MIRA INFORM REPORT
|
Report Date : |
21.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
REITZEL INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No.98 & 99, KIADB Industrial Area, Kunigal, Tumkur, Karnataka
– 572130 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.04.2003 |
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Com. Reg. No.: |
08-031788 |
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CIN No.: [Company Identification
No.] |
U05190KA2003PTC031788 |
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacturer and Exporter of Pickled Vegetables, Cherry Tomatoes, Onions
and Gherkins in Vinegar, Packed in Drums (Semi Finished Products) as well as
Finished Products (in jars and cans). |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1433000 |
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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 slow 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No.98 & 99, KIADB Industrial Area, Kunigal, Tumkur, Karnataka
– 572130, |
|
Tel. No.: |
91-8132-221975 |
|
Fax No.: |
91-8132-221976 / 292315 |
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E-Mail : |
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Website : |
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Bagalore Office : |
Ground Floor, No.28, Spencer Castle, |
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Tel. No.: |
91-80-40917323 / 24 |
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Fax No.: |
91-80-40917323 |
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|
|
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Factory : |
Plot No.98 & 89, KIADB Industrial Area, Kunigal, Tumkur, Karnataka
– 572130, |
|
Tel. No.: |
91-8132-221975 / 6 |
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|
|
|
Factory : |
Sy. No. 94/9,
Khatha No. 622 and 624, Kalnayakanahalli, Kunnigal Taluk, Tumkur District |
DIRECTORS
As on 04.08.2010
|
Name : |
Mr. Felix Justa Maranon |
|
Designation : |
Director |
|
Address : |
Plot NO.82, KIADB Industrial Area, Kunigal, Tumkur, Karnataka |
|
Date of Appointment : |
21.12.2003 |
|
|
|
|
Name : |
Mr. B. L. Agrawal |
|
Designation : |
Director |
|
Address : |
No.62, III Cross, 17th Main 1st Phase, BMT
Layout, |
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Date of Appointment : |
20.12.2003 |
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|
|
|
Name : |
Mr. Benard John Andre Joseph Poupon |
|
Designation : |
Director |
|
Address : |
Rocher Detoveyer, 1820, Montreux Vaud, Montreux 1820, |
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Date of Birth/Age : |
23.05.1954 |
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Date of Appointment : |
03.04.2003 |
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DIN : |
00785657 |
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Name : |
Mr. Pierre Benard Darmon |
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Designation : |
Director |
|
Address : |
94-Ruepaul Vllant, Countrer, F-92300, Levallois, Perret, |
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Date of Birth/Age : |
29.07.1954 |
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Date of Appointment : |
03.04.2003 |
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DIN : |
01163461 |
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|
|
|
Name : |
Mr. Vivek Padmanabhan |
|
Designation : |
Director |
|
Address : |
202, Gagan Vasathi, |
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Date of Birth/Age : |
31.10.1958 |
|
Date of Appointment : |
07.05.2008 |
|
DIN : |
02292607 |
KEY EXECUTIVES
|
Name : |
Mr. S. Ramakumar |
|
Designation : |
Secretary |
|
Address : |
90, 2nd Main, K. H. B. Colony, Yelahanka, |
|
Date of Appointment : |
01.04.2009 |
|
PAN No. : |
AAZPK4176A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 04.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
N.K.Pandey |
|
10000 |
|
Reitzel S. A. |
|
29623492 |
|
|
|
|
|
Total |
|
29633492 |
As on 04.08.2010
|
Category |
Percentage |
|
|
|
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
99.97 |
|
Directors or relatives of Directors |
0.03 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Pickled Vegetables, Cherry Tomatoes,
Onions and Gherkins in Vinegar, Packed in Drums (Semi Finished Products) as
well as Finished Products (in jars and cans). |
GENERAL INFORMATION
|
Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
James Joseph Phillipos and Company Chartered Accountant |
|
Address : |
P.B. No.534, No. 87/1, Coles Road, Fraser Town, Bangalore – 560005,
Karnataka, India |
|
Tel. No.: |
91-80-25578364 / 25573305 / 41251474 |
|
E-Mail : |
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Website : |
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PAN No. : |
AASPJ1586E |
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Holding Company : |
Reitzel S. A. Address : 14-16, Routed Olleon, C-H-1860, Aigle, Aigle |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32,000,000 |
Equity Shares |
Rs.10/-each |
Rs.320.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29,633,492 |
Equity Shares |
Rs.10/-each |
Rs.296.335 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
296.335 |
233.839 |
233.839 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
62.087 |
27.645 |
7.286 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(9.830) |
|
|
NETWORTH |
358.422 |
261.484 |
231.295 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
126.372 |
136.142 |
123.381 |
|
|
2] Unsecured Loans |
3.699 |
3.699 |
6.936 |
|
|
TOTAL BORROWING |
130.071 |
139.841 |
130.317 |
|
|
DEFERRED TAX LIABILITIES |
21.568 |
17.868 |
12.949 |
|
|
|
|
|
|
|
|
TOTAL |
510.061 |
419.193 |
374.561 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
234.092 |
233.415 |
238.832 |
|
|
Capital work-in-progress |
2.023 |
0.795 |
0.767 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.011 |
0.022 |
0.011 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
123.272
|
89.070 |
52.253 |
|
|
Sundry Debtors |
114.301
|
124.683 |
106.465 |
|
|
Cash & Bank Balances |
12.832
|
5.675 |
2.713 |
|
|
Other Current Assets |
65.919
|
91.504 |
55.684 |
|
|
Loans & Advances |
3.987
|
40.462 |
3.188 |
|
Total
Current Assets |
320.311
|
351.394 |
220.303 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
35.422
|
96.734 |
71.402 |
|
|
Other Current Liabilities |
0.768
|
51.843 |
3.551 |
|
|
Provisions |
10.186
|
17.856 |
10.399 |
|
Total
Current Liabilities |
46.376
|
166.433 |
85.352 |
|
|
Net Current Assets |
273.935
|
184.961 |
134.951 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
510.061 |
419.193 |
374.561 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
SALES - Exports |
|
468.190 |
527.396 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
423.396 |
478.497 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
44.794 |
48.899 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
10.562 |
10.132 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
34.232 |
38.767 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
9.664 |
11.078 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
|
24.568 |
27.689 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export [FOB Realization basis] |
|
490.147 |
|
|
|
TOTAL EARNINGS |
|
490.147 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
1.03 |
1.24 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.25
|
5.25 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.31
|
7.35 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.17
|
6.63 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.15 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.49
|
1.17 |
0.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.91
|
2.11 |
2.58 |
LOCAL AGENCY FURTHER INFORMATION
Performance of the
Company
The directors are report that the following turn –around in 2008-09
which saw the company becoming profitable at the PAT level in 2009-10 as well
as the company continues its good performance. This is in spite of a depressed
export market following the global financial crisis. Thus, though the overall
sales figures dipped marginally, the company was able to maintain PAT
percentage to sales level similar to the previous fiscal year.
During the year, the company sowed 3521 acres and produced 11958.5. MT
of Crop. A total of 874 containers were shipped of which 24.71% comprised of
bulk and 75.29% of value added products such as whole gherkins in jars
(60.99%), canned product (10.30%) and cut products (4.00%). The company
continued to hokl market share in its traditional market, while also managing
to grow its market share with the German client.
During the year the company invested in certain improvements in the
process (by pass for the media filling line, enhancement of brining tanks) and
also increased the packing capability by investing in a packing shed. The
company demonstrated its commitment to the environment by making improvements
to the ETP
The company has met with some level of success in its R and D endeavors
to increase field productivity by implementing technology up gradation. Average
yield in the company’s R and D farms were improved as a result of implementing
drip irrigation systems along with fertigation. The company’s partnership with
Bayer Crop Science for incorporating the use of safer, more effective new
generation pesticides, with minimal residual impact is also progressing
positively. An additional agri initiative involving foreign experts in the
agricultural process, especially in the areas of safe use of pesticides, and
crop monitoring has also been initiated by the company.
Reitzel
Given the tough export situation prevailing at the present time, the
company is focusing on maintaining the current level of business activity. Many
cost cutting initiatives have been put into place to keep expenses down. It is
anticipated that the next financial year will be a challenging one for the
company.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U05190KA2003PTC031788 |
|
Name of the
company |
REITZEL INDIA
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot 98&99,
Kiadb,Industrial Aria, Kunigal, Tumkur, Karnataka – 572130, |
|
This form is for |
Modification
of Charge |
|
Charge identification
(ID) number of the charge to be modified |
90192656 |
|
Type of charge |
Ř Book Debts Ř Movable Property Ř Others |
|
Particular of
charge holder |
State bank of Email : jsurya@vsnl.com |
|
Nature of
instrument creating charge |
Supplemental
Agreement Of Hypothecation Of Goods And Assets For Increase In The Overall
Limit (C.2) Letter Regarding
The Grant Of Individual Limits Within The Overall Limit (C.5) Memorandum Of
Deposit For Creation Of Further Charge For Term Loan (C.10) (All the
documents relate to the same modification) |
|
Date of
instrument Creating the charge |
29.11.2010 |
|
Amount secured by
the charge |
Rs.235.700
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- EPC : Interest @ 1.50% above base rate i.e. 9.10% p.a. PCFC (upto 180
days) : Interest @ LIBOR+2.00% beyond 180 days
upto 360 days : Interst @ LIBOR+4.00% p.a. EBR : Int @ 6 months LIBOR+2.00% p.a. Terms of
Repayment - WC : Repayable on demand TL : Existing repayment schedule shall
continue. Margin – CC : 25% LC : 10% BG : 10% Extent and Operation
of the charge - Charge extends by way of first charge on all the assets
throughout the period of sanctioned limits. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
the whole of the present and future stocks of raw materials, semi finished
goods, finished goods, book debts, receivables and other current assets,
plant and machineries etc. belonging to the company EM of factory
land and building situated at Sy. No. 94/9, Khatha No. 622 and 624,
Kalnayakanahalli, Kunnigal Taluk, Tumkur District
Total land measuring 4 Acres 2 Guntas EM of factory
land and building situated at Sy. No. 102 measuring 1848 Sqmtrs, Sy. No. 94
measuring 6014 Sqmtrs, Sy. No. 102(P)
measuring 6987 Sqmtrs and Sy. No. 94 measuring 4368 Sqmtrs, Kalnayakanahalli,
Kunigal Taluk, Tumkur District |
|
Date of
instrument modifying the charge |
23.10.2009 |
|
Particulars of
the present modification |
Total limits reduced
to Rs. 235.700 millions. EM of factory land and building situated at Sy. No.
94/9, Khatha No. 622 and 624, total
land measuring 4 Acres 2 Guntas, Sy. No. 102 measuring 1848/ Sqmtrs, Sy. No.
94 measuirng 6014 Sqmtrs, Sy. No. 102(P) measuring 6987 Sqmtrs and Sy. No. 94
measuring 4368 Sqmtrs, Kalnayakanahalli, Kunigal Taluk, Tumkur District. All
other terms, conditions and existing securities to continue. |
FIXED ASSETS :
Ř Land
Ř Factory
Ř Tools and Equipments
Ř Computers and Accessories
Ř Electrical Installations
Ř Plant and Machinery
Ř Furniture and Fixtures
Ř Office Equipments
Ř Vehicles
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.44.38 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.63.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
|
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.