MIRA
INFORM REPORT
|
Report Date : |
12.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
TASTY DAIRY SPECIALITIES LIMITED |
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Registered
Office : |
C-1 to C-5, Udyog Kunj, Panki Site-V, Kanpur-208022, Uttar Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.07.1992 |
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Com. Reg. No.: |
20-014593 |
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Capital Investment
/ Paid-up Capital : |
Rs.30.000 Millions |
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CIN No.: [Company Identification
No.] |
U15202UP1992PLC014593 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
KNPT01064A |
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PAN No.: [Permanent Account No.] |
AAACT6936H |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer of Milk and Milk Based Products. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 210000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct. The company can be considered for normal 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
C-1 to C-5, Udyog Kunj, Panki Site-V, Kanpur-208022, |
|
Tel. No.: |
91-512-2551643 |
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Fax No.: |
91-512-3201706 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Prem Nandan Mehra |
|
Designation : |
Director |
|
Address : |
2A/237, Azad Nagar, Kanpur-208002, |
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Date of Birth/Age : |
06.06.1937 |
|
Date of Appointment : |
30.07.1992 |
|
Din No.: |
01036877 |
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|
Name : |
Mr. Atul Mehra |
|
Designation : |
Director |
|
Address : |
7/105-E, Swaroop Nagar, Kanpur-208002, |
|
Date of Birth/Age : |
06.04.1962 |
|
Date of Appointment : |
30.07.1992 |
|
Din No.: |
00811607 |
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|
|
|
Name : |
Mr. Mahendra Kumar Singh |
|
Designation : |
Director |
|
Address : |
1H-A, Dabauli, Kanpur-208022, |
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Date of Birth/Age : |
01.05.1962 |
|
Date of Appointment : |
10.08.2009 |
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Din No.: |
02727150 |
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|
Name : |
Mr. Anoop Kumar Mehrotra |
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Designation : |
Director |
|
Address : |
128/48, D-Block, Kidwai Nagar, Kanpur-208012, |
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Date of Birth/Age : |
01.08.1951 |
|
Date of Appointment : |
27.11.2001 |
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Date of Ceasing: |
02.01.2010 |
|
Din No.: |
01276401 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Prem Nandan Mehra |
|
300 |
|
Atul Mehra |
|
29580 |
|
Sonia Mehra |
|
270000 |
|
Narendra Shanker Sathe |
|
30 |
|
Shubhda N. Sathe |
|
30 |
|
Bharti Garg |
|
30 |
|
Anubhav Garg |
|
30 |
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|
|
|
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Total |
|
300000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Milk and Milk Based Products. |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
|
Milk (Milk Handling per Day) |
Kg. |
380000 |
GENERAL INFORMATION
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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 : |
Atul Garg and Associates Chartered Accountant |
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Address : |
418, Plaza Kalpana, 24/147-A, |
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Tel. No.: |
91-512-2374401 |
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Mobile No.: |
91-9839009039 |
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Fax No.: |
91-512-2374401 |
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E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 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 |
30.000 |
15.000 |
15.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
23.026 |
23.995 |
18.573 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
53.026 |
38.995 |
33.573 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
174.108 |
89.412 |
60.905 |
|
|
2] Unsecured Loans |
7.686 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
181.794 |
89.412 |
60.905 |
|
|
DEFERRED TAX LIABILITIES |
3.765 |
0.771 |
0.954 |
|
|
|
|
|
|
|
|
TOTAL |
238.585 |
129.178 |
95.432 |
|
|
|
|
|
|
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|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
104.930 |
37.616 |
30.875 |
|
|
Capital work-in-progress |
14.664 |
57.156 |
46.592 |
|
|
|
|
|
|
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|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
159.053
|
125.509 |
71.063 |
|
|
Sundry Debtors |
58.493
|
30.475 |
19.693 |
|
|
Cash & Bank Balances |
10.329
|
17.679 |
7.373 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
21.745
|
10.079 |
5.512 |
|
Total
Current Assets |
249.620
|
183.742 |
103.641 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
81.766
|
115.881 |
76.565 |
|
|
Other Current Liabilities |
48.863
|
33.455 |
9.111 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
130.629
|
149.336 |
85.676 |
|
|
Net Current Assets |
118.991
|
34.406 |
17.965 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
238.585 |
129.178 |
95.432 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1025.487 |
510.297 |
426.734 |
|
|
|
Job Work |
0.000 |
1.786 |
4.289 |
|
|
|
Other Income |
5.837 |
0.430 |
0.411 |
|
|
|
Profit / Loss on |
0.201 |
0.000 |
(0.069) |
|
|
|
TOTAL (A) |
1031.525 |
512.513 |
431.365 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material |
904.506 |
458.612 |
375.115 |
|
|
|
Packing Material Consumed |
16.116 |
9.873 |
6.864 |
|
|
|
Manufacturing Expenses |
45.359 |
38.760 |
33.801 |
|
|
|
Personnel Expenses |
5.884 |
3.263 |
2.670 |
|
|
|
Administrative and Other Expenses |
9.156 |
3.005 |
7.230 |
|
|
|
Selling, Publicity and Distribution Expenses |
6.146 |
3.125 |
3.375 |
|
|
|
Repair and Maintenances |
3.648 |
1.114 |
0.750 |
|
|
|
Vat / CST Paid |
13.644 |
9.775 |
0.350 |
|
|
|
Increase / Decrease in Stock |
(18.546) |
(29.387) |
(13.086) |
|
|
|
TOTAL (B) |
985.913 |
498.140 |
417.069 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
45.612 |
14.373 |
14.296 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11.927 |
3.661 |
3.818 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
33.685 |
10.712 |
10.478 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.460 |
3.676 |
3.371 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
21.225 |
7.036 |
7.107 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.194 |
1.746 |
1.021 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
14.031 |
5.422 |
6.086 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13.995 |
8.573 |
12.489 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.000 |
0.000 |
10.000 |
|
|
|
Appropriation towards Issue of Bonus
Shares |
10.000 |
0.000 |
0.000 |
|
|
|
Tax Adjustment Relating to Earlier Years |
0.000 |
0.000 |
0.002 |
|
|
BALANCE CARRIED
TO THE B/S |
13.026 |
13.995 |
8.573 |
|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
46.77 |
18.07 |
10.57 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.36
|
1.06 |
1.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.07
|
1.38 |
1.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.99
|
3.18 |
5.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.18 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.89
|
6.12 |
4.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.91
|
1.23 |
1.21 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered
office of the company has been shifted from C-2 to C-5, Udyog Kunj, Panki Site
V,
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80027924 |
|
Corporate
identity number of the company |
U15202UP1992PLC014593 |
|
Name of the
company |
TASTY DAIRY
SPECIALITIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
C-1 to C-5, Udyog Kunj, Panki Site-V, Kanpur-208022, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
Punjab National Bank, Pandu Nagar, Kanpur-208005, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
07.11.2007 |
|
Amount secured by
the charge |
Rs.77.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 15% in Case of
Term Loan 12.75% in Case of
Cash Credit Terms of
Repayment Term Loan to be
repaid in Quarterly Installments Margin In case of Term
Loan -25% on Plant and Machineries and other equipments at the Jainpur unit
at UPSIDC Jainpur, In case of Cash
Credit -25% on Stock of Raw materials, WIP, and Finished Goods and 40% on
Book Debts Extent and
Operation of the charge Hypothecation of
all movable assets forming part of fixed / Block assets at C-4 to C-5 Udyog
Kunj, Kanpur, 101-A Dada Nagar , Kanpur and at Jainpur UPSIDC Industrial Area
, Kanpur. |
|
Short particulars
of the property charged |
Plot no. C-2,
C-3,C-4 and C-5 UPSIDC Industrial Area Site-V, Panki Udyog Kunj, Kanpur, Plot
no. 101-A Block A Cooperative Industrial Estate, Dada Nagar, Kanpur and Flat
no. G-6 at Ground Floor of Premises no. 12/483, B-G-6, Macrobert Ganj |
|
Date of latest
modification prior to the present modification |
08.08.2007 |
|
Particulars of
the present modification |
Hypothecation of
all movable assets forming part of fixed / Block assets at Jainpur UPSIDC
Industrial Area, |
Fixed Assets:
- Land
- Building
- Plant and Machinery
- Furniture and Fixtures
- Generator
- Computer
- Boiler
- Office Equipments
- Lab Equipments
- Storage Tank
- Air Conditioner
- Weighing Scale
- 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.45.27 |
|
|
1 |
Rs.73.34 |
|
Euro |
1 |
Rs.64.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.