MIRA INFORM REPORT
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Report Date : |
20.04.2011 |
IDENTIFICATION DETAILS
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Name : |
ADANI AGRI FRESH LIMITED |
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Registered Office : |
Adani House, Near |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
14.12.2004 |
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Com. Reg. No.: |
04-045143 |
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CIN No.: [Company
Identification No.] |
U63022GJ2004PLC045143 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMA04990G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Exporters and suppliers
of Fruits and Vegetables. |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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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 2595000 |
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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 a part of Adani Group. It is a subsidiary of Adani Enterprises
Limited. Financial position of the company is moderate. There appears some
accumulated losses recorded by the company. Profitability of the company is
under pressure. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow but correct. In view of strong holding, the company can be considered normal for
business dealings at usual trade terms and conditions. |
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
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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 |
LOCATIONS
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Registered Office : |
Adani House, Near |
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Tel. No.: |
91-79-26565555 / 25555101 |
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Fax No.: |
91-79-26565500 / 25555500 / 25555102 |
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E-Mail : |
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Websites : |
http://www.adanigroup.com |
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Corporate Office : |
Adani House, Plot No. 83, Sector – 32 Institutional Area, Gurgaon –
122 001, |
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Tel. No.: |
91-124-2555101 / 2555000 |
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Fax No.: |
91-124-2555212 / 2555110 |
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Administrative Office : |
Near Railway Crossing, 3rd Floor, Fortune House,
Navrangpura, Ahmedabad – 380 009, |
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Tel. No.: |
91-79-25556673 |
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Fax No.: |
91-79-25555621 |
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Shimla Office |
Evergreen House, 1-New Road, Chotta Shimla, Shimla – 171
002, |
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Tel. No.: |
91- 177-2624560 |
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Fax No.: |
91-177-2623907 |
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E-Mail: |
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Sainj Site-2 |
Village: Sainj,
Tehsil-Theog, District:
Shimla, |
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Tel. No.: |
91-1783-235241 |
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E-Mail: |
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Village:
Rewali (Bithal), Tehsil-Kumarsain, District: Shimla, |
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Tel. No.: |
91-1782-221799 |
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Fax No.: |
91-1782-221797 |
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E-Mail: |
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Rohru Site-3 |
Village: Mehndli,
Tehsil-Rohru, District:
Shimla, |
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Tel. No.: |
91-1781-241474 |
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E-Mail: |
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Branches Office : |
Located at : · Kolkata · Mumbai ·
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DIRECTORS
As on 07.06.2010
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Name : |
Mr. Pranav Vinod Adani |
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Designation : |
Managing Director |
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Address : |
Shantivan, Behind Karnavati Club, |
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Date of Birth/Age : |
09.08.1978 |
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Qualification : |
MBA from |
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Date of Appointment : |
15.06.2005 |
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DIN No.: |
00008457 |
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Name : |
Mr. Atul Lekhendranath Chaturvedi |
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Designation : |
Director |
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Address : |
B/11 Shakti Enclave, Near Judges Bunglow, Vastrapur, |
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Date of Birth/Age : |
06.10.1955 |
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Date of Appointment : |
14.12.2004 |
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DIN No.: |
00175355 |
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Name : |
Mr. Samir Sevantilal Vora |
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Designation : |
Director |
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Address : |
C–1003 Spring Valley Flats, Opposite Doctors House, Ambawali, Ahmedabad
– 380 007, |
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Date of Birth/Age : |
21.10.1970 |
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Date of Appointment : |
31.07.2008 |
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DIN No.: |
00005820 |
KEY EXECUTIVES
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Name : |
Mr. Tarun Agarwal |
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Designation : |
Assistant Finance Manager |
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Name : |
Mr. Satya Shashikant Maheshwari |
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Designation : |
Secretary |
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Address : |
45, Swapnalok Flats, Near |
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Date of Birth/Age : |
26.11.1975 |
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Date of Appointment : |
11.06.2009 |
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Date of Ceasing : |
08.02.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.06.2010
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Names of Shareholders (Equity Shares) |
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No. of Shares |
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Adani Enterprises Limited, |
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45609940 |
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Pranav Vinodbhai Adani (Nominee of Adani Enterprises Limited, |
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10 |
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Namrata P Adani (Nominee of Adani Enterprises Limited, |
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10 |
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Priti G Adani (Nominee of Adani Enterprises Limited, |
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10 |
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Shilin R. Adani (Nominee of Adani Enterprises Limited, |
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10 |
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Ranjan Adani (Nominee of Adani Enterprises Limited, |
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10 |
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Vinod Adani (Nominee of Adani Enterprises Limited, |
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10 |
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Total |
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45610000 |
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Names of Shareholders |
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No. of Shares |
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Adani Enterprises Limited, |
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56961000 |
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Total |
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56961000 |
As on 07.06.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporters and suppliers
of Fruits and Vegetables. |
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Products : |
Controlled Atmosphere Storage |
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Brand Names : |
‘FARM-PIK’ |
GENERAL INFORMATION
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No. of Employees : |
100 (Approximately) |
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Bankers : |
UCO Bank, SDA Complex, Kasumpati, Shimla – 170 009, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sharp and Tannan Chartered Accountants |
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Address : |
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Tel. No.: |
91-11-23279809 / 23263324 |
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Fax No.: |
91-11-23264419 |
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E-Mail : |
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Pan No.: |
AABFS5418B |
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Holding Company : |
Adani Enterprises Limited, CIN No.: L51100GJ1993PLC019067 |
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Fellow Subsidiaries : |
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Associate Companies/ Firms |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 millions |
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56961000 |
Preferences Shares |
Rs.10/- each |
Rs.569.610 millions |
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Total |
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Rs.1069.610
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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45610000 |
Equity Shares |
Rs.10/- each |
Rs.456.100
millions |
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56961000 |
0.01% Non Optionally Convertible Preferences Shares |
Rs.10/- each |
Rs.569.610 millions |
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Total |
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1025.710
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1025.710 |
456.100 |
456.100 |
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2] Share Application Money |
0.000 |
569.610 |
569.610 |
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3] Reserves & Surplus |
79.990 |
79.990 |
79.990 |
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4] (Accumulated Losses) |
(456.905) |
(297.476) |
(175.602) |
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NETWORTH |
648.795 |
808.224 |
930.098 |
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LOAN FUNDS |
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1] Secured Loans |
988.390 |
1168.989 |
1106.021 |
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2] Unsecured Loans |
496.818 |
65.518 |
0.000 |
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TOTAL BORROWING |
1485.208 |
1234.507 |
1106.021 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2134.003 |
2042.731 |
2036.119 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1533.639 |
1623.718 |
1712.638 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
53.964 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
162.792 |
93.291 |
76.359 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
314.936
|
296.525
|
264.094 |
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Sundry Debtors |
125.337
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144.560
|
49.111 |
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Cash & Bank Balances |
8.527
|
9.261
|
26.651 |
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Other Current Assets |
0.000
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0.000
|
0.000 |
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Loans & Advances |
28.498
|
21.355
|
32.785 |
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Total
Current Assets |
477.298
|
471.701
|
372.641 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
75.549
|
126.426
|
116.985 |
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Current Liabilities |
16.033
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18.056
|
7.673 |
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Provisions |
2.108
|
1.497
|
3.369 |
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Total
Current Liabilities |
93.690
|
145.979
|
128.027 |
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Net Current Assets |
383.608
|
325.722
|
244.614 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
2.508 |
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TOTAL |
2134.003 |
2042.731 |
2036.119 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales and Operating Income |
799.288 |
924.485 |
263.359 |
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Other Income |
3.654 |
7.243 |
0.721 |
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TOTAL (A) |
802.942 |
931.728 |
264.080 |
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Less |
EXPENSES |
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|
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|
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Cost of Goods Sold |
575.752 |
608.895 |
207.956 |
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Personnel Expenses |
38.938 |
55.816 |
61.657 |
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Operating and Other Expenses |
189.249 |
183.188 |
103.777 |
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Miscellaneous/ Incidental Expenditure
Written off |
0.000 |
2.508 |
0.627 |
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TOTAL (B) |
803.939 |
850.407 |
374.017 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(0.997) |
81.321 |
(109.937) |
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Less |
INTEREST AND FINANCIAL
EXPENSES (D) |
133.543 |
124.668 |
80.474 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(134.540) |
(43.347) |
(190.411) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
94.389 |
94.659 |
58.689 |
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PROFIT BEFORE
TAX (E-F) (G) |
(228.929) |
(138.006) |
(249.100) |
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Less |
TAX (H) |
(69.500) |
(16.132) |
(73.498) |
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PROFIT AFTER TAX
(G-H) (I) |
(159.429) |
(121.874) |
(175.602) |
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BALANCE CARRIED
TO THE B/S |
(159.429) |
(121.874) |
(175.602) |
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EARNINGS IN
FOREIGN CURRENCY |
40.076 |
71.805 |
10.938 |
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IMPORT VALUE |
0.883 |
4.492 |
16.156 |
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Earnings Per
Share (Rs.) |
(3.50) |
(2.67) |
(3.85) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
(19.86) |
(13.08) |
(66.50) |
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Net Profit Margin (PBT/Sales) |
(%) |
(28.64) |
(14.93) |
(94.59) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(11.38) |
(6.59) |
(11.95) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.35) |
(0.17) |
(0.27) |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.43 |
1.71 |
1.33 |
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Current Ratio (Current Asset/Current Liability) |
|
5.09 |
3.23 |
2.91 |
LOCAL AGENCY FURTHER INFORMATION
NATURE OF
OPERAITONS:
The Company has set up modern Controlled Atmospheric (CA) Storage facilities
for storage of Apple and other stone fruits with European technology at three
locations viz. Rewali, Sainj and Rohru in Himachal Pradesh having a combined
capacity of 18000 MT.
Operations
As the production
of Apples in Himachal Pradesh was quite low due to adverse weather conditions
last year, the price of apple was higher by about 70% and the availability of
quality fruit was also less. As a result, the company purchased 8811.51 M.T. of
apples and stored 8720.61 M.T. of apples in CA units. However, the company
substantially increased the purchase of
During the year,
the company also ventured into the imported fruits business. The company
imported total 50292 boxes of Apples, Pear and Kiwi from
The company is
taking many steps to engage growers meaningfully to enhance the quality and
yield of the crop in the operation areas.
Bankers Charges Report as per Registry
|
Corporate
identity number of the company |
U63022GJ2004PLC045143 |
|
Name of the
company |
ADANI AGRI FRESH LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Adani House, Near E-Mail: satya.maheshwari@adaniwilmar.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10112450 |
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Type of charge |
Immovable Property Any interest in immovable property |
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Particular of
charge holder |
UCO Bank, SDA Complex, Kasumpati, Shimla – 170 009, E-Mail: ro.shimla@ucobank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
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Date of
instrument Creating the charge |
28/10/2010 |
|
Amount secured by
the charge |
Rs.760.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As per sanction letter
of the bank and any subsequent modifications thereto Terms of
Repayment: As per As per
sanction letter of the bank and any subsequent modifications thereto Margin: As per sanction
letter of the bank and any subsequent modifications thereto Extent and
Operation of the charge: Sole Charge |
|
Short particulars
of the property charged |
Charge created on
Plant and Machinery and other immovable and moveable fixed assets of the
Company Situated at 1) Village: Rewalli Tehsil: Rampur District.: Shimla 2)
Village: Mehandli Tehsil: Rohru District.: Shimla 3) Village: Sainj Tehsil:
Theog District.: Shimla 4)Shop at Khita Complex, Main Bazar Rohru 5) Shop
near Saligram Temple at Chaila 6) Shop
No.35/1 Raghunath Mahalla, Ward No.3 Rampur Bushahar District: Shimla and
various distribution centers all over the country |
|
Date of latest
modification prior to the present modification |
27/03/2009 |
|
Particulars of
the present modification |
Due to prepayment
of part financial facilities the charge of UCO Bank stands reduced from the
existing limits of Rs1959.900 millions to Rs.760.000 millions to cover Plant
and Machinery and other immovable and moveable fixed assets of the Company
Situated at Rewali, Sainj and Rohru, District Shimla, State: Himachal
Pradesh, Shop near Saligram Temple at Chaila, Shop No.35/1 at Raghunath
Mahalla, Ward No 3 Rampur and various distribution centres all over the
country. |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10091943 |
|
Corporate
identity number of the company |
U63022GJ2004PLC045143 |
|
Name of the
company |
ADANI AGRIFRESH LIMITED |
|
Address of the
registered office or of the principal place of business in |
Adani House Near |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
UCO Bank SDA Complex, Kasumpati, Shimla-170009, E-mail : ro.shimla@ucobank.co.in
|
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
27.03.2009 |
|
Amount secured by
the charge |
Rs.1959.900
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For TL : BPLR-3% For Corporate
Loan : BPLR (13%Per Annum ) For WC :
BPLR-2025% (10.75%Per Annum ) Terms of
Repayment For TL : 32
Quarterly installments (Left out ten or 7 years 9 months) For Corporate
Loan : 42 months door to door (36 equal monthly installment with a moratorium
of 6 months) For WC : on
demand Margin For TL : 25% For WC : 25% on
stock and book debts Extent and
Operation of the charge Sole Charge |
|
Short particulars
of the property charged |
Hypothecation of
company’s entire stocks of raw material, semi furnished and furnished goods, consumable
stores and spares and such movables including book debts bills whether
documentary or clear, outstanding money receivables both present and future
and plant and machinery and other immovable and movable fixed assets of the
company, controlled atmosphere stores, entire civil work, retaining walls, DG
Sets, etc situated at Rewali, Sainj and Rohru, Dist: Shimla, State: Himachal
Pradesh. |
|
Particulars of
the present modification |
The aforesaid
financial assistance of UCO Bank has been enhanced from the existing limits
of Rs.16.099 Millions to Rs.19.599 Millions to cover the hypothecation of
company’s entire stock of raw materials and other movables located at Rewali,
Sainj and Rohru, Dist : Shimla, State : Himachal Pradesh. |
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
Bank Guarantee (Includes Rs.38.840 millions for Export Obligation) |
42.106 |
|
Penalty under section 10(A) of the CST Act on interstate purchase of goods
made at concessional rate of tax without meeting the requirement of sector
8(3)(b) of CST Act, 1856. Case pending before Additional excise and taxation
commissioner (Appeals) Shimla. |
40.318 |
Fixed Assets
·
Building
·
D G Set
·
Plant and Machinery
·
Furniture and fixture
·
Electric Installation
·
Office Equipments
·
Vehicle
·
Computers
Website Details:
PROFILE:
Subject is part of the Adani Group having a turn over of US $ 6 Billion. The group has interests in Edible Oil, Ports, Logistics, Special Economic Zones, Power, Oil and Gas exploration, Coal, Mining and Gas Distribution.
Subject has forayed into the horticulture sector with a
vision to harness the untapped potential and opportunities available in
The company has set up three Controlled Atmosphere Stores
with an investment of around Rs. 2 Billion (US $ 40 Million) at three locations
i.e.
The company is directly buying fruit from about 4000 farmers
and has provided extensive training on pre and post harvest practices. Fruit is
sold in the market through an extensive network of dealers across
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 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.44.68 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.53 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
31 |
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.