MIRA INFORM REPORT
|
Report Date : |
18.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
AACHI MASALA FOOD’S PRIVATE LIMITED |
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Registered
Office : |
Plot No. 5047, ‘H’ Block, 25th Street, Pooni Colony, Anna Nagar
West, Chennai – 600040, Tamil Nadu |
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Country : |
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Financials (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
30.06.2006 |
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Com. Reg. No.: |
060397 |
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CIN No.: [Company Identification
No.] |
U15495TN2006PTC060397 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturers, Distributors, Suppliers, Dealers and Exporter of Spices
and Readymade Foods |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 150332 |
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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. The
management has not filed the financials of the company with the Government departments
since 2007. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow but correct. The company can be considered for 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 PARTED BY
|
Name : |
Mr. Albert |
|
Designation : |
Export Manager |
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Contact No.: |
91-44-26187200 |
|
Date : |
15.04.2011 |
LOCATIONS
|
Registered Office : |
Plot No. 5047, ‘H’ Block, 25th Street, Pooni Colony, Anna
Nagar West, Chennai – 600040, Tamil Nadu, India |
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E-Mail : |
info@aachimasala.com |
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Website : |
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Corporate Office : |
Plot No. 1926, 34th Street, I Block, Anna Nagar West,
Chennai – 600040, Tamil Nadu, India |
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Tel. No.: |
91-44-26187200/26185410/26185420 |
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Fax No.: |
91-44-26185408 |
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E-Mail : |
exports@aachimasala.com |
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Branches : |
All over India Agents are available in the following countries
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DIRECTORS
|
Name : |
Mr. A Padmasingh Isaac |
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Designation : |
Director |
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Name : |
Mrs. Thelma Isaac |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Albert |
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Designation : |
Export Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
List of Allottee
as on 30.03.2009
|
Names of Allottee |
|
No. of Shares |
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Mr. A.D. Padma Singh Issac |
|
750000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Distributors, Suppliers, Dealers and Exporter of Spices
and Readymade Foods |
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Products : |
Masala Powders
Spice Powders Rice Paste Varieties
Ready to Cook Non Veg Pickles & Thokku Summary
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit (30 days) |
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Purchasing : |
L/C, Cash, Credit (30 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
100 (in factory) |
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Bankers : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
R Muralidhran and Co Chartered Accountant |
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Address : |
AP998, 15th Street, G Block, Anna Nagar, Chennai – 600040,
Tamil Nadu, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2010 |
|
Sales Turnover (Approximately) |
|
|
3240.000 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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33.994 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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3.589 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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37.583 |
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LOAN FUNDS |
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1] Secured Loans |
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109.831 |
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2] Unsecured Loans |
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29.600 |
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TOTAL BORROWING |
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139.431 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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177.014 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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20.416 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.090 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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33.699 |
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Sundry Debtors |
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128.605 |
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Cash & Bank Balances |
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0.117 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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1.899 |
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Total
Current Assets |
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164.320 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
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5.586 |
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Provisions |
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2.266 |
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Total
Current Liabilities |
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7.852 |
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Net Current Assets |
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156.468 |
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MISCELLANEOUS EXPENSES |
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|
0.040 |
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TOTAL |
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177.014 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2007 |
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SALES |
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Total Turnover |
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611.800 |
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Profit After Income Tax & Deffered Tax |
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3.589 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.91 |
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Current Ratio (Current Asset/Current Liability) |
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20.92 |
LOCAL AGENCY FURTHER INFORMATION
Company Profile
This is a private limited company
established by Mr A Padmasingh Isaac. He
was born in Nazareth a small town in Tirunelveli Dist of Tamilnadu where he
lived for sometime a quiet and unobtrusive life. However, once he had in his hands a degree in
business administration the single minded focus and determination that he had
led him to move to Chennai in 1976 to establish a company of his own. First he joined the marketing division of
Godrej Soaps and got good training there – a leading FMCG company. With the experience he gained there he
started a small firm to manufacture liquid blue a clothes whitener
solution. He packed the same in small
sachets and sold them for Re. 1 (Indian rupee one). The item was so popular that it became the
rage of the middle class of South India for whitening soiled white clothes such
as children’s uniform, workers uniform etc.
In 1998 worldly wise by now, he started the
brand Aachi for spices and Indian masala
and got the name registered. With that
was born Aachi Masala Foods P Ltd in 1998.
From humble beginnings the company has done a turnover of Rs.3240.000
millions in the year 2009-2010. His
journey has been a rough ride throughout.
There were times when the founder himself with three salesmen used to
make periodic visits to his outlets and procure orders or deliver materials
Soon he realized that the demand for small packaged consumer goods in the rural
areas was very high. He capitalized on this by selling directly to markets on
cash basis. Half a dozen years later he
realized the necessity of appointing dealers.
Today Aachi has 3000 agents and six lakh retailers to sell their
products in Tamilnadu and neighboring states.
Today
Aachi is a household name. They only
have to switch on the Television in South India and every half an hour you will
have an advertisement exhibiting Aachi products.
Besides all the major South Indian States,
Aachi has also penetrated the market in Maharashtra and West Bengal, not to
mention the fact that they now have an international market. With the significant South Indian population
living abroad, the demand has spread through word of mouth and Aachi exports
actively to several countries around the world.
Be not skeptical about the magnitude of the
task it undertakes, given that Aachi products must reach consumers through 3000
agents and six lakh retailers. With the company having witnessed an annual
growth rate in the range of 40%, Isaac is hopeful of doubling production
capacity by 2011. He is supported in his
endeavors by Mrs Thelma Issac, his wife who is also the MD of Nazareth Foods P
Ltd sister concern of Aachi. Their two
sons are also interested the family business and are under training in various
departments of the company.
The company is ISO
9001 certified.
Form 8
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Corporate
identity number of the company |
U15495TN2006PTC060397 |
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|
Name of the
company |
AACHI MASALA FOOD’S PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Plot No. 5047, ‘H’ Block, 25th Street, Pooni Colony, Anna Nagar
West, Chennai – 600040, Tamil Nadu, India |
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|
This form is for |
Modification of
charge |
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Type of charge |
Any interest in immovable property Book debts Movable property Floating charge |
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Particular of
charge holder |
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Nature of
instrument creating charge |
1. Working
Capital Consortium Agreement 2. Joint Deed of
Hypothecation 3. Inter-Se
Agreement executed between State Bank of India, Mid Corporate Group,
Industrial Finance Branch, Anna Salai, Chennai - 02 & State Bank of
Travancore, Mount Road Branch, Chennai - 02 All dated 24th
August 2010 and relate to one single modification of charge |
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Date of
instrument Creating the charge |
24.08.2010 |
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Amount secured by
the charge |
Rs. 720.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest SBI : CC : 4.25% above
base rate, effective rate 11.75% p.a. ; LC & BG - Standard rates;TL :
5.25% above base rate, effective rate 12.75% p.a. SBT : 600 bps above SBT Base Rate, presently
13.75% p.a. Terms of
Repayment SBI [Cash Credit
- Rs.550.000 millions] & SBT [Cash Credit - Rs.150.000 millions] :
Repayable on Demand. However, the Limit is available for a period of 12
months subject to annual review Margin SBI : Stock - Finished
Goods : 25% Receivables
(Cover Period 90 days) : 25% Letter of Credit
: 20% Bank Guarantee :
20% SBT : Finished Goods /
Stock : 25% Receivables
(Cover Period 90 days) : 25% Extent and
Operation of the charge Charge on the
Company's Current assets and the assets created out of the existing Term
Loan, Goods covered under LC shall be jointly held by the SBI & SBT as
security till the complete closure of the Overall Consortium Limit of
Rs.720.000 milions, together with interests, costs, charges and other
expenses, The limits is also secured by immovable properties of M/s.Nazareth
Foods Pvt Ltd and is further backed up by the Corporate Guarantee of
M/s.Nazareth Foods Pvt Ltd Others The Overall
Consortium Limit of Rs.720.000 millions, comprises of : Facility SBI SBT (Rs. in Millions) Cash Credit 550.000 150.000 Term Loan 10.000 -- Letter of
Credit 5.000 -- Bank
Guarantee 5.000 -- Total
570.000 150.000 |
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Particulars of
the property charged |
Pari Passu First
Charge on the Company's all Current Assets, present and future & existing
Plant & Machinery (WDV as on 31.03.10- Rs.30.100 millions). M/s.Nazareth
Foods P Ltd"s Corporate Guarantee. 1st Charge (SBI)
& 2nd Charge (SBT) on M/s.Nazareth Foods P Ltd's immovable properties all
situate within the Sub-.Regn. Dist.,of Ambattur, namely, (A)
All
that piece and parcel of vacant land..... ...comprised in
Sy.No.425/12, R.S.No.425/12B (as per Patta No.908) No.85, New No.64
Ayanambakkam Village, Villivakkam Panchayat Limits, Ambattur Tk.Thiruvallur
Dist., measuring 20 Cents, inclusive of ...the common
pathway on the eastern side of the C.S.I Church property, bounded on the
North : C.S.I. Trust Association Church property & Road, South :
Sy.No.425/2 & 3 property, East : Sy.No.425/13... ...property,
& West : Sy.No.415/11 property. (B)
All
that piece and parcel of vacant land situated at School Street, Ayanambakkam
Chennai -602 102 & comprised in Sy.Nos.311/1A2 measuring 0.19 cents... (0.07.5 Hectare)
& 321/7B measuring 0.31 cents (0.12.5 Hectare) of No.64, Ayanambakkam
Village, Ambattur Tk, Thiruvallur Dist (C) All that piece
and parcel of vacant land and ACC Shed situate in No.68 Ayanambakkam
Village, Vellalar Street, Ambattur Tk, Thiruvallur Dist., D.No.8/6, comprised
in Sy.No25/3 measuring :- Item - I : East
to West on the Northern Side (91 ft) & Southern Side (95 ft) North to South on
the Eastern Side (66 ft) & Western Side (64 ft) - 6,045 Sq.ft.,& Item -II : East
to West on the Northern Side (76 ft) & Southern Side(77 ft),North to
South on the Eastern Side :64 ft & Western Side (62 ft)-4,820 Sq.ft., in all
measuring :-10,865 Sq,ft., bounded on the North by :30 Ft Rd, South by
:Rajamanickam's Land in Sy.No.25/4, East by : P.Samuel's Land in S,No.25/3,
and West by :
Krishnaswamy's Land in Sy.No.25/3 & 25/2 with all assets permanently
fixed to the lands&buildings and plant and machinery appertaining or
affixed thereto |
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|
Date of
instrument modifying the charge |
23.07.2010 |
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|
Particulars of
the present modification |
By virtue of the
execution of the Agreements cited in Filed No.9 above SBT has entered into a consortium
with SBI and thus Credit Limit enjoyed by the Company has been enhanced from
Rs.570.000 millions to Rs.720.000 millions (SBI- Rs.570.000 millions and SBT
- Rs.150.000 millions) The Overall
Consortium Limit of Rs.720.000 millions is further secured by the immovable
properties of M/s.Nazareth Foods P Ltd [more fully described in Field
No.15(ii) - 15(x) above] and is further backed by M/s.Nazareth Foods P Ltd's
Corporate Guarantee |
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.44.52 |
|
|
1 |
Rs.72.71 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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.