(B) Public Shareholding |
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216,081 |
2.19 |
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2,049,445 |
20.80 |
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4,404,643 |
44.69 |
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9,831 |
0.10 |
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9,830 |
0.10 |
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1 |
- |
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6,680,000 |
67.78 |
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Total Public shareholding (B) |
6,680,000 |
67.78 |
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Total (A)+(B) |
9,855,050 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
9,855,050 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturing of
fruit pulp and juices and other processed products prepared out of fruits
like Mango, Pomegranate, Guava, Tomato etc. |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the Management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Maheshwari Kanthalia Rana and Company Chartered Accountant |
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Address : |
Mumbai |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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15500000 |
Equity Shares |
Rs. 10 each |
Rs.155.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10 each |
Rs.50.000 millions |
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Share Capital Suspense Account (to be issued on record date 4855050 shares of Rs. 10 each) |
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Rs. 48.550 millions |
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Rs.98.550
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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98.550 |
50.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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33.291 |
0.892 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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131.841 |
50.892 |
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LOAN FUNDS |
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1] Secured Loans |
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358.734 |
0.000 |
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2] Unsecured Loans |
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119.736 |
0.000 |
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TOTAL BORROWING |
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478.470 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.872 |
0.826 |
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TOTAL |
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611.183 |
51.718 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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77.596 |
43.791 |
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Capital work-in-progress |
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540.152 |
0.000 |
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INVESTMENT |
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0.120 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.379
|
1.384 |
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Sundry Debtors |
|
2.010
|
5.472 |
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Cash & Bank Balances |
|
13.892
|
0.776 |
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Other Current Assets |
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0.000
|
0.000 |
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Loans & Advances |
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20.597
|
0.160 |
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Total
Current Assets |
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38.878
|
7.792 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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44.297
|
0.030 |
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Other Current Liabilities |
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1.433
|
0.000 |
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Provisions |
|
0.330
|
0.125 |
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Total
Current Liabilities |
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46.060
|
0.155 |
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Net Current Assets |
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(7.182)
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7.637 |
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MISCELLANEOUS EXPENSES |
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0.497 |
0.290 |
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TOTAL |
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611.183 |
51.718 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
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SALES |
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Sales |
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9.648 |
3.920 |
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Other Income |
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0.302 |
0.000 |
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TOTAL (A) |
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9.950 |
3.920 |
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Less |
EXPENSES |
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Cost of Materials |
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9.209 |
3.428 |
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Increase/(Decrease) in Finished Goods |
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(0.994) |
(1.084) |
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Staff Expenses |
|
0.317 |
0.000 |
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Administrative Expenses |
|
0.697 |
0.580 |
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TOTAL (B) |
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9.229 |
2.924 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
0.721 |
0.996 |
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Less |
FINANCIAL
EXPENSES (D) |
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NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
0.721 |
0.996 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.237 |
0.237 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
0.484 |
0.759 |
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Less |
TAX (H) |
|
0.158 |
0.295 |
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PROFIT AFTER TAX
(G-H) (I) |
|
0.326 |
0.464 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
0.892 |
0.427 |
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BALANCE CARRIED
TO THE B/S |
|
1.218 |
0.892 |
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IMPORTS |
|
29.459 |
0.000 |
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Earnings Per
Share (Rs.) |
|
0.07 |
0.09 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
3.27 |
11.83 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
5.01 |
19.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.42 |
1.47 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.00 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
3.98 |
0.02 |
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Current Ratio (Current Asset/Current Liability) |
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|
0.84 |
50.27 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs. In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
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Sundry Creditors |
44.297
|
0.030 |
Present Operations
During the year
the sales turnover of Rs.9.649 millions was achieved as compared to the sales
turnover of Rs.3.920 millions during the last financial year. The profit for
the year decreased from Rs.0.462 millions to Rs.0.326 millions due to pressure
on margin. Financial results for the current year reflect the working of the
operations of the transferor company i.e. Tricom Agrochem Limited, as the
Scheme of Amalgamation as approved by the Hon'ble High Court of Gujarat has
become effective from the appointed date i.e. 1st April,2008.
Scheme of Amalgamation
The Scheme of
Amalgamation ('Scheme') of Tricom Agrochem Limited (Transferor Company) with
the Company was approved by the Hon'ble High Court of Bombay and High Court,
Scheme has become
effective from 'appointed date' i.e. 1st April, 2008.
As per Clause 11
of the Scheme, the Company has issued and allotted 4855050 Equity Shares of
Rs.10/- each to the shareholders of the transferor Company on 30th June, 2010
in the ratio of 1(one) Equity Share of Rs.10/- each fully paid-up in the
capital of the Company for every 2(two) Equity Share of Rs.10/- held by them as
on record date i.e. 19th June, 2010 in the capital of the transferor company.
Business of the Company
After the
implementation of the Scheme of Amalgamation the Company's business operations
will include manufacturing of fruit pulp and juices and other processed
products prepared out of fruits like Mango, Pomegranate, Guava, Tomato etc.
apart from trading in Agricultural commodities.
Change of Name
After the
successful implementation of the Scheme of Amalgamation, it has become imperative
that the name of the Company should reflect the business activity being carried
out by the Company. Hence, to make the name of the company representative of
the business of the company i.e. fruit /agri processing and trading, a proposal
to change name of the Company was moved by the Board. The Shareholders of the
Company have approved the proposal for change of name of the company through
postal ballot on 20th July, 2010. The Registrar of Companies,
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Industry Structure and Developments
After the successful
amalgamation, the Company is into the business of trading in Agri commodities,
contract farming and fruit processing. Presently, the processing of fruits and
vegetables is estimated to be around 2.2% of the total production in the
country. Such low level of processing offers great opportunities for organized
players in this sector. The major processed items in this segment are fruit
pulps and juices, fruit based ready to serve beverages, dehydrated vegetables
etc. The fruit and vegetable processing industry is rather fragmented with a
large number of units being in household and SSI sector. But, there has been
significant growth in capacity building from the organized sector since year
2000.
Company's strategy and plans
The company has
successfully commissioned a state of the art a multi-fruit processing project
for processing fruits like Mango, Pomegranate, Guava, Tomato, and Papaya with
an installed capacity of processing 10 MT/hour. Company plans to export
majority of its production and has got favorable response for the samples sent
to potential customers. While commissioning the project, the management has
been working on marketing of products and procurement of raw material. Company
plans to go for sourcing quality raw materials through supply of quality
saplings and assured purchase of the produce from the farmers and development
of contract farming in times to come.
FIXED ASSETS:
- Air
Conditioner
- Furniture and
Fixtures
- Improvement
to Rented
- Premises
- Computers
- Office
Equipments
- Vehicle
- Strapping
Machine
- Weighing
Machine
- Land
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.45 |
|
|
1 |
Rs.71.59 |
|
Euro |
1 |
Rs.63.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.